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Brian
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| 07/01/2008 4:15 PM |
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Look at the big picture here....
How would paying rent to an FB be the "right" thing to do? He'll just squander it or rent-skim and hide the money from the foreclosing bank.
Mortgage contracts have an "assignment of rents" provision. So if you're the renter you could send the rent money to the bank.
But how would sending money to the banks that enabled this whole mess be fair? The bank may also squander the money and go bankrupt itself.
Taxpayers will ultimately have to pay for the greed, so better so preserve the money so you can pay your taxes.
The only fair thing to do is to let the legal system sort it out. Let the judge look at the circumstances and render a decision. If not, it's money you can use to give your kids a good education or give to charity.
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coqui74
Posts:17
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| 07/01/2008 4:56 PM |
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Yes, Brian, I am sure you will use the money you withhold from your landlord to donate to charity. What a laugh.
You've been owned - it's embarassing for sure - but realize you are no better than those defaulters you scorn on this board day after day.
The truth hurts. |
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Joke4Today
Posts:65
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| 07/01/2008 5:01 PM |
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Posted By coqui74 on 07/01/2008 4:56 PM
Yes, Brian, I am sure you will use the money you withhold from your landlord to donate to charity. What a laugh.
You've been owned - it's embarassing for sure - but realize you are no better than those defaulters you scorn on this board day after day.
The truth hurts.
LOL......best joke I heard today! Charity! LOL.... Let me put my boots on cause its getting deeper in here. LOL On a sad note, I think he actually believes his rationalization for bad behavior. Sad indeed.
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Joke4Today
Posts:65
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| 07/01/2008 5:08 PM |
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Posted By coqui74 on 07/01/2008 4:56 PM
Yes, Brian, I am sure you will use the money you withhold from your landlord to donate to charity. What a laugh.
You've been owned - it's embarassing for sure - but realize you are no better than those defaulters you scorn on this board day after day.
The truth hurts.
Yes, indeed Brian was owned!
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Brian
Posts:2649
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| 07/01/2008 5:09 PM |
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Posted By coqui74 on 07/01/2008 4:56 PM
Yes, Brian, I am sure you will use the money you withhold from your landlord to donate to charity.
I never said that I would donate that money to charity. I would save it, or spend it on myself.
I was suggesting that those renters who might feel guilty for withholding rent money from the FBs could donate the money to charity. It would be money put to better use. Again, look at the big picture. Spend your hard earned dollars where it would do the most good. If you must part with your money, where you do want it to go?
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ScottSD
Posts:162
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| 07/01/2008 5:53 PM |
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| doesn't matter where you want it to go. you enter into a rental contract just like the owner enters into a mortgage contract. the owner ignoring his mortgage contract doesn't make it okay for you to ignore the rental contract. |
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anon66
Posts:37
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| 07/01/2008 11:32 PM |
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| I live in the Egyptian as well in a North facing unit. I agree north facing is preferable. However, I keep my windows closed and run the air most of the time b/c of the traffic noise. Kind of irritating. |
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wilson
Posts:674
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| 07/02/2008 1:06 AM |
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| My momma told me that two wrongs don't make a right. You'd get a spanking! |
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punstress
Posts:140
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| 07/02/2008 8:46 AM |
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Brian, are you serious? Presuming that the LL would "squander" the money is not a valid reason to withhold rent. (Not sure what FB stands for but I assume you mean the landlord.) My LL owns the condo I live in outright, no mortgage. If he's squandering my rent money on hookers and blow, can I stop paying? Of course that is laughable. As long as I'm still getting the roof over my head, I gotta pay.
However, I do think there needs to be a new clause in these leases that deals with the LL not holding up their end of the bargain to keep the mortgage, taxes and other expenses paid for. Being able to go month to month is a good idea, but being able to deduct reasonable moving expenses from your rent would be even better. It's good to know the property manager holds your deposit because so many times when renting from an individual, they keep it themselves.
So, tell us, did you write that clause you added, and did anyone object to it at all? Maybe you can share it here. |
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Brian
Posts:2649
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| 07/02/2008 10:08 AM |
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Puntress, I'm referring to the owners in the new buidlings downtown. People who buy to flip, rent, or simply walk.
Here's an example at Parkloft. Read the VofSD article and you'll see the level of fraud being perpetrated.
877_Island_Ave_602_San_Diego_CA_92101
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On the subject of rent skimming (where an owner collects rent but fails to pay the mortgage).
1) It's against state law and a federal crime when it involves Federally insured FHA/VA loans. Be careful when the law is involved.
http://www.homeforsure.com/california-foreclosure-law.html#890
2) My suggestion for letting the legal process play out is all about protecting the renter's interest in the real estate.
3) By failing to pay the mortgage, the owner is harming the lessee's interest in the leasehold. The tenant is entitled to legal remedy. And that is why it's important to let the court decide who should get the rent and how much. There may be fraud on the part of the lessor. Chances are pretty good that a landlord who defaults on a new loan in a brand new building (such as Aria) is committing financial fraud.
4) By letting the legal process play out, renters can preserve their cash and avoid becoming victims of financial shenagigans were the prospects of recovery is slim to none.
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Waiting
Posts:46
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| 07/02/2008 10:15 AM |
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| It looks like Brian has a serious pathology. An interminable case of "foot in mouth" disease. The more he posts, the more transparent he becomes. |
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Dirtcheap
Posts:39
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| 08/31/2008 9:20 PM |
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I gotta side with Brian on this one, if i was a renter and i knew the LL wasn't paying, i would stop paying and start looking for a new place. And I'm a LL. But its very unlikely a buyer would close on new construction, put a large chunk of $$ into a property and then not pay the mortgage right from the start. They would be better off not closing, and either losing a 3% deposit, or in many cases, getting their deposit back (I know many who have been able to get their full deposits back on new construction, but I don't think the developers want this to be known).
For the new projects, it usually takes at least a year or two before the foreclosures start to happen, but things could be different with the current market. |
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jackjack
Posts:159
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| 08/31/2008 10:17 PM |
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| FYI: this building still looks very empty. ScottSD, has any one moved in recently? Why doesn't the developer just lower prices and try to move some inventory? Is it b/c he is Australian and does not know how bad the market really is? Newsflash - the SD real estate market (especially downtown) is not getting better any time soon. In fact, it will get much worse. Does this have a chance to turn into rentals??
Has any one looked at the most recent Case-Shiller readings? I calculate data based on momentum readings, and June was by far the worst reading as far as the momentum of falling prices. Also, we are about to enter fall and winter - without fail the worst time in the market for a seller. I don't know what these builders are thinking??? |
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ScottSD
Posts:162
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| 09/01/2008 12:29 AM |
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people are actually moving in at a pretty decent pace. i'd say on average one or two people move in every week. doesn't seem like a lot, but there are only 136 or something units. i don't think it's 50% occupied yet. but if all of the people in escrow close, it may be. the developer has been pretty aggressive with price cuts. they cut prices long before the bosa properties did, and i think it helped.
from what i've gathered, the upper floors sold before the building was completed and the lower floors have been selling really well since the price cut. i've talked to a few people in the last couple of weeks who just recent moved into the 2nd and 3rd floors. the middle floors i think will be the last to go. there are 4 units per floor between something like 10 and 18. two are occupied on my floor (11) and i have someone right above me on 12. not sure about the rest. but i think they're moving properties well enough to not have to worry about renting. |
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jackjack
Posts:159
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| 09/01/2008 12:53 AM |
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| Scott, what exactly are the price cuts? Any ideas how much people are paying for units there now? We don't really get that info on SDlookup. I would love to know how much the developer is willing to take. How can we find out this information?
I am shocked, I have driven passed the building, and it still looks pretty vacant. You obviously know, since you live there. Thanks for the info. |
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jspoto
Posts:222
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| 09/01/2008 4:55 PM |
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| " Newsflash - the SD real estate market (especially downtown) is not getting better any time soon. In fact, it will get much worse. Does this have a chance to turn into rentals?? " - posted by jack/jack who points to more charts and statistics to prove his case. YOU ARE WRONG - Like I said earlier- i was at Aria on a Tuesday and they had to organize tours there were so many people looking. Sales downtown are gaining momentum....All you have to do is get up and go see for yourself instead of reading manipulated data that tries try to sensationalize and create headlines. Here's the next headline "Downtown Condo sales up 25% from last year" - how does that sound ?? |
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jackjack
Posts:159
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| 09/01/2008 5:35 PM |
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| JSpoto,
Given from your posts, you seem like an out of control twenty something with something to prove. Anyway, I will take the time to educate you. Keep in mind that this education is supported by objective and verifiable data.
The first column is the month and year. The second column is the Case-Shiller index reading in SD for that particular month. The third column is the 12 month moving average. The fourth column is the momentum reading, which is based on the 12 month moving average. A 12 month moving average is used due to the fact that real estate is seasonal. Parenthesis means a negative reading.
As you can clearly see, June 2008 home values accelerated downward at unprecedented levels. We are entering fall and winter, which (if history is any indication) means home prices will fall much further. In fact, this is the highest acceleration downward reading we have had since they started the Case-Shiller index calculation in San Diego in 1987.
If you take issue, with the Case-Shiller index, you are delusional. Does anyone think that JSpoto knows more than a Yale professor who studies the real estate market and creates algorithms for a living. I sure don't. Nothing is foolproof, but I don't think we will see 25% price increases any time soon.
Jan-06 247.46 245.007 0.104
Feb-06 247.89 246.028 0.093
Mar-06 248.09 246.988 0.083
Apr-06 249.35 247.803 0.073
May-06 249.14 248.398 0.065
Jun-06 249.60 248.752 0.057
Jul-06 249.05 248.895 0.050
Aug-06 247.30 248.799 0.043
Sep-06 246.60 248.597 0.036
Oct-06 244.03 248.117 0.028
Nov-06 242.11 247.431 0.020
Dec-06 238.08 246.558 0.011
Jan-07 237.15 245.699 0.003
Feb-07 235.53 244.669 (0.006)
Mar-07 233.27 243.434 (0.015)
Apr-07 232.66 242.043 (0.024)
May-07 231.78 240.597 (0.032)
Jun-07 231.36 239.077 (0.040)
Jul-07 229.66 237.461 (0.048)
Aug-07 226.73 235.747 (0.055)
Sep-07 222.82 233.765 (0.063)
Oct-07 217.02 231.514 (0.072)
Nov-07 209.60 228.805 (0.081)
Dec-07 202.45 225.836 (0.092)
Jan-08 197.45 222.528 (0.104)
Feb-08 190.34 218.762 (0.118)
Mar-08 185.42 214.774 (0.133)
Apr-08 180.56 210.433 (0.150)
May-08 178.03 205.953 (0.168)
Jun-08 175.37 201.288 (0.188)
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jackjack
Posts:159
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| 09/01/2008 5:37 PM |
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| Let's try this again......
Jan-06 247.46 245.007 0.104
Feb-06 247.89 246.028 0.093
Mar-06 248.09 246.988 0.083
Apr-06 249.35 247.803 0.073
May-06 249.14 248.398 0.065
Jun-06 249.60 248.752 0.057
Jul-06 249.05 248.895 0.050
Aug-06 247.30 248.799 0.043
Sep-06 246.60 248.597 0.036
Oct-06 244.03 248.117 0.028
Nov-06 242.11 247.431 0.020
Dec-06 238.08 246.558 0.011
Jan-07 237.15 245.699 0.003
Feb-07 235.53 244.669 (0.006)
Mar-07 233.27 243.434 (0.015)
Apr-07 232.66 242.043 (0.024)
May-07 231.78 240.597 (0.032)
Jun-07 231.36 239.077 (0.040)
Jul-07 229.66 237.461 (0.048)
Aug-07 226.73 235.747 (0.055)
Sep-07 222.82 233.765 (0.063)
Oct-07 217.02 231.514 (0.072)
Nov-07 209.60 228.805 (0.081)
Dec-07 202.45 225.836 (0.092)
Jan-08 197.45 222.528 (0.104)
Feb-08 190.34 218.762 (0.118)
Mar-08 185.42 214.774 (0.133)
Apr-08 180.56 210.433 (0.150)
May-08 178.03 205.953 (0.168)
Jun-08 175.37 201.288 (0.188)
It comes out fine when I look at it. I am copying and pasting from an excel file.
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jackjack
Posts:159
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| 09/01/2008 5:38 PM |
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| Well, the formating gets all screwy when I copy and paste from an excel file. Although the data is not in clean columns, you should be able to figure it out. |
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Brian
Posts:2649
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| 09/01/2008 6:39 PM |
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| jackjack, how about attaching a .pdf file? You cannot attach .xls but .pdf is fine. |
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