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Old 10-11-2007, 08:08 AM   #61
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Sauna - in SW Washington growing up - you were 'rich' when you had a detached building/sauna out back. Back in the house - indoor plumbing was ok but it was 'the fanciness of the sauna' that kept up with the Jone's - er maybe the Jarvinen's?

heh heh heh heh heh heh heh heh heh heh

Yikes! - I have an empty concrete pad(former tool shed) out back near the power pole. Hmmmm?
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Old 10-11-2007, 08:38 AM   #62
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Sauna - in SW Washington growing up - you were 'rich' when you had a detached building/sauna out back. Back in the house - indoor plumbing was ok but it was 'the fanciness of the sauna' that kept up with the Jone's - er maybe the Jarvinen's?

heh heh heh heh heh heh heh heh heh heh

Yikes! - I have an empty concrete pad(former tool shed) out back near the power pole. Hmmmm?

Just don't scare the neighbors. Might want to build a shack over the hot tub...
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Old 10-11-2007, 08:55 AM   #63
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Just don't scare the neighbors. Might want to build a shack over the hot tub...
Hot tub is the new new thing - my youngest nephew actually got the Navy to move the dang thing from Whidbey to Pensacola last rotation - along with other stuff. They have to wear swimsuits till they enclose the patio.

heh heh heh - all electric, tonneau cover, rugged unit - progress! Now that's agile and mobile!
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Old 10-11-2007, 01:05 PM   #64
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Now that's agile and mobile!
True enough. But how to stay hostile while sitting with a naked woman in a hot-tub?

Ha
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Old 10-11-2007, 01:55 PM   #65
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They have to wear swimsuits till they enclose the patio.
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But how to stay hostile while sitting with a naked woman in a hot-tub?
And who's gonna complain?
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Old 10-11-2007, 02:34 PM   #66
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Our ideal home size is 1600sq.ft all on one level with a "great" room that has an open kitchen, dining area, and entertainment center, including Internet access...
Cooking fumes (greasy vaporous cloud) will coat everything in great room
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Old 11-20-2007, 11:16 AM   #67
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Location, location, location

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I think RE has a long way to go (down).

Honolulu had the highest rate of home price appreciation in the nation over the past year, according to new data.
Home prices rose 14.79 percent in the Honolulu market, according to the September 2007 LoanPerformance Home Price Index released Monday by First American LoanPerformance.

San Francisco is still up YOY prices and even Vegas (established NBHD,1994) is holding value.

Seems all the doom and gloom is in new construction and poor areas where people were sold financing not houses. Anybody know anyone in actual foreclosure?
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Old 11-20-2007, 03:42 PM   #68
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Anybody know anyone in actual foreclosure?
Yeah, my buyer (2005 sale) lost a duplex 4 doors up the street. Pump and run. Watched it sell at auction (with 150 other homes in the Boston area) for 130k. She owed nearly twice that. Sad thing is even at 130k the new owners are assuming a NEGATIVE cash flow. The place only has 2 bed rooms per unit. $700/month is the ceiling (assuming it's deleaded and is in decent shape).

The 40-50% declines are well documented here (watched 150 of them). Good news is the next auction is in March. Better deals are coming.

Here's the link to the thread describing the auction I attended:

http://www.early-retirement.org/foru...ese-30813.html
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Old 11-20-2007, 03:58 PM   #69
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I have a friend that bought a new house a year ago. They sold their house, closed on the new one, moved in, and the buyer of their old house couldn't close.
They had 2 other buyers since then. Both deals fell through do to financing.
They are now in forclosure on the old house and in serious straights after trying to pay off both mortgages for the better part of a year.
Yes the housing crisis is real. No it doesn't affect everyone, but it is effecting enough to cause a crisis.
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Old 11-20-2007, 05:00 PM   #70
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The 40-50% declines are well documented here (watched 150 of them). Good news is the next auction is in March. Better deals are coming.
I so don't understand this! 2003 to 2005 values double. 2005 to 2007 values plummet 50% to 2003 prices. Now you think 2003 prices are a deal? Isn't this how they're selling us $3.00 a gal. gas and make us think we're getting a deal? Sorry I ain't smart enough to buy low sell high in your markets. Prudent people stick to the same old, same old 9-11% annual compounded appreciation markets without all the drama. Wouldn't you have been better buying the 2003 price in 2003 when financing was more favorable? Better yet, just rent!

Tryan, I think you need to get out here to Cali for a cash flow intervention!
Don't they tax you yearly on that stuff? Give me that tax free $500,000 capital gains. Such a deal they had to legislate limitations of how often you could do it. Oh, eventually develop a taste for tofu.
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Old 11-20-2007, 05:20 PM   #71
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This is like watching an old rerun of RetirementTrek.

honobob: To the moon, Tryan!
tryan: Captain, she's not cash-flowing anymore. We'll need negative amortization!
honobob: Hmm, I know -- we'll make it there on pure momentum. Wheeee!
tryan: Captain, we've run out of momentum. She's going down.
honobob: Down, shmown. My rear-view mirror tells me we're on a 9-11% course!

To be continued.....
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Old 11-20-2007, 05:29 PM   #72
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This is like watching an old rerun of RetirementTrek.



To be continued.....
But first an all NEW episode, "The Trouble with Twaddles!"

Same Batty station, same Batty time!!!!!!!!!
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Old 11-20-2007, 05:50 PM   #73
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Lets see. My buyer from 3 years ago @240k is in foreclosure. The bank will be lucky to get 150k for it.

ASP's in my old neighborhood have gone from 175 in 2002 to 250 in 2003 to 380 in 2005 to 250 in 2007.

ASP's in my new neighborhood went from 225 in 2002 to 275 in 2003 to 650 in 2005 to 480 in 2007.

My mailbox is full of automated emails from my agent with price reductions running from the 30-50k range for 300-400k homes to 300-500k on homes between 1-2M.
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Old 11-20-2007, 06:05 PM   #74
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You couldn't buy a home for under 500k in my 'hood at the peak, the latest Real Estate throw away on my front porch had two homes listed for under 400k for the first time.

But hey, it's just a dumpy neighborhood with houses as old as ten years in a crappy town called San Diego a whopping 10 miles from the beach, who would be stupid enough to invest there?
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Old 11-20-2007, 06:13 PM   #75
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But hey, it's just a dumpy neighborhood with houses as old as ten years in a crappy town called San Diego a whopping 10 miles from the beach, who would be stupid enough to invest there?
Everything has its price. I love google, but there's just no way I'm "investing" in them while they have a $200 billion market cap and a P/E of 50.

So, how much would a $500K place rent for in SD? I'm guessing maybe $2000/mo. That's a 5% yield for a lot of work and carrying costs, don't you think?
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Old 11-20-2007, 06:21 PM   #76
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This is like watching an old rerun of RetirementTrek.
Quote:

honobob: To the moon, Tryan!
tryan: Captain, she's not cash-flowing anymore. We'll need negative amortization!
honobob: Hmm, I know -- we'll make it there on pure momentum. Wheeee!
tryan: Captain, we've run out of momentum. She's going down.
honobob: Down, shmown. My rear-view mirror tells me we're on a 9-11% course!

To be continued.....

But first an all NEW episode, "The Trouble with Twaddles!"

Same Batty station, same Batty time!!!!!!!!!
What a great day! Nice walk on a sunny fall day, a glass of Cabernet, and some good old-time Dory board sarcasm to ease me into my evenings activities.

Nice work, boys!

Ha
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Old 11-20-2007, 06:24 PM   #77
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But hey, it's just a dumpy neighborhood with houses as old as ten years in a crappy town called San Diego a whopping 10 miles from the beach, who would be stupid enough to invest there?
I'm sure that eager customers are fighting their way through the local traffic (and the firebreaks) now!
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Old 11-20-2007, 06:26 PM   #78
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Now the question is...

Will the town assessor be just as eager to bring down the assessment value of homes as quickly as they brought them up? I know that the rate per 000 will be adjusted as well, but since a $500K home may only be worth $300, this may help bring sellers back to reality.
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Old 11-20-2007, 06:29 PM   #79
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We get prop13 here so no assessments upwards unless you sell, but the point is interesting.

While its never been plausible for me to find out about it and use it, I think there is a facility for reassessing ones taxes lower if values do drop. If we have a horrid year next year and it doesnt level out, I might get a chance to try that out.
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Old 11-20-2007, 06:59 PM   #80
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This is like watching an old rerun of RetirementTrek.

honobob: To the moon, Tryan!
tryan: Captain, she's not cash-flowing anymore. We'll need negative amortization!
honobob: Hmm, I know -- we'll make it there on pure momentum. Wheeee!
tryan: Captain, we've run out of momentum. She's going down.
honobob: Down, shmown. My rear-view mirror tells me we're on a 9-11% course!

To be continued.....
LOL ... call it "Back to the Future". 2003 prices today is about right (maybe 2002). Best I can see, without alot of wage inflation ... we're heading back to 2000-2001 prices.
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