Forum Replies Created
-
AuthorPosts
-
SD Realtor
ParticipantGot a ways to go nostra but like I said, good to see sprinklings of 250/sf here and there. The median ppsf is still way out of line for the community.
SD Realtor
ParticipantGot a ways to go nostra but like I said, good to see sprinklings of 250/sf here and there. The median ppsf is still way out of line for the community.
SD Realtor
ParticipantGot a ways to go nostra but like I said, good to see sprinklings of 250/sf here and there. The median ppsf is still way out of line for the community.
SD Realtor
ParticipantSo I will try one last time to put my point across. Seems as if I said, I am failing miserably.
1 – I am not advocating to buy now. Nor am I saying this is a good deal or is not a good deal.
2 – That the uneven distribution of wealth will not only continue, but depreciation cycles like this will benefit those with wealth more then those without wealth.
3 – That of these same people with wealth may indeed not share the same criteria to buy a home that you or I do. They may wait, they may not wait. Like you, it doesn’t matter to me what they do. I don’t base my purchase criteria on other peoples actions.
4 – That bubbles are not created by wealthy people buying properties and/or catching knives.
5 – That tighter lending standards will indeed lead to a healthier market, but will be more beneficial to those with wealth then those without it or those at a median income level.
6 – That because of all of the above, people with wealth are better positioned to re-enter the real estate market and will thus do so at an earlier point then more prudent buyers. Thus they (the wealthier) will more then likely have more to choose from and will get the best cracks.
7 – That what was affordable to some in 2003 is LESS affordable or shall I say affordable to less people today and even less in the future.
Is this a little bit more clear?
ParticipantSo I will try one last time to put my point across. Seems as if I said, I am failing miserably.
1 – I am not advocating to buy now. Nor am I saying this is a good deal or is not a good deal.
2 – That the uneven distribution of wealth will not only continue, but depreciation cycles like this will benefit those with wealth more then those without wealth.
3 – That of these same people with wealth may indeed not share the same criteria to buy a home that you or I do. They may wait, they may not wait. Like you, it doesn’t matter to me what they do. I don’t base my purchase criteria on other peoples actions.
4 – That bubbles are not created by wealthy people buying properties and/or catching knives.
5 – That tighter lending standards will indeed lead to a healthier market, but will be more beneficial to those with wealth then those without it or those at a median income level.
6 – That because of all of the above, people with wealth are better positioned to re-enter the real estate market and will thus do so at an earlier point then more prudent buyers. Thus they (the wealthier) will more then likely have more to choose from and will get the best cracks.
7 – That what was affordable to some in 2003 is LESS affordable or shall I say affordable to less people today and even less in the future.
Is this a little bit more clear?
ParticipantSo I will try one last time to put my point across. Seems as if I said, I am failing miserably.
1 – I am not advocating to buy now. Nor am I saying this is a good deal or is not a good deal.
2 – That the uneven distribution of wealth will not only continue, but depreciation cycles like this will benefit those with wealth more then those without wealth.
3 – That of these same people with wealth may indeed not share the same criteria to buy a home that you or I do. They may wait, they may not wait. Like you, it doesn’t matter to me what they do. I don’t base my purchase criteria on other peoples actions.
4 – That bubbles are not created by wealthy people buying properties and/or catching knives.
5 – That tighter lending standards will indeed lead to a healthier market, but will be more beneficial to those with wealth then those without it or those at a median income level.
6 – That because of all of the above, people with wealth are better positioned to re-enter the real estate market and will thus do so at an earlier point then more prudent buyers. Thus they (the wealthier) will more then likely have more to choose from and will get the best cracks.
7 – That what was affordable to some in 2003 is LESS affordable or shall I say affordable to less people today and even less in the future.
Is this a little bit more clear?
ParticipantSo I will try one last time to put my point across. Seems as if I said, I am failing miserably.
1 – I am not advocating to buy now. Nor am I saying this is a good deal or is not a good deal.
2 – That the uneven distribution of wealth will not only continue, but depreciation cycles like this will benefit those with wealth more then those without wealth.
3 – That of these same people with wealth may indeed not share the same criteria to buy a home that you or I do. They may wait, they may not wait. Like you, it doesn’t matter to me what they do. I don’t base my purchase criteria on other peoples actions.
4 – That bubbles are not created by wealthy people buying properties and/or catching knives.
5 – That tighter lending standards will indeed lead to a healthier market, but will be more beneficial to those with wealth then those without it or those at a median income level.
6 – That because of all of the above, people with wealth are better positioned to re-enter the real estate market and will thus do so at an earlier point then more prudent buyers. Thus they (the wealthier) will more then likely have more to choose from and will get the best cracks.
7 – That what was affordable to some in 2003 is LESS affordable or shall I say affordable to less people today and even less in the future.
Is this a little bit more clear?
ParticipantSo I will try one last time to put my point across. Seems as if I said, I am failing miserably.
1 – I am not advocating to buy now. Nor am I saying this is a good deal or is not a good deal.
2 – That the uneven distribution of wealth will not only continue, but depreciation cycles like this will benefit those with wealth more then those without wealth.
3 – That of these same people with wealth may indeed not share the same criteria to buy a home that you or I do. They may wait, they may not wait. Like you, it doesn’t matter to me what they do. I don’t base my purchase criteria on other peoples actions.
4 – That bubbles are not created by wealthy people buying properties and/or catching knives.
5 – That tighter lending standards will indeed lead to a healthier market, but will be more beneficial to those with wealth then those without it or those at a median income level.
6 – That because of all of the above, people with wealth are better positioned to re-enter the real estate market and will thus do so at an earlier point then more prudent buyers. Thus they (the wealthier) will more then likely have more to choose from and will get the best cracks.
7 – That what was affordable to some in 2003 is LESS affordable or shall I say affordable to less people today and even less in the future.
Is this a little bit more clear?
ParticipantI did use current rates. I thought your intent was to show that these homes could be used to illustrate a viable purchase by Joe Blow today, not back in 2003.
I guess we are going in different directions, mine being that Joe Blow is losing ground in the overall race and that his housing selection is indeed shrinking.
SD Realtor
ParticipantI did use current rates. I thought your intent was to show that these homes could be used to illustrate a viable purchase by Joe Blow today, not back in 2003.
I guess we are going in different directions, mine being that Joe Blow is losing ground in the overall race and that his housing selection is indeed shrinking.
SD Realtor
ParticipantI did use current rates. I thought your intent was to show that these homes could be used to illustrate a viable purchase by Joe Blow today, not back in 2003.
I guess we are going in different directions, mine being that Joe Blow is losing ground in the overall race and that his housing selection is indeed shrinking.
SD Realtor
ParticipantI did use current rates. I thought your intent was to show that these homes could be used to illustrate a viable purchase by Joe Blow today, not back in 2003.
I guess we are going in different directions, mine being that Joe Blow is losing ground in the overall race and that his housing selection is indeed shrinking.
SD Realtor
ParticipantI did use current rates. I thought your intent was to show that these homes could be used to illustrate a viable purchase by Joe Blow today, not back in 2003.
I guess we are going in different directions, mine being that Joe Blow is losing ground in the overall race and that his housing selection is indeed shrinking.
SD Realtor
ParticipantActually in order to find the terms of the loans I would need to look at the notes which, while they are recorded documents, are not available for me on Realist. County recorder has them so I have no inclination to dig them up, you can if you like.
Also I know of many people who are very well off who USE I/O loans because they make a better return then the note. So why wouldn’t they do that? No they are not negaming but we have had very lengthy discourse about earning a better return then a mortgage so why tie up funds.
Also you are talking to someone who is way conservative and always errs on the side of a standard fully amortized fixed rate loan. However that is my taste.
610 has a single mortgage for 840k.
622 has one for 749k.
655 has one for 477k.
622 has an original for 551k and two others for a total of 400 since the original.
621 has one for 555.Also most all interest only loans are a 30 yr amortized loan with a 10 yr I/O period. At 6% this payment is 3410 not 3000. Second this would be a jumbo loan so that 6% rate would not happen, it would be more along the lines of 6.5% so now we are at 3694. Adding on another 600 a month for property tax and now we are at 4294 for simply Interest and taxes.
Not so sure how livable this is for Joe Blow as we have not even purchased his homeowners insurance yet. By the way, the Mello Roos here is 3105 a year and another 119 a month for HOA. So now where you quoted 3k a month my figures are more along the lines of about 4700 a month.
So hmmm… we seem to have a discrepancy there.
*****************
Again, you can speculate all you want about how these people have financed the homes and whether they are Joe Blow median income types or not. Or whether this neighborhood is populated by those types. Personally I would envision this neighborhood to profile alot like some of the similarly priced neighborhoods in CV or 4S. Lots of engineers, or similarly salaried professionals, perhaps even a few dual income types, pulling in a minimum of 100k per household. That is just a guess.
My argument is not that it is not going to go down to 2003 levels esmith. It should… but will there be alot of opportunities and will it go well below the 03 levels? mmmmm… there will be some… I just am not as optimistic as some bears that there will be lots and lots of them. I think they will be scooped up by people who are not as stringent in thier criteria to buy. I am not saying those people are correct in buying… just that they are out there.
SD Realtor
-
AuthorPosts
