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spdrun
ParticipantIf foreclosures are stalled, then banks have no means of pushing sellers into selling short.
Overleveraged scumbucket who bought with 0.5% down to bankster: “What are you gonna do, foreclose?! HA HA! CAN’T! GOTCHA!”
ParticipantYes.
Participantlivinincali —
My accepted short sale offer in CA is at a price that allows an ~8% cap at current rents. If rents fall 15%, I’ll still be slightly positive cash flow, and if prices fall 25%, I’ll just see it as one bad mofo of a buying opportunity.
As far as my offers in NJ, the market is near bottom with a bit of a spring bounce here. If I’m buying at close to bottom from the LAST recession, what makes you think that prices will fall any further?
ParticipantRemember that there was a similar rise in average price over the 2009-10 homeowner tax credit. The rise was far in excess of the average credit of $8000 and popped even before the credit expired for good. Markets behave strangely and not always rationally.
Also keep in mind that foreclosures and short sales are essentially stayed in CA right now due to the Homeowners’ Bill of Rights. Same thing happened in NJ due to a Superior Court case, and the foreclosures are coming on line right now, 2 years late. This isn’t causing a huge dip in prices, but they ain’t goin’ up more than the average rise for spring either.
ParticipantWow, that would be quite an accomplishment if you can have zero housing costs in NYC!
I’m familiar with the NY-area market since I used to live there. Makes San Diego real estate prices look like affordable housing.It’s DIFFERENT. Manhattan and parts of Brooklyn are expensive to be sure.
Then again:
(1) Tax millage rates on SFRs in Brooklyn and Queens are about 50% of those under Prop 13, if that.
(2) You can actually get a decent SFR in a commutable area of NJ for between $100 and $200k if you look hard enough. The minus side of that are NJ’s high property taxes, but not all towns have that problem.
(3) Deals on apartments still exist. I just looked at a 3-bedroom (or 2+office) in Harlem just north of the park, needs some work but not unliveable, well under $300k. Common charges (including tax) = $600/mo. Meaning that I’d pay about $1600/mo + utilities if I financed 80%.ParticipantOne is aggregate, one is per sq ft. Also, I suspect that Redfin’s graph ends in March 2013.
And, again, what’s wrong with renting to others? I have one rental property already. If I don’t get the one in SD that’s going through the SS approval process right now, then I’ll get a couple locally in NJ, Staten Island, or north of NYC.
My stated goal is to have someone else paying my entire housing cost inside of a year. Zero housing payment in NYC — I’ll already be way ahead of the game, since NYC billing rates and salaries are geared towards high housing costs.
ParticipantNo guarantee that prices will keep climbing indefinitely. If anything, median asking prices seem to have flattened over the last month.
http://www.deptofnumbers.com/asking-prices/california/san-diego/
This may actually BE a good time to sell, since inventory is still tight, so you have less competition from other sellers.
As far as being a landlord, if you cash-flow, what’s wrong with being one? Let some other dumbkopf pay part of your mortgage on your new pad.
ParticipantHorseshit. People made a profit in real estate even under the gold standard. War profiteers made a killing during WW I. Just sayin’.
ParticipantSo attacking one of the more liberal, educated cities in the US, where people would otherwise be decently sympathetic to their cause is the solution? I stand by my “idiots” expletive.
ParticipantMore like Columbine than 911
You hit it on the head with that statement. As well as being disgusting, the act was also totally impractical. There was a lot of sympathy for the Chechen cause in the US during the Chechen Wars. Guess what? Not any more!
They’ve just set back their supposed cause by 50 years. Fucking idiots — this is roughly the equivalent of the IRA bombing a firemen’s bar in NYC.
ParticipantI don’t understand what all these fence-sitters are waiting for. This isn’t Kansas. Do they understand how many 59.5+ year-olds everywhere have access to hundreds of thousands of dollars in cash??
For said 59.5+ year olds to either kick off naturally or be painlessly gassed to death under Obamacare? 🙂 🙂 🙂
Participant3. I was just offered a stated income loan at 3%, max stated income being 3x liquid assets after closing, letters of reference required. Don’t be so sure — creative financing is back, at least on the right coast. Of course, this is still better than a NINA or NINJA loan of years past.
Between this and the truck selling “fallen from the truck” goods parked outside Penn Station, it’s been a week of back to the future for me!!
ParticipantHorseshit. There are better and worse buys. Some areas (like NYC and SF) have 4% cap, and a crummy buy/rent ratio. Not much room for appreciation. Whereas areas with 8% cap have much more room for appreciation.
BTW, I’m not saying that the OP should sell, but there’s for sure money to be made in “churning” properties if the game is played right.
ParticipantCalifornia has a few advantages over Texas;
(1) Low property taxes fixed by statute. People would scream holy murder if this changes for primary residences, so it won’t. Texas is actually known for low income/high property taxes.
(2) Climate/even in Temecula you’re 1 hr away from mountains and world class beaches.
(3) Food/cost of living can actually be relatively cheap if you’re not pretentious, don’t need a 2013 car, the latest smartphone, and to eat out every other day.Then again, Austin has SxSW — that counts for something :). Nevada? No thanks unless it’s northern/mountain NV. 110F in summer on a regular basis — I’d rather cut my left yarble off with a rusty razor.
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