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TemekuT
ParticipantLooks like the Sheridan tract in Northwood has a house on fire. Other relatives that live at Portola and Tustin Ranch called to say they haven’t been ordered to evacuate, but the house across the street has trees on fire.
October 21, 2007 at 11:25 PM in reply to: Northern CA failure, forclosure help, tax questions >> #90476ParticipantI’d be more concerned about the net debt relief via a 1099 coming your way for any loan on a refinanced property goes into foreclosure. That, plus the possibility of a judgment if the lender choses to pursue available legal remedies. We’ll see what the senate does with forgiveness and/or repeal of current IRS statutes.
You can survive bad credit by paying cash and placing huge deposits and prepayments on rentals, and the same on cars or leases.
October 21, 2007 at 11:25 PM in reply to: Northern CA failure, forclosure help, tax questions >> #90485ParticipantI’d be more concerned about the net debt relief via a 1099 coming your way for any loan on a refinanced property goes into foreclosure. That, plus the possibility of a judgment if the lender choses to pursue available legal remedies. We’ll see what the senate does with forgiveness and/or repeal of current IRS statutes.
You can survive bad credit by paying cash and placing huge deposits and prepayments on rentals, and the same on cars or leases.
ParticipantWell, I know you are all talking about Ramona etc. but who would have believed the Northwood area of Irvine would burn? It’s due to some combination of wind factor and the 261 toll road creating a funnel , and the eucalyptus trees are so flammable, and my siser’s place is adjacent to Northwood. Looks like they’re asking for voluntary evacuations of that area, and Jamboree is closed to all but emergency traffic. Luckily the fire hasn’t jumped Portola.
My niece and nephew are excited about the pajama party at my place tonight.
ParticipantWell, I know you are all talking about Ramona etc. but who would have believed the Northwood area of Irvine would burn? It’s due to some combination of wind factor and the 261 toll road creating a funnel , and the eucalyptus trees are so flammable, and my siser’s place is adjacent to Northwood. Looks like they’re asking for voluntary evacuations of that area, and Jamboree is closed to all but emergency traffic. Luckily the fire hasn’t jumped Portola.
My niece and nephew are excited about the pajama party at my place tonight.
ParticipantWell that’s what I thought, Bearvine. Now here I am, going all moralistic and preachy, but when I signed that paper, I did knowing that my signature was my pledge, and I do value my pledge. I did not consider what others were doing, or that I could just sign and figure no one would check, or that I could squirm out of it somehow, or justify it because “everyone else is doing it, even the sales reps”.
Folks, could that be why we’re in this mess? From flipping houses to playing the stock market, we are exhibiting greed across the spectrum. Can I now point out that many posters lambaste the flippers but fail to see what they gloat about in their trading deals is analogous. Or maybe it’s not greed, it’s just survival and we should all “eat or be eaten”.
ParticipantWell that’s what I thought, Bearvine. Now here I am, going all moralistic and preachy, but when I signed that paper, I did knowing that my signature was my pledge, and I do value my pledge. I did not consider what others were doing, or that I could just sign and figure no one would check, or that I could squirm out of it somehow, or justify it because “everyone else is doing it, even the sales reps”.
Folks, could that be why we’re in this mess? From flipping houses to playing the stock market, we are exhibiting greed across the spectrum. Can I now point out that many posters lambaste the flippers but fail to see what they gloat about in their trading deals is analogous. Or maybe it’s not greed, it’s just survival and we should all “eat or be eaten”.
Participant“Where in Cupertino where you going to buy 3 plexes? I may be intrested…
justdoitstewart at yahoo.com”
Interested in what? Are you an agent looking for clients?
Participant“Where in Cupertino where you going to buy 3 plexes? I may be intrested…
justdoitstewart at yahoo.com”
Interested in what? Are you an agent looking for clients?
ParticipantHey Bearvine, am I correct in assuming you’re an Irvine resident? Anyhow, I am intrigued by your having both occupied, and purchased as an investor, properties in Morgan Hill, considering I was required to sign a particularly onerous document stating that I intended to occupy, or if purchased as an investment, that I wouldn’t sell nor rent for 12 months after COE. This document was required in McMillan land and in Hovnanian land and in the Ventana tract. Don’t know about Shea, I didn’t look there. From the wording of your posts, it would appear that you bought early and sold early, how did you manage to purchase so many properties new? I was quizzed at length by Dustin in Crystal and Kelly in Artessa about my intentions, but the Hovnanian agents (wink-wink) didn’t care, nor did the Ventana people. And if I may ask, which tracts did you purchase for residence and for investment purposes?
This is my reality check: I purchased in Temeku Hills in 1997 at $87 psf and again in 2000 at $114 psf. I just cannot believe that we will regress to pre-1997 prices and acquire property here at less than $80 psf. That’s pricing from the height of the last downturn and if so, we are all soooo screwed! If that’s the case, I should buy at least 10 homes here, and forego my plans to purchase 3-plexes in Cupertino! Unfortunately, this Morgan Hill place was purchased for $197 psf, blame hubby for that one, but it seemed such a bargain compared to other areas.
Snail asked for some data on Morgan Hill resales and foreclosures. I haven’t kept a spreadsheet; I just have eyeballed the data. But I think I will follow through on Mumm Street within the next couple of days and give a history on every resale or REO. I’ve been too busy to respond for the last 48 hours.
Regarding McMillin’s cash flow and ability to sit on undeveloped land, does anyone out there have any insight? I seem to recall there’s no developer subsidy for HOA, so that at least is not an expense to them. We need Irvine Renter (Irvine Bubble Blogsite) here as He/She could find and give us the inside info on McMillin’s ability to withstand the downturn.
Anyhow, there is no good answer here and we shall all see how it plays out.
ParticipantHey Bearvine, am I correct in assuming you’re an Irvine resident? Anyhow, I am intrigued by your having both occupied, and purchased as an investor, properties in Morgan Hill, considering I was required to sign a particularly onerous document stating that I intended to occupy, or if purchased as an investment, that I wouldn’t sell nor rent for 12 months after COE. This document was required in McMillan land and in Hovnanian land and in the Ventana tract. Don’t know about Shea, I didn’t look there. From the wording of your posts, it would appear that you bought early and sold early, how did you manage to purchase so many properties new? I was quizzed at length by Dustin in Crystal and Kelly in Artessa about my intentions, but the Hovnanian agents (wink-wink) didn’t care, nor did the Ventana people. And if I may ask, which tracts did you purchase for residence and for investment purposes?
This is my reality check: I purchased in Temeku Hills in 1997 at $87 psf and again in 2000 at $114 psf. I just cannot believe that we will regress to pre-1997 prices and acquire property here at less than $80 psf. That’s pricing from the height of the last downturn and if so, we are all soooo screwed! If that’s the case, I should buy at least 10 homes here, and forego my plans to purchase 3-plexes in Cupertino! Unfortunately, this Morgan Hill place was purchased for $197 psf, blame hubby for that one, but it seemed such a bargain compared to other areas.
Snail asked for some data on Morgan Hill resales and foreclosures. I haven’t kept a spreadsheet; I just have eyeballed the data. But I think I will follow through on Mumm Street within the next couple of days and give a history on every resale or REO. I’ve been too busy to respond for the last 48 hours.
Regarding McMillin’s cash flow and ability to sit on undeveloped land, does anyone out there have any insight? I seem to recall there’s no developer subsidy for HOA, so that at least is not an expense to them. We need Irvine Renter (Irvine Bubble Blogsite) here as He/She could find and give us the inside info on McMillin’s ability to withstand the downturn.
Anyhow, there is no good answer here and we shall all see how it plays out.
ParticipantSnail, go back and read my 2 prior posts carefully. Do I believe prices will decrease? Yes. How much? Remains to be seen, but I can tell you that I have access to the MLS and I keep a very close watch on Morgan Hill (not just my street) and can view the outstanding loans on properties listed on the MLS. (I do the same for Temeku Hills, as I own property there). I’m starting to see properties that were listed by empty nesters or by out of state investors with minimal to no loan being pulled off the market. Some of these homes have never been occupied and were cash purchases. It sure looks to me like these are people with sufficient assets to ride out the downturn.
As far as income to support the housing prices, the non-empty nesters on my street have professional jobs in local small businesses, or they are self-employed. We need to remember that most jobs come from small businesses, not large corporations. These neighbors are well paid.
Perhaps I am residing in a microcosm. This was a more expensive area initially and the buyers may have more liquid assets, thus this community may have longer to go before it crashes.
You may have read posts by SD Realtor and sdrealtor. They have responded to numerous questions about why certain areas are falling less than others. Bugs fills in with his appraisal insights. The fact that is pointed out is that it’s all about area. Temecula is just a more desirable area than others here in So. Riverside County so it will fall less than the outlying areas and recover more quickly.
ParticipantSnail, go back and read my 2 prior posts carefully. Do I believe prices will decrease? Yes. How much? Remains to be seen, but I can tell you that I have access to the MLS and I keep a very close watch on Morgan Hill (not just my street) and can view the outstanding loans on properties listed on the MLS. (I do the same for Temeku Hills, as I own property there). I’m starting to see properties that were listed by empty nesters or by out of state investors with minimal to no loan being pulled off the market. Some of these homes have never been occupied and were cash purchases. It sure looks to me like these are people with sufficient assets to ride out the downturn.
As far as income to support the housing prices, the non-empty nesters on my street have professional jobs in local small businesses, or they are self-employed. We need to remember that most jobs come from small businesses, not large corporations. These neighbors are well paid.
Perhaps I am residing in a microcosm. This was a more expensive area initially and the buyers may have more liquid assets, thus this community may have longer to go before it crashes.
You may have read posts by SD Realtor and sdrealtor. They have responded to numerous questions about why certain areas are falling less than others. Bugs fills in with his appraisal insights. The fact that is pointed out is that it’s all about area. Temecula is just a more desirable area than others here in So. Riverside County so it will fall less than the outlying areas and recover more quickly.
ParticipantNor-LA-SD etc…I have to agree with you. I keep trying to explain to posters here that in my Morgan Hill community there are investor REO’s that have driven prices down, but my street is filled with empty nesters that have either paid cash or made substantial down payments and can easily pay off any mortgage. We can weather out the downturn. The prices in my community have dropped; what is pending and selling is in the high $400,000 to low $600,000 range.
What is not selling are the 3 Ventana home listings, of which the cheapest is the Hendrix Montecastro REO at $950k, and the other two at about 1.2 million. Nor are the Hovnanian and Shea homes in the high $600,000 to the $800,000 range selling; however, REOs in those tracts are going pending in the low to mid $500,000 range.
That thread about the Pulte Meadows home price was funny as you could go over to the Montecastro REO and pick up that 5000 sq. ft. place on a 1/2 acre lot and I bet the trustee would be quite willing to let it go for the same price as the new Pulte home.
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