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December 23, 2006 at 8:26 AM in reply to: 3567 Calle Palmito & 3571 Calle Palmito, La Costa Oaks 92009 #42295December 22, 2006 at 10:45 PM in reply to: nesting young 4s Ranch experiences and puzzling questions #42293
sdrealtor
ParticipantNestingcouple,
Everyone deducts mello roos and to my knowledge the deductibility of them has never been contested by the IRS.SDR
ParticipantFYI Kev,
I just took the cost of my new house several years ago and added 8% YOY appreciation for each year and it came out to approx what the current market is.SDR
December 20, 2006 at 9:46 AM in reply to: Report: 2.2 Million Subprime Borrowers Face Foreclosure #42135ParticipantTwo thoughts:
There is an obvious reason for sub prime lending. The borrowers have bad credit and most (not all) take there debt obligations less seriously than those with good credit. When they default they will damage their already poor credit even further. I suspect most (not all) will walk away without batting an eye. I would not plan on sub prime defaults changing the market as a whole.
The homes the sub prime buyers purchased tend to be in less desireable areas. Knowing what I know about the make up of the Piggington’s, I wouldnt count on buying one of their homes.
ParticipantNSR is right on target. I think we will see about a 5% drop in nominal prices this year although I suspect the median could drop more than that(as much as 10%) as it lags the true market. I wouldnt even venture to guess what the median will do beyond next year as it depends greatly on the mix of homes sold which is impacted by too many factors to consider.
ParticipantPS,
I think you have come up with the ultimate in irony. I always chuckle when you create an outlandish thread title that is a hyperbole of what is actually in the thread. Now you are heading in reverse with http://www.southerncaliforniadreaming.com. Was this an intentional attempt at irony?ParticipantUpdate Time!
1043 up from 9997 last week. Total SD County listings for attached and detached properties are 16425 down from 16,947.
The submarket I track very closely still seems to be where it was last year. I was on vacation and missed recording data for this week last year. If history holds true to form we should see a 5% drop in inventory this week and a smaller drop between Xmas and New Years which should mark the inventory low point.
New insight of the week. There are too many holiday parties to go to this time of year but go to the anyway!
Cheers!
SDR
ParticipantI think of a Depression as being not unlike what happened during the great depression. Massive unemployement, stock market crash, family fortunes wiped out etc. etc.
ParticipantPS,
I think you (and we as a group of Piggington’s for that matter) apply what is happening here in SoCal to the rest of country too much. What is going on here and in the rest of Socal is such a small portion of what is happening in the economy as a whole.Two years ago, when we were humming I was back on the East Coast and went to a shopping mall to have an extended family photo over Thanksgiving Weeekend. It was shocking to me what a ghost town it was. Our economy was racing and theirs was getting crushed. I was back this year and it was booming there also. What is happening here doesnt necessarily happen every where and in reality the complete opposite frequently occurs.
ParticipantPS,
Your use of circular logic and “chicken and egg” examples makes me chuckle. You say inventory and prices are falling because sales/demand are falling. The you use the counter arguement to say “Hey look! Prices are falling but sales aren’t rising”. It’s all about demand and prices react accordingly. Of course you know thisd but sometimes I think you get caught up in the circular logic.ParticipantPC,
Thank you, I appreciate the nod toward credibility. The truth is as an individual I really dont like spending money whether its my own or my clients. When I do, and there are lots reason to do so even in bad RE markets, I take it as a personal challenge to beat the market.SDR
Participant“Your logic on lot size variation outweighing minor home size variation makes great sense to me.”
Of course it does and it is yet another fatal flaw in the median. The median house this year can be represented by an 800 sq ft house on a acre which is being compared to a 4000 sq ft McMansion on a 5,000 sq ft lot that sold last year.
Median….HUHHHH?
Its all garbage. The only accurate measure is Same House sales. I’ve provided many on numerous threads. The only ones that Beebo posted were major remodels, high end ZIPS (Coronado etc.). Show me an average tract home purchased between mid 2004 and resold last month with no major changes and I’ll show you a homeowner that lost money in the vast majority of cases.
ParticipantAmazing, when you try to be intelligent you continually fail. Sure I know everything about comparing indivdual homes and that 44 ft doesnt necessarily add a specific dollar amount to a specific home. We are not looking at individual homes my dopey colleague, we are looking at averages for thousands of homes. The point that we are comparing a hypotentical larger home at lower price to a hypothetical smaller home is entirely relevant.
Here’s one more fatal flaw in your argument. You stated at the outset that you were using the average size house not the median size house. If you are looking at the average sized house you need to look at the average sales price also which is over $700,000 making my offer of $300/ sq ft very generous.
I ask again, you are in the field and have real examples you can provide about what you are seeing values come in on refis of homes that were purchsed 2 and 3 years ago. Stop with the hypothetical nonsense, the industry blabbery and talk from experience. That is if you actually are still doing any business bonehead.
ParticipantI have a very bright and succesful friend that works in commercial applications for solar energy. When he installed his pool he didnt use solar to heat it instead opting for gas. That tells me everything I need to know about solar energy.
ParticipantMost of the folks on this board wont even bother to respond to such an utterly ridiculous post. I can’t resist.
No difference between a 1981 sq ft home and a 2025 sq ft home? Are you stoned or just stupid?
Last time I checked the difference is 43 sq ft. When homes are selling for about $300/sq ft that’s another $13,000 decline that is hidden by using the median as a measure of the decline.
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