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April 11, 2013 at 12:09 PM in reply to: OT: red light camera ticket for right turn and 0.1 secs #761187
spdrun
ParticipantOn the topic of hedge funds and bad real estate deals… Look at Stuyvesant Town in NYC and the big boys who bought it – then backed out of the deal, leaving CalPers, among others, holding the bag.
http://www.npr.org/2013/04/03/175511949/…
Not local… but it could happen on a smaller scale here.
Difference is that the SFR’s and condos in SD Co are typically offered at anywhere from 6-10% cap now. Same in many NJ towns that I’m interested in.
StuyTown — let’s do the math. They paid about $500k per apartment. Average rent was likely about $2000/mo, what with rent control and stabilization of quite a few tenants. Management, maintenance costs, and property taxes likely eat 50% of this, so we’re left with $1000/mo, or $12k/yr per apartment, if VERY lucky. Yeah, the fucking fools bought at 2.4% cap.
ParticipantOffer is moving along nicely in the process, wouldn’t want to jinx the thing by saying more 🙂
If I don’t get that one, there’s no shortage of interesting things going to REO (not trustee, they’re already bank-owned) auction locally (we’re either at the bottom in NY/NJ or maybe just past it), so no big deal.
Two non-auction examples:
(1) Estate-sale duplex listed at $130k, taxes+water+sewer+trash $500/mo, rents for $900-950 each unit. Decent shape, no critical work needed. In a “less-nice” area on the border of a very toney town. Put in an offer at $120k — executor is apparently away but will respond in a few weeks.(2) Duplex listed at $300k, bank will accept $250k, decent mixed white and blue-collar town (actually the one where I grew up – 35 min from NYC by train and at the border of a rather nice state park). Taxes $600/mo, rents $1600/mo per unit, needs probably $50k of updates. Separate furnaces for both units.
I’m actually physically in NJ this month, since it’s a lot easier to take the electric train into the city for client appointments/work, than to leave the city at odd hours to chase often-unpunctual brokers. (The people with a lot of REOs seem to be bottom of the heap for some reason!)
April 9, 2013 at 12:45 PM in reply to: OT: red light camera ticket for right turn and 0.1 secs #761110ParticipantI hope someone steals the things and throws them through a police station window.
April 9, 2013 at 8:35 AM in reply to: OT: red light camera ticket for right turn and 0.1 secs #761106ParticipantI don’t know — there are red-light cameras in NYC and the fine is $50, sent to the owner of the car. No idea if they make a profit, but this is supposed to be law enforcement, not the maffia.
ParticipantI agree with your old sentiment. Let the bank foreclose. Buy the house out. Rent it to whomever you like.
As far as Mr. House-ATM Neighbor With Temporarily Gimpy Wife, screw him. Let him move to South SD. Buh-bye.
If you want to help him, give him a bottle of sleeping pills and a pint of vodka.
ParticipantWould walkable neighborhoods with a large ratio of people walking or biking to work skew the ratio? My area (in NYC, so it’s different) has cars parked on the street basically all of the time, since people tend to use them either for construction/delivery work, or for weekend trips out of town.
April 4, 2013 at 8:16 PM in reply to: Obama administration pushes banks to make home loans to people with weaker credit #761026ParticipantI’d support it with one condition: instant lethal injection followed by foreclosure on your estate if you default 🙂
ParticipantChemical or conventional weapons I could see. Nukes? Do they really have a weaponized device capable of being launched via ballistic rocket? Doubt it.
ParticipantSpanish Harlem has more Latinos than neighborhoods south of it. It’s also less safe on average. Does that make me a racist to admit that?
March 28, 2013 at 11:23 PM in reply to: $64,000 Question. What raises property values in HOA neighborhood? #760903Participant“Less consistent” meaning less bawwww-RING. HOAs in SFR areas are mostly for the benefit of small-minded goose-steppers who care what color you paint your house.
March 28, 2013 at 10:23 PM in reply to: $64,000 Question. What raises property values in HOA neighborhood? #760900Participantnjtosd — you’re from NJ, right? Funny how probably 95% of detached homes in NJ aren’t HOA-encumbered, and people survive and thrive just fine in that fair state.
ParticipantMakes sense if the GA market is anything like NJ right now. Oddly not a lot of REIT or flipper interest around here, but I’m seeing another property in the mid $100k range on Monday (estate sale) that will rent at 8-9% pro forma.
I think that the high RE taxes in NJ are actually a good thing for mom n pop investors looking to rent out – they’re poison to flippers. Also poison to institutional investors who prefer not to think about assessments that can vary unpredictably from area to area.
March 28, 2013 at 3:30 PM in reply to: $64,000 Question. What raises property values in HOA neighborhood? #760891ParticipantPersonally, I’d pay 10-20% extra for the LACK of an HOA. Especially in California where there’s no need to clear snow, etc.
ParticipantProblem is that it still has DC’s noose around its throat, for better or for worse. Wonder if Cuba will return to its old habits once the Castro dynasty is castrated.
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