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sdrealtor
Participant[quote=deadzone]meanwhile NAIL continues to get hammered.[/quote]
Up 20% since this comment. Gonna miss you today buddy
ParticipantYou are delusional if you think a crash is happening right before our eyes. In a crash all asset classes are plummenting and nothing like that is happening. What we are seeing is growth stock correction and the typical sector rotation into value stocks on Wall Street. For example LLY and ABBV are close to all time high. XOM is back to levels it hasnt seen in years and close to all time highs. Just spoke to a friend in the scrap metal business today. He’s never had it so good.
Real estate is at all time highs with multiple offers still the rule. Are you reading the weekly reports I post? That is data not hopes and dreams, its what is happening on the streets here and now. You are hoping for things and imagining them. None of us are saying things wont go down and yes a crash is always a possibility. But nothing out there says crash at the moment.
And if there is one those of us who have dedicated ourselves to invest wisely over the long term will be poised to exploit one. We operate in the real world while you live in the land of hopes and dreams.
Participant[quote=deadzone][quote=Coronita]Again, you’re trying to justify your decisions you made 10-12 years ago by trying to pretend to be an economist.
[/quote]
Stop trying to be an A-hole like SDR, what decisions I or anyone else made 10 years ago has no relevance today. You two are the ones living in the past. The reality is today we are in a massive bubble that is on the verge of crashing. 30 year up to 5.25% today and still going up. Asset markets are primed for a monumental crash.
Again don’t blame me, I’m just the messenger. The Fed and corrupt government controlled by Wall St. got us into this mess, not me. They are also the reasons your RE assets are so inflated right now. But fantasy land doesn’t last forever.[/quote]
The relevance is you have been consistently wrong for over a decade but suddenly you have become the Amazing Kreskin!
Loans widely available at 4.75%! Operators are standing by!
Wonder when all the advertising of loans will switch to 5,7 and 10/1 ARM’s
Betting window is open! Meow
Participant[quote=gzz]“ Forget about appreciation”
No thanks. Appreciation is unforgettable. My 30k in downpayment and renovations on my primary residence 10.5 years ago resulted in an unrealized capital gain of about $1.1 million.
While it is nice to have a mostly tax deductible mortgage of $1800 on a house that would rent for about $4200, this appreciable appreciation is what I most appreciate.[/quote]
Opportunity of a lifetime
Participant[quote=deadzone]As I’ve said before, I expect at a minimum prices to correct to pre-Covid levels. Beyond that, really depends on when the Fed decides to pivot and turn the spigot back on.
I have no particular plans regarding RE, other than sitting back, eating my popcorn and enjoying watching the carnage. If Fed turns the spigot back on, my plan will be to buy a lot more gold and bitcoin.[/quote]
Bookmarked
So when is 4 trillion dollar bonfire when all that money disappears? Meow
ParticipantI’ll put some real examples we can bookmark. Deadzone has guaranteed we will see prices at least below these levels. I have said zero chance.
This is a fully remodelled top to bottom (I saw it being done) 4/2.5 1986 SF twin home in Encinitas on perhaps the best street in this community. It sold right before pandemic for $819K. Same unit also remodelled across the street just sold for $1.45M
https://www.zillow.com/homes/804-Summerhill-Ct-Encinitas,-CA-92024_rb/16717209_zpid/
This one story in one of the nicer communities along the coast a 4/3.5 2722 sf home in S Carlsbad sold for $1.24M right before the pandemic. Same model directly across the street just sold for $2.225M
https://www.zillow.com/homes/2920-Camino-Serbal-Carlsbad,-CA-92009_rb/16712437_zpid/
For good measure lets throw one from Mira Mesa in. This 4/2 1320 sf one story completely gutted and remodelled sold for $630K right before the pandemic. A slightly bigger (1366 sf) 4/2 in a little nicer spot a few blocks away recently closed for $1.055M
https://www.zillow.com/homes/8606-Gold-Coast-Dr-San-Diego,-CA-92126_rb/16786183_zpid/
ParticipantAbsolutely nothing to disagree with there. At some point the market will turn and prices should come down but pre-pandemic prices? ZERO chance
ParticipantWhen it comes to candy I’m consumption not investment oriented
Participant[quote=Coronita]sdr… Just stop…..
Stop your meow-splaining….[/quote]
But cats are the better investment. Meow
Participant[quote=deadzone]FLU, stop making up shit about me and trying to extrapolate. I never said I stopped working in tech in 2001, I worked in tech several years after that.
And SDR I didn’t make up anything. People in RE industry got destroyed in 2008 and they will again. Sorry to burst your bubble. The fact that you are so defensive about this topic tells me all I need to know.
It’s just funny how pathetic the piggington site has become. The original main topic of the site was the housing bubble of the 2000s that there was a lot of open debate about it. Now we are in the mother of all bubbles, it is bursting right before our eyes, and all you have on Piggington are real estate hacks who attack and bully anyone who dares question the narrative that RE only goes up. Truly Pathetic.[/quote]
I said people in many industries and you made it all about real estate. Of course many in real estate got killed . People got killed in many industries including financial services, retail, travel, construction, hospitality and many more. But many including yours truly made a killing. More than I ever made in my life in sales and investments. Truly a life changing opportunity of a lifetime it was. You talk about things you don’t understand.
You are a housecat. You wander around thinking you are so smart and independent. In reality You are entirely dependent on a system you don’t even have the most basic understanding of. Meow
ParticipantWrong. More of you talking out of your rear. With no concept how real estate works. Most people in real estate are self employed. We don’t lose jobs, we just lose income but not me! I had by far my best years during the recession. The people I saw losing jobs all over were in other industries.
I also worked in tech start ups back then. Built a great company and sold it to some dot comers that way overpaid for it. Made a killing on that and then worked in a tech incubator with some Fortune 100 C level executives. Was in a meeting with some silicon valley venture capitalists when the bubble burst and it was obvious things would never be the same. Was amazing to have a front row seat for that. Saw tons of people lose jobs and it had nothing to do with how good performers they were. The companies they worked for ceased to exist.
No one has suggested real estate can’t correct. What there is zero chance of is prices around here going pre pandemic. You sure make up lots of shit
ParticipantBut taxes have long been basically fixed. In a declining rate environment people refinance or moved and could get another sub 3% loan. With those no longer available many with them will stay put while inflation does the heavy lifting. Higher rates hurt as much as they help the balance of supply and demand
ParticipantI wouldn’t expect volume to go down just the rate of appreciation. There are plenty of buyers and 5,7,10/1 arm rates are below 4% and will increasingly come into fashion
ParticipantZero chance. Just a bitter jealous fool
And how could anyone not know anyone that lost their jobs in the recession. I know more than I can count in dozens of industries. The ones spared were those on the public sector soup line
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