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TREZ63
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| 10/01/2007 4:39 PM |
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Posted By n/a on 10/01/2007 4:33 PM
How about politically challenged and economically blind? That's what see most of on this board, from Trez and his ilk.
Okay, so your opinion is that the prices are not falling. That you'd be better off having bought a home in the past two years than to rent. And you also believe that Hilary is going to save you from foreclosure. Well I stand correct it bud, you're obviously not as dumb as I thought you were, you're much much dumber. |
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Excelerator
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| 10/01/2007 4:55 PM |
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"Upside down equity in my home? Actually my home's worth $15,000 more than when I bought it. Is that upside down equity?"
Yes - you bought it two years ago. Have you factored in inflation? Your place is worth less than what you paid for it, and the market determines the price, not your appraiser.
Others have asked if you have considered your loan fees, the costs of any upgrades, the cost of selling it, etc etc. Since you keep on saying $15K like it's your only frame of reference, I can hardly think that you done a spreadsheet on your supposed gain. |
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TREZ63
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| 10/01/2007 5:03 PM |
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LOL, $15K.
I bought my old condo for $227K and sold it for $400K+. Then I bought a home for $270 and sold for $500. I didn't start calling it equity until I was in escrow. This guy has an appraisal by some tard and suddenly he has $15K "equity". What a joke. This false sense of security will vanish within the next two or three months and then you'll see how fast prices will fall. These people only have a 5 year memory because it was the only time they could burrow enough money to buy a home. |
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Anonymous
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| 10/01/2007 5:17 PM |
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Posted By n/a on 10/01/2007 3:16 PM
well look at this one on Illinois that recently sold for $420,000:
Here's the sdlookup details:
3939_Illinois_St_1G_San_Diego_CA_92104
Check out the sales history. Down 14% from 2004. |
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REZ63
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| 10/01/2007 6:14 PM |
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| I find it hirlarious that DR Horton was trying to keep this quiet and out of the press and it's basically now the most publicized thing in builder news. It's the most active post on the forum by FAR! |
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DEEBEE
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| 10/01/2007 7:47 PM |
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| I received the booklet for this auction although i decided not to attend, but I was certainly under the impression that if your bid was the winning bid, you were bound by the rules of this auction and you could not simply just "change your mind" as at least one person said he did. I would be interested in knowing what the winning bids came in at..... |
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Jon
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| 10/01/2007 8:38 PM |
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We'll find out soon enough what the auction units closed for.
I wonder if the closing prices will include the 5% auction fee or will exclude it (I'm thinking include but it technically shouldn't be). |
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newbie
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| 10/01/2007 10:23 PM |
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| Well in the interest of full disclosure, I have inherited my grandmother's house, sold that, paid off her estate and have a healthy sum from that. Also I own the house my mother lives in that was bought for $15,000 in 1979. So no need to worry about me folks. I'm doing fine with my $370,000 condo in North Park and have the confidence to know that in due time it will be worth at least in the mid to high $400,000's if not more. There will be some tragedy in the market between now and then, but I'm in it for the long haul not just to pocket more money like you guys since that's not really all that important to me. |
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Anonymous
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| 10/01/2007 10:26 PM |
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| I think your biggest mistake was buying a condo. And you would probably get a lot more appreciation. |
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Anonymous
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| 10/01/2007 10:44 PM |
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yeah, newbie, considering the other assets you have, you will be fine. You have fortunate to have relatives how left you an inheritance.
Unfortunately, many other peak buyers are not so lucky. They leveraged to the hilt and they will have no choice but to face foreclosure or bankruptcy.
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Value Investor
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| 10/02/2007 9:31 AM |
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| Cool Thanks for the information. I think it gives me an idea of where values are heading. Hate I couldn't make the auction. |
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newbie
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| 10/02/2007 11:07 AM |
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| Buying my condo was hardly a mistake. The unit I snagged is one of best units in the whole complex because of several factors including unobstructed views, top floor corner, loft-height ceilings and no common walls. It's really one of only 2 or 3 units like that in the whole complex, so those units will always carry a premium resale value over the others. If I chose to wait until the auction to buy there, maybe I could have gotten another, lesser unit for 20%-40% discount, but it wouldn't be the unit I wanted. In fact I decided when I bought it that La Boheme wasn't for me UNLESS I could get this particular unit I wanted. If I had waited, that unit would have been snatched up long ago, as it is among the most desirable in the complex. So maybe I payed a little more and maybe the value will go down some before it goes back up, but I rest well knowing I got exactly the awesome unit I wanted at a price I can well afford given my income. |
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Anonymous
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| 10/02/2007 11:26 AM |
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Good for you newbie. You can rest in comfort knowing you got what you wanted at the price you wanted.
Unfortunately, your neighbors who bought at the peak and who aren't as financially secure are downing in debt. Many of them will go into foreclosure.
If you want to truly see the value picture of your building, do an exercise. List all the condo units and the prices paid. See the ones that are now listed and the price per square foot. Compare the purchased price/sf to the listed price/sf to the more recently closed price/sf. Adjust accordingly as new listings are listed then sold.
We know, your unit is special so give it a 50% premium. The project might generally be going down, but your unit is protected -- it's special.
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newbie
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| 10/02/2007 12:11 PM |
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| Well I'll point out, as has been pointed out before, that many owners at La Boheme bought PRE-CONSTRUCTION and got reduced prices then that are not too different from the prices coming out of the auction. |
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WTF
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| 10/02/2007 12:39 PM |
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| That is good that you love you condo newbie. Because you will not be able to sell it for a long long time, that is of course unless you write a big check. I know a few people that have outgrown their starter places and are stuck there not by choice. |
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Anonymous
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| 10/02/2007 12:52 PM |
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If you give me a listing of all the units at La Boheme, I'll do a spreadsheet analysis and share with everyone. Let's look at price per square foot at purchase and price per square foot now. That should be a simple enough analysis. I'll even let you adjust the prices as you wish for location premiums.
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Anonymous
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| 10/02/2007 1:08 PM |
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Are all the address at La Boheme 3950 Ohio?
So far, according to the County sales database, there are 102 closed transactions.
There are 224 (please confirm) units at La Boheme. That would mean that more than 1/2 have not been sold. Let's see what the auction shows results are when they finally close. |
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Shooz
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| 10/02/2007 1:38 PM |
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On the date of the auction there were 35 unsold units left at La Boheme from a total of 224. Approx 60% of the units have an address of 3950 Ohio - 40% of the units have an address of 3957 30th Street. Most of the units up for auction were in the Ohio building as this was the last phase to be completed in the project.
The poster that is claiming they went to the auction and ‘ended’ up with a 1 bedroom they ‘gave up’ does not make any sense. If you were the winning bidder AND the reserve price was met – you are contractually obligated to purchase that unit. If the reserve price was not met and Dr Horton passes on the deal – then you get to walk away.
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newbie
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| 10/02/2007 2:02 PM |
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| Wrong. I will be able to sell if I choose for a decent profit as early as 2-3 years from now, because by then I will have turned it into a 2 bedroom/2 bath by simply adding a guest bath to the loft bedroom that will get me back more than I payed for it. Nothing you say can change that. |
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newbie
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| 10/02/2007 2:10 PM |
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| In fact more than a few people I know in the industry have looked at my place and estimated I can already get equal to or maybe more than what I payed for it. I know how to pick condos and I picked a winner here. |
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