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Re: HELP! Willpower weakening! Yearning to buy barely-affordable luxury house!
Old 01-29-2006, 03:47 AM   #41
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Re: HELP! Willpower weakening! Yearning to buy barely-affordable luxury house!

Good story from Nords, as always.

Another thing to do to kind of have an idea of what it's REALLY worth is to think of how much it would cost to have it build. I've been amazed in 2000 to sleep in 1M$ houses in the silicon valley I had to shut the HVAC off (heating off as it was winter) in order to sleep as the system was too noisy for wood boards made houses which I would have built myself in 3 months time for 50k-100k ?. I would never have bought those houses I though worthless in themselves. The market was giving them value (bid/ask push) and they might be worth much more today, but that's trading an illiquid bull market where many things can go wrong (back to Nord's and Brewer's mails) and not finding the right house to live in for the right price.

My two cents.
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Re: HELP! Willpower weakening! Yearning to buy barely-affordable luxury house!
Old 01-29-2006, 06:58 AM   #42
 
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Re: HELP! Willpower weakening! Yearning to buy barely-affordable luxury house!

We bought a house with a 10% Mortgae Rate, I worked while my wife stayed home with the kids, within two years rates were at 22%, we literally counted the money for groceries(before Credit Cards).

I was offered Porsches, Lamborghinis etc for a fraction of their worth, but we were all trying to save our houses..

Buy when others are sellling, sell when others are buying, you may be wise to wait for a few years,or lesss, that house will be more affordable.
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Re: HELP! Willpower weakening! Yearning to buy barely-affordable luxury house!
Old 01-29-2006, 09:02 AM   #43
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Re: HELP! Willpower weakening! Yearning to buy barely-affordable luxury house!

Quote:
Originally Posted by ((^+^)) SG
a bunch of yokels on an internet board
I thought we were anonymous people with opinions that werent any good.

Maybe some marketing executive has written a book that will definitively answer all the questions.

Clearly discussing it here further will be of no benefit.

Btw...yeah...great story Nords...
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Re: HELP! Willpower weakening! Yearning to buy barely-affordable luxury house!
Old 01-29-2006, 09:17 AM   #44
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Re: HELP! Willpower weakening! Yearning to buy barely-affordable luxury house!

But he has great boobs...

My only input is keep a nice margin of safety. If you have to sell aluminum cans to buy groceries, you'll likely be stressed and unhappy about the albatross house.
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Re: HELP! Willpower weakening! Yearning to buy barely-affordable luxury house!
Old 01-29-2006, 09:43 AM   #45
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Re: HELP! Willpower weakening! Yearning to buy barely-affordable luxury house!

Quote:
Originally Posted by WhodaThunkit
No, just YOU
But what about all the other bullies? They've got good opinions, but they're bullies with good opinions?

Am I just an idiot or a bullying idiot?

Is it idiocy to research your opinions and sources, or is that bullying?

Is it bullying or idiocy to take an opinion and ignore other sources and viewpoints?

Just trying to figure out what we all are exactly.

And yes, I have great boobs.
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Re: HELP! Willpower weakening! Yearning to buy barely-affordable luxury house!
Old 01-29-2006, 10:43 AM   #46
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Re: HELP! Willpower weakening! Yearning to buy barely-affordable luxury house!

I will have to defer to your expertise in this matter.
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Re: HELP! Willpower weakening! Yearning to buy barely-affordable luxury house!
Old 01-29-2006, 04:18 PM   #47
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Re: HELP! Willpower weakening! Yearning to buy barely-affordable luxury house!

Since you have mixed feelings on the purchase, why don't you make a very very low offer on the house and see if you can negotiate a low enough price to insure you could resell at break even, if circumstances require it.* *I've found that if you structure a deal with mixed feelings, you are in a very good negotiating position.* Either way the deal goes, you can be satisfied.* *I've found this technique to work very well in purchasing an expensive house.*
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Re: HELP! Willpower weakening! Yearning to buy barely-affordable luxury house!
Old 01-29-2006, 05:01 PM   #48
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Re: HELP! Willpower weakening! Yearning to buy barely-affordable luxury house!

Quote:
Originally Posted by riskaverse
Since you have mixed feelings on the purchase, why don't you make a very very low offer on the house and see if you can negotiate a low enough price to insure you could resell at break even, if circumstances require it.* *I've found that if you structure a deal with mixed feelings, you are in a very good negotiating position.* Either way the deal goes, you can be satisfied.* *I've found this technique to work very well in purchasing an expensive house.*
Yes, we've thought about this.* We may still decide to make a lowball offer, but the plan for now is to not even try.* We're going to let this one go, and keep looking at all the other fish in the sea.

On Friday we looked at a quite nice place that is underpriced at $499K.* Unfortunately, if we bought it, I wouldn't be able to stop comparing it to the more expensive house.* So I think we're just going to sit tight for a while.

Interestingly, the seller's agent on the pricey house has been trying the typical sales tactics on us:* She tried to pressure us by warning my agent that she supposedly has some other really interested prospective buyers.* To which we responded, "great!* hopefully they'll buy the house so that we won't be tempted anymore!"* Probably not the response the seller's agent expected.* The she responded by saying that the seller was "really motivated."* * * Can you believe it?* I'm glad we're not buying that place.
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Re: HELP! Willpower weakening! Yearning to buy barely-affordable luxury house!
Old 01-29-2006, 05:15 PM   #49
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Re: HELP! Willpower weakening! Yearning to buy barely-affordable luxury house!

By the way, thanks for all your thoughtful advice everyone. Gotta-have-it fever made my thinking a little hazy for a while, but I think I'm getting back to normal now. Thankfully I came to my senses before making a big mistake.
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Re: HELP! Willpower weakening! Yearning to buy barely-affordable luxury house!
Old 01-29-2006, 06:21 PM   #50
 
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Re: HELP! Willpower weakening! Yearning to buy barely-affordable luxury house!

SLC, you may have that house, but before you buy the Mercedes maybe you should drive the Volvo for a few years
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Re: HELP! Willpower weakening! Yearning to buy barely-affordable luxury house!
Old 02-01-2006, 05:39 AM   #51
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Re: HELP! Willpower weakening! Yearning to buy barely-affordable luxury house!

Tortfeasor,

Just out of curiosity, is this house in Emigration Canyon? We are moving to SLC and saw only one house selling for 725k in this part of the city. DW has this house on her radar and we will be checking it out later this month!
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Re: HELP! Willpower weakening! Yearning to buy barely-affordable luxury house!
Old 02-01-2006, 08:15 AM   #52
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Re: HELP! Willpower weakening! Yearning to buy barely-affordable luxury house!

Quote:
Originally Posted by Outby7
Tortfeasor,

Just out of curiosity, is this house in Emigration Canyon? We are moving to SLC and saw only one* house selling for 725k in this part of the city. DW has this house on her radar and we will be checking it out later this month!
There are a couple of us that live in or near SLC. Seen me a message if you want some specifics on the areas and housing here.


SLC--glad your got a grip on your housing whim. The market is still going nuts here; we are sort of behind the rest of the country (as always) so our bubble is still growing. Home prices shot up about 15-20% last year and sales were hot. The higher end market is cooling down but the low to middle end is still rising at about that rate and they can't build them fast enough on the west side of the valley. Sales in my area have slowed down and houses are sitting longer than earlier last year. Prices on the east side are down just a bit.
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Re: HELP! Willpower weakening! Yearning to buy barely-affordable luxury house!
Old 02-01-2006, 12:11 PM   #53
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Re: HELP! Willpower weakening! Yearning to buy barely-affordable luxury house!

Quote:
Originally Posted by Outby7
Tortfeasor,

Just out of curiosity, is this house in Emigration Canyon? We are moving to SLC and saw only one* house selling for 725k in this part of the city. DW has this house on her radar and we will be checking it out later this month!
Nope, it's not in Emigration Canyon.* I know the one you're talking about though.* It looks really nice online.* And Emigration Canyon would be a really great place to live.* It's just not the one for us though.

I agree with Steve R's assessment of the market here.* It may actually get more bubbly here, because a lot of real estate speculators are now realizing they have to move their investments off the coasts if they want a chance at making money.* So they're sending their money to places like Utah, which have been relatively undervalued for a while.
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Re: HELP! Willpower weakening! Yearning to buy barely-affordable luxury house!
Old 02-01-2006, 12:24 PM   #54
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Re: HELP! Willpower weakening! Yearning to buy barely-affordable luxury house!

Who comes up with these names "emigrant" and "emigration".

Every time I see them, I think I'm going to have to leave the country to do business with them...
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Re: HELP! Willpower weakening! Yearning to buy barely-affordable luxury house!
Old 02-01-2006, 12:35 PM   #55
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Re: HELP! Willpower weakening! Yearning to buy barely-affordable luxury house!

Quote:
Originally Posted by (Cute Fuzzy Bunny)
Who comes up with these names "emigrant" and "emigration".

Every time I see them, I think I'm going to have to leave the country to do business with them...
SteveR, correct me if I'm wrong, but I think that the Donner Party came through Emigration Canyon on their way to California. Actually, so did the Mormon pioneers who were exploring the Salt Lake Valley for the first time. The name probably comes from their "emigration" westward.

Or maybe not.
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Re: HELP! Willpower weakening! Yearning to buy barely-affordable luxury house!
Old 02-01-2006, 12:37 PM   #56
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Re: HELP! Willpower weakening! Yearning to buy barely-affordable luxury house!

Quote:
Originally Posted by (Cute Fuzzy Bunny)
Who comes up with these names "emigrant" and "emigration".

Every time I see them, I think I'm going to have to leave the country to do business with them...
SLC Tortfeasor is correct, these names come from the settlement history of the Mormon pioneers.
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Re: HELP! Willpower weakening! Yearning to buy barely-affordable luxury house!
Old 02-01-2006, 10:08 PM   #57
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Re: HELP! Willpower weakening! Yearning to buy barely-affordable luxury house!

Quote:
but I think that the Donner Party came through Emigration Canyon on their way to California.* Actually, so did the Mormon pioneers who were exploring the Salt Lake Valley
The Mormons came down Emigration Canyon, hence the name, but the Donner party actually came down Weber Canyon which is about 30 miles north.

This route over the Wasatch mountains and the Great Salt Lake salt flats was "sold" to them by a guy named Lansford Hastings as a short cut.* This short cut and a couple of other mis-judgements cost them at least a month compared to the standard route through southern Idaho and then south in to nothern Nevada.* They were three miles from the top of the summit when they stopped to wait out the first major storm of the season.* The storm didn't stop until there was 6-10 feet of snow on the ground and as the say "the rest is history."

Irving Stone in Men to Match My Mountains (an excellent book) describes Lansford Hastings in the lingo of that era as an "opportunist," a "political adventurer" and having "intemperate judgement" and that is why it is appropriate that one of the University of California law schools is named "Hastings."* *

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Re: HELP! Willpower weakening! Yearning to buy barely-affordable luxury house!
Old 02-01-2006, 10:17 PM   #58
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Re: HELP! Willpower weakening! Yearning to buy barely-affordable luxury house!

Quote:
Originally Posted by mb
... the Donner party actually came down Weber Canyon which is about 30 miles north.

...They were three miles from the top of the summit when they stopped to wait out the first major storm of the season. The storm didn't stop until there was 6-10 feet of snow on the ground and as the say "the rest is history."
Maybe not...

No Proof Donner Clan Were Cannibals

http://www.latimes.com/news/science/...home-headlines

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Re: HELP! Willpower weakening! Yearning to buy barely-affordable luxury house!
Old 02-01-2006, 11:17 PM   #59
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Re: HELP! Willpower weakening! Yearning to buy barely-affordable luxury house!

Interesting,

Quote:
No Proof Donner Clan Were Cannibals
The book that I mentioned earlier talks about the cannibalism and the Donner Party separating into two different camps but it doesn't say anthing about the Donner family themselves participating or not participating.

By the way the Donners were one of CAs early FIREs.* Donner was a wealthy merchant, in his early 60s I think and was going to CA to retire (for the weather of course).* Any R was RE in those days although most died before their 60s I believe.

Based on the response to one of Spanky's posts it appears that the consensus is that CA doesn't treat aspiring ERs much better today!

MB
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Re: HELP! Willpower weakening! Yearning to buy barely-affordable luxury house!
Old 02-02-2006, 07:50 AM   #60
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Re: HELP! Willpower weakening! Yearning to buy barely-affordable luxury house!

SLC,

I'm glad you didn't succumb to the temptation. Your delayed gratification caused you to realize that you didn't want/need the big house (and the big mortgage to go along with it). Houses are like anything else -- commodities. You may find that as interest rates rise, prices on "nice" (or even better) houses will drop. You'll have your pick of houses.

Patience is the key to rational thinking.
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