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PerryChaseParticipant
North County, you sound like a very sensitive person.
Cardiff, I think that kids who have young parents grow up happier because their parents are their friends also. My dad was 40 when I was born so I always felt like he is my dad more than my friend.
PerryChaseParticipantCommercial property information is available on
http://www.costar.com
However, you need to have a paid subscription. Commercial brokers use this site to get commercial comps.PerryChaseParticipantzk, very interesting look at market psychology. I wonder how creative the salespeople will get. I do think that they size you up and see how serious you are.
PerryChaseParticipantsdrealtor, as I said before I was not advocating anything underhanded. I was however, looking into buyer motivations. My background is audits and I was questioning the information volunteered by loan applicants.
My feeling is that “investors” were rampant in SD. Many middle class families stretched and did everything they could to get into the RE market and ride it to riches.
Because housing is cash flow negative, many “investors” would never have qualified for investor loans.
One mortgage broker told me that all his loans were residence loans, although he knew full well that 1/3 or them were “investors.”
PowaySeller, since you have a subscription to foreclosure.com, can you see if a particular “investment” property had a primary residence loan? I’m not sure if that info is even available for the public to see on a particular property.
PerryChaseParticipantI’d love to see ZipRealty and Zillow merge. All the information could be integrated into a single report. For example if a buyer knew that a seller was underwater and the house’s been sitting for 180 days, he could make a better educated guess on what to offer. Also, if a person could see all the listings as well as all the sales in a neighborhood, that person could better determine the value of a home.
I understand that this information is available now, but an inexperience lay person may not know how to access it all. A single source of info would be great for the consumer.
PerryChaseParticipantRich Toscano, as a journalist, could you ask the County Assessor the percentage of homeowners that have homeowners’ exemption? I wonder if they keep that data and make it public.
PerryChaseParticipantHumm… I would love do a comparaison of property tax records (homeowners’ exemptions) and compare that to loan application data to see if there’s a match on primary residence. If only I had time and ready access to the data….
As was discussed in another thread, people lie on stated income applications all the time, so fudging the numbers is not beyond imagination.
People move-up or down-size all the time. It’s not fraud if you intend to live in the home at the time of the loan application. But after the deal closes, you change your mind then turn that property into a rental or 2nd home.
I’m not advocating anything underhanded. I’m just wondering if the data concerning percentage of “investment” properties could be understated.
PerryChaseParticipantIt’s amazing how many are advocating hiding cash. Don’t you need to declare everything under penalty of perjury in case of divorce?
PerryChaseParticipantSan Diego lifestyle is really a state of mind. I justify living in SD on the great quality of life we have here. But I know it’s very irrational. Human nature is very adaptable and we can always find ways to justify what we do.
I believe that one reason coastal RE prices are high is because of the high concentration of immigrants. Immigrants think that American RE prices are cheap in relation to wages.
San Diego prices aren’t bad compared to other places in the world. My friend in Tokyo lives in a tiny (but lovely) 1 bedroom that costs $900k. In Shanghai, the bubble is still going in on strong. People there don’t make that much but still manage to buy $200k apartments like hotcakes.
PerryChaseParticipantHaving the government require competition in RE is not a bad idea. We do that for other industries so why not real estate?
I hope the Consumer Federation lawsuit against the RE industry is successful.
PerryChaseParticipantI wonder how people determine if a home is for “investment” or not. If a buyer is applying for a loan, would he not be better off saying that the house will be his primary residence so he can get a lower rate? Once the loan is funded there’s not much the lender can do if the investor rents out his home.
I guess, we could analyze property tax records and see how many of the total have homeowners’ exemptions. Those would for sure be investment or 2nd homes.
PerryChaseParticipantDo you guys know who owns the patents on WiMax? Who will benefit from this technology?
On CDMA2000 and WCDMA, I don’t know that this technology will big revenue producer because I just can’t see consumers spending big bucks on mobile internet, especially when WiMax is on the horizon.
Personally, I would never use a CDMA phone because I like the convenience of moving my sim card to any handset I like.
I wonder how many homes the Nokia layoff will add to the housing inventory in this declining market.
PerryChaseParticipantI believe that once a project is launched it’re very hard to stop unless at a big loss.
Now is the time to monitor the new developments coming online. This past week-end I went to San Elijo Hills for the first time just to see. There was one development (i don’t remember name) on phase 1 with only one house sold. I also drove around and saw quite few “for sale” signs in most neighborhoods.
Builders are generally ahead of the market so we’ll see some price reductions in the fall.
On the resale market, I noticed that condos that last year sold for $350,000 are now $299,000.
PerryChaseParticipantI would agree with the comment that Centex is releasing at a lower price in order to get the project going strong. Existing projects have limited opportunity to lower prices lest they get sued by previous phase buyers. That’s exactly what happened in 1990 when builders lowered prices by 20%. People were putting “for sale” signs on their houses to scare off buyers and punish the builder (they also hurt the resale value of their own houses)
I suspect that other upcoming projects will have lower starting prices.
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