patrick.net

DooDahMan says

DAMN, I KIND OF MISSED THE BOAT

It would be OK if it's the Titanic.

Eman says

Pay $4M to live next to the freeway? No thanks.

Hey, the payment is only $21,132 per month, after you put $800K down.

See https://www.redfin.com/CA/Los-Altos/915-St-Joseph-Ave-94024/home/1364924?source=patrick.net

Patrick says

Hey, the payment is only $21,132 per month, after you put $800K down.

$29,494/mo - same used home sales woman put two at the same payments
https://www.redfin.com/CA/Cupertino/21841-Alcazar-Ave-95014/home/1418086?source=patrick.net
https://www.redfin.com/CA/Cupertino/10047-Crescent-Rd-95014/home/1293440?source=patrick.net
I know both properties do get reasonable daily dust from Kaiser and Lehigh cement plant trucks on foothill express to serve bay area construction sites where the mercury in the air claimed to be ~600% EPA levels after substantial reduction during the last few years after constant fight by hypocrite elites. Last month "City" decided to "buy the quarry" to be able to shut it down so that cement will be transported from out side of the area from 100s of miles down to pollute even more that hypocrite elites do not care. I had a hard time fighting on nextdoor particularly with Karens from keep the plants operational and the keep the jobs. Their argument is, it pollutes and affects home prices and for jobs they do not care. Now the "less pollution" could be a reason the prices are going up around.

Just wait til folks figure out they are indeed making more land (SB9 lot split). Feeling for the recent buyer in my hood who closed for over $800 /sq.ft. for a duplex. Buckle up!

I follow the 30yr conforming interest rates from the big banks.

7mo ago, the rate was 2.75%
Last month it was 3.75%
Today it’s 4.5% at WF and 4.875% at Union Bank

This is the fastest mortgage rate hike in RE history. Fed hasn’t responded yet so this is all in anticipation of the rate hikes.

I’m not seeing the market responding but expect it has to with a 2pt increase in a very short period of time.

We pay about $1,000/yr. $500k policy, $500k liability and an additional $1M liability because we have a pool. Didn't realize it was so high for others. We do get tornados. We can get extreme flooding. And little known to people we actually have a major fault line here in IL. The New Madrid fault line. I've been awake for 2-3 earthquakes that you can feel even up in N. IL.

I'm far enough away from the fault, but we could still get a 5 where I'm at. The ones I felt were 2-3 (if I recall correctly), but you did notice them. I guess technically I'm in a cheap insurable area of the country. Hail storms are bad for roofing, but overall I'm in a very low risk area for a total loss payout.

Nightclub, Saturday night, 2am closing, club goers packing the street… I have no idea what could have happened here.

By the way, many people were shot. Authorities are asking for the public’s help to capture the shooter(s). But they won’t give out the description to help the public with this task lol

What a joke. I guess we know who did it.

Do not go to or live in cities. My 2¢. It's only going to get worse. My CPD friends are retiring at the earliest possible time and moving to more rural departments. Crime in cities is going to be nasty and has been for the last 1-2 years. Chicago is more dangerous than an actual war zone like Afghanistan before we withdrew, half assed.

Right before last crash up in the mountains near Tamarack ski resort, Idaho on the opposite side of the lake E. where we have a couple of
properties a neighbor was asking 440k+/- for his shack, not far from the lake but not on the lake and got an all cash offer for 415K and turned it down.
The end result was he ended up selling it for the 240K range. My #s are probably off a bit but very much in the ball park..

The moral is: "Pigs get fat, hogs get slaughtered"

BayArea says

Authorities are asking for the public’s help to capture the shooter(s). But they won’t give out the description to help the public with this task lol

“it was a person” what more do you need? practically a give away.

I got the highest deductible off-the-shelf policy. I think it's $3,000. We should only have these policies for big claims anyway, not nickel and dime sh*t.

The premium for our small single story late 1960's sh*tbox in San Jose is just about exactly $1000. According to ®ealtor websites the home is worth about exactly $1.0 M, but it's all the land. I think the dwelling replacement is something like $300k.

Two years ago, before all the wildfires, the premium was $600.

And of course, homeowners policies in California don't cover earthquake damage. That requires a separate policy with a $1500 premium. The earthquake policies are brokered by the agents, but underwritten by the state. The standard earthquake policy has a $30,000 deductible, and does not cover living expenses.

Welcome to California, homies.

I'll be staying about a block away from the shooting the week after next for a conference.

socal2 says

I'll be staying about a block away from the shooting the week after next for a conference.

Cool story bro 😎

if someone falls it ain’t my fault. insurance companies now sell using fear tactics

WookieMan says

Do not go to or live in cities. My 2¢. It's only going to get worse. My CPD friends are retiring at the earliest possible time and moving to more rural departments. Crime in cities is going to be nasty and has been for the last 1-2 years. Chicago is more dangerous than an actual war zone like Afghanistan before we withdrew, half assed.

Agreed. Cities are fucked, the leftier the earlier and the worse.

Here is what I use as measure. Take a typical good family home for couple in tech etc.
They were like 1.7M in 2008 bubble and then fell to around 1.1M in deep recession and then stabilized around 1.3M.

If we take their true value around 1.3M on 2008 and in 14 years a reasonable price growth of 6% , Here is what should be value.
(Please ignore very high growth and stock values in tech which is another factor).

1.3 over 14 years at 6% is : ~3M
That's what the houses are selling for. If we tweak number, We can reach higher or lower , But It still won't me much off from historical norm in bay area.

I am not sure if we can call this bubble yet... But dollar amount sure seem very high.

BayArea says

7mo ago, the rate was 2.75%

In around ~july-aug, a friend of mine in SJ locked for 2.5% from boa and another one for 2.1% in Dallas, TX (I guess 10/1 arm!).

DooDahMan says

Logan Mohtashami

Da DooDahMan,

Are you Logan? What was your previous username?

signed,
Curious

Like, we are suddenly supposed to trust any stats that come from the foreign occupied foreign city state of Washington DC?

Looks to be mostly Hispanic flavored from the video feed. Of course, only good things happen at 2AM when nightclubs full of intoxicated people hang out.

Eman says

Where will housing prices be in 2038?

Yuan-Roubles

Eman says

Pay $4M to live next to the freeway? No thanks.

Cancer rates rise the closer one lives to a freeway.

Still not a single description of the suspect

Not even an attempt.. not even “tall” or “blue shirt”

6 dead, 12 injured, dozens of witnesses… no description from our media.

What does that mean?

BayArea says

What does that mean?

They aren't biologists?

https://youtu.be/5e8gTfQnvCE

Eman says

FuckTheMainstreamMedia says

I’ve been questioning why people in California don’t punch their lotto ticket. While the top of the market has been missed, the boat hasn’t so long as sellers aren’t greedy. If your $1.5 million dollar cracker shack will only sell for $1.4 million now, just kick yourself in the rear end for being irrationally stubborn, and take a $600k profit instead of $700k.

Imagine sold at the top of the housing market in 1989

Imagine sold at the top of the housing market in 2006

Imagine sold at the top of the housing market in 2022

Where will housing prices be in 2038? 🤔

How many owned and were in a position to sell in 1989 and are still alive today?

I have this same argument on hobby boards for Sportscards. Yes very cool that you have those mid 70’s boxes of unopened wax packs…whole boxes worth in the tens of thousands. But you’re 85 years old so who really gives a fuck? If your kids inherit, they’re selling immediately to the first shark that offers 40-50% of market.

Better to have sold 15 years ago for a few thousand and take the wifey on a dream vacation.

This is better known as stubborn irrationality.

If I could have sold my cracker shack in 1989, I’m sure as hell not alive 50 years later in 2038.

FuckTheMainstreamMedia says

This is better known as stubborn irrationality.

Great post.

"Nobody ever went broke from selling too early" - Bernard Baruch.

I do appreciate that Logan at least argued in good faith. That practice is becoming increasingly rare in the world.

Did anybody see Soros handing the gunmen a check?

Can you imagine how bad the casualty rate would have been if CA wasn’t the strictest gun state in the USA?

Fortwaynemobile says

if someone falls it ain’t my fault. insurance companies now sell using fear tactics

No, but if someone were to step in you house, and fell through the carpet into the basement, because you had a hole in the floor but just cosmetically covered it with carpet, I think most people would say you were negligent and should be held responsible, unless you warned the person.

But someone who trips on a normal rug and sues is a fucking dbag, and so are the people who allow such laws / legal environment to permit it. I hope not all states allow this, but I think at least some do.

Fortwaynemobile says

if someone falls it ain’t my fault

True, but, depending on where you live, a court may hit you with a $250k civil judgement. An umbrella plan is like pre-purchasing a team of lawyers who will get out front to protect the insurance company's $500k before you have to get involved. You're pre-purchasing a legal defense.

The same argument can be made about getting only minimum car liability insurance or getting heftier liability coverage. You could afford the $30k minimum required liability out of pocket, but you want the insurance company to fight for you if needed, so you get the $100k plan. Umbrella raises your car liability as well as home liability coverage, by the way.

As far as car comprehensive and collision, the maximum loss is limited to the car's book value. For me, I usually get the full coverage for the first 6 months and then drop. If I haven't crashed by then, I'm probably fine. It's not like the insurance company greatly lowers my premiums after the first 6 months. My current car is the only exception, as I feel the risk (of vandalism) is far greater than the insurance company estimates.

A 30% decline in the S&P 500 index fund VFINX takes us back to June 2020.

A 20% decline takes us back to November 2020.

DooDahMan says

No better in Florida.

I would go self insured in Florida, after hurricane proofing the house. I would not buy anyplace that would flood (and would have a crawlspace to make sure it doesn't get into the house as well).

DooDahMan says

unexpected things sometimes happen with pets

I have car insurance policy through Geico. Should I buy umbrella policy through Geico or find some other insurer?

It’s not fair to say what’s in the title of this thread without also pointing out what happened to Las Vegas just before that 10yrs.

Vegas was one of the hardest hit cities in the USA.

Las Vegas was waaaaay undervalued in 2012.

And yes prices will come down from where they currently are, at least in real terms.