Brian
Posts:2272
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| 09/13/2008 6:04 PM |
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I've been on SDLookup since the beginning (before they had MLS listings).
I said back then that prices would drop.
But people saw values and were looking at the prices drops as buying opportunities.
Well, here's an example of a great deal gone bad. Not only was the buyer a knife catcher but he bought a place that he could not afford for the long term.
<a href="http://www.sdlookup.com/Property-1A00A5A0-350_W_Ash_St_104_San_Diego_CA_92101">
350_W_Ash_St_104_San_Diego_CA_92101</a>
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Brian
Posts:2272
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ilivehere
Posts:138
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| 09/13/2008 8:53 PM |
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Brian-
what is your point with a post like this? How do you know what their motivation was?
Some people make mistakes, some people lose their jobs, some people are life long renters, some people buy a house to never sell it again.
I expect more from you then this type of lazy post. Everyone knows people may of made mistakes. Let's not continue to beat a dead horse. Prices may continue to fall in certain areas and level off in others. I think it would be more constructive to post where there may be a a great deal for a first time buyer or investor.
why don't you start a post on reo's. what they have sold for and what they have been resold for in the last 5 months. I think people will be amazed at the money some of these investors are making. I don't have the juevos for that type of game right as I have always planned to hold my homes with a long term plan.
The sky is falling rhetoric is so boring, |
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jakob
Posts:494
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| 09/13/2008 9:02 PM |
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To me, Brian's posts are useful to learn the mistakes of others. I admit it rubs the schadenfreude bone as well. He's great at highlighting bone headed real estate plays. I hope I'm never a subject of a Brian post. :)
It would be cool if there was an anti-Brian, (bizarro-Brian?) posting about money-making transactions... |
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kelly564
Posts:59
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| 09/13/2008 9:49 PM |
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| just curious, when was the beginning of SDLookup? I didn't know this used to be a site w/out MLS listings. Interesting. |
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Brian
Posts:2272
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| 09/13/2008 11:56 PM |
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If i remember well, the beginning of SDLookup was in the fall of 2006.
I highlighted this property because prior to this housing boom, people did not lose their life savings on their personal residences. The gambles that people took on their houses will be their undoing.
The alternative to buying is renting. People would not have paid those exorbitant prices if it weren't for their belief that a future profit was certain.
Even a
professor who should be well educated got taken in and gambled away a $3 million inheritance.
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Brian
Posts:2272
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| 09/14/2008 12:08 AM |
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Here's a posting on
350 Ash that an owner posted as late as 08/2007. We all know what happened at 350 Ash with a series of foreclosures and still stealth inventory sitting out there.
That shows you how out of touch some people are with the reality of the market.
---------
Anonymous 8/2/2007 11:45:17 AM Reply
I am happy with my purchase decision. My building is one of the few downtown that has maintained or increased its value. But most of all, I love living there. It is a quality building in an incredible location.
If you account for the tax-benefits of a mortgage, the so-called "ownership" premium isn't as great as you might think. Additionally, I enjoy life much better as an owner than a renter. "Pride of ownership" definitely has a value--one that is not appreciated by life-long renters.
Many people try to "time" the market and end up losing (with both stocks and real estate). If you want to buy (and plan on staying long-term), then buy. Just make sure that you buy a quality place
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Brian
Posts:2272
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SallyJ
Posts:2
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| 09/15/2008 10:59 AM |
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| What is going to happen with 350 W ash because of the investor family incident? Do you think that it will continue to lose it's value because of unpaid HOA fee's or will it start to go up in value as they sell off those units? I personally like this building, I think it is unique and is in a great location. I am interested to see what is going happen with this building, do you think someone would be considered a "Knife Catcher" to buy in this building? |
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Brian
Posts:2272
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| 09/15/2008 11:42 AM |
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SallyJ, I would wait at least until the stealth units come out into the light.
How about doing an analysis of the building to see how much equity the current owners have? Watch the listings over the next few months to see if there are signs of desperation.
The HOA issue is interesting. If you put in an offer, be sure to get the HOA minutes and financial statements and read them carefully.
Remember that even financial sound owners are walking from their properties because they can buy another one cheaper (either under their own names, or a relative's name) They are making a business decision to walk. That's becoming more prevalent and is of great concern to the lending industry. Roubini says that it's becoming more and more prevalent. So far,
Roubini has been right on everything. |
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SallyJ
Posts:2
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| 09/15/2008 11:57 AM |
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| Brian, do you have any clue as to when the stealth units will be coming on the market? From what I understand, there are quite a few. I don't understand why the HOA's are so high in this building to begin with (I think they are over $400). There are no amenities, unless you count the recreation room which is pretty much just a room with a couch and a TV. Maybe they have enough money in reserves to float until the units get sold off? To me this building seems to be of much better quality than Acqua Vista, and wasn't there some of the investor family fraud going on there too? Units in aqcua vista seem to be selling (for very low prices). Some units in ash are already half price from what they were at the peak, (and I'm not talking about the investor family units that were fraudulently overpriced to begin with) do they really have that much room to fall even further? |
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sd 2010
Posts:15
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| 09/15/2008 3:34 PM |
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"It would be cool if there was an anti-Brian, (bizarro-Brian?) posting about money-making transactions..."
people making $ wouldn't bother with the time it takes, they use their time to make $ |
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Brian
Posts:2272
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| 09/23/2008 10:28 AM |
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Here's a 2008 flipper.
1050_Island_Ave_115_San_Diego_CA_92101
Purchase for a flip in 2008 but about lose his shirt.
Nobody made money on this condo but the developer and the agents handling the transaction.
02/19/2008 $412,000
06/12/2007 $475,000
04/28/2006 $474,900
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jakob
Posts:494
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| 09/23/2008 12:29 PM |
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"There are three 'I's in every cycle. The 'innovator,' that's the first 'I.' After the innovator comes the 'imitator.' And after the imitator in the cycle comes the idiot."
-Warren Buffett
from:
http://bigpicture.typepad.com/comments/2008/09/the-innovator-t.html |
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Brian
Posts:2272
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| 09/23/2008 3:45 PM |
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Here's a 2007 knife catcher at Parkloft.
Should we not laugh at this 2007 buyer? He bought and barely 1 year later runs out of wherewithal. So much for buying what you can afford!
877_Island_Ave_304_San_Diego_CA_92101
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Joke4Today
Posts:56
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| 09/23/2008 3:47 PM |
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| Does that make you feel better about yourself? |
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Brian
Posts:2272
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| 09/23/2008 6:21 PM |
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Posted by Joke4Today 09/23/2008 11:46 PM
Does that make you feel better about yourself?
Not at all. It just illustrates my point that the "lifetime opportunities" that people found in 2007 weren't even 6-month opportunities. So beware when people claim that you should seize your lifetime opportunity before you're "forever priced out."
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wilson
Posts:569
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| 09/23/2008 7:07 PM |
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I myself am not amused at others' assumed financial stutations and difficulties. I merely keep myself informed so I can make my own decisions an dmonitor the inventory and pricing where I have an interest.
I find the campaigning to embarrass and sway others' actions tiresome and pointless. Maybe those who do should enter politics? |
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NCgirl
Posts:209
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| 09/23/2008 7:29 PM |
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| I'm not amused either . The sheer glee in tone and smug attitude that comes across in these creepy posts is just wrong on so many levels. |
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Joke4Today
Posts:56
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| 09/23/2008 8:28 PM |
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[quote]Posted By Brian on 09/23/2008 3:45 PM
Here's a 2007 knife catcher at Parkloft.
Should we not laugh at this 2007 buyer? He bought and barely 1 year later runs out of wherewithal. So much for buying what you can afford!
[/quote]
I think your point can be made without a call for laughter at the misfortune of others. |
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