Forum Replies Created
-
AuthorPosts
-
PerryChase
ParticipantI concur with the comments above. Plus prices will stagnate for years, so you’ll have your pick of the litter.
ParticipantBugs, it sounds like only the pros semi-pros were able to buy at that time. This owner probably had to line up to get his “deal.”
He probably was waiting 2 years for tax free capital gains. Unforfortunately the market tanked before he could cash out. Just throwing some possibilities out there for consideration.
ParticipantAs always, great info, JG.
no_such_reality, we should also keep in mind children living with and taking care of elderly parents.
ParticipantWhat’s the loan history on this house?
Under conventional purchase, these people would have put $200k down on the $1M purchase. That still leaves them with $500k equity. I thought that $1M+ buyers were the savvy executive types.
ParticipantGo to law school. You’ll have more options then. You can then be a government lawyer or professor. Corporate law is not the only path.
ParticipantI’ll be a little kinder and say that people don’t so much “put up fronts” as they live right up to their limits for psychological needs.
I think the vagaries of life cause peope to make decisions that aren’t too wise.
One businessman I know was an alcoholic, he’s goodlooking and married a pretty wife from a good Beverly Hills family (that means she was used to the good life) and they had 2 daughters. Things didn’t go too well and the marriage was on the rocks. But then in 1992 he gave up drinking and he got a big break and money came pouring in. He got a beautiful ocean view house in Laguna Niguel and spent 200k to decorate it. He bought nice cars and treated his wife to $50k European vacations as well as luxury weekends in LA — just because. Things were looking up for him and his family. Unfortunately, debts were pilling up as business contracted. He declared bankruptcy right as his oldest daughter was entering college. Had he not gotten so much personal and business debt, he would’ve been fine. The last I heard, in 2003, he was living in a rented condo in Dana Point — still better than most people.
This man was living up to his in-laws’ expectations. And that caused his downfall.
I’m afraid that we’ll see a lot of the same during this RE downturn.
ParticipantAnd 3000sf single-level houses on the golf course near the Ritz Carlton in Laguna Niguel were going for $550k-$600 in 1995.
ParticipantAnother thing to think about: when recession hits and crime increases, people will again leave the gentrifying areas for the security of the suburbs.
As a poster reported crime in Hillcrest is increasing. Condos downtown are also having increased petty crime (cars broken into, lobby furniture stolen, etc..)
ParticipantI remember that up until about 6 months ago, Wells Fargo used to play HGTV on the TVs in the branches. Now, they’ve switched to the news. The marketers at Wells Fargo know well what’s going on.
ParticipantHe likes to pay his unannounced visits late in the afternoon, betting that the wife will be home and the husband not. "I can't remember the last time a man said, 'Let's sit down and talk,' " Hennigan said.
Coming along on this afternoon's prospecting trip is Jerald Becerra, a former body-shop estimator for insurance companies who became a full-time agent in August. "I'll stay in the car, keep the engine running," he says. "Just in case someone comes out with a shotgun."
Sounds like men have a lot of "pride." Are shootings going to become the norm?
ParticipantPD, you make a good point. House flipping and real estate obsession has become part of popular culture.
I don’t have cable at home, but sometimes I watch those shows at my dad’s. They funny at times and, like you said, disgusting at other times.
Participanthumm…. and you’re still reasing about San Diego Real Estate?!
Kidding aside, I agree that San Diego is way over-rated (relatively). But the city area is still nice in my view.
You can make a good life just about anywhere. Human nature is such that people tend to love and be proud of where they live.My NYC friends think San Diego is a lovely city to visit but nothing more than a military outpost. But then they complain about the grunge of Manhattan and how expensive it is to live there.
ParticipantOne reason why houses are still selling.
Credit is still plentiful.I receive an ad by Richmond American (don’t know why they are sending to me):
Lower payments put your dream house within reach:
$641,990 payment as low as $2389/mo
$701,900 payment as low as $2609/mo
$719,900 payment as low as $2646/mo100% financing, interest only ARM, and other fine print.
ParticipantI think that the newnest of Sunset Cove will appeal to many buyers.
I agree with the buy low and rehab strategy (I’m planning to do just that in Point Loma in the future).
Few buyers see the potential of a house. If they did, the small contractors and flippers would be in the poor house.
The one thing that a new development has going for it is design and presentation. Most people have ugly houses and bad taste. They wouldn’t know how to rehab a house; and when they do, the project is not down right. Builders are able to give buyers a completed product they can enjoy right away. Remember, we live in an instant-satisfaction society.
-
AuthorPosts
