Sorry doom and gloomers. The real estate market is hot in California.

Discussion in 'Economics' started by Free Thinker, Oct 6, 2009.

  1. You're a fucking moron and a fucking douche bag and a fuckty fuck fuck kiwi fucking putz. Where is it that you think I did my residency.

    :D

    I've always found Kiwi culture to be about 60 years behind the times.

    BTW: Kiwi you do of course know that I'm fucking with you...right?



     
    #51     Oct 7, 2009
  2. jem

    jem

    Although I actually feel the supply and demand - I am not really sure where the nice areas of S.D. or Orange County are going. Of course I make up my mind next week.

    Between 600 and 1.5 there is so much demand that if the lenders provided the loans, the buyers were would kill themselves to buy the houses.

    Demand for housing is astonishing in North County San Diego....

    The catch is qualified buyers....


    It all depends on the lenders.

    Easy money for the next 5 years and the market has stabilized.

    The current crop of over mortgaged consumers will swap (via short sale and foreclosure) with a new crop of over mortgaged consumers --- without a doubt.

    Tight money and you will see the higher priced houses pancake the low end back to late 90s pricing.

    anecdote -

    I have plenty of neighbors who can afford their formerly 1 to 1.5 houses who are thinking of walking away because they hate spending 7 -9 grand a month to carry an investment that is upside down 300 - 500 thou.

    Since many of them know what I do for a living - my wife gets to hear trial balloons. It takes a bit of fortitude for a person with perfect credit to decide to stop paying. But, every month a few more do.
     
    #52     Oct 7, 2009
  3. I hear the monied class is looking hard and deep for the bargains of this decade. Those with cash flow don't need to worry about too much.

    You sound as though you're mired in the muck that you hear everyday being a cramdown guy for bounty.

    You need to get new friends.

     
    #53     Oct 7, 2009
  4. LOL DZ. You reveal so much about yourself that I'll leave you to yourself. Sad and self deceptive in one package.
     
    #54     Oct 7, 2009
  5. You know I once held an interest in a Timber Farm in the South Island. But I had to sell it because we couldn't find any people old enough to service all of the piece of shit (circa 1949) trucks and farm implements down there. All the young people vacate that place as soon as they can.

    Why is that?


     
    #55     Oct 7, 2009
  6. new$

    new$

  7. Commercial REIT returned 33% in the 3rd quarter alone.

    Man that has to suck for the Doom and gloomers.
     
    #57     Oct 9, 2009
  8. 377OHMS

    377OHMS

    Dr. Z, you are sparing with dolts who don't likely own s.cal property. Both kiwi_trader and bylowsellhi are known pikers. Don't waste your time. Eventually bylowsellhi will start blathering about female anatomy if you push him far enough.

    I've found your RE posts to be knowledgeble and credible. Glad to hear you are making money. I booked about 10% appreciation on an LA property this year so I know there is some motion in LA county.

    Good luck with your deals.

    Scott
     
    #58     Oct 9, 2009
  9. How did you BOOK appreciation?

    I do not know much about RE so would like to know how you do it.

    This are just two examples that I know:


    First is a single family home.
    One of my wife's relatives purchased house in October 04 for $410K in San Fernando Valley (Tarzana border of Reseda) in 06 listed it for $580-620 hoping to get multiple offers. Got one offer for $510. Now he had to modify loan twice not sure what the figures are now because she stopped bragging now.

    Second is a town house about 1,800 sq. feet.
    Tarzana, close to Ventura blvd
    One of my good friends (work together) purchased it in 2002 for $299K. Unit next to him was sold in 2006 for $540K and now same unit is on the market for $299K

    By the way DR. is a know poser here there is nothing that he hasn't done or hasn't been or hasn't own. According to DR stock market is up 50% this year sounds more like a bored car salesman to me who has nothing better to do or simply cannot do but just hang on ET day and night.
     
    #59     Oct 9, 2009
  10. jem

    jem

    cram down - I appreciate the generous wording. When we had bankruptcy laws behind us we had more cram down power. But it does sound good thanks. Now its more walkaway or negotiate.

    some of my clients and friends are the moneyed class. Guys who used to have their own jets. (Dead ass serious here.)


    Rancho Santa Fe and Fairbanks Ranch have
    292 active listings.

    10 -20% of the area is currently listed and there are expired listings and future listings just waiting to see a few sales.

    There are almost no sales. Thats like 10 years worth of inventory - and much more behind it.

    There is so much inventory and so few sales it is impossible to accurately price the properties. IMO

    One of the top Realtors in the area said to one of my friends that in this this market your property would easily be worth 3.5 (down from 7 mill) - but no one is buying.

    (By the way- it is full of shit lines like that -that help you sell 35 -50 million worth of real estate as a Realtor.

    I almost puked on myself because people want to hear that kind of bullshit. )


    The newly rich no longer wish to carry 40 -50 grand a month in mortgage, tax and maintenance.

    So vodka I am hearing hardship stories all day long. But I am even hearing them at my Golf Club - on the border of Rancho Sante Fe. I am not sure where I should hang out to avoid dealing with the muck.

    The good news is that Golf membership prices are way down - so I rejoined my old club for less than half of what I paid in the mid 90s.
     
    #60     Oct 9, 2009