[PerryChase]

I think that it’s useless to make low-ball offers. It only get the sellers’ hopes up. I’m not offering anything until the price is right. Otherwise, I’ll continue to live just fine in my current home.

2007 is like 1991. Wait ’til 2009 to be just like 1993, when it really hit homeowners that we were in a slump.

[PerryChase]

About school districts, with good parenting and perhaps private schools, children can excel in all neighborhoods. I’m sorry, but I don’t believe that kids who grow up in Carmel Valley, Semi Valley or similar cookie cutter upscale neighborhoods grow up to be interesting adults. But that’s a different topic altogether.

[PerryChase]

Something is odd with the house on San Juan.
The last purchase was in 1984 for $225k and 2006 property tax was $3712; but the assess value is a cool $1 million. Was is recently sold for that much? And now it’s list at a big loss?

http://www.sdlookup.com/Property-F5F4D5EF-2439_Juan_St_San_Diego_CA_92110

http://www.zillow.com/HomeDetails.htm?o=North&testAds=false&zprop=16951838

I don’t like the wood paneling of this house. It reminds me of the rental condos at the ski resorts I used to rent when I was younger. That chalet style look is not really appropriate for sunny, beachy San Diego.

[PerryChase]

Looks like lots of people are looking at Baypark. Man, it’s gonna be hard for me to find something!

I would consider a fixer/teardown in Baypark, Point Loma, Bankers Hill, Mission Hills, or nearby, preferably with a view. I’m giving myself 7 to 10 years to find a suitable place at a good price.

[PerryChase]

I like Northpark. However the houses are small, old and in need of major updates. I don’t deal well with no air-conditioning, no insulation, and bad plumbing. The price per square foot need to be low enough to justify buying and renovating (and I mean a thorough update job).

I think that Northpark is the “bohemian” part of town with high occupancy rates propping up prices.

[PerryChase]

I too am interested in Bay Park. But like you guys said, there’s a dearth of listing in that area. I’ll be hanging tight and waiting until the price is right.

[PerryChase]

I too think that powayseller’s site looks good.

Here’s what my advice to powayseller would be:

1) Layoff the attacks on others. Let them be and continue to produce your own excellent reports. It’s OK to point out other people’s mistakes but do so only in passing, saying that you differ from the author — no need to tear them apart.

2) Fixating on other people’s work is counter-productive. You should be busy on your own work rather than spending time reading other’s people writing.

3) It’s not your job to save the world. If might serve you better if others are obviously wrong. Your work will shine all the more. Why would you want to correct them and give away your competitive advantage?

4) People are under no obligation to issue corrections just because you e-mail them. They don’t work for you.

5) Relax a little and think “que sera sera.”

[PerryChase]

Here’s a joke ;)[img_assist|nid=3362|title=Woman|desc=|link=node|align=left|width=361|height=500]

[PerryChase]

Looks like the Downtown LA market is still hot.

http://www.latimes.com/business/la-fi-tower8may08,0,4800199.story?coll=la-home-business

—————-
76-story condo tower planned for downtown L.A.
Developers plan a $1-billion L.A. complex. Doubters fear a glut.

Plans for a $1-billion high-rise condominium complex overlooking Pershing Square park in downtown Los Angeles were unveiled Monday by developers who expect to build the tallest residential building west of Chicago.

[PerryChase]

I concur that money can and is always being made in real estate, bubble or not.

However, purchasing a personal residence as a investment is not the way to do so, as correctly pointed out in the article. Since you live in the house, you forgo any potential rental income. Plus, by purchasing you’re likely to be consuming more than you would otherwise be if you were renting.

[PerryChase]

I think that you’re right PD.
I just looked at realtytrac.com and I was surprised at the NODs out there. There’ll be a lot of borrowers walking away from their homes.

As for Japan, the government increased public debt to 176% of GDP (highest of the rich countries) to support the tanking economy and the building industry (they built roads and bridges to nowhere). It’s a good thing that the Japanese people are great savers. I’ve worked in Japan and I think that they work long hard hours but they are not that productive. Social pressure cause them to put in long hours but most of it is wasted (especially in white collar professions).

Japan has some great world class companies and some great technologies (such as mobile phones) but their structural problems are much greater than America’s.

The Japanese are slaving away to support bloated industries. For what? $1 million for a small apartment in Tokyo? That’s nuts.

Our cultural ability to say f— it and walk away from the debt will allow us to recover economically much faster than Japan.

[PerryChase]

It used to be that the rule of thumb was $1000/month carrying cost (including taxes & maintenance) for each $100,000 borrowed. Exotic loans and teaser rates changed that.

Interest rate resets and high overall interest rates will make that come true again. I’m amazed at how many of my peers have forgotten the early 90s. Over this past weekend, a friend visiting from Orange County was asking me about investing in San Diego where prices are lower.

[PerryChase]

Man, why all the vitriol?

I’m not defending powayseller’s personality or social skills, but isn’t what she says simply the opposite of what the REIC doles out everyday?

Much of what powayseller distributes is correct. Her level of accuracy is superior to that of the Real Estate boosters’ who can only say that “this time it’s different.”

I don’t mind the message so I’m willing to give the messenger some slack. Like I say before, she’s no different from the extremist/missionary/evangelist out to spread the “word.” She won’t let anything stand in the way. Some might say that she’s “driven.”

[PerryChase]

Neighborhood prices don’t happen in a vacuum. They move up and down in relation to what’s else is out there. Everything is interrelated.

[PerryChase]

Great interview. Rich sounds good on radio. Rich was circumspect when answering the Cardiff condo owner’s questions.

Overall Rich was very even-handed and objective — unlike industry boosters out there telling us to buy, buy, buy.

I’d like for KPBS to interview powayseller. She would be the total opposite of the NAR. That would be fun!! How about giving the NAR 1/2 hour and Ms. Berkland 1/2 hour? 🙂

[Author]

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