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December 7, 2006 at 2:59 PM in reply to: What Things Will Disappear During the (Potentially) Upcoming Crash? #41307
PerryChase
ParticipantWell, Universal just got the approval. There’ll be some more delays and opposition. They may just well catch the next wave up. I think that it’s a great concept for LA.
December 7, 2006 at 2:23 PM in reply to: What Things Will Disappear During the (Potentially) Upcoming Crash? #41303ParticipantWhat’s wrong with colored stamped concrete. Would you rather have the plain grey concrete?
People will learn how to cook again. They’ll stay home and have healthy meals and loose weight. That would be a positive result of the crash.
ParticipantI’m hoping for a MLS/Zillow/ZipRealty/SDLookup/Amazon Reviews all in one. I love SDlookup and I beleive that SDLookup.com has the potential of containing the history of all the properties in SD County. Great site. Also SD lookup shows information for commercial properties as well. Did you guys see a comps report from costar.com for commercial properties? You have to pay for their reports.
I think that if we had a wikipedia/marketplace of residential properties, then buyers and seller can share all kinds of information and trade their properties more easily.
Jim Klinge is right, an open MLS will democratize and open up the real estate market. It will change the industry but will increase transactions and liquidity.
The Internet will bring disruptive changes. It’s just a matter of how long the NRA can delay it. A real estate market crash will bring on changes faster.
ParticipantDaniel, thanks for elaborating on my point. You explained it really well.
It’s hard for people the separate the investment and consumption aspects of “a roof over your head.” Buying a house generally comes down to an emotional decision. I hear too many people complain that it sucks to rent an apartment. Then they rush out to buy a $500k fixer, the carrying cost of which is $3000+. Why don’t they just rent a much nicer house for $3000 and save themselves the trouble and risk of owning? Because they believe that renting is “throwing money away.” The way I view it, buying that $500k fixer is throwing money away + living in an inferior house.
December 6, 2006 at 6:18 PM in reply to: Bressi Ranch…16 new homes to be auctioned off 10/21/06 #41279ParticipantHow many people can afford $700k to 900k houses? They are still selling, aren’t they?
Why do people cringe at $3000/mo rent but have no problem with with $3000/mo carrying cost on a purchase? I’d rather pay $3000 rent on a nice rental house than the same in interest on a crappy house I’d purchase.
$3000 carrying cost translates to something like a $500k townhouse in SD. And that’s if interest rates stay low. God saves us if interest rates go back to 10%.
ParticipantTo be fair to them, lenient lending standards are not bad because it gives poor people access to credit. The problem is that any program or financing scheme that attempts to make homes more “affordable” gets priced right into the selling prices of houses.
NSR has a point. They are probably fat and happy and retiring to a tax haven in the Caribbean.
Participantsdcellar, i think that Santa Luz will be great value in the long term like Fairbanks was in the 1980s. I like the Belsera one-story plan 1. Look for a great discount after after the crash.
The world is full of new “glamour” cities. Cities are trying to out-do themselves in terms of lifestyle. Even Philadelphia, long seen as declining city, is a place be.
In my view, San Diego is nice because of the weather and the topography. We have rolling hills so we can see things when driving around. The scenery is not boring. But our houses, buildings and urban planning are nothing special. Our politics show that we’re still a good ol’ boys town. The sunshine makes everything look brighter and cleaner.
Personally, I like LA. It has a combination of Southern California cool, diversity, culture and a large employment base. I’d move up there in a hollywood minute. However, in terms of culture and city living, New York City is the best that America has to offer.
Thanks to the weather, San Diego is overall a pleasant place to be. I like it here, but I wouldn’t say that it’s the best of the best.
ParticipantI beg to differ with you BikeRider. Say you can afford to buy at Bressi Ranch. The cost to “carry” that house is $6000/month. The cost of renting the same house is $3000/mo. You’d have to be crazy to buy even if you could afford to (see related thread). I would only buy that house if I were sure that the house would appreciate a minimum of $36,000/year.
People need to learn to manage their personal finances like businesses. A business doesn’t care if it owns or rents the building that it’s located it. The important thing is the profit to the shareholders at the end of year.
Yes, you can very well judge when to jump it. Look at carrying cost of houses in your neighborhood and compare that to the rent of similar houses. Talk to people in your neighborhood and see what they are paying. Internet surfing is also a good way to find out.
ParticipantIt’s one thing trying to look at data to see general market movements. It’s another thing to look at individual properties that you’d want to buy.
If you’re looking at individual properties, just review the listings, sales histories and drive around. The feel of the local neighborhoods you’ll then gain is more valuable than any set of data that’s available.
If you’re a forecaster looking at data to prove a point or forecast the future, then the available data maybe inadequate.
If you’re looking to buy, I suggest renting a nice house in a neighborhood where you’d want to own. Don’t skimp on lifestyle by going with cheap rent because that’ll cause you to want to buy even more. Keep an eye on the market and drive around. Then look at buying in 4 to 5 years. Don’t even waste your time viewing houses or talking to Realtors now.
December 6, 2006 at 11:19 AM in reply to: Bressi Ranch…16 new homes to be auctioned off 10/21/06 #41232ParticipantBecause it’s a great deal. Why pay $5000 in mortgage interest when you can rent for $3000 inclusive of everything?
ParticipantWe are far from done. The last time around the peak was 1989. In 1997/1998 you could buy brand new houses for 1989 nominal prices.
2005 was the peak. I expect a downward slide/stagnation until 2012/2013. It will slow and painful.
ParticipantThat’s true. I had to pay to get rain gutters onto my house when I bought it. Houses in So Cal are just wood studs covered with stucco, no basements, inferior insulation. Luckily it doesn’t get too hot or cold here. The older houses build 50 years + ago (North Park, Point Loma, etc…) have no insulation at all and whatever temperature it’s outsite, it’s the same inside.
ParticipantHow about taking the family to a resort where they have cooking classes? Your son might even enjoy a trip overseas. Many hotels have cooking classes. Just call around and check.
ParticipantI too love Mexico but I doubt that there’re will be a mass migration of Boomers to Mexico.
Think about it, $300k for a house in San Miguel de Allende is a fortune. You can buy a house for that in Orlando, Atlanta, Panama City, Tampa/St Pete, etc…
Retirees will want to stay near their children and children will not want their parents spending their inheritance in exotic locales.
I also want to echo deadzone’s comments that living a 1st world life in a developing country is quite expensive — more so than in America. So unless you’re willing to lower your standard of living, living in Mexico would not cost less.
Americans are not the adventurous types. Few will want to move to a country where English is not spoken.
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