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California housing doom
Old 04-02-2009, 01:17 PM   #1
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California housing doom

If you think Calif housing is reaching a price bottom then take a look at this video by Jim the Realtor. Million dollar +houses in san diego with million dollar mortgages sitting next door to foreclosures selling for $585K.


Jim the Realtor has gained quite a following for his RE blog, which is pretty funny in a cynical kind of way. After viewing several of his videos of REOs, I wonder if there is any hope at all left for California.
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Old 04-02-2009, 01:20 PM   #2
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What blows me away is that anyone was willing to spend $1mm+ on a house in Chula Vista. I guess Chula Vista has gone upmarket. Or perhaps had gone upmarket.

Ha
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Old 04-02-2009, 01:22 PM   #3
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We bought a house -- a modest 3/2 of about 1200 square feet -- in San Jose for $239K in 1997. We sold it in '03 for $440K and a couple years later, it was probably "worth" $625K. I remember kicking myself for not selling a couple years later.

I'm not kicking myself any more.
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Old 04-02-2009, 01:27 PM   #4
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Mathmatics are Fun...

For a $1.6MM house, all you have to do is put down $160k and then pay maybe $8600/month plus property taxes of around $1333/month. bringing the monthy total to just under $10k. Plus expenses.
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Old 04-02-2009, 01:31 PM   #5
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What blows me away is that anyone was willing to spend $1mm+ on a house in Chula Vista. I guess Chula Vista has gone upmarket. Or perhaps had gone upmarket.

Ha
Must be the effects of the housing bubble. When my ex and I were young and poor, and he was in the Navy, we lived in a duplex in National City (bordering Chula Vista to the north). I wouldn't give ten cents for the entire town of National City, just because I remember exactly what it was in those days (around 1978-80).
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Old 04-02-2009, 01:35 PM   #6
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Must be the effects of the housing bubble. When my ex and I were young and poor, and he was in the Navy, we lived in a duplex in National City (bordering Chula Vista to the north). I wouldn't give ten cents for the entire town of National City, just because I remember exactly what it was in those days (around 1978-80).
Put the phrases "around 1978-80" and "in the Navy" together and you get:

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Old 04-02-2009, 01:40 PM   #7
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Put the phrases "around 1978-80" and "in the Navy" together and you get:
Uh.... that wasn't EXACTLY what it was like.... But hey, the Village People were fun, too!

Did I mention that I lived in the YWCA for several months in 1966? Not quite The YMCA.. (but close).

I still wouldn't give ten cents for National City, though!
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Old 04-02-2009, 01:46 PM   #8
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Ive paid attention to Lake Tahoe housing prices. They seem to have held up better than the rest of California. We had a builder put up a 1.25 mill house next to us a couple years ago. Its now listed at 899,000 He was asking way too much to begin with.
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Old 04-02-2009, 01:47 PM   #9
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If you think Calif housing is reaching a price bottom then take a look at this video by Jim the Realtor. Million dollar +houses in san diego with million dollar mortgages sitting next door to foreclosures selling for $585K.


Jim the Realtor has gained quite a following for his RE blog, which is pretty funny in a cynical kind of way. After viewing several of his videos of REOs, I wonder if there is any hope at all left for California.
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In the video it refers to items in the home as being stolen. If the owners "bought" the property for zero down then are the items that came with the home owned by the lender and if so can the buyer be charged with robbery for taking off. Somehow people need to be held accountable for walking away. It's bad enough to walk away from a mortgage but to actualy steal parts of the house should be a felony(grand theft?).
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Old 04-04-2009, 12:46 AM   #10
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In the video it refers to items in the home as being stolen.

... It's bad enough to walk away from a mortgage but to actualy steal parts of the house should be a felony(grand theft?).
Often, a house in foreclosure gets broken into and vandalized. So, it may not be the previous owner. I know people whose new house in AZ was surrounded by foreclosed houses, and unfinished houses abandoned by the bankrupt builder. Their new house with no landscape, no window treatment, and sparse furniture got broken into by thieves, who thought it was deserted. And it happened while somebody was in the house, but upstairs! It was scary.

Not so in my old and established neighborhood (circa 1986), where many owners have been there a while, and in fact are retired folks. There were few for-sale signs during the housing boom, and there is none now.
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Old 04-04-2009, 02:21 AM   #11
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I watched the posted video, and thought I heard the narrator mentioning that the houses shown were 4000 sq.ft. or more. Perhaps it was the camera angle, but they did not appear that big.

Anyway, here's what $1,050,000 (asking) gets you right now in an upscale custom-home neighborhood in AZ, a 4300 sqft home on a 1/2 acre lot. I guess these prices have come down perhaps 25% from the peak. RE tax is $7,700/yr.

A million-dollar home in Ahwatukee, AZ
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Old 04-04-2009, 08:48 AM   #12
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$1,050,000! It’s all about staging, "cue the lights." Isn’t “custom” a word reserved for the first owner?
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