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Are the Condo Coversions in Your Town Going to Sell?
invite response
2005 Dec 1, 2:21am 20,333 views 70 comments
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Well, foreclosures aren't for everybody, you have to know what you are doing....it is usually the person who buys the foreclosure that does the scamming.
Anyway look at this. Looks like the mortgage brokers are having their go at the cheap advertising on the craiglist site.
[snip]
The Fed Chairman, Alan Greenspan, said that 80% of Homeowners are in the wrong Mortgage program. We educate our clients, so they can choose the product that best fits their financing needs. Many "Mortgage Brokers" offer "non existent"
Rates, or leave important pieces of information out of their extremely low rates.
They are also stepping on one another.
What do you guys think? Are we slowing down b/c we’re in the holidays, or because the economy is really bad?
Lola
I am thinking that the housing market is slowing lately due to a few factors: Holiday season, very high prices causing more and more people to get priced out and forego buying, and rising interest rates. The economy is not (yet) really bad--surprisingly it keeps chugging along pretty well. I think that when and if it gets bad, it will be the housing market slowdown/crash that drags down the economy. Possibly this winter or spring. I doubt we can see a last gasp rally out of the housing market, but ya never know...
@all y'all: The lack of now freaking out in this thread vis a vis the talking nazi monkey menace is deeply disturbing.
@SQT: I can't imagine the pressure to buy mid 30's in sac.
@RPatrick: Yeah, I'm just ask jacked as you are. Why become a hipster democrat, when you can become a frothing-at-the-mouth-spittle-flecked-consipiracy-theory-spouting fascist like me? Chicks *so* dig it. I just drop into the black helicopter US out of UN rant at the bar, and it's like *BAM*! Chicks everywhere.
This is especially true in the Bay Area.
I am now freaking out,
prat
Huh? What? My skimming skills must be slipping. Where is the frothing at the mouth spittle flecked conspiracy theorist rant? Did it get deleted? Damn.
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The developer's answer to the stratospheric rise in home prices seems to have become the condo conversion. What that usually means is taking a crappy apartment building, throwing a new coat of paint on it, maybe knocking out a few walls and throwing in an appliance or two and calling it a condo.
Do you know of any in your neighborhood? If so, how do they look? What do you think are the long term prospects for the condo conversions? I have heard in the past of condo conversions being turned back into apartment buildings when the market cools. Do you think that will happen again?
And what about pricing? How much are the crappy condo's going for in your neck of the woods? How far down do you think they will go in value?
And one last thing, do you think taking the apartments off the market will affect rents at all?
Per tannenbaum's request