How bad is it in California?

[honobob]

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?

Fuego, these are condos. Are you aware of any improvements you can do to a 600sf condo to increase tha value by several hundred thousand dollars? I'd pay for that information. I don't post single family because of the difficulity in determining costs of improvements between sales BUT here's a couple that caught my eye in the Noe Valley area that several posters seem to have knowledge of.

625 Duncan Street bought 7/04 for $1.2M took out a permit value by the city at $750,000 and sold 11/08 for $5,818,750 . I hope the seller kept a wheel barrow to haul away his PROFIT.

And 422 Valley St bought for $802,000 8/05 with a $395,000 permit and a 7/08 resale of $2,950,000. That'll buy alot of cherries.

PM the condo improvements. That's too valuable to be out on the web.

 

[honobob]

When I started this thread years ago,

Sam

Sam, what year is it in your reality? Here it shows that you started this thread on 1/22/2009. You're from Texas right? Is it a state or a country where you are? Are California and Florida in the Houston suburbs? That could be why you think you are an expert on those areas.

Do you get MegaMillion results there? Could you look up some numbers for 4/24/2009? Thanking you in advance.

 

[CuppaJoe]

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.

Post #63.

 

[CuppaJoe]

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....

Yes, exactly, I said that 999 Green is not indicative of the ‘hood. You know the multi-billionaire couple who occupy the penthouse; he ran a multi-national company with HQ in the financial district. There was a saying in the ‘80s about the revolving doors at that HQ: “Through these doors walk some of the richest men in the world.” So go the doors at 999 Green. When a head of state goes thru those doors, its headlines and helicopters flying above.

So, my theory is that if a multi-billionaire wants a pied-a-terre, s/he might negotiate for one of the better views at 999 Green, and keep upping the offer until s/he gets it.

By not indicative of the ‘hood, I mean that ordinary people there are either like me, people who can afford the rent and then some or just ordinary garden variety multi-millionaires.

Care to join me in the fight to keep height limits?

 

[CuppaJoe]

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.....

That’s part of the story. Here is how Wikipedia puts it:

....was in financial distress due to a combination of softening rents due to the Late 2000s recession (which hurt the effectiveness of its strategy of replacing existing rent-control tenants by attrition and eviction), inability to renew or refinance existing loans due to the Financial crisis of 2007–2009, and a resulting decrease in value and saleability of commercial properties that made it impossible to re-sell buildings to avoid foreclosure. Given the high financial leverage and the group's having initially paid above-market prices, many of their loans were underwater.[9] As of that time the company was attempting to renegotiate approximately $1 billion in loans, and in possible default on another $164 million loan.[9]

This bears repeating: “resulting decrease in value and saleability of commercial properties that made it impossible to re-sell buildings.” Yes, OP, that is how bad it is in California.

 

[W2R]

The Moderation Team decided to close this thread because it has outlived its useful life and is becoming repetitive. Thanks for participating.