How bad is it in California?

[CuppaJoe]

Tough times in San Francisco? or just for greedy buyers? According to “The San Francisco Business Times” of 1/16/09, a large residential landlord “has deeded 51 of its apartment buildings back to lender UBS.” He “filed...“deed in lieu of foreclosure.”

Lembi gives 51 buildings back to UBS - San Francisco Business Times:

BeyondChron: San Francisco's Alternative Online Daily News » Skyline Realty Retrenches to Avoid Foreclosures

 

[RonBoyd]

Big trucks [and RVs] banned from parking in neighborhoods

Didone is also hoping that homeowners associations will help [these] vehicle owners find other places to park.

Yeh, like that's going to happen.

 

[Culture]

In any event, there are no simple solutions. And it is becoming less and less unique to Hawaii so everyone should "listen up."

If all you want is a "simple" solution, Soylent Green is people . However, I do not think this solution would be palatable to the American public.

 

[barbarus]

If all you want is a "simple" solution, Soylent Green is people . However, I do not think this solution would be palatable to the American public.

Tastes like chicken, I hear.

 

[laurence]

You know, I have to say I think things have stabilized here in North San Diego county. There has not been any new foreclosures, and those that have are about 1/3 sold, 1/3 rented out, and 1/3 empty but with gardener and real estate sign out front so they don't look like a crack house anymore. Since prices are almost down to when we bought in 2001, I think the houses are deals again. One renter a few houses down is actually looking to buy the house now and is in negotiations.

 

[prubin]

Tough times in San Francisco? or just for greedy buyers? According to “The San Francisco Business Times” of 1/16/09, a large residential landlord “has deeded 51 of its apartment buildings back to lender UBS.” He “filed...“deed in lieu of foreclosure.”

Lembi gives 51 buildings back to UBS - San Francisco Business Times:

BeyondChron: San Francisco's Alternative Online Daily News » Skyline Realty Retrenches to Avoid Foreclosures

We sold our home in San Francisco last year. It was in a choice area, Noe Valley. It tool us 4 months to sell, however, our realtor was too optimistic and our initial price was too high.

We have been looking in Marin and I pulse the San Francisco market. There is little inventory. Folks who don't have to sell are waiting it out. Perhaps that will change as spring approaches. Recently I saw data indicating that the 4 major Marin realtors have have fewer than 1 listing per agent.

 

[freebird5825]

it IS very bad
Video - Breaking News Videos from CNN.com

Look for CA judge's decision on furloughs for CA state workers to try to get a handle on the $42 billion deficit for CA.

on the East coast, NYC is cutting back on public school teacher numbers.

In NY at least, The Age of Entitlement may finally come to a close. Hallelujah!

 

[retiringby50]

We sold our home in San Francisco last year. It was in a choice area, Noe Valley. It tool us 4 months to sell, however, our realtor was too optimistic and our initial price was too high.

We have been looking in Marin and I pulse the San Francisco market. There is little inventory.

Out of curiosity, why did you sell? Only because you're now looking to buy again. Noe Valley is a great area in SF. My best friend owns a house there but now moved to the Central Valley and won't sell the house. She's renting it to a friend now.

 

[prubin]

Out of curiosity, why did you sell? Only because you're now looking to buy again. Noe Valley is a great area in SF. My best friend owns a house there but now moved to the Central Valley and won't sell the house. She's renting it to a friend now.

We sold for a combination of reasons:

• asset diversification, i.e., convert home equity to more liquid assets
• I retired in March -- I am no longer commuting south and we have wanted to move north (Marin)
• escape the fog and enjoy my first summer in 33 years -- Larkspur was glorious in the summer
• we no longer found Noe Valley to be a great area and were glad to find a buyer who disagreed with us

We are now renting and have given up on looking in Marin. We don't want to reinvest most of gain. We will likely be relocating to Asheville, NC.

 

[retiringby50]

Prubin - thanks for sharing. Best wishes on the house hunting/move in the future!

 

[james22]

Works and Days » Thoughts on the Therapeutic Style

 

[honobob]

PS. Honobob, how do you define "crash?" I am thinking that maybe that word does not mean what I think it means....

See Below

Definitely not in Silicon Valley. The medium price of a home is over $800K.

Don't mind Hono, he's just looking to start a fight. As always.

I didn't come unarmed.

So here's a sampling of a recent report on condos purchased and resold over the socalled bubble period. Want2retire, where you getting your information, the www?

What Real Estate Crash?

Condo resales in California!! 139 Welsh St. #3 sold 6/04 $650,000 and resold 5/08 for 15% more at $748,000.

38 Lusk St. # 2 sold 4/06 for $875,000 and resold 5/08 for $1,250,000. 43% increase.

75 Lansing #3 sold 4/06 for $2,800,000 and resold 6/08 for $3,500,000. 25% increase in 26 months.

701 Minnesota Street #206 sold 12/04 for $700,000 and resold 7/08 $905,000. 29% up!!

855 La Playa #365 sold 6/07 for $365,000 and resold 7/08 for $600,000. 64% over 11 months!

322 Sixth #5 sold 2/04 for $669,000 and resold 9/08 for $951,000. 42% appreciation.

But what about 2009?

2168 Pacific St. sold 10/04 for $795,000 and resold $1,095,000 in 1/09. 38% UP!

355 Bryant #408 sold 10/04 $885,000 and resold for $1,450,000. 64% in 2009!

CuppaJoe, What’s going on in your NBHD? The papers reported a multi-million purchase of a historic preserved house that was split open so the rain could destroy the house so they could tear it down and build something nice on the small lot! I also see 1045 Filbert and 1150 Lombard appreciation 22% and 31%. Gotta luv 999 Green.St. Two condo’s there appreciated for 45% and 63%.

 

[REWahoo]

Hono, how's that HI condo you bought holding up? I understand you bought near the top and are taking a beating on it. Care to give us verifiable details so we can separate your RE fantasies from reality?

Didn't think so...

 

[eridanus]

Hindsight cherrypicking always returns impressive gains.

 

[CuppaJoe]

....CuppaJoe, What’s going on in your NBHD? ....

These are just some personal observations; I'm not in the real estate business:

As I said before there are at least 81 apt. bldgs. available from the banks. Some sources say my former landlord's real estate business is going down the tubes; he had leveraged those 81 bldgs to the hilt but has maybe 230 more in various stages of equity.

There is a large condo on the market across the street, I don't see the listing yet thru the real estate company's website so don't know the asking price but there has been a parade of 6pm lookie-loos, well dressed after-work professional types.

The monstrous 999 Green you mention is not indicative of the hood. As I mentioned on a long-ago thread, that was one of the buildings that inspired the activists to agitate for height limits.

Honobob, did you notice that REWahoo has a question? Honobob, what are your personal experiences, outside of the papers?

 

[FUEGO]

Hey Honobob, care to comment on the http://www.early-retirement.org/forums/f27/my-house-feels-like-a-money-pit-43929.html thread? Does dumping a ton of money into home improvements factor into any of the figures you cite? How well do you really research those same sales? Just cherry picking?

 

[riskadverse]

I usually do a 5 mile walk every day in different parts of the center neighborhoods of San Diego.
My observations:

The numbers of real estate signs are increasing.
The names on the real estate signs are most often obscure (possibly agents who handle foreclosures).
The asking prices are still quite high, probably only 20% off of the peak.
The length of time the signs are out are much longer than in the past.
Rental signs are 2 to 3 times as many as a year ago.
The fliers attached to the real estate signs are empty 90% of the time. (all the neighbors are grabbing them to compare?)
Individual homeless "camps" are increasing.
Corner beggers are doubling - enough that soon there won't be enough corners.

 

[haha]

I usually do a 5 mile walk every day in different parts of the center neighborhoods of San Diego.
My observations:

The fliers attached to the real estate signs are empty 90% of the time. (all the neighbors are grabbing them to compare?)

I see this too. I think it may mean discouraged realtors who are not wanting to spend the time, effort, or gas to keep up their displays.

Ha

 

[REWahoo]

So here's a sampling of a recent report on condos purchased and resold over the socalled bubble period....


What Real Estate Crash?

Condo resales in California!! 139 Welsh St. #3 sold 6/04 $650,000 and resold 5/08 for 15% more at $748,000.

38 Lusk St. # 2 sold 4/06 for $875,000 and resold 5/08 for $1,250,000. 43% increase.

75 Lansing #3 sold 4/06 for $2,800,000 and resold 6/08 for $3,500,000. 25% increase in 26 months.

701 Minnesota Street #206 sold 12/04 for $700,000 and resold 7/08 $905,000. 29% up!!

855 La Playa #365 sold 6/07 for $365,000 and resold 7/08 for $600,000. 64% over 11 months!

322 Sixth #5 sold 2/04 for $669,000 and resold 9/08 for $951,000. 42% appreciation.

But what about 2009?

2168 Pacific St. sold 10/04 for $795,000 and resold $1,095,000 in 1/09. 38% UP!

355 Bryant #408 sold 10/04 $885,000 and resold for $1,450,000. 64% in 2009!

Hono, I noticed you failed to give us a link to verify this information. Probably a simple oversight, but it would help your case if you provided some way to verify what you are claiming.

 

[haha]

Hono isn't the only person around here who plants his feet solidly in an alternate reality. But I can't figure out his angle. He doesn't market anything, he has no website, what is he after?

 

[REWahoo]

Posting from a parallel universe?

 

[FUEGO]

Hono isn't the only person around here who plants his feet solidly in an alternate reality. But I can't figure out his angle. He doesn't market anything, he has no website, what is he after?

Self affirmation. Wanting to convince himself he is right. A desire to show others just how right he is and how wrong others are. Talking his book. All of the above?

 

[honobob]

These are just some personal observations; I'm not in the real estate business:

As I said before there are at least 81 apt. bldgs. available from the banks. Some sources say my former landlord's real estate business is going down the tubes; he had leveraged those 81 bldgs to the hilt but has maybe 230 more in various stages of equity.

There is a large condo on the market across the street, I don't see the listing yet thru the real estate company's website so don't know the asking price but there has been a parade of 6pm lookie-loos, well dressed after-work professional types.

The monstrous 999 Green you mention is not indicative of the hood. As I mentioned on a long-ago thread, that was one of the buildings that inspired the activists to agitate for height limits.

Honobob, did you notice that REWahoo has a question? Honobob, what are your personal experiences, outside of the papers?

I've talked to a guy who is familiar with this situation. The problem isn't that he has lost market value but that he got caught in the credit crisis because he aquired the properties with short term loans and can not get refi'd. Not the problem of the property but the financing.


Hey 999 Green. I've been in one unit and it had the best view I've seen in SF. Hey, 45% and 63% appreciation. I think they have a good arguement to the city to have all the little properties around them replaced with high rises to solve the budget problems.

Rewahoo has a question for me?..I doubt it as he seems to have all the answers. But if you think it's a valid question quote it so I'll see it.

 

[honobob]

Hono isn't the only person around here who plants his feet solidly in an alternate reality. But I can't figure out his angle. He doesn't market anything, he has no website, what is he after?

"Not that there's anything wrong with it." My reality is fact based. haha, let me know if there's 50% off beach front property in your reality. That would be worth crossing the portal .

haha, I'm not after anything. Just don't like to see all the misinformation out there (4% appreciation my a**) or even the correct information given with a negative slant. People are making money every day with real estate. I have some experience and some access that I'd like to pass along. Why do so many here want to only believe the bad information?

 

[Sam]

When I started this thread years ago, I expected bad things to happen to CA, FL, MA, and other ready to bust areas.

What I could not predict, even in my wildest imagination, was the appearance of the "honobob" character. Like many, I still don't know what he/she is after. But I have made up my mind about his/her craziness, audacity, out-of-the-world ignorance, etc...

My question now for the rest of you is this: Why are you guys still trying to get him/her to see the reality, to accept the truth? What's in it for you guys? Entertainment values? Iddle time passing?

Sam