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FuckTheMainstreamMedia
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2013 May 28, 3:24am
However, you don't need news articles and you don't need to take my word for it. Thanks to craigslists map feature, you can search to your hearts content.
LOL that was awesome!
FuckTheMainstreamMedia
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2013 May 28, 3:27am
This is currently happening in DTLA...funny how there were news articles left and right in the short time frame
DTLA is the poster boy for a speculative investment. Investors bought RE there hoping the revitalization trend continues. I'm skeptical that it'll turn out the way some people are anticipating, especially with the Farmer's Field hiccup, but I can see the potential.
IF (and that's a big IF) it realizes that potential, rents and prices will skyrocket. Until then, people will be able to rent out for much less than the cost of buying. Kudos for those taking advantage of it. It's a great place to live if you're young and single.
Whats funny is Roberto Aribas claimed in a past post that no investor ever bought a property soley because they thought it would appreciate.
I had posted that I was confused because I knew investors were buying units in DTLA that either they were renting at a loss or NOT RENTING AT ALL!!!!!!
Yet, confusingly...thats exactly what is happening. I wonder how many of these mom and pop investors factored in declining rents?
Whats funny is Roberto Aribas claimed in a past post that no investor ever bought a property soley because they thought it would appreciate.
Well, I can't speak for Roberto Aribas, but obviously anybody speaking in absolute terms will be wrong sometime.
Some people invest in stocks for slow and steady returns, others try to hit for the cycle. In my opinion, investing in DTLA condos is like trying to buy a lottery ticket, a loser more often than not. On the other hand I know of an investment group that purchased a couple lots a decade ago that is very unprofitable as a parking lot, but is going to end up being a 'winning lotto ticket' whenever they sell.
I sure am gonna be pissed off if I waited 12 years for the bubble to pop and then missed the bottom by 6 months.
I don't think we've seen the true bottom. I believe what's going on is a quick Spring bounce that happens every year. When Summer gets here, prices will continue their downward trend.
Why??? until the job situation gets better and unemployment "truly" drops (not the fake numbers put out by the BLS), it takes a solid job to buy a house. Don't think the ones on unemployment will be eligible for a mortgage.
Plus, you have the boat loads of houses underwater, these people are truly "stuck"... until their houses rise in value or they pay off a big chunk of principal, they ain't going anywhere or moving up to their next larger home.
If the financial situation melts down in this country, then all bets are off....
Sit tight, you'll be able to get a deal shortly......
So much for "shortly" - its 4 years later and prices have absolutely exploded in SF where 1st renter lived. He was 4 months removed from the best market in over a decade, and the advice was sit tight and wait for something that never came.
Its not the only place - only the place that !strenter lived which you told him to wait because we haven't seen the true bottom - so much for that nugget of wisdom.
Sharingmyintelligencewiththedumbasses
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2016 Aug 10, 8:36pm
I don't think we've seen the true bottom. I believe what's going on is a quick Spring bounce that happens every year.
2012... good call dumbass!
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Here are some things I think seem true to me, but could be refuted by you geniuses.
If we have hit any bottom, we need a counterargument to the below. Please add to these negative pressure arguments as you think of more. I'd suggest we make an alternate list of bull arguments and see what we think looks most accurate as to where we are in this bubble:
Bear argument--
During the bubble:
There were 100s of thousands of consumers added to the pool of purchasers, due to easy credit and low underwriting standards.
There were more houses being built, adding to inventory now
There was lower unemployment, and now it’s very high
There were people who could have afforded houses that can no longer purchase any (due to foreclosure, credit damage, job loss or eviscerated savings)
There was irrational exuberance
There was a healthy (feeling) business environment, in Europe and in Asia too, adding to consumer strength and purchases of CDOs and MBS by sovereign wealth funds
People are trapped in houses due to underwater conditions; unable to relocate or move up
People are gun-shy, scared to take the plunge
Society is more mobile now; people may feel they need to move to get better jobs and feel that mortgages constrain them
The elderly will have houses to put on the market when they downsize, and there are millions of boomers that will
Retirement accounts have been neglected or drained, keeping people in the workforce longer (but concerned about savings, not home buying)
Deficit issues have made the idea of killing the MID or Fannie/Freddie a possibility
Wages haven’t kept up with much of anything, including inflation, driving down purchasing power
Deficit reduction obsessions dampen consumerism
Why would these conditions have changed in the last year or two, to the point where home prices would be turning around?
#housing