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sdrealtor
Participant[quote=XBoxBoy][quote=JPJones]How does someone with a 16 year old account here (DZ) not own a house in San Diego yet?[/quote]
I think it’s way easier than you might think. It’s emotionally very tough to buy when the market is down. You are always second guessing yourself because it might go lower. Then when it starts to rise, you tell yourself to be patient, it will go back down again. Personally, I’m not sure I would have bought in 2009 if it hadn’t been for my wife who really wanted to own a house.
The stock market is the same way for me, and because of the difficulty of catching the bottom, I’m a buy and hold stock player. Unlike a lot of people on this blog, I pretty much never sell, I just hold broad market ETFs.[/quote]
Well congrats to you and the wife. Around here anytime you can buy when its at or about equivalent rent its is pretty much no lose on a long term hold house. Its funny that someone who criticizes us and other for being home investors didnt buy when it made sense as an owner occupant like we all did. If he didnt view it as an investment he couldnt have helped but buy and that is perhaps the greatest irony.
I think more of us are buy and hold stock players here than you think also. Sure I have my play money but 80% is in a ML account that pretty much never sell and if I do its based upon an annual review and tax loss selling or reallocation when overweight on a stock/sector after meeting with my long time broker team there. I can go years without making trades there
ParticipantWhy are those cap rates so low? Wouldve expected much better. That appreciation is also far below here. Family members 2BR condo went from appraising 570K last Summer to inferior condition but same unit next door recently closed for $750K. Vacancies non-existent here also. I thought everyone was leaving here for there. I guess not so much. Rents here also rising the fastest in the country
My prediction will be that rates hit much harder there than here. We have rapidly growing life science and tech industries here that make us less sensitive to interest rate risk than a place like that. Heaven forbid WFH goes away and you may have a full scale melt down. We’ll know for sure in a year or two
This is one major reason CA isnt going anywhere
https://www.princetonreview.com/college-rankings?rankings=top-50-best-value-colleges-public-schools
Enjoy your one weekend of healthy buff people in town. It will remind you of life in SD
Participant[quote=EconProf]Many reasons, but here are three factors I’ve read about:
1. The overly generous COVID free money meant that for many people getting a job would mean a drop in income, this despite the rapidly rising hourly pay rates offered by desperate employers.
2. California’s generous rent relief programs encourages many to stay unemployed.
3. Mothers with school-aged children quit to take care of their new responsibilities at home, especially in the blue states like CA with strong teachers’ unions. A surprising number are deciding to not return to work.[/quote]So how are things in red state St George? Looks like median is up 11% y-o-y per Redfin. Sound about right? Market slowing down yet with rates?
Participant[quote=JPJones]/popcorn
Seriously never thought a housing blog could be this entertaining! How does someone with a 16 year old account here (DZ) not own a house in San Diego yet? And sdr a real estate hack? LOL man! This thread has become my weekly soaps. Keep’em comin’![/quote]
It really is amazing that with all the information shared here by so many people over the years that someone couldve have missed the boat of all boats. Even funnier to be defiant about it.
And calling me a real estate hack is quite generous. Im now down well under 50% the time and effort I used to put into my business. At this point its past clients, referrals, friends and people I meet that I genuinely want to help navigate the crazy minefield that is and always has been SD real estate. My participation here is mostly for fun, to document the research Ive been doing for almost 20 years. I like sharing it with and helping others who are interested and might benefit. Plus the rock’em sock’em troll flogging for entertainment purposes.
I’m here all night! Enjoy my while Im here!
ParticipantFWIW I looked at what would happen if instead of taking a 30 year rate around 5% someone took the 10/1arm at 2.75% and added the difference in the payment amount each month to the payment. On a $600,000 loan in 10 years the balance is about $150,000 lower. That sure seems to make a lot more sense than taking the higher rate for a 30 year fixed if one is able to
ParticipantThat’s called a portfolio loan. They hold onto it. The big brokerage banks also do pledged asset loans for customers with good size accounts. Basically your investment account is a backstop that lowers lenders risk
ParticipantI had a neighbor you probably know. The first few years he was always around out front washing his suburban and going surfing. I always wondered what he did. One day I was flying and found out. I bumped into him as he was our captain and let my son hang out in the cockpit before the flight. Then he divorced his crazy wife and moved away. A few years later he remarried her and moved back. Then he realized why he divorced her the first time and did again. He was and still may be a senior AA pilot
ParticipantI love that you buy nylon clothes to save money and have a maid
Participant[quote=deadzone][quote=sdrealtor]
You’ll sit on the sidelines wishing bad things upon others while reaping nothing yourself.[/quote]So how is suggesting RE prices returning to pre-Covid prices wishing bad on others? The only folks that would be “Hurt” would be those that over paid for houses at the peak of the bubble. But in reality they will be fine, just stop paying their mortgage and live free for a couple years. Just like last time. Beyond that, folks that got greedy and over levered themselves will lose money but that’s what they deserve for reckless investing.
Lower home prices won’t hurt you or anyone else who invested wisely. It will greatly benefit the great majority of current and future generations who cannot purchase a home today due to the current market distortions.[/quote]
First of all this is no bubble. Second they weren’t greedy or over leveraged they just bought homes for their families. Third they could afford and we’re not recklessly investing. Last they are responsible hard working folks that saved, worked hard and won’t just walk away. Your bitterness and jealousy has no bounds. They are the majority
Participant[quote=deadzone][quote=sdrealtor
If you could go back in time 10 years would you buy real estate here?Why didn’t you then?
That’s really the question at hand
We keep answering your questions but you never do[/ quote]
Why do you care so much about the financial decisions I made or didn’t make 10 years ago? That is none of your business and nobody else on piggington gives a shit what happened 10 years ago as it is irrelevant to today.
If there were a time machine, I would go back and put all my money into Tesla stock and Bitcoin. I would not buy RE just to be clear. And I would be rich as fuck if I had done that. But needless to say, I am plenty well off as it is. Not dwelling on the past as much as you keep wanting to live in the past.
So the question at had is not what I did 10 years ago, only you and your perverted mind care about that. The question is what is happening now, and all signs point to an epic market collapse.[/quote]
Same old nonsense. Change the question. Ten years ago it was a stretch to even consider Tesla or bitcoin. Hell it was 5 years ago. But ten years ago real estate was obvious to everyone else but you. You just go on thinking your so smart. Those that did are sitting on homes that went up 3-5x and if they did as most leveraging 5x with 20% down their equity is 15 to 25x with favorable tax treatment, a low rate mortgage and a low tax bill that continues to pay dividends. It was a no brainer thousands upon thousands here in SD have enjoyed. There’s no way anyone put down 6 figures into Tesla or bitcoin but we all did with homes.
For you the present and future will be the same as the past. You’ll sit on the sidelines wishing bad things upon others while reaping nothing yourself. You try to convince us this is all bad for the vast majority when in fact the vast majority own homes. You lost then, you’ll lose again
It’s pretty obvious you have no idea how this all actually works and have never owned a home
ParticipantParticipantFamily member who is a healthcare provider recently started a job with a company she formerly worked for. Work from home has never been an option before. Company has been around over 50 years and has always been the unquestioned leader in the industry. Her job is work from home. Her and her team consult with patients over zoom regarding a medical device. The company signed a 10 year contract to provide services to VA patients. This job is not going away
Participant[quote=deadzone][quote=sdrealtor]Coward[/quote]
Only a real estate hack like yourself would equate courage with how much real estate someone purchased or did not purchase. What a strange world you live in.
If you had any courage, you would drop some real money (not play money) into NAIL. I dare you. Show me you have a pair.[/quote]
You are a coward and failed. It’s not about how much you bought, it’s about providing your family a safe and secure home when you were able to do so. You cannot do that here anymore because you lacked the courage
If you could go back in time 10 years would you buy real estate here?
Why didn’t you then?
That’s really the question at hand
We keep answering your questions but you never do
Participant[quote=deadzone][quote=sdrealtor]Coward[/quote]
Douchebag[/quote]
Sorry but this is Piggington and facts matter more than opinions
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