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PerryChase
ParticipantPowayseller, please don’t go because it’s not going to be the same without you.
You’ve been very thorough and provided a lot of useful information. I agree with you about a 50% drop from the peak. I does not sound like a disaster to me for a $1 million house to drop to $500k. Personally, I don’t mind a recession because I do better in a conservative investing environment. I have a hard time following the herd to riches. I still remember the early 1990s with Bush the father. It was just fine by me.
People don’t like you raining on their parade and they think that you’re negative. I was talking on the phone to a friend and telling him about a possible 50% drop in RE. He promptly ended the conversation. I also learned to keep my mouth shut in social settings.
A web forum is kind of like a cocktail party. People want the conversation to be light and breezy. The positive is reinforced and the hard and difficult in talked only in a very circumspect manner. Actually, all of society is getting that way. We don’t want to deal with hard important issues. There’s no reward for being right on the way down.
It’s ok to say that investments will go up 50% but if you go the otherway, people will call you irresponsible and they will demand proof. Remember dot.com? Why do you think economists don’t like to predict a recession?
Powayseller, don’t take it personally if you don’t get responses to your posts. You do research but others may not have the time to research and read everything you do.
Please stick around. In 5 years, you can say “I told you so.” The bulls will hate you even more for being right, ha.ha.ha..
ParticipantCould it be that our society is failing our most disadvantaged citizens? Out of sight, out of mind.
I have a Black friend who is an aerospace engineer. He went to high-school in Chicago and most of his classmates were Asian-Americans.
ParticipantI agree with you rankandfile. My friend worked for Infineon in the Bay Area. They moved to China and will eventually hire 3000 engineers.
I’ve spent some time in China and I can tell you that it’s not the totalitarian, backward, low-cost country that we think it is. The cities of China are modern with all the capabilities that we have here. Remember Korea or Taiwan 20 years ago? China is 10 times bigger than those two.
I don’t know about India or Eastern Europe because I’ve not been there.
If we want to compete in the long run, our politicians better concentrate on important issues such as education, infrastructure, science and technology (rather than prayer in school, abortion, flag burning, immigrant bashing, and war).
We are attracting foreign capital now (which helps lift our standard of living) but there’s no guarantee of that in the future.
ParticipantIn defense of Fashion Walk, if it’s well done, it can be a good place to live if you’re not married and like city life. Commuting from North County is a drag for some.
At the right price, I think it’s OK. $150k for a 1-bedroom would be about right.
ParticipantLike you guys, I’m also looking but not buying. I know San Diego neighborhoods pretty well now. The nice thing is I can do it all from home, on my wireless laptop, while watching TV or in the backyard with my dog — all without a realtor breathing down my neck. 🙂 Well, I drive around also to look at new development or when it’s convenient and on my way somewhere.
I find it funny when I see “prices won’t last, great opportunity for investor, prices will only go up, why rent when you can buy, look no further, affordable, resort-like, below market, motivated seller, owner wants it sold, priced to sell, seller will entertain offers…, reduced to sell fast (100 DOM), don’t miss out.” The hyperbole is a bit much in this market.
ParticipantI also like this forum. The format and the colors are just fine by me. I find the site to have an antiquish, newspaperish look to it. It’s a very appropriate look for an academic such as Professor Piggington. I wish there were a stronger Piggington brand with perhaps some interesting and fun FAQs on the character.
Participantsmfj, home #1 might sell for $240,000. But in my view, it’s still, too much than the $1,200/mo rent an “investor” would get from a student.
Home #2 would never sell for anything close to $489,000. I don’t know what the owner is smoking. The developer is selling a 2-bed in the mid $300k.
As as said before, this place is just a glorified rental apartment complex. The only redeeming thing is that there’re good-looking young and smart UCSD students walking around. 😉
ParticipantSDAppraiser, do you normally find differences between appraiser measurements and builder square footage figures?
Are stairwells usually included? What about front porches and back porches?ParticipantHere’s an ad from Pulte for a new development in Santee. They are not starting with low prices but have incentives.
2 and 3 bd condos from low $400k.$15 gas card to visit
Laptop for kids
Plantation shutters for mom
Plasma TV for dad[img_assist|nid=1074|title=pulte|desc=|link=node|align=left|width=207|height=400]
ParticipantI agree with you bob007. Let’s get rid of all the fees. The lender should pay all the fees and the consumer just sees 1 number and 1 interest rate.
Likewise doctor should tell patients in advance how much the charge will be. I hate getting a bill after the fact (even though insurance pays for most of it).
ParticipantThis thread links back to another thread about lawsuits at Vicenza. They are by the same developer.
http://www.piggington.com/the_lawsuits_start
Teamtrim, sorry to hear that you purchased at Verano. There’s not much you can do now, except sell and hope to recoup your money. Otherwise you can stick-it out there until the next boom (who knows when that might be). I guess if you like it there, then that’s OK.
Another alternative, would to be to sell at a loss then wait to buy a nicer unit at a lower cost later. The market is still fairly high now. Of course, with this last option, there’s no guarantee. It all depends on your situation and what you want. How long do you plan to stay at Verano?Yes, Verano is nice if you don’t look closely. The rails at the pool are rusted (paint applied on top of rust). There’s no air conditioning, the cabinets in the kitchen are just slapped in, the windows have not been replaced… It appears to me that the conversion was no done well at all. The problem with nice and not so nice units is that with any track development, it’s the $ per sf that drives the comps upon resale.
How about getting the buyers together to sue the developer so they can fix any defects before they ride into the sunset? Remember, condo owners will be stuck with maintenance problems that are not fixed now. While Crescent Heights is the marketing umbrella, the development is owned by some LLC. That would limit Crescent Heights’ exposure.
ParticipantWe should think of a global economy. Capital doesn’t care where it’s invested so long as the returns match the risks. The way to prosper is to learn foreign languages and cultures. We don’t need to feel threatened by foreign competition. If we have the right products and services, they can become our best customers also.
If we can outsource medical services, then we’ll all benefit because we’ll then be able to spend our money somewhere else. As workers, we need to constantly retrain ourselves, to learn and grow. Let’s get away from thinking that things have to remain the same. The pace of change is only accelerating.
The US medical system is great for people who can afford it. If you don’t have insurance or money you’re in dire straits.
ParticipantI like the way powayseller puts it. It only takes 30,000 sellers to automatically re-price 1,000,000 homes.
ParticipantInteresting. I think that this is the first large national builder entering the market in Hillcrest. I wonder what that will to prices. From what I understand they were mostly condo conversion with 1 or 2 brand new developments.
My experience is that Hillcrest RE held up pretty well during the last downturn in 1990s. At that time there were beginning selling Village Hillcrest condos for $250k which was quite high for condos.
The housing stock in Hillcrest is pretty old. I believe this DR Horton project will add a higher quality new product at the same price as old conversions.
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