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spdrun
ParticipantHigh earners and employers = “moving out” in name only. Kind of like a lot of companies having their HQs in Delaware.
Participant(And 10 people moved to California in the time you took to write your rant. Productive people are often happy to pay a premium to live in the place that appeals to them.)
ParticipantRates have been low for the past ~3 years. Availability, underwriting standards, and appraisals are the issue. Fortunately, those will take at least another year or two to change.
ParticipantSe habla snarkasm?
ParticipantBecause Obama personally ordered the ATF agent fired. Yeah.
October 13, 2012 at 9:05 PM in reply to: As predicted, Fannie is beginning to sell blocks of assets in bulk to REITs #752571ParticipantWrong-o: buy house(s) that cost LESS than paying for rent. And rent them to stupid suckers who can’t (or don’t want to) buy.
ParticipantTalk about a classless and nasty way of treating someone who had your agency’s best interests in mind. Hope he wins a few hundred grand in a lawsuit.
October 12, 2012 at 11:16 AM in reply to: As predicted, Fannie is beginning to sell blocks of assets in bulk to REITs #752541ParticipantBy “individual investor”, I’m more thinking of someone who has $500k to $1MM cash available. He is buying properties in the $100k to $300k range, and either flipping or renting them out, then pulling say 60-75% of the equity out to buy the next one. There’s a huge range between someone who wants to pay $10k down on an REO and has no other assets, and your average individual investor.
This kind of investor will also make a damn careful inspection of each property he’s buying, far more carefully than some REIT will check out a package of 700 properties in unknown shape.
Lastly, the manipulation of the market started long before 2003. Late 90s, I suspect.
ParticipantCan’t you unbolt the track and shim/level it to be straight? Paying some contractor $300 to do this seems like a huge waste, especially since you’ll have to wait around for him to show up.
October 11, 2012 at 4:11 PM in reply to: As predicted, Fannie is beginning to sell blocks of assets in bulk to REITs #752513ParticipantIf prevailing interest was 7-8% in 2001, with rents being significantly lower than now, the market was overpriced even then. A correctly priced market allows people to buy for a lower monthly payment than renting, with 20% or so down. In my opinion, the Bubble was in the works and housing prices were becoming unrealistic long before 2003.
I for one am ecstatic that prices in SD *are* at 2003 levels, combined with low interest rates. And that distressed inventory on the NJ side of NYC and in the boroughs is quite high at the moment. Again!
I already own two properties that have gained maybe 5-10% in value since I bought them. And I’m planning to buy more, to buy, hold, and rent. As long as rents stay higher than my payment, I truly don’t give a rodent’s gluteus what happens to sale prices. We’re talking about dividend-producing assets here, not speculative ones.
Lastly, low inventory isn’t a sign of a healthy market. It’s a sign that no one wants to sell because they’re underwater, and CA law allows them to squat for quite a long time without paying. A “healthy” market by your definition would have both higher prices and inventory.
ParticipantThe turbo thing is annoying bureaucracy (probably dating from an earlier time, when mods had more of a chance of making a car dirtier). Agreed.
However, are you really going to choose where you live based on whether you can add a turbo to a car legally?!
I’d also argue that inspections in other states are much more rigorous, since they include a mechanical component. Brakes, ball-joints, rust, steering, etc. It’s amazing how many heaps you see running around CA that happen to have smog systems and engine in good order.
October 11, 2012 at 2:37 PM in reply to: As predicted, Fannie is beginning to sell blocks of assets in bulk to REITs #752508ParticipantWhy bother in SD Co? REOs and shorts are getting multiple offers within 2-3 days if they’re reasonably priced. Let the market decide what the value is, as opposed to backroom deals!
As to people (including yourself — sorry, you seem like a decent sort otherwise) who bought at inflated prices, boo hoo hoo. Cry. Me. A. River. An investment shouldn’t always be expected to appreciate, which is why it’s called an investment. Not a “sure thing.”
As far as you buying 12 years ago, if you bought at an inflated price, you took your chances and played the game. Not much sympathy from this end.
Participant200 people at one location at one time. There may be 500 such locations for all we know.
October 11, 2012 at 1:37 PM in reply to: As predicted, Fannie is beginning to sell blocks of assets in bulk to REITs #752494ParticipantThose “deep SS prices” you speak of tend to represent a pro-forma cap rate range of 7 to 8.5% in good coastal areas of CA. Meaning that buying is cheaper than renting, and landlords can make a profit under prevailing mortgage rates (they are, after all, providing a professional service in maintaining and managing the property). In other words, IMHO they were fair prices.
The only people who possible got unjustly fvcked were the people who bought during the bubble. And they should have known better. Investing several hundred grand is NOT to be taken lightly nor emotionally, despite the Pollyanna propaganda that the Nat’l Assoc of Realtors chooses to push on us all.
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