patrick.net

If it's truly an investment property you're looking for, look at the hard rock hotel san diego condo hotels. Returns are >4% and up to 10% with some of the deals on the market now. Prices continue to drop so I'll be waiting for this winter to see if new lows are broken

Look it up at sandiegoh website for details. This is not my website but seems to have the most information I can find on them but I can answer any questions you have if you're interested.

So why in the world didn't you two guys mention this 5 months ago. Now here I am trying to find a descent home in Oakland in the $360,000 price range. This is my first home and not and investment property. I can't find anything descent that was available the last couple of years. All I heard on this site was how stupid people are going to feel when prices fell this summer. So I (like an idiot) took my sweet time applying for a loan. Now I cant find anything worth buying and prices are higher than they were just three months before. If you would have shared your profound insight months ago, I wouldn't be looking at crappy homes in east Oakland with my three kids. Thanks for the heads up!

I know. I'm just letting off steam. I'm so frustrated with the home buying process. So is there any chance of better inventory and prices during the winter months?

Carolyn C says

So why in the world didn't you two guys mention this 5 months ago. Now here I am trying to find a descent home in Oakland in the $360,000 price range. This is my first home and not and investment property. I can't find anything descent that was available the last couple of years. All I heard on this site was how stupid people are going to feel when prices fell this summer. So I (like an idiot) took my sweet time applying for a loan. Now I cant find anything worth buying and prices are higher than they were just three months before. If you would have shared your profound insight months ago, I wouldn't be looking at crappy homes in east Oakland with my three kids. Thanks for the heads up!

There is no need to be angry about it. Prices might end up making LESS sense this year, but that doesn't change the fact that they didn't make sense a year ago, or two years ago, etc. Frankly, the Bay Area is frothed up with an inexplicable idiocy relating to housing. It boggles my mind when I observe the trends that have appeared ever since the bubble "popped."

Don't give in to the hysteria. Yeah, OK, you feel like you "missed the boat." Well, the boat was way too expensive as it was then, and if you were uncomfortable enough with the prices at the time to wait for declines, then you shouldn't have bought anyway. Apparently the boat is overcrowded right now. It makes no sense, and I can't see this being sustainable as current inventories are at historic lows. So, don't let yourself give into the hysteria. It makes no sense that the current trends will keep up for more than a year, given the variety of factors that are causing this year's silly-low inventories. You will not be "priced out forever" if you wait, because you and many of us already are as it is. Just try to focus on the enjoyment you get from raising your children and don't let emotions cloud that up by feeling like you are somehow depriving them or yourself of something without buying a house. Tons of kids like happy productive lives in rentals. Are you renting an apartment or a house right now?

Carolyn C says

I know. I'm just letting off steam. I'm so frustrated with the home buying process. So is there any chance of better inventory and prices during the winter months?

I'm with you. It blows my mind that the market here can become MORE unreasonable. While I suppose that it could be permanent, it just seems super unlikely. Nobody knows though since a number of large entities are colluding to keep things rigged around here. Anyway, I feel for your frustration. My fiancee and I are just plain disgusted with it all, and somewhat disappointed at the lunacy.

I don't live up there and don't spend time there so I don't really know. But, aren't there a lot of foreclosures up in Oakland? Won't these be for sale someday? Isn't the median price still falling too?
Save up some more dough for your IRA, etc. and try again when things are more conducive to the effort.

Lat Fall, I made an offer on a house (REO) in an LA beach community. I got a similar multiple offer notice. I Put the same offer in again. The bank took the other offer. It fell out of escrow after 2 months. By that time, I had made a life changing decision that precluded that house (mostly the time and $120-150k to make it livable). Of course the broker called my agent (several times). The house closed a couple weeks ago at $41k less than my offer. (had my offer been accepted last Fall, I would have gone through with it. It would be an awesome house.

My point is that we are living in interesting times. I think next year at this time, the downward trend will have continued. So, I'll re-evaluate then. The election will throw a biiiiiiig twist into the economy. The dems are busy showing how great things are, tiurned the corner, only up from here....I believe we'll be stagnant at best for the next couple years. I'm in no hurry.

I currently rent a small 2bd apartment over a carport that heats up to 90 degrees in the summer and very cold in the winter. We are over crowded and I thought I would have purchased by now. I stuck it out this long and I think I can wait a little longer. I am hoping the frenzy will wind down by fall. And I really hope the banks release more than one house per month. Thank you both for your sympathy and advise.

Robert

I'll give some thought.

E-man says

By the time you see C-S HPI published, it's too late.

Yes, it's exactly too late, because by that time, the dead-cat bounce is over.

You have to wait for NASDAQ, Apple and Facebook stock to come down.

If you think the house price will go up, just buy Apple and Facebook.
It has the same effect.

Carolyn C says

why in the world didn't you two guys mention this 5 months ago.

I wouldn't get too excited. Keep in mind, these comments are from speculators who have wet dreams about Warren Buffet and worship anything that smells like money; these folks are not coming at the market from the perspective of a buyer who is seeking a primary residence. Discussing your goals with this lot is like talking to a porn star about true love or having a candlelit dinner with a crazed arsonist. These are small-time Charlies, daisy-chaining HELOCs in order to chisel away a little gristle from the carcass of the American middle class because they're either not very talented at doing anything else or they're just avaricious and out to sate their larcenist urge of getting something for nothing or as little as possible. You would do well to deafen yourself to the murmurs of greedy little men and trust in your own instincts.

I hear you. If it were not for all the investors I would have a home by now.

Carolyn C says

I hear you. If it were not for all the investors I would have a home by now.

If you rent you pretty much have a home, in the same sense or even better than most owners of a 30 yr note.

I would continue to rent just so that I wouldn't have to deal with these pervert Realtors.

jvolstad says

I would continue to rent just so that I wouldn't have to deal with these pervert Realtors.

I do both. I continue to rent and go to a few open houses each month just to eat their cookies and screw with them. I talk like I am very interested and say I am an all cash buyer and ask how much above asking do they think I need to go. They are like puppies and they can't stop shaking when excited. It is good entertainment on a weekend.

RentingForHalfTheCost says

I continue to rent and go to a few open houses each month just to eat their cookies and screw with them.

When I'm home (Texas) on the weekend, I like to tell the open house Realtard's that I'm from the Bay Area and am looking for a house. It's interesting to hear them tell me all their lies about the area.

E-man says

People like to refer to the Case Shiller Housing Price Index. By the time you see C-S HPI published, it's too late. It's like driving looking at the rearview mirror. Things may change after the election. Too many people are hanging onto their house by a string hoping for some miracle from the candidates.

Yeah right! This housing market(CA) is not going anywhere soon. Plenty of time to choose and pick,so it is never too late to buy in CA.

Just pulling in a few more suckers.