Not me, i dont care. If you have 8 digits net worth, good for you. Congrats. How you spend it is your business.
flyer
May 3, 2015 @
3:54 PM
Haven’t hit the “B” yet, flu, Haven’t hit the “B” yet, flu, but I’ll post this here, and on the other thread.
Imo–as long as you can live where you want to live-that’s what really
matters–regardless of what anyone else prefers/does/has, etc.
Although people in every financial category generally negotiate the best deal possible when it comes to real estate, I think most people who have an 8 digit net worth–buy homes based more on where they choose to live–rather than where they might find the best deal.
That may be in CV (tract or otherwise), Manhattan, Dubai, all of the above, or somewhere else. The point is, they have the choice to do whatever they want to do.
Coronita
May 3, 2015 @
7:37 PM
There BG. 1 person so far There BG. 1 person so far stated he/she/they have an 8 digit net worth and have looked into buying a tract home in Carmel Valley (or a tract anywhere else)
Feel free to ask that person a question on why…..
You are welcome.
bearishgurl
May 3, 2015 @
8:10 PM
flu wrote:There BG. 1 person [quote=flu]There BG. 1 person so far stated he/she/they have an 8 digit net worth and have looked into buying a tract home in Carmel Valley (or a tract anywhere else)
Feel free to ask that person a question on why…..
You are welcome.[/quote]
Uhh, flu, I didn’t get this from flyer’s post, if that’s the post you’re referring to (since the other two posts on your own “poll” thread are yours … in desperately trying to bump it, lol). For starters, he didn’t indicate his net worth. Secondly, he has posted before here that he currently owns (rental) home(s) in CV and lived there at one time in the past.
I would bet marbles to chalk that flyer paid $200K (or less) for any home(s) he bought in CV from the mid-eighties to possibly as late as ’91. And at the time he purchased it/them, he didn’t have the net worth he has today. (Hint: Collecting rents all these years is likely one of the things which helped him get where he is today, folks.)
Why don’t YOU ask him, flu?
***********************************
Okay, I’ll bite (with my OWN questions, though :)) flyer, what say you? When did you buy your home(s) in CV, how much did you pay for it/them and what is their square footage? (If you own more than one home, list purchase price and square footage of each.) It would be helpful to also list here if any of your rentals there are condos as opposed to SFRs. Thanks in advance of your help.
Oh, and not trying to pry … we don’t need location details. You can approximate the SF if revealing it will narrow down the location.
Coronita
May 3, 2015 @
9:10 PM
bearishgurl wrote:flu [quote=bearishgurl][quote=flu]There BG. 1 person so far stated he/she/they have an 8 digit net worth and have looked into buying a tract home in Carmel Valley (or a tract anywhere else)
Feel free to ask that person a question on why…..
You are welcome.[/quote]
Uhh, flu, I didn’t get this from flyer’s post, if that’s the post you’re referring to (since the other two posts on your own “poll” thread are yours … in desperately trying to bump it, lol). For starters, he didn’t indicate his net worth. Secondly, he has posted before here that he currently owns (rental) home(s) in CV and lived there at one time in the past.
I would bet marbles to chalk that flyer paid $200K (or less) for any home(s) he bought in CV from the mid-eighties to possibly as late as ’91. And at the time he purchased it/them, he didn’t have the net worth he has today. (Hint: Collecting rents all these years is likely one of the things which helped him get where he is today, folks.)
Why don’t YOU ask him, flu?
***********************************
Okay, I’ll bite (with my OWN questions, though :)) flyer, what say you? When did you buy your home(s) in CV, how much did you pay for it/them and what is their square footage? (If you own more than one home, list purchase price and square footage of each.) It would be helpful to also list here if any of your rentals there are condos as opposed to SFRs. Thanks in advance of your help.
Oh, and not trying to pry … we don’t need location details. You can approximate the SF if revealing it will narrow down the location.[/quote]
My god BG, why the hell would I intentionally bump the poll. IF you want I can unvote myself for the one that voted not having 8 digit wealth. You know what, forget it. .. Even when there is evidence that you are wrong, you still argue for the sake of arguing. And the you pull the most random thing out of nowhere with your insinuations. Whatever floats your boat. You were wrong about Carmel Valley tanking, you were wrong about Mira Mesa, you were wrong about condos, you were wrong about the economy, and frankly you’re wrong about buyers that can afford homes in North County homes. You are just plain wrong most of the time. But if you what to think you’re right most of the time. Sure, if it floats your boat….
Listen. Like I said, ask a pigg here. There’s at least one. Let me be explicit now, because I thought with a sharp mind like you suggest, I thought you would have figured it out posts ago, and redirected your question appropriately….Read the thread about “financial milestones”, then read the thread about expensive mcmansion. And then put 2+2 together and redirect your curiosity question appropriately. Go figure it yourself out now. I like puzzles, and like I said, I just piece together very well what people say, and unfortunately have a very good memory of what people say, even if it goes back ages.
We’re done with this subject.
bearishgurl
May 3, 2015 @
9:15 PM
flu wrote:My god BG, why the [quote=flu]My god BG, why the hell would I intentionally bump the poll. IF you want I can unvote myself for the one that voted not having 8 digit wealth. You know what, forget it. .. Even when there is evidence that you are wrong, you still argue for the sake of arguing. And the you pull the most random thing out of nowhere with your insinuations. Whatever floats your boat. You were wrong about Carmel Valley tanking, you were wrong about Mira Mesa, you were wrong about condos, you were wrong about the economy, and frankly you’re wrong about buyers that can afford homes in North County homes. You are just plain wrong most of the time. But if you what to think you’re right most of the time. Sure, if it floats your boat….
We’re done with this subject.[/quote]
For the record, I never insinuated anything on this forum that you have just posted here. Ever. And I’ve never even so much as commented on the “economy” as that isn’t my “expertise.” Despite my moniker, I tend to be more bullish on SD RE values than many comments I’ve read here.
Settle down, flu. My latest point was that your ONE person whom you felt agreed with you that high net worth individuals were attracted to CV tracts actually DIDN’T PAY ANYWHERE NEAR THE PRICE for his propertie(s) that buyers are paying in there now!
A better question for you to ask flyer is, “Would you be willing to spend $800K – $1000K+ today to `re-buy’ the properties you already own in CV (as if you were buying them for the first time)?”
That answer would be most revealing, imho.
Coronita
May 3, 2015 @
9:44 PM
bearishgurl wrote:flu [quote=bearishgurl][quote=flu]My god BG, why the hell would I intentionally bump the poll. IF you want I can unvote myself for the one that voted not having 8 digit wealth. You know what, forget it. .. Even when there is evidence that you are wrong, you still argue for the sake of arguing. And the you pull the most random thing out of nowhere with your insinuations. Whatever floats your boat. You were wrong about Carmel Valley tanking, you were wrong about Mira Mesa, you were wrong about condos, you were wrong about the economy, and frankly you’re wrong about buyers that can afford homes in North County homes. You are just plain wrong most of the time. But if you what to think you’re right most of the time. Sure, if it floats your boat….
We’re done with this subject.[/quote]
For the record, I never insinuated anything on this forum that you have just posted here. Ever. And I’ve never even so much as commented on the “economy” as that isn’t my “expertise.” Despite my moniker, I tend to be more bullish on SD RE values than many comments I’ve read here.
Settle down, flu. My latest point was that your ONE person whom you felt agreed with you that high net worth individuals were attracted to CV tracts actually DIDN’T PAY ANYWHERE NEAR THE PRICE for his propertie(s) that buyers are paying in there now!
A better question for you to ask flyer is, “Would you be willing to spend $800K – $1000K+ today to `re-buy’ the properties you already own in CV (as if you were buying them for the first time)?”
That answer would be most revealing, imho.[/quote]
BG, I dont’ want to ask flyer or anyone else for that matter because that’s NONE OF MY FVCKING BUSINESS how much they make or what their preference is. I DON’T CARE what others make. The only thing I CARE ABOUT is how much I make and the only yardstick I have is myself and my own effort.
My response original was just to the OP on the original thread about why I thought that property wasn’t overpriced back in 2011 and while it might be slightly overpriced now, there probably will be a buyer lined up if the price was just lowered slightly less. That’s it.
Then a lot of you went off the deep end about tract homes and affordability and insanity of people in SoCal buying these homes at these ridiculous prices, including the OP. To which I thought was odd, considering I don’t understand why someone with an 8 figure net worth would consider a $1million home ridiculously expensive when a lot of people that don’t have 8 figures net worth can afford it just fine (I’m one of them), and the person who has been looking at the current market conditions for the past few years would have also noticed prices didn’t really correct below 20-25% for SFH in most of the cases in the area he/she posted about…
And then, in the mist of this, you went off the deep end injecting your opinion about how no 8 figure net worth household would ever be considering a tract home in north county while (a) not being a realtor or having any friends that are realtors in this area that has a pulse on what is going on and sees any of the listings or even (b) living here and knowing anyone living in this area, in the same way you’ve approached every other financial decision/discussion that you professed to be be an expert about in the past but were just plane wrong there too. and (c) despite that very pigg, the OP, that’s staring right in front of you that obviously has been looking at tract homes in carmel valley and on a previous thread stated they were an 8 figure net worth household.
And you did insinuate I voted bumped up the vote, well at least before you re-edited your post. Why do you think I’m not calm BTW? I think this is all entertaining. Because it’s so ridiculous, it’s comical. Anyway, have fun. Ask others your question if you want an answer. Because it’s not my question. Ask someone to pull close histories, if you really want to poke and prod. I’m sure you’ll find plenty, and I wouldn’t bet against it.
Personally, if I had $10million in the bank, I wouldn’t be buying a $5million custom home in CarmelV because I wouldn’t feel I had enough money to buy a $5million custom home. But that’s just me. Again, my personal feel and adversion to risk. Others, might feel otherwise. Who knows. I don’t care. On the other hand, if I had $99million in the bank, maybe I would consider blowing $5million on something. So I guess if you really want continue arguing, you can now debate with someone whether 8 digits means $10 or $99 million. Again, have fun. Doesn’t concern me, because I have neither, and I don’t give a rats ass what someone else has/make.
bearishgurl
May 3, 2015 @
10:07 PM
flu wrote: . . . And you did [quote=flu] . . . And you did insinuate I voted bumped up the vote, well at least before you re-edited your post. Why do you think I’m not calm BTW? . . .[/quote]
flu, you’re r-e-e-e-a-a-allly stretching here. I just saw this. I didn’t even vote and so I haven’t even seen the poll. So how could I “insinuate” that you bumped up the vote on your own poll?? Can’t each Pigg vote just once?
Ohh, that’s right. You have several usernames on file here, right?
Well flu, I have no idea how many votes have been cast but if you want to flood your own poll with votes using all your available monikers, far be it from me to complain. That’s certainly your perogative.
All I stated here was that you made the 1st and 3rd comments after your poll with flyer’s comment (2nd) in between yours. Your first comment was to “bump” the poll (to get Piggs to vote) and your third comment was placed in there to “bait” me to comment … so I took that opportunity 🙂 Last time I looked, there were only three of us who had commented on your poll.
You’re actually the one who made a statement that it was common for buyers with an 8-figure net worth to buy tract homes in CV and also considered them “affordable.”
[quote=flu]Well, 1.1-1.3 is around 12% of one’s net worth if one’s net worth is 8 figures at least. So I don’t see relatively speaking why this would be such a big issue, considering many others, that would be roughly 25-30% of one’s net worth and for them they still consider that affordable. Just saying 🙂 . . . [/quote]
bearishgurl wrote:flu wrote: [quote=bearishgurl][quote=flu] . . . And you did insinuate I voted bumped up the vote, well at least before you re-edited your post. Why do you think I’m not calm BTW? . . .[/quote]
flu, you’re r-e-e-e-a-a-allly stretching here. I just saw this. I didn’t even vote and so I haven’t even seen the poll. So how could I “insinuate” that you bumped up the vote on your own poll?? Can’t each Pigg vote just once?
Ohh, that’s right. You have several usernames on file here, right?
[/quote]
You know what is so funny about what you just posted. I never have seen in two short paragraphs, how someone in a legal profession can possibly deny your insinuation in the first paragraph, and then in the second sentence completely do something the opposite that contradicts what you are denying…Just because you feel like you just have to get the last zinger in. Thank you for proving my point about your insinuation.
[quote]
[quote=flu]Well, 1.1-1.3 is around 12% of one’s net worth if one’s net worth is 8 figures at least. So I don’t see relatively speaking why this would be such a big issue, considering many others, that would be roughly 25-30% of one’s net worth and for them they still consider that affordable. Just saying 🙂 . . . [/quote]
I simply commented on your assertion, above.[/quote]
No, you went above and beyond simply just commenting on my assertion, as you normally do… We’re done… Good night.
flyer
May 4, 2015 @
5:21 AM
flu and BG, I didn’t read flu and BG, I didn’t read every word of your posts, but my intention was not to prolong this discussion, or to cause an uproar, but to simply give my general opinion on the topic.
Imo, anyone with an 8 digit net worth (a club to which we don’t currently belong) is in a position to buy any home they would care to buy–tract or otherwise–and in any location they may choose. To me, it’s really that simple.
Yes, BG, we did live in CV, do have rentals there and elsewhere, but prefer to live in RSF–especially since we bought/built/invested 20+ years ago. Would I make the same real estate moves today as when we first started investing?–I really can’t say–since there are way too many variables to get into that lengthy discussion. We’ve actually always considered our real estate experience more of a “right place at the right time” kind of thing.
That said–I agree with something you mentioned on another thread, flu–in that, none of us can take anything with us. We’re just grateful to be able to enjoy what we have for whatever time we have here on earth, and we’ll be happy to pass it on when we’re gone.
Fortunately though, as you may have noticed from the votes, we do have at least one billionaire among us who is at least considering a tract home in
CV–so, although this sample is small–we can all be at peace–knowing this is, in fact, possible:)
Coronita
May 4, 2015 @
8:32 AM
. .
svelte
May 4, 2015 @
6:43 PM
flyer wrote:
Imo, anyone with [quote=flyer]
Imo, anyone with an 8 digit net worth (a club to which we don’t currently belong)… [/quote]
And you may not get there with math like…
[quote=flyer]
Fortunately though, as you may have noticed from the votes, we do have at least one billionaire among us who is at least considering a tract home in
[/quote]
I believe you are trying to say the one person who said in the poll that they have an 8-digit net worth is a billionaire.
To be a billionaire, you’d have to have a TEN digit net worth. You’re a couple of digits off.
flyer
May 4, 2015 @
8:44 PM
Noticed that too, Noticed that too, svelte–after the fact–but let it go. For some reason, I was just not thinking about what I was writing on that post, and was too lazy to correct it.
At any rate–doubt if we’ll hit the “B” club, anyway. but– with the primary included, and paid off–that does put us well into the 8 digit club after all.
svelte
May 5, 2015 @
12:46 AM
flyer wrote:Noticed that too, [quote=flyer]Noticed that too, svelte–after the fact–but let it go. For some reason, I was just not thinking about what I was writing on that post, and was too lazy to correct it.
At any rate–doubt if we’ll hit the “B” club, anyway. but– with the primary included, and paid off–that does put us well into the 8 digit club after all.[/quote]
That’s cool. After a certain point, money is overrated.
You’re doing better than I am, but I’m happy as a clam with what I have. 🙂
Cheers.
flyer
May 5, 2015 @
5:03 AM
Thanks, svelte.
Agree that Thanks, svelte.
Agree that money, in and of itself is overrated. I’ve always thought of it as a means–not an end.
Personally, I view it as a tool to help us meet our needs and attain our
dreams–and something we can pass along to help our families and others so they can do the same.
Using it to make a difference in the quality of someone’s life (through education, career, housing, travel, etc.)–whether family, friends or otherwise–is awesome to see and very fulfilling.
njtosd
May 4, 2015 @
6:58 AM
I don’t think BG is a lawyer I don’t think BG is a lawyer – or did i miss something?
bearishgurl
May 4, 2015 @
10:48 AM
njtosd wrote:I don’t think BG [quote=njtosd]I don’t think BG is a lawyer – or did i miss something?[/quote]
Uhh, no I’m not, nj. flu seems to be making me out here to be all kinds of things and have all sorts of opinions which I don’t have. After rereading part of this thread this morning, I discovered that he edited a couple of his posts last night AFTER I was already in the process of responding to them, which is fine … but had he posted the entire post to begin with, my answer may have been a little different.
[quote=flu] . . . Listen. Like I said, ask a pigg here. There’s at least one. Let me be explicit now, because I thought with a sharp mind like you suggest, I thought you would have figured it out posts ago, and redirected your question appropriately….Read the thread about “financial milestones”, then read the thread about expensive mcmansion. And then put 2+2 together and redirect your curiosity question appropriately. Go figure it yourself out now. I like puzzles, and like I said, I just piece together very well what people say, and unfortunately have a very good memory of what people say, even if it goes back ages….[/quote]
For example, he inserted the above paragraph AFTER I already responded with:
[quote=bearishgurl]flu, I never the got the memo that the OP of the “Expensive McMansion” thread had an 8-figure net worth.
Am I missing something?…[/quote]
I’m not in the habit of looking for old threads to read first before responding to a thread. There have been weeks and months at a time where I didn’t even read any threads and I certainly do not read them all when I do visit the forum.
I frankly could care less any about anyone’s “net worth” on here. I understand that every type of SFR (tract, “estate,” or custom) has a specific market and that SD County W-2 worker bees in the last 15 years or so usually gravitated to new or newer tracts due to greater ease of financing from the developer. Newer tracts also ease the appraisal process for the necessary mortgage financing for this demographic, due to (unremodeled) available recent sales of same model/floor plan as the subject being financed.
That wasn’t the case in the past due to lack of the level of housing choices as we have today. 20-40 something parents of that era (boomers and older) were willing to mostly DIY a cosmetic fixer or live in part of the home for months/years (in their spare time while raising a family) during the remodeling of another part of the home. The vast majority of young parents today are unwilling to do this …. yes, even my own kids state they won’t 🙂 They want to buy a home as close to “turnkey” as possible. And this “captive audience” has a multitude of choices today, what with all the new subdivisions in the county which have cropped up in the past 15 years.
As I already stated here and elsewhere, I really have nothing against Carmel Valley. I just feel that for its exorbitant asking prices, the building quality and lot size doesn’t seem to be there, especially at the “worker bee” price point (=<$1M). This exact type of housing is available in many parts of the county but in Carmel Valley, the sold comps are through the stratosphere for what was actually purchased, IMO.
A homebuyer today can get a way better quality home (with a larger, more usable lot) elsewhere in the county for $700K to $1M. But the vast majority of those homes are over 30 years old. And the SFR housing stock in the best locations in SD County and also situated on the most generous, usable lots are more than 40 years old and that fact alone is unpalatable to most of today’s younger homebuyers (without even viewing a property in an established area).
That’s all I was saying here. No offense to flu or any other Pigg who prefers to live in Carmel Valley.
Coronita
May 4, 2015 @
11:04 AM
njtosd wrote:I don’t think BG [quote=njtosd]I don’t think BG is a lawyer – or did i miss something?[/quote]
Hell no. Lawyers don’t typically contradict themselves in 40 written words or less. Perhaps my sarcasm meter was just not working… Sorry.
bearishgurl
May 4, 2015 @
11:35 AM
flu wrote:njtosd wrote:I [quote=flu][quote=njtosd]I don’t think BG is a lawyer – or did i miss something?[/quote]
Hell no. Lawyers don’t typically contradict themselves in 40 written words or less. Perhaps my sarcasm meter was just not working… Sorry.[/quote]
And enginerds (with a presumed penchant for detail) don’t go around assuming things about people (and indiscriminately spouting off those assumptions) which are not in evidence.
Coronita
May 4, 2015 @
11:42 AM
bearishgurl wrote:flu [quote=bearishgurl][quote=flu][quote=njtosd]I don’t think BG is a lawyer – or did i miss something?[/quote]
Hell no. Lawyers don’t typically contradict themselves in 40 written words or less. Perhaps my sarcasm meter was just not working… Sorry.[/quote]
And enginerds (with a presumed penchant for detail) don’t go around assuming things about people (and indiscriminately spouting off those assumptions) which are not in evidence.[/quote]
Well, that should be obvious now. In my line of work, you can’t do much in this situation. Because when you start with is crap assumptions from people that don’t know what they are talking about. That produces garbage in = garbage out.
bearishgurl
May 3, 2015 @
9:44 PM
flu, I never the got the memo flu, I never the got the memo that the OP of the “Expensive McMansion” thread had an 8-figure net worth.
Am I missing something?
And even if (s)he does, what that means based upon their OP and their comment after mine …
[quote=masayako][quote=bearishgurl] . . . I don’t really know what misayako meant by his statement, “Welcome to SoCal” in the OP. The link he provided showing an “Econobox” isn’t typical of 85-90% of SoCal housing and is in no way representative of how the masses live in SoCal (or anywhere else in the state, for that matter). It is only typical of newer neighborhoods where the developers were permitted to build largish boxy homes on smallish lots. His comment makes it seem as if that is all buyers have to choose from out there. But we all know that is a crock of BS.
Yes, I find it hard to envision that this “Econobox” with a hole in the wall for a FP, the liberal use of carpeting throughout and situated on a barely standard lot will actually sell for anywhere north of $1M. I just find it amazing that there are buyers out there who are truly that stupid.[/quote]
“Welcome to So Cal” refer to the fact that there are actually buyers in So Cal who are truly that stupid.[/quote]
… is that (s)he obviously didn’t think the listing they posted in the OP was worth anywhere near the asking price.
If this is someone who can easily buy it for all cash, they would apparently rather shop elsewhere.
This is exactly the point I was making.
Coronita
May 3, 2015 @
10:12 PM
bearishgurl wrote:flu, I [quote=bearishgurl]flu, I never the got the memo that the OP of the “Expensive McMansion” thread had an 8-figure net worth.
Am I missing something?
And even if (s)he does, what that means based upon their OP and their comment after mine …
[/quote]
Sorry, but do your own due diligence if you really care about what others make/earn and their decisions. It’s none of my business to poke and prod. You should be pretty good at it, since you are a paralegal, no?
And regarding that other rathole you started speculating that folks that buy these tract homes are ALL living on a financial shoestring and are all struggling and are all going to be in trouble later. Wrong again. This i definitely can prove. In my particular case, my LTV is now less than 30%, and I could pay it off if I wanted to. I haven’t yet, because my interest rate is fvcking 2.5% for 15 years. My rentals are around 6-7% returns, 2 of the 3 here in SD are paid off, 1 I can write a check for tomorrow, and my primary, I could pay off even if the stock market corrected 50% tomorrow (I would feel like shit otherwise)…I chose to take out a ridiculously low interest rate mortgage, because for the past few years, I felt I could beat the markets, and for the past few years (despite even the biggest bonehead investment picks I’ve done), I have beaten that 2.5% interest rate…And I am reigning part of that in now. My regret? I should have done what many others did in 2009-2011 and bought a better house… But I played it too safe.
That one friend in DH has a $1million loan outstanding. They took it out because they wanted to invest $1million in commercial RE back in China. And that worked out really well, since that land was sold to a big developer. Maybe, just maybe some people know what they are doing, taking advantage of an unheard of low interest rate environment….
The-Shoveler
May 4, 2015 @
6:30 AM
I don’t have 8 digits but I I don’t have 8 digits but I knew a guy who at the time just sold several apartment buildings in TX and who lived in a tract home in Temecula valley, he was worth at least 11 Million.
The tract homes in that area were less than 400K at the time.
I think he still lives there.
I knew this because we knew the sales agent at the (then new tract) and he had bought several of the new homes in a 1031 type of exchange (all the same model). I guess his plan was to sell one and move into the next one every 5 years or so.
all
May 4, 2015 @
9:46 AM
The-Shoveler wrote:… he was [quote=The-Shoveler]… he was worth at least 11 Million.
[/quote]
Totally off topic, but I really do not like the ‘(s)he is worth…’ construct. I understand the need to quantify things and use simple scale, but people ‘worth’ should not be measured in $$.
I might have $1MM in assets, but for you I am worth nothing. I am just another body crowding the space, probably negative value. To my parents I am priceless. The only people that can see me as $1MM loot to share are my unborn grandchildren.
scaredyclassic
May 4, 2015 @
10:00 AM
wrongful deat h lawsuits wrongful deat h lawsuits measure peoples lives in dollars all the time. you definitely have a quanitifable value, forpurposes of damages. sure there may be some sentimental value attached to you as well…but its not worth all that much. i think outdoorsy people get higher wrongul death judgments. just seems like their lives were worth more.
if i had 10 million in the bank, i think one million would be a good price for a house. better to blend in with the common people…
Anonymous
May 4, 2015 @
7:19 AM
How do I join the eight-digit How do I join the eight-digit billionaires club?
bearishgurl
May 4, 2015 @
10:53 AM
harvey wrote:How do I join [quote=harvey]How do I join the eight-digit billionaires club?[/quote]
Hah! I assumed the “8-digit group” were “multimillionaires,” i.e. had a net worth of $10M to $99M.
I can’t imagine that “billionaires” have the time or inclination to sit around during the business day commenting on blogs. Or at any day or time, for that matter.
Doesn’t this group have foundations to run?
Anonymous
May 4, 2015 @
1:04 PM
I’m sure that many of the I’m sure that many of the “no” votes have 9 digits of net worth.
The-Shoveler
May 4, 2015 @
2:03 PM
harvey wrote:I’m sure that [quote=harvey]I’m sure that many of the “no” votes have 9 digits of net worth.[/quote]
Right, after seeing some of the new Custom homes going up near where I live, a mere 8 digits does not seem like enough LOL, maybe 50 million to 9 digits.
(and no I don’t have 8 digits of dollars nor am I worth anywhere near that)
FlyerInHi
May 4, 2015 @
2:05 PM
Custom doesn’t necessarily Custom doesn’t necessarily mean better.
Custom simply means one-off.
In fact, a lot of the custom stuff is actually more ugly because the design is what one person liked.
The-Shoveler
May 4, 2015 @
2:23 PM
Yea but once you get above Yea but once you get above 8000-12000 sqf they still get expensive.
But really I think once you start to pay more than say 3 million for a home you should be worth 3 to 5 times that IMO, else I think it would be kind of foolish but that’s just me.
I could not truly see me buying a million dollar home really, seems like a waste unless I was worth around maybe 8 digits (but I am kind of cheap LOL).
flyer
May 4, 2015 @
3:47 PM
Also, concerning this topic, Also, concerning this topic, we might want to consider people do tend to calculate net worth differently. For example, we don’t include our primary residence or expected inheritances in the calculation, and I know others who calculate similarly. Adding those would definitely bump it up for most of us.
As has also been mentioned, I don’t think most people consider their “net worth” their “true worth.” I think we’re only bringing it up because that was the point of this discussion.
Essbee
May 5, 2015 @
2:08 PM
There are some $1-2M tract There are some $1-2M tract homes in the Del Sur/4S area:
I think that some of the homes in the Lakes, etc are also “tract homes”.
It’s actually quite fun to look at the model homes in this price range. There are so many truly bizarre and over-the-top features.
In the Estates, there was one model that featured a pet shower option (“only” $10K extra). Another had a ~queen sized “outdoor bed” on the master balcony. There was also a master suite shower that could fit about 12 people… And one of the yards had a small vineyard.
So yes, tract homes are now going to $2M and beyond, even far east of I-5.
an
May 5, 2015 @
2:39 PM
I agree, it’s fun to walk I agree, it’s fun to walk through these model homes and see what the current design trends and material trends are. It’s also interesting to see where the builder cut corners. After we’ve remodeled our house from bottom to top, we know what is good & expensive stuff and what’s cheap but made to make to look expensive.
FlyerInHi
May 5, 2015 @
2:45 PM
I installed a pet shower area I installed a pet shower area for my dad. There’s a warm shower hookup for the dog. It’s a patio with low walls so, after the shower, the dog doesn’t run and roll in the dirt.
The-Shoveler
May 5, 2015 @
3:33 PM
Maybe it’s the difference Maybe it’s the difference between boomer dollars and millennial dollars (and maybe Gen-x dollars).
Me being a boomer a million dollars (and up) for a house sure seems like a lot (seems like you should get an awesome ocean view for that).
Or at least a few acres in a good location with a great view (to go along with your awesome house).
But maybe I am an Old boomer with boomer thoughts.
Plus anything over 2-3 million should be able to qualify as an An “evil lair” as well.
May 3, 2015 @ 2:43 PM
This is to answer curious
This is to answer curious minds on this subject that was asked repeatedly here,
http://piggington.com/expensive_mcmansion_sale
to which I have no idea what the answer is.
Not me, i dont care. If you have 8 digits net worth, good for you. Congrats. How you spend it is your business.
May 3, 2015 @ 3:54 PM
Haven’t hit the “B” yet, flu,
Haven’t hit the “B” yet, flu, but I’ll post this here, and on the other thread.
Imo–as long as you can live where you want to live-that’s what really
matters–regardless of what anyone else prefers/does/has, etc.
Although people in every financial category generally negotiate the best deal possible when it comes to real estate, I think most people who have an 8 digit net worth–buy homes based more on where they choose to live–rather than where they might find the best deal.
That may be in CV (tract or otherwise), Manhattan, Dubai, all of the above, or somewhere else. The point is, they have the choice to do whatever they want to do.
May 3, 2015 @ 7:37 PM
There BG. 1 person so far
There BG. 1 person so far stated he/she/they have an 8 digit net worth and have looked into buying a tract home in Carmel Valley (or a tract anywhere else)
Feel free to ask that person a question on why…..
You are welcome.
May 3, 2015 @ 8:10 PM
flu wrote:There BG. 1 person
[quote=flu]There BG. 1 person so far stated he/she/they have an 8 digit net worth and have looked into buying a tract home in Carmel Valley (or a tract anywhere else)
Feel free to ask that person a question on why…..
You are welcome.[/quote]
Uhh, flu, I didn’t get this from flyer’s post, if that’s the post you’re referring to (since the other two posts on your own “poll” thread are yours … in desperately trying to bump it, lol). For starters, he didn’t indicate his net worth. Secondly, he has posted before here that he currently owns (rental) home(s) in CV and lived there at one time in the past.
I would bet marbles to chalk that flyer paid $200K (or less) for any home(s) he bought in CV from the mid-eighties to possibly as late as ’91. And at the time he purchased it/them, he didn’t have the net worth he has today. (Hint: Collecting rents all these years is likely one of the things which helped him get where he is today, folks.)
Why don’t YOU ask him, flu?
***********************************
Okay, I’ll bite (with my OWN questions, though :)) flyer, what say you? When did you buy your home(s) in CV, how much did you pay for it/them and what is their square footage? (If you own more than one home, list purchase price and square footage of each.) It would be helpful to also list here if any of your rentals there are condos as opposed to SFRs. Thanks in advance of your help.
Oh, and not trying to pry … we don’t need location details. You can approximate the SF if revealing it will narrow down the location.
May 3, 2015 @ 9:10 PM
bearishgurl wrote:flu
[quote=bearishgurl][quote=flu]There BG. 1 person so far stated he/she/they have an 8 digit net worth and have looked into buying a tract home in Carmel Valley (or a tract anywhere else)
Feel free to ask that person a question on why…..
You are welcome.[/quote]
Uhh, flu, I didn’t get this from flyer’s post, if that’s the post you’re referring to (since the other two posts on your own “poll” thread are yours … in desperately trying to bump it, lol). For starters, he didn’t indicate his net worth. Secondly, he has posted before here that he currently owns (rental) home(s) in CV and lived there at one time in the past.
I would bet marbles to chalk that flyer paid $200K (or less) for any home(s) he bought in CV from the mid-eighties to possibly as late as ’91. And at the time he purchased it/them, he didn’t have the net worth he has today. (Hint: Collecting rents all these years is likely one of the things which helped him get where he is today, folks.)
Why don’t YOU ask him, flu?
***********************************
Okay, I’ll bite (with my OWN questions, though :)) flyer, what say you? When did you buy your home(s) in CV, how much did you pay for it/them and what is their square footage? (If you own more than one home, list purchase price and square footage of each.) It would be helpful to also list here if any of your rentals there are condos as opposed to SFRs. Thanks in advance of your help.
Oh, and not trying to pry … we don’t need location details. You can approximate the SF if revealing it will narrow down the location.[/quote]
My god BG, why the hell would I intentionally bump the poll. IF you want I can unvote myself for the one that voted not having 8 digit wealth. You know what, forget it. .. Even when there is evidence that you are wrong, you still argue for the sake of arguing. And the you pull the most random thing out of nowhere with your insinuations. Whatever floats your boat. You were wrong about Carmel Valley tanking, you were wrong about Mira Mesa, you were wrong about condos, you were wrong about the economy, and frankly you’re wrong about buyers that can afford homes in North County homes. You are just plain wrong most of the time. But if you what to think you’re right most of the time. Sure, if it floats your boat….
Listen. Like I said, ask a pigg here. There’s at least one. Let me be explicit now, because I thought with a sharp mind like you suggest, I thought you would have figured it out posts ago, and redirected your question appropriately….Read the thread about “financial milestones”, then read the thread about expensive mcmansion. And then put 2+2 together and redirect your curiosity question appropriately. Go figure it yourself out now. I like puzzles, and like I said, I just piece together very well what people say, and unfortunately have a very good memory of what people say, even if it goes back ages.
We’re done with this subject.
May 3, 2015 @ 9:15 PM
flu wrote:My god BG, why the
[quote=flu]My god BG, why the hell would I intentionally bump the poll. IF you want I can unvote myself for the one that voted not having 8 digit wealth. You know what, forget it. .. Even when there is evidence that you are wrong, you still argue for the sake of arguing. And the you pull the most random thing out of nowhere with your insinuations. Whatever floats your boat. You were wrong about Carmel Valley tanking, you were wrong about Mira Mesa, you were wrong about condos, you were wrong about the economy, and frankly you’re wrong about buyers that can afford homes in North County homes. You are just plain wrong most of the time. But if you what to think you’re right most of the time. Sure, if it floats your boat….
We’re done with this subject.[/quote]
For the record, I never insinuated anything on this forum that you have just posted here. Ever. And I’ve never even so much as commented on the “economy” as that isn’t my “expertise.” Despite my moniker, I tend to be more bullish on SD RE values than many comments I’ve read here.
Settle down, flu. My latest point was that your ONE person whom you felt agreed with you that high net worth individuals were attracted to CV tracts actually DIDN’T PAY ANYWHERE NEAR THE PRICE for his propertie(s) that buyers are paying in there now!
A better question for you to ask flyer is, “Would you be willing to spend $800K – $1000K+ today to `re-buy’ the properties you already own in CV (as if you were buying them for the first time)?”
That answer would be most revealing, imho.
May 3, 2015 @ 9:44 PM
bearishgurl wrote:flu
[quote=bearishgurl][quote=flu]My god BG, why the hell would I intentionally bump the poll. IF you want I can unvote myself for the one that voted not having 8 digit wealth. You know what, forget it. .. Even when there is evidence that you are wrong, you still argue for the sake of arguing. And the you pull the most random thing out of nowhere with your insinuations. Whatever floats your boat. You were wrong about Carmel Valley tanking, you were wrong about Mira Mesa, you were wrong about condos, you were wrong about the economy, and frankly you’re wrong about buyers that can afford homes in North County homes. You are just plain wrong most of the time. But if you what to think you’re right most of the time. Sure, if it floats your boat….
We’re done with this subject.[/quote]
For the record, I never insinuated anything on this forum that you have just posted here. Ever. And I’ve never even so much as commented on the “economy” as that isn’t my “expertise.” Despite my moniker, I tend to be more bullish on SD RE values than many comments I’ve read here.
Settle down, flu. My latest point was that your ONE person whom you felt agreed with you that high net worth individuals were attracted to CV tracts actually DIDN’T PAY ANYWHERE NEAR THE PRICE for his propertie(s) that buyers are paying in there now!
A better question for you to ask flyer is, “Would you be willing to spend $800K – $1000K+ today to `re-buy’ the properties you already own in CV (as if you were buying them for the first time)?”
That answer would be most revealing, imho.[/quote]
BG, I dont’ want to ask flyer or anyone else for that matter because that’s NONE OF MY FVCKING BUSINESS how much they make or what their preference is. I DON’T CARE what others make. The only thing I CARE ABOUT is how much I make and the only yardstick I have is myself and my own effort.
My response original was just to the OP on the original thread about why I thought that property wasn’t overpriced back in 2011 and while it might be slightly overpriced now, there probably will be a buyer lined up if the price was just lowered slightly less. That’s it.
Then a lot of you went off the deep end about tract homes and affordability and insanity of people in SoCal buying these homes at these ridiculous prices, including the OP. To which I thought was odd, considering I don’t understand why someone with an 8 figure net worth would consider a $1million home ridiculously expensive when a lot of people that don’t have 8 figures net worth can afford it just fine (I’m one of them), and the person who has been looking at the current market conditions for the past few years would have also noticed prices didn’t really correct below 20-25% for SFH in most of the cases in the area he/she posted about…
And then, in the mist of this, you went off the deep end injecting your opinion about how no 8 figure net worth household would ever be considering a tract home in north county while (a) not being a realtor or having any friends that are realtors in this area that has a pulse on what is going on and sees any of the listings or even (b) living here and knowing anyone living in this area, in the same way you’ve approached every other financial decision/discussion that you professed to be be an expert about in the past but were just plane wrong there too. and (c) despite that very pigg, the OP, that’s staring right in front of you that obviously has been looking at tract homes in carmel valley and on a previous thread stated they were an 8 figure net worth household.
And you did insinuate I voted bumped up the vote, well at least before you re-edited your post. Why do you think I’m not calm BTW? I think this is all entertaining. Because it’s so ridiculous, it’s comical. Anyway, have fun. Ask others your question if you want an answer. Because it’s not my question. Ask someone to pull close histories, if you really want to poke and prod. I’m sure you’ll find plenty, and I wouldn’t bet against it.
Personally, if I had $10million in the bank, I wouldn’t be buying a $5million custom home in CarmelV because I wouldn’t feel I had enough money to buy a $5million custom home. But that’s just me. Again, my personal feel and adversion to risk. Others, might feel otherwise. Who knows. I don’t care. On the other hand, if I had $99million in the bank, maybe I would consider blowing $5million on something. So I guess if you really want continue arguing, you can now debate with someone whether 8 digits means $10 or $99 million. Again, have fun. Doesn’t concern me, because I have neither, and I don’t give a rats ass what someone else has/make.
May 3, 2015 @ 10:07 PM
flu wrote: . . . And you did
[quote=flu] . . . And you did insinuate I voted bumped up the vote, well at least before you re-edited your post. Why do you think I’m not calm BTW? . . .[/quote]
flu, you’re r-e-e-e-a-a-allly stretching here. I just saw this. I didn’t even vote and so I haven’t even seen the poll. So how could I “insinuate” that you bumped up the vote on your own poll?? Can’t each Pigg vote just once?
Ohh, that’s right. You have several usernames on file here, right?
Well flu, I have no idea how many votes have been cast but if you want to flood your own poll with votes using all your available monikers, far be it from me to complain. That’s certainly your perogative.
All I stated here was that you made the 1st and 3rd comments after your poll with flyer’s comment (2nd) in between yours. Your first comment was to “bump” the poll (to get Piggs to vote) and your third comment was placed in there to “bait” me to comment … so I took that opportunity 🙂 Last time I looked, there were only three of us who had commented on your poll.
You’re actually the one who made a statement that it was common for buyers with an 8-figure net worth to buy tract homes in CV and also considered them “affordable.”
[quote=flu]Well, 1.1-1.3 is around 12% of one’s net worth if one’s net worth is 8 figures at least. So I don’t see relatively speaking why this would be such a big issue, considering many others, that would be roughly 25-30% of one’s net worth and for them they still consider that affordable. Just saying 🙂 . . . [/quote]
http://piggington.com/expensive_mcmansion_sale#comment-255056
I simply commented on your assertion, above.
May 3, 2015 @ 10:19 PM
bearishgurl wrote:flu wrote:
[quote=bearishgurl][quote=flu] . . . And you did insinuate I voted bumped up the vote, well at least before you re-edited your post. Why do you think I’m not calm BTW? . . .[/quote]
flu, you’re r-e-e-e-a-a-allly stretching here. I just saw this. I didn’t even vote and so I haven’t even seen the poll. So how could I “insinuate” that you bumped up the vote on your own poll?? Can’t each Pigg vote just once?
Ohh, that’s right. You have several usernames on file here, right?
[/quote]
You know what is so funny about what you just posted. I never have seen in two short paragraphs, how someone in a legal profession can possibly deny your insinuation in the first paragraph, and then in the second sentence completely do something the opposite that contradicts what you are denying…Just because you feel like you just have to get the last zinger in. Thank you for proving my point about your insinuation.
[quote]
[quote=flu]Well, 1.1-1.3 is around 12% of one’s net worth if one’s net worth is 8 figures at least. So I don’t see relatively speaking why this would be such a big issue, considering many others, that would be roughly 25-30% of one’s net worth and for them they still consider that affordable. Just saying 🙂 . . . [/quote]
http://piggington.com/expensive_mcmansion_sale#comment-255056
I simply commented on your assertion, above.[/quote]
No, you went above and beyond simply just commenting on my assertion, as you normally do… We’re done… Good night.
May 4, 2015 @ 5:21 AM
flu and BG, I didn’t read
flu and BG, I didn’t read every word of your posts, but my intention was not to prolong this discussion, or to cause an uproar, but to simply give my general opinion on the topic.
Imo, anyone with an 8 digit net worth (a club to which we don’t currently belong) is in a position to buy any home they would care to buy–tract or otherwise–and in any location they may choose. To me, it’s really that simple.
Yes, BG, we did live in CV, do have rentals there and elsewhere, but prefer to live in RSF–especially since we bought/built/invested 20+ years ago. Would I make the same real estate moves today as when we first started investing?–I really can’t say–since there are way too many variables to get into that lengthy discussion. We’ve actually always considered our real estate experience more of a “right place at the right time” kind of thing.
That said–I agree with something you mentioned on another thread, flu–in that, none of us can take anything with us. We’re just grateful to be able to enjoy what we have for whatever time we have here on earth, and we’ll be happy to pass it on when we’re gone.
Fortunately though, as you may have noticed from the votes, we do have at least one billionaire among us who is at least considering a tract home in
CV–so, although this sample is small–we can all be at peace–knowing this is, in fact, possible:)
May 4, 2015 @ 8:32 AM
.
.
May 4, 2015 @ 6:43 PM
flyer wrote:
Imo, anyone with
[quote=flyer]
Imo, anyone with an 8 digit net worth (a club to which we don’t currently belong)… [/quote]
And you may not get there with math like…
[quote=flyer]
Fortunately though, as you may have noticed from the votes, we do have at least one billionaire among us who is at least considering a tract home in
[/quote]
I believe you are trying to say the one person who said in the poll that they have an 8-digit net worth is a billionaire.
To be a billionaire, you’d have to have a TEN digit net worth. You’re a couple of digits off.
May 4, 2015 @ 8:44 PM
Noticed that too,
Noticed that too, svelte–after the fact–but let it go. For some reason, I was just not thinking about what I was writing on that post, and was too lazy to correct it.
At any rate–doubt if we’ll hit the “B” club, anyway. but– with the primary included, and paid off–that does put us well into the 8 digit club after all.
May 5, 2015 @ 12:46 AM
flyer wrote:Noticed that too,
[quote=flyer]Noticed that too, svelte–after the fact–but let it go. For some reason, I was just not thinking about what I was writing on that post, and was too lazy to correct it.
At any rate–doubt if we’ll hit the “B” club, anyway. but– with the primary included, and paid off–that does put us well into the 8 digit club after all.[/quote]
That’s cool. After a certain point, money is overrated.
You’re doing better than I am, but I’m happy as a clam with what I have. 🙂
Cheers.
May 5, 2015 @ 5:03 AM
Thanks, svelte.
Agree that
Thanks, svelte.
Agree that money, in and of itself is overrated. I’ve always thought of it as a means–not an end.
Personally, I view it as a tool to help us meet our needs and attain our
dreams–and something we can pass along to help our families and others so they can do the same.
Using it to make a difference in the quality of someone’s life (through education, career, housing, travel, etc.)–whether family, friends or otherwise–is awesome to see and very fulfilling.
May 4, 2015 @ 6:58 AM
I don’t think BG is a lawyer
I don’t think BG is a lawyer – or did i miss something?
May 4, 2015 @ 10:48 AM
njtosd wrote:I don’t think BG
[quote=njtosd]I don’t think BG is a lawyer – or did i miss something?[/quote]
Uhh, no I’m not, nj. flu seems to be making me out here to be all kinds of things and have all sorts of opinions which I don’t have. After rereading part of this thread this morning, I discovered that he edited a couple of his posts last night AFTER I was already in the process of responding to them, which is fine … but had he posted the entire post to begin with, my answer may have been a little different.
[quote=flu] . . . Listen. Like I said, ask a pigg here. There’s at least one. Let me be explicit now, because I thought with a sharp mind like you suggest, I thought you would have figured it out posts ago, and redirected your question appropriately….Read the thread about “financial milestones”, then read the thread about expensive mcmansion. And then put 2+2 together and redirect your curiosity question appropriately. Go figure it yourself out now. I like puzzles, and like I said, I just piece together very well what people say, and unfortunately have a very good memory of what people say, even if it goes back ages….[/quote]
For example, he inserted the above paragraph AFTER I already responded with:
[quote=bearishgurl]flu, I never the got the memo that the OP of the “Expensive McMansion” thread had an 8-figure net worth.
Am I missing something?…[/quote]
I’m not in the habit of looking for old threads to read first before responding to a thread. There have been weeks and months at a time where I didn’t even read any threads and I certainly do not read them all when I do visit the forum.
I frankly could care less any about anyone’s “net worth” on here. I understand that every type of SFR (tract, “estate,” or custom) has a specific market and that SD County W-2 worker bees in the last 15 years or so usually gravitated to new or newer tracts due to greater ease of financing from the developer. Newer tracts also ease the appraisal process for the necessary mortgage financing for this demographic, due to (unremodeled) available recent sales of same model/floor plan as the subject being financed.
That wasn’t the case in the past due to lack of the level of housing choices as we have today. 20-40 something parents of that era (boomers and older) were willing to mostly DIY a cosmetic fixer or live in part of the home for months/years (in their spare time while raising a family) during the remodeling of another part of the home. The vast majority of young parents today are unwilling to do this …. yes, even my own kids state they won’t 🙂 They want to buy a home as close to “turnkey” as possible. And this “captive audience” has a multitude of choices today, what with all the new subdivisions in the county which have cropped up in the past 15 years.
As I already stated here and elsewhere, I really have nothing against Carmel Valley. I just feel that for its exorbitant asking prices, the building quality and lot size doesn’t seem to be there, especially at the “worker bee” price point (=<$1M). This exact type of housing is available in many parts of the county but in Carmel Valley, the sold comps are through the stratosphere for what was actually purchased, IMO.
A homebuyer today can get a way better quality home (with a larger, more usable lot) elsewhere in the county for $700K to $1M. But the vast majority of those homes are over 30 years old. And the SFR housing stock in the best locations in SD County and also situated on the most generous, usable lots are more than 40 years old and that fact alone is unpalatable to most of today’s younger homebuyers (without even viewing a property in an established area).
That’s all I was saying here. No offense to flu or any other Pigg who prefers to live in Carmel Valley.
May 4, 2015 @ 11:04 AM
njtosd wrote:I don’t think BG
[quote=njtosd]I don’t think BG is a lawyer – or did i miss something?[/quote]
Hell no. Lawyers don’t typically contradict themselves in 40 written words or less. Perhaps my sarcasm meter was just not working… Sorry.
May 4, 2015 @ 11:35 AM
flu wrote:njtosd wrote:I
[quote=flu][quote=njtosd]I don’t think BG is a lawyer – or did i miss something?[/quote]
Hell no. Lawyers don’t typically contradict themselves in 40 written words or less. Perhaps my sarcasm meter was just not working… Sorry.[/quote]
And enginerds (with a presumed penchant for detail) don’t go around assuming things about people (and indiscriminately spouting off those assumptions) which are not in evidence.
May 4, 2015 @ 11:42 AM
bearishgurl wrote:flu
[quote=bearishgurl][quote=flu][quote=njtosd]I don’t think BG is a lawyer – or did i miss something?[/quote]
Hell no. Lawyers don’t typically contradict themselves in 40 written words or less. Perhaps my sarcasm meter was just not working… Sorry.[/quote]
And enginerds (with a presumed penchant for detail) don’t go around assuming things about people (and indiscriminately spouting off those assumptions) which are not in evidence.[/quote]
Well, that should be obvious now. In my line of work, you can’t do much in this situation. Because when you start with is crap assumptions from people that don’t know what they are talking about. That produces garbage in = garbage out.
May 3, 2015 @ 9:44 PM
flu, I never the got the memo
flu, I never the got the memo that the OP of the “Expensive McMansion” thread had an 8-figure net worth.
Am I missing something?
And even if (s)he does, what that means based upon their OP and their comment after mine …
[quote=masayako][quote=bearishgurl] . . . I don’t really know what misayako meant by his statement, “Welcome to SoCal” in the OP. The link he provided showing an “Econobox” isn’t typical of 85-90% of SoCal housing and is in no way representative of how the masses live in SoCal (or anywhere else in the state, for that matter). It is only typical of newer neighborhoods where the developers were permitted to build largish boxy homes on smallish lots. His comment makes it seem as if that is all buyers have to choose from out there. But we all know that is a crock of BS.
Yes, I find it hard to envision that this “Econobox” with a hole in the wall for a FP, the liberal use of carpeting throughout and situated on a barely standard lot will actually sell for anywhere north of $1M. I just find it amazing that there are buyers out there who are truly that stupid.[/quote]
“Welcome to So Cal” refer to the fact that there are actually buyers in So Cal who are truly that stupid.[/quote]
http://piggington.com/expensive_mcmansion_sale#comment-255054
… is that (s)he obviously didn’t think the listing they posted in the OP was worth anywhere near the asking price.
If this is someone who can easily buy it for all cash, they would apparently rather shop elsewhere.
This is exactly the point I was making.
May 3, 2015 @ 10:12 PM
bearishgurl wrote:flu, I
[quote=bearishgurl]flu, I never the got the memo that the OP of the “Expensive McMansion” thread had an 8-figure net worth.
Am I missing something?
And even if (s)he does, what that means based upon their OP and their comment after mine …
[/quote]
Sorry, but do your own due diligence if you really care about what others make/earn and their decisions. It’s none of my business to poke and prod. You should be pretty good at it, since you are a paralegal, no?
And regarding that other rathole you started speculating that folks that buy these tract homes are ALL living on a financial shoestring and are all struggling and are all going to be in trouble later. Wrong again. This i definitely can prove. In my particular case, my LTV is now less than 30%, and I could pay it off if I wanted to. I haven’t yet, because my interest rate is fvcking 2.5% for 15 years. My rentals are around 6-7% returns, 2 of the 3 here in SD are paid off, 1 I can write a check for tomorrow, and my primary, I could pay off even if the stock market corrected 50% tomorrow (I would feel like shit otherwise)…I chose to take out a ridiculously low interest rate mortgage, because for the past few years, I felt I could beat the markets, and for the past few years (despite even the biggest bonehead investment picks I’ve done), I have beaten that 2.5% interest rate…And I am reigning part of that in now. My regret? I should have done what many others did in 2009-2011 and bought a better house… But I played it too safe.
That one friend in DH has a $1million loan outstanding. They took it out because they wanted to invest $1million in commercial RE back in China. And that worked out really well, since that land was sold to a big developer. Maybe, just maybe some people know what they are doing, taking advantage of an unheard of low interest rate environment….
May 4, 2015 @ 6:30 AM
I don’t have 8 digits but I
I don’t have 8 digits but I knew a guy who at the time just sold several apartment buildings in TX and who lived in a tract home in Temecula valley, he was worth at least 11 Million.
The tract homes in that area were less than 400K at the time.
I think he still lives there.
I knew this because we knew the sales agent at the (then new tract) and he had bought several of the new homes in a 1031 type of exchange (all the same model). I guess his plan was to sell one and move into the next one every 5 years or so.
May 4, 2015 @ 9:46 AM
The-Shoveler wrote:… he was
[quote=The-Shoveler]… he was worth at least 11 Million.
[/quote]
Totally off topic, but I really do not like the ‘(s)he is worth…’ construct. I understand the need to quantify things and use simple scale, but people ‘worth’ should not be measured in $$.
I might have $1MM in assets, but for you I am worth nothing. I am just another body crowding the space, probably negative value. To my parents I am priceless. The only people that can see me as $1MM loot to share are my unborn grandchildren.
May 4, 2015 @ 10:00 AM
wrongful deat h lawsuits
wrongful deat h lawsuits measure peoples lives in dollars all the time. you definitely have a quanitifable value, forpurposes of damages. sure there may be some sentimental value attached to you as well…but its not worth all that much. i think outdoorsy people get higher wrongul death judgments. just seems like their lives were worth more.
if i had 10 million in the bank, i think one million would be a good price for a house. better to blend in with the common people…
May 4, 2015 @ 7:19 AM
How do I join the eight-digit
How do I join the eight-digit billionaires club?
May 4, 2015 @ 10:53 AM
harvey wrote:How do I join
[quote=harvey]How do I join the eight-digit billionaires club?[/quote]
Hah! I assumed the “8-digit group” were “multimillionaires,” i.e. had a net worth of $10M to $99M.
I can’t imagine that “billionaires” have the time or inclination to sit around during the business day commenting on blogs. Or at any day or time, for that matter.
Doesn’t this group have foundations to run?
May 4, 2015 @ 1:04 PM
I’m sure that many of the
I’m sure that many of the “no” votes have 9 digits of net worth.
May 4, 2015 @ 2:03 PM
harvey wrote:I’m sure that
[quote=harvey]I’m sure that many of the “no” votes have 9 digits of net worth.[/quote]
Right, after seeing some of the new Custom homes going up near where I live, a mere 8 digits does not seem like enough LOL, maybe 50 million to 9 digits.
(and no I don’t have 8 digits of dollars nor am I worth anywhere near that)
May 4, 2015 @ 2:05 PM
Custom doesn’t necessarily
Custom doesn’t necessarily mean better.
Custom simply means one-off.
In fact, a lot of the custom stuff is actually more ugly because the design is what one person liked.
May 4, 2015 @ 2:23 PM
Yea but once you get above
Yea but once you get above 8000-12000 sqf they still get expensive.
But really I think once you start to pay more than say 3 million for a home you should be worth 3 to 5 times that IMO, else I think it would be kind of foolish but that’s just me.
I could not truly see me buying a million dollar home really, seems like a waste unless I was worth around maybe 8 digits (but I am kind of cheap LOL).
May 4, 2015 @ 3:47 PM
Also, concerning this topic,
Also, concerning this topic, we might want to consider people do tend to calculate net worth differently. For example, we don’t include our primary residence or expected inheritances in the calculation, and I know others who calculate similarly. Adding those would definitely bump it up for most of us.
As has also been mentioned, I don’t think most people consider their “net worth” their “true worth.” I think we’re only bringing it up because that was the point of this discussion.
May 5, 2015 @ 2:08 PM
There are some $1-2M tract
There are some $1-2M tract homes in the Del Sur/4S area:
first
Ivy Gate
and now,
The Estates (starting at $1.6M)
http://www.standardpacifichomes.com/new-homes/southern-california/san-diego/the-estates-at-del-sur.aspx
I think that some of the homes in the Lakes, etc are also “tract homes”.
It’s actually quite fun to look at the model homes in this price range. There are so many truly bizarre and over-the-top features.
In the Estates, there was one model that featured a pet shower option (“only” $10K extra). Another had a ~queen sized “outdoor bed” on the master balcony. There was also a master suite shower that could fit about 12 people… And one of the yards had a small vineyard.
So yes, tract homes are now going to $2M and beyond, even far east of I-5.
May 5, 2015 @ 2:39 PM
I agree, it’s fun to walk
I agree, it’s fun to walk through these model homes and see what the current design trends and material trends are. It’s also interesting to see where the builder cut corners. After we’ve remodeled our house from bottom to top, we know what is good & expensive stuff and what’s cheap but made to make to look expensive.
May 5, 2015 @ 2:45 PM
I installed a pet shower area
I installed a pet shower area for my dad. There’s a warm shower hookup for the dog. It’s a patio with low walls so, after the shower, the dog doesn’t run and roll in the dirt.
May 5, 2015 @ 3:33 PM
Maybe it’s the difference
Maybe it’s the difference between boomer dollars and millennial dollars (and maybe Gen-x dollars).
Me being a boomer a million dollars (and up) for a house sure seems like a lot (seems like you should get an awesome ocean view for that).
Or at least a few acres in a good location with a great view (to go along with your awesome house).
But maybe I am an Old boomer with boomer thoughts.
Plus anything over 2-3 million should be able to qualify as an An “evil lair” as well.