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View Full Version : Anyone into Realestate?



marooko
06-25-2008, 08:51 AM
I'm curious about a few things. Wanna help?

RotationSlimWang
06-25-2008, 09:11 AM
Sure, first of all it's two words.

Hopeless Semantic
06-25-2008, 09:12 AM
Sure, first of all it's two words.

lol

marooko
06-25-2008, 09:20 AM
yeah i missed a space there. i fucking retyped that shit 3 times. also, ill take computer advice and drug advise from you randy, but not anything financial.

JustSteve
06-25-2008, 09:34 AM
my gf is a realtor in newport beach and my father is a developer, so i am pretty up on stuff. what do you need to know?

marooko
06-25-2008, 09:48 AM
first of all, how long is it estimated the market will be low or still going down? overall i guess, i know areas differ

Hopeless Semantic
06-25-2008, 09:49 AM
I heard, at least in my area, it's going to be 3-5 years.

canexplain
06-25-2008, 09:59 AM
Yea the ole’ buy low, sell high …. Now is close to the best time to buy a home, but if I were looking, I would wait 6 more months till after the election …. It’s a crap shoot right now I think … worse case scenario: Sacramento: average price home July 08, around 280k. in July 07, the same house was worth around 350k … if you had bought that house last year, you would be “underwater” or “upside down” to a tune of 70k LOST in one year … with how mortgages go, it would take about 10 years of payments to get the principle down to what the house is now worth … if all things stay the same and don’t go up or down, I would be one of those people who would be tempted to just walk away from the house if that were me … you hope it would appreciate at least 5 percent a year and that takes the 10 years down to around 5 or so, but what if the slump has a full year to go and that house all of the sudden next year will be worth about 200k and you are upside down to a tune of 130k in just two years … of course some time it has to change because that house is not going down to 100k or so ever …. I don’t work in real estate and claim to know nothing (in a lot of areas lol) … so you take a chance now of still going underwater on a loan, but you are also taking the chance that the bust has bottomed out and there is no time better to get a fire deal on a house …. Just my opinion since I am not trying to sell you anything …. Ron****

canexplain
06-25-2008, 10:02 AM
my gf is a realtor in newport beach and my father is a developer, so i am pretty up on stuff. what do you need to know?

just a thought, but i would trust JustSteve more then a person in the business (provided he did have the sources he speaks of) ... any person in the bizz is going to tell you a story of how great things really are changing to the good (aka larry cudlow) ... x****

JustSteve
06-25-2008, 10:18 AM
i will have to talk to my father about what he thinks since he is more involved in that specific market. here in newport there is kind of a bubble, houses here that would have sold within a day or two of going on the market now sit for a few months, but they do sell. i guess there will always be those people who can afford a $2 million+ home, no matter what the economy is doing. my gf just got a house into escrow, owner wanted $2.3 million for it originally, but because it was so overpriced it sat on the market for a year, finally accepted her offer of $1.83 million. there are quite a few around here hurting, though, who got into homes in the last year or two. many are now down upwards of $500,000! ouch!

my father said it perfectly the other day...he said "we are just entering the tunnel". so there is a light at the end, but we are just starting the journey through. he is involved in entry level housing out in the inland empire, one of the worst places right now. his project was held up because a stupid old whore bag wouldn't give up a 20 square foot piece of her property so the city could do what they needed to do in terms of underground work. now, there was no way she was keeping it and my father offered more than the city ended up paying, but because she was a stubborn, miserable bitch it just took time to get through all the red tape. that extra year it was held up probably cost my father about $4 million. at the opening of sales the homes were selling right around $400,000, now they are right around $200,000. these things would have sold out before they were done being built if she would have just accepted the way things were going to work. the homes are still selling, but very slowly.

RotationSlimWang
06-25-2008, 10:40 AM
yeah i missed a space there. i fucking retyped that shit 3 times. also, ill take computer advice and drug advise from you randy, but not anything financial.

How about grammatical advice? Also, how'd you manage to type that word right the first time and then fuck it up only two words later?

marooko
06-25-2008, 10:45 AM
im concentrating more on work, not typing. if i cared id take the grammatical advice, but since im not writing a paper or a resume or anything of the sort, its not a concern. thank you though.

TomAz
06-25-2008, 02:55 PM
marooko are you looking to buy yourself a place to live, or are you just looking at it as an investment?

I'd say now is a good 'buy' time if you are looking for a place to live in and plan on staying there at least 3 years. The market might dip some more but I think we'll see rebounds within a year, esp in central properties (gas prices will make distant suburbia less attractive to many people). But if you're looking to invest, I dunno, I think it's a market to stay out of, unless you have a lot of money you're looking to gamble with.

marooko
06-26-2008, 10:20 AM
anyone make any additions to their home?

PlayaDelWes
06-26-2008, 10:56 AM
Reasons NOT to buy Real Estate right now.

1. Starting in 1995, 2.5M units of excess housing supply (incremental demand) was built up incrementally through the first half of 2007. When builders significantly ramped down volumes, new demand exceeded new supply by only 355K units; still ~2M excess units of housing inventory built up over the last 13 years remain.

1b. Account for the number of foreclosures, housing supply is increasing even further.

1c. Speculators are now dumping their houses at losses (and not bidding up inventory) creating even more supply now that the housing market slowed

2. Credit markets remain tight, and even though rates remain low, it's hard for subprime and non-traditional buyers to get a loan. Also creative loan products that have been around for 30 years are no longer available to the masses due to government scrutiny and the inability for lenders to sell those loans in the capital markets.

3. Higher Unemployment, Energy Prices, and Cost Of Living (healthcare, food, goods, etc...) are making housing even less affordable, further driving prices down.

4. Moody's Economy.com forecasts total US Home Price Appreciation to become positive again in Q1 2010. California and Florida don't become positive until later that year. Each time Moody's has released these projections over the last year, they have pushed out the date when they expect housing to become positive again.


Also, check out this study Harvard published this week on the State of the Nation's Housing. It's long, but a quick glance tells me housing is not recovering anytime soon.

http://www.jchs.harvard.edu/publications/markets/son2008/index.htm

marooko
06-26-2008, 11:06 AM
that seems like instructions for people who arent smart with money. or for the asshats that took on some shit they couldnt afford.

i have job security and wont get anything above my price range. with what im looking at, its very likely my payment will be the same as my current rent payment or less.

TomAz
06-26-2008, 11:06 AM
excess supply and low prices seem like arguments for buying, not against. If you can get a mortgage that is.

PlayaDelWes
06-26-2008, 11:21 AM
excess supply and low prices seem like arguments for buying, not against. If you can get a mortgage that is.

Excellent reasons for buying…if you don’t mind buying into a market that will continue to decline for those reasons for the next 2-3 years. Equivalent homes will be cheaper through 2010 and increasingly, you will also have your pick of inventory.

TomAz
06-26-2008, 11:42 AM
right. If you're just buying for investment purposes, you're probably right, although the market being low now is a known certainty, while its continued decline is informed speculation. Some investors might prefer to buy now anyway, rather than trying to time the bottom.

But if you're buying because you want a place to live -- the considerations are different. In marooko's case he might be better off immediately if he buys now, simply because prices are low, mortgage rates are low, and mortgage interest is still tax deductible. He may spend more in rent than he needs to waiting for the bottom. and that's assuming we can even reasonably anticipate when the bottom will happen.

marooko
06-09-2009, 11:01 AM
have any of you heard about this law? something along the lines of, if a property owner rents his home and then gets foreclosed on, the bank is obligated to abide by the lease till its over. any of you have anything else on that? my main concern is, do the banks have a way to get out of that. mainly due to low rent.

superfiction
06-09-2009, 11:05 AM
http://bradfrostweb.com/images/monopoly_photoshop_template.jpg

bug on your lip
06-09-2009, 11:21 AM
http://imager.cc/images/page17/instinct_950.jpg

paganman7
06-09-2009, 01:56 PM
anyone make any additions to their home?


I recently built a 360 sqft addition to my house to accommodate our new little monkey arriving in late September (it's a boy...or a girl with a giant clitoris). I spent about $5000, and my real estate appraiser said it would add $16,000-$20,000 to the value of my house.

psychic friend
06-09-2009, 04:42 PM
Juststeve... when will sellers realize it is no longer 2006?

thanks

pf

BlackSwan
06-09-2009, 04:46 PM
I am really surprised there were no racially insensitive jokes made in this thread.