patrick.net

Well, as long as you don't mind comps in your neighbourhood going lower, enjoy.

As the NAR would have you note, the bottom is in!

Doing it on your terms like a man, gotta luv that!

New thread: "Why do realtwhores think we like to see their mugshots on everything?"

We just bought a house!

So you hold the title? Wouldn't a more appropriate title for your post be "We took out a loan, woo hoo"? Congratulations on your debt load; I hope you will soon be able to enjoy your equity. Again, kudos Sir, may your cavalier attitude towards financial decisions serve as a beacon of light to those lost in the haze of a housing crash. I second SP in offering sincere congratulations. How were you able to get past our subterfuge? Obviously you are some sort of Superman/Scrooge McDuck uber humanoid as you clearly possess some sort of X-ray cash vision.

Nicely done. Enjoy. .

yeah, we saved you $100,000. our commission is only 10%, to be split, um, 10 ways, so just write out a check for $10,000 made payable to patrick.net associates, thanks.

(who is akr?)

I'm thinking of buying too. I just recieved a mailer from Hudson and Marshall with a large number of foreclosures to be auctioned off. There's a nice McMansion someone bought in '03 for 515k. Zillow says it's worth 625k but if that were true why didn't they sell before foreclosure?

Anyway like the buyer says I would do this on my terms. I'm thinking if I can get this at auction for around 300k I'd be in a good situation. My monthly nut would be about the same as current rent. Of course I'll have a longer drive to work but I can deal with it. I'd live in it two years then sell with any profit being tax free. I would then repeat the process.

Hey gang we know this thing could be sticky o the down side. I see desperation expect defection in trickles. Patience is a virtue... some are j more diligent than others. I belive this is just the start of the downward slide. I guess some forgot this was a five year up surge.. I still believe there is reward for sticking to your convictions. I see 07 as more revealing than now alot of property will start trickling on the market possible glut of foreclosure due to ARM re-sets. But Hey... Americans are notorious for impatience( myself excluded). Well at the end of the day each will do what fits thier life along with the potential downsides as well.
I bear no judgement either way.

Dear Threadmaster,

Who are you? And why should I care about your lowly opinion of this blog?

Enjoy paying off your monstrous mortgage.

Sylvie Says:
at the end of the day each will do what fits thier life along with the potential downsides as well. I bear no judgement either way.

I would generally agree, except that I suspect that "/akr/" is either a troll, or has fallen under the spell of 'Suzanne, The Researching Realtwhore'.

SP

Sylvie,

Don't give it a seconds thought. I'm sure the thread is from a troll.

How can anyone "enjoy my new home with my family" when every month they are trying to figure out how to make the payments and taxes never mind maintenance and insurance, etc..?

I agree with you thoughts on '07.

Paul

you = your

akr,
Since you've taken the liberty of posting a thread, why don't you share with us JBR's the gory details: list price, DOM, general location, previous sales price(s), comps, etc.

Since you started the thread, why not go all out and share!

If I get at least 2 other admin's concurrence, I'll remove this thread entirely. I'm not sure it represents any value.

ConfusedRenter Says:
People fail to mention to you once you close escrow, that feeling of owning is priceless. You start growing roots.

Go find yourself a dermatologist - sounds like you got a fungus. Fucking troll.

SP

SFGuy,
Quit wasting your time and energy on ConfusedRenter.

Why is it that there are never intelligent trolls who at least try to use real arguments and debate? They always do the same crap over and over again. Anecdotes about this or that property selling quickly/over asking, fear-mongering about other potential buyer-competitors:

people get to spend their bonuses for 2006."

This asshat even uses the typical realt-whore "throwing your money away at rent" argument:

"Losing 4 years of money renting is a 100% certainty. Do you get the picture?"

Randy, I'd say let's keep this thread for posterity - we'll all get a good laugh looking back at this crap once prices bottom out.

Corrected italics:

SFGuy,
Quit wasting your time and energy on ConfusedRenter.

Why is it that there are never intelligent trolls who at least try to use real arguments and debate? They always do the same crap over and over again. Anecdotes about this or that property selling quickly/over asking, fear-mongering about other potential buyer-competitors:

people get to spend their bonuses for 2006.

This asshat even uses the typical realt-whore “throwing your money away at rent” argument:

Losing 4 years of money renting is a 100% certainty. Do you get the picture?

Randy, I’d say let’s keep this thread for posterity - we’ll all get a good laugh looking back at this crap once prices bottom out.

There is at least a 50% probability that ConfusedRenter is really Face Reality.

What's wrong, Sunday open houses going slow in the old Marina Prime?

How about you guys provide feedback on this ‘anecdotal evidence’ instead of bash the poster?

www.Dictionary.com:

an‧ec‧do‧tal 
–adjective
(snip)
3. based on personal observation, case study reports, or random investigations rather than systematic scientific evaluation: anecdotal evidence.

CR, every one of your mls examples is an anecdote. The hard data from compiled numbers is quite different. This is from 1 month ago:

http://dqnews.com/RRBay0906.shtm

We'll see what September's numbers show.

BTW, which real estate office do you work for?

Let’s say the “aggregated facts”, and media say things are flat or down meanwhile, my two neighbors sell for 10% higher than last year…. should i listen to the media, or look at the sold examples on the block? What would i care most about? Now you got it.

Let's say clinical epidemiological studies show that smoking leads to lung cancer and heart disease. My 2 neighbors smoke like chimneys but don't have cancer or heart attacks. So I should go ahead and smoke!

When you seize control of your own decisions through due diligence, you will become an empowered person. I’ve never allowed the media to be my pupeteer.

Who the hell are you, Deepak Chopra?

I’m not a realtor. I’m a renter just like you

Then howcome the "welcome to the world of homeowning" comment above?

@ConfusedRenter,

BTW, I enjoy your comments. They are SO ridiculous at this stage of the game, it's not even funny. You're like one of the musicians playing on the deck of the Titanic as it's starting to tip on its end. Keep up the stiff upper lip!

I like this - Price / SqFt 1,167.74

What are rents per sq. foot and what's the cost of money?

@SFGuy,

As you can see from my posts, I agree. I've realized it can actually be fun pushing the buttons on these trolls and expecting the cliche'd responses. I've got work on the computer to do this afternoon, anyway.

What should we try next? Should we see if we can elicit the, "they're not making anymore land" argument? Or how about, "the BA is special" argument? Or "there are more companies hiring in tech these days?" Or "traffic on BA freeways is worse - must mean housing prices will go up?" Or maybe, "rents are going up - what's a JBR to do?"

@SQT,

C'mon, but we're having so much fun here!

This thread just smells of sheer desperation on the poster's part, and on ConfusedRenter aka FaceReality's part.

@ConfusedRenter,

Hate to crash your "double take" party, but the Moody's predictions are (a) predictions (someone's opinion), and (b) wrong. They predicted for Boston, MA a decline of -2.2%, with a peak in 2nd qtr 2006 and a trough in 3rd qtr 2006 - WTF?? Boston has already declined (hard facts) 6-8% in nominal terms, even more in real terms YoY, and they are continuing to slide. I've got an idea, why don't we take all the cities they predicted a decline in where the trough has already passed, and let's see what prices do from here on out?

I guess I missed the "take RE-friendly organization predictions and use them as fact" argument in my list. Nice one.

I literally did a double take when i saw San Jose dead last, and looked at the dates they were forecasting peak and bottom.

Don't give yourself whiplash there, laddie!

CR:

I'm going to grow old with the interest from selling last year paying my rent for the rest of my life. How about you?

@ConfusedRenter,

Off to a concert, or did you run out of options from your "Standard Realtor(tm) Replies to the Bubble Crashing Argument" list?

The point is, there’s no crash people are talking about.

Oh, and I forgot that one too - the one you, aka FaceReality liked to use in previous posts: that people on this blog have been crying wolf about a crash for "years" now, and look, no crash! Whew, dodged a bullet. Now let's all get back to flipping homes again!

@SFGuy,

We'll have to settle this one later. Too bad about CR's "concert."

SFGuy- Wow big earthquake in Hawaii! I'm watching the live feed from KITV. Ice is probably the thing to have since electricity might not be on for at least 10 more hours.

thanks! I take it back. You’re not a party-pooper. Only Randy is! A koi pond on his dream craftsman then!

LOL! For that alone I vote to leave the thread in tact.

SQT, how about we let it run it's course then close it to comments; maybe in a day or two.

The first 10 years of that loan is I/O and then it’s a standard 30 year after that but the interest rate doesn’t readjust.

Wait, there's more!!??!!

That's a nifty loan product - it's designed for "buyers" who are banking on assessments continuing to rise to build equity (you're certainly not paying it off for those first 10 years), planning to sell within 10 years in an increasing market, or for massive inflation to eat away at the mortgage amount.

There's two types of buyers; one who is looking at the numbers and the other is driven by ego. I guess, in some way, I'm wearing both hats. On this purchase I'm going to squeeze out every dime I can from the seller and can "offer abuse" almost anyone. However, if "THE HOUSE" pops up, I'll pay whatever's necessary, including an above list price offer. Here's the check; now get your ass out of my house....

I'm not going to resell so I really don't care what the market does in the next 10-20 years. I suppose that puts me in the scumbag boomer category.

Not being arrogant......just explaining why people do such strange things like pay more than asking. Whoever spent $1.8 in the Marina, decided they were going to buy the house and screw the economics.

If you weren't such an a$$ in your post, I'd wish you good luck. When you see SFH on sale in 4 years for the same price you paid for your condo, don't say you weren't warned. Maintenance fees... mmmmm.

For the record, we're all thinking of buying, otherwise why else would we come here to gather data? I have to offer that since you're in an I/O for the next 10 years, your fear of a housing failure will likely grow, not shrink, now that you've bought. By jumping in, you've committed to bullish camp and thus you must disparage the bears and pray that you are right.

Enjoy the water. I hope you brought your snorkle.

...the whole point of this thread is to stop trying to time the market. stop trying to wait for a crash.

The whole point of my advice is to wait.

The whole house of cards depends on people who populate the weltanschaung of this blog capitulating - it will buy one more spring for the truly wise to unload.

I vote this guy is trying to sell, and in all his spare time found this blog.

Economic pain is necessary in the housing market to restore fiscal balance to society.

No way I would pay $600,000 for a townhouse. That sucks.

akr:

Congratulations on your new long-term townhome rental with donwside price risk and maintenance costs!

Who was it that said "buying now is like taking an FB's head out of the hangman's rope and inserting your own"?

Please! Please let me take your place in the electric chair of debt!

akr:

What's the same townhome in the same location renting for in the traditional sense?

SFGuy Says:
…..decided they were going to buy the house and screw the economics.

That’s totally legitimate if you can afford it.

I know what you mean, but being able to afford it does not give you license to be stupid.

SP

akr and CR are probably the same person