[PerryChase]

What is is about Clinton that riles up the conservatives to much? He was a good president and a normal person. So what if he had an affair? Good for him!

If Hillary gets the nomination, I’m voting for her just to piss-off the religious right.

I’m libertarian more than Democrat (and I support globalization, free trade and small government). I think that the partisanship on the part of Republicans is so egregious that the only way they’ll get is if they get a taste of their own medicine.

I can’t believe that some Republicans are still defending Bush for the biggest mistake in modern American foreign policy. The Democrats should cover their asses and let Bush make mistakes upon mistakes.

[PerryChase]

I love this property description. What a straight-shooting listing! The seller will be loosing a little after sales commissions and costs, not counting that fact that they overpaid for 2 year to live in this unit.
——
Description
For everyone who thought they missed all the great opportunites to buy, back in 2004, they didn’t, price rollback in effect! This upgraded former model looks wonderful, and is in the prime spot in amenity rich palermo. This exterior, end unit, west facing home is all decked out. See suppliment for more….
——-

1501 FRONT ST. #202, SD – Downtown, CA 92101**
List Price: $539,000 – $539,000
Sales History
Date Price
03/09/2005 $520,620

Bedrooms: 2
Full Baths: 2
Partial Baths: 0
Square Feet: 1,068
Lot Size: N/A
Year Built: 2004
Listing Date: 11/11/06
On Market: 58 days
Type: CONDO/TH
Status: ACTIVE
MLS #: 066095218

http://www.ziprealty.com/buy_a_home/logged_in/search/home_detail.jsp?listing_num=066095218&page=7&property_type=CONDO&mls=mls_sandiego&cKey=7skk3plj&source=SANDICOR
http://sdlookup.com/PropertyDetails/tabid/53/forumid/1/view/topics/pid/C51DE3D0/Default.aspx

[PerryChase]

$100k loss before expenses and holding costs. There goes the downpayment.
877 ISLAND AVENUE #301, SD – Downtown, CA 92101**
List Price: $700,000 – $700,000
Sales History
Date Price
06/10/2004 $800,000
03/21/2003 $629,900

Bedrooms: 1
Full Baths: 2
Partial Baths: 0
Square Feet: 1,696
Lot Size: N/A
Year Built: 2002
Listing Date: 11/13/06
On Market: 56 days
Type: CONDO/TH
Status: ACTIVE
MLS #: 066095388

http://www.ziprealty.com/buy_a_home/logged_in/search/home_detail.jsp?listing_num=066095388&page=7&mls=mls_sandiego&property_type=CONDO&cKey=64p2ps6j&source=SANDICOR&home_id=26978273&addedHome=true&cKey=rs62q9j6
http://sdlookup.com/PropertyDetails/tabid/53/forumid/1/view/topics/pid/9DE20BAC/Default.aspx

[PerryChase]

Not only are progressives criticizing Bush but even conservatives such as Republican Senator Gordon Smith of Oregon have spoken up. This is not a partisan issue.

Listen for youself. War is “criminal,” “dereliction.”

http://abcnews.go.com/Video/playerIndex?id=2714291

deadzone, I’m not clueless 🙂 You pretty much summarized the root cause of why the Arabs hate us. Taking their oil for industrial development in the West while they lived in poverty is another reason (think Colonial oppression by the French and Brits then America’s support for the dictators).

[PerryChase]

Here’s an article about Greg Smith, our County Assessor. Is he on the side of the taxpayers or on the side of the developers? His wife is a Realtor. He’s not getting my vote.

—————
“It’s a buyer’s market,” says Greg Smith, “period.”
Greg Smith, county assessor/recorder/clerk, is delivering a clear message: Now is the time to buy a home in San Diego.

This real estate booster isn’t an agent or an analyst. He’s Greg Smith, perhaps San Diego’s most obscure politician. But that doesn’t mean he’s quiet.

The emphatic Smith has undertaken a “no-bubble” campaign to tout what he sees as a vibrant housing market at a time of great uncertainty in the industry. He speaks two to three times a week to community groups, such as Rotary clubs, and real estate industry groups. The message he proclaims: now is a good time to buy in San Diego.

“I think the fundamentals are strong,” he said. “We don’t have a recession, we have job growth — I don’t see the dark clouds out there, I really don’t.”

http://www.voiceofsandiego.org/articles/2006/08/07/housing/970smith.txt

[PerryChase]

The MLS is a closed database for a reason.. to protect the livelyhood of Realtors. Even ziprealty needs to pay to access the mls databases.

Zillow is attempting something like you describe by allowing agents to list for free on their site. I don’t think that you can improve on that without massive resources.

[PerryChase]

Interesting to watch the psychology of the market. So during the boom times, builders will pass along more fees to the homeowners because they know that people will pay just about any price. When times are slow, builders have less pricing power and must absorb the development costs. At least in housing, higher costs do not lead to inflation — as long as there are still profits to be made.

[PerryChase]

Here’s another one from Murieta I posted previously. It’s now off the MLS. Any Realtors can tell us if it sold?

They were selling all appliances, curtains, light fixtures, etc on Craigslist.

http://piggington.com/seller_in_trouble_selling_all_fixtures

29212 WOODBRIDGE DR, Murrieta, CA 92563**
MLS # T619129
DOM: 56 days
Price Reduced: 10/02/06 — $567,500 to $559,000
Price Increased: 10/05/06 — $559,000 to $567,500

Sale History
01/04/2006: $534,000

[PerryChase]

I’m well aware of the market. I looked (and almost bought) at the Meridian and Harbor club in the late 80s when they were built. Instead I opted to get an SFR in the suburbs. I now hate the suburbs (although I still love my house and my yard)

By old and tired, I’m not talking about properties such as Electra or the Grande. I’m talking about the studios and small unit in dark corners with no view but of the street. They are selling in the $300-400s right now. Imagine those units in a few years, stuffed to the gills with junk, with dirty kitchens and bathrooms and smelling of poor ventilation. All the glamour will be gone, they will not show well and they won’t command premium prices like they have been when they were brand new.

When you look at urban developments around the world, you always see junk next to the jewels. In Southern California, urban development is new and people just don’t understand it yet. Downtown San Diego is awfully big, and all of it will not be luxury apartments.

[PerryChase]

Let’s see what he’s got to say on Wednesday….

Being the Decider, Bush sure it taking a long time to decide… wait he finally realized he’s got to think first. We’ve been waiting for the decision, tick, tock, tick, tock.

—————————-
By Terence Hunt
ASSOCIATED PRESS

7:56 a.m. January 8, 2007

WASHINGTON – President Bush will address the nation at 9 p.m. EST Wednesday about his new approach for the war in Iraq, the White House said. Bush is expected to announce an increase of up to 20,000 additional U.S. troops.

Bush’s decisions, more than two months in the making, already are drawing criticism from new Democratic leaders in Congress who say it is time to begin ending the war, not to send in more U.S. forces.

http://www.signonsandiego.com/news/world/iraq/20070108-0756-us-iraq.html

[PerryChase]

I agree very much with your analysis. I think that eventually, most of the non-view, non-prestige units Downtown will drop to a level the service workers can afford them — low $100s

Unlike single family houses, apartment/condo* buildings don’t age very well. They’ll look old and tired in a decade or two. Then no one will want to live in them anymore.

BTW, there are many more examples of losses Downtown. I just got tired of looking and posting. I’ll post more as I come accross them.

* It annoys me that I can’t call a condo an apartment because that’s what it is. Rental or owned, it’s still and apartment.

[PerryChase]

Downtown is definitely a lifestyle destination. The HOA normally include, water, gas, trash, security, gym and pool if the building has it. No cable or electricity. It’s true, if you own at the Grande you can easily expect $1200-$1300/mo in HOA and property taxes before you touch the mortgage.

You can rent 2bd for $3000/mo. That means that the landlord only gets $1800 for debt servicing. A big loss on his part.

Living at a property like the Grande, you should expect to have a “lifestyle” budget over and above what a normal family would spend. The reception anounces any visitor. It’s built so that you feel like you’re always living in a resort. They also have rental suites for you to rent for your guests.

Housing marketing is very lifestyle based these days. But we know that there is no such reality. I can picture the housewives spending all they free time cleaning (or not) their 3000sf ++ Mc Mansions. So much for relaxing with a margarita by the pool and enjoying the sunset views!

[PerryChase]

The lenders are in it for the revenue/profit growth. If they did it the old fashioned way, the capital would be secure but the business would be stagnant and no one will get rich. Now that lenders can off-load the risk, their have even more incentives to focus on the the origination, servicing and securitizing business that brings in big bucks.

It’s not going to get better. It’ll get worse until consumers can no longer afford any more debt.

The mortgage is just an extension of the credit card. It used to be that only the best customers could get credit cards. But now, it’s much more profitable to give credit cards to everyone. So what if a big portion default? You can charge more fees to make up for it.

Think about it. If you make $10 per loan and make 10 prime loans, you have $100. You make 100 subprime loans at $15 each so now you have $1500. 25 might default 2 or 3 years down the road, but by that time it’ll be someone else’s problem.

This is an interesting PBS Frontline report on the history of credit card. Extend that to subprime mortgages and HELOCs and you have the situation today.
http://www.pbs.org/wgbh/pages/frontline/shows/credit/

[PerryChase]

Bush terrorified. Ha, ha, very funny 🙂

The talk is that Bush wants to spend $1 Billion on a jobs program in Iraq, in addition to the troop surge.

[PerryChase]

… But that wouldn’t help the lenders book record profits from originating, repackaging, selling and servicing loans; and the excutives wouldn’t get hundred-million dollar salaries. I’m afraid that the taxpayers will end-up bailing out the banks like we bailed out the S&Ls in the 1990s.

[Author]

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