patrick.net

Fake P, glad to hear from you.

My prediction is progressing as expected so far. More and more people are now quoting October as the beginning of the end.

Fake P, can you please stick around. We have been missing you so much.

Fake P, can you please stick around. We have been missing you so much.

Yes, please. Sauce is no substitute for the "real deal".

October might be the beginning for bay area, but I think in SD, it has already be gun. I’ve seen houses reducing in price and sellers under listing the other sellers.

I know. The SD market has been stagnant for months.

There should be a well-defined documented process for everyone who wants to come to this country and it’s ok not to allow everyone or anyone for that matter. But let’s have clear rules and let’s enforce them properly. 4-5 years of processing time for skilled professionals and tacitly encouraging people to risk their lives and to cross borders is not good for anyone. It’s a great country but the immigration process needs a total overhaul.

I absolutely agree.

It is unacceptable for a government to encourage law-breaking through deliberate non-enforcement.

Dipanjan, make sure you are in touch with the immigration lawyer from time to time.

Knowingly allow illegal behaviors through non-enforcement or under-enforcement forces legitimate business/individuals to compete with entities with illegal advantages (illegal immigration, cash-businesses not paying tax). This is unacceptable.

I have no problem bending rules... but law-breaking should never be encouraged.

Do you guys think that the minimum wage system is to be blamed? It is probable another "protective" mechanism that is producing the opposite results. The market will prevail in the long run.

iceman, are you being sarcastic?

@MP
It just closed today for $100K over asking. Not bad for $1.31MM.

The marketing and sales of a property is always an interesting dynamic.

For example:-
A seller may underprice their property to generate a bidding war (sometimes achieving a price better than expected). It may appear that the final price was alot better than expected....

Also, the buyer may have been willing to pay more, but since there were no other interested parties, the seller may not have achieved the absolute maximum.

Likewise, the buyer may have overpaid as the seller was asking for a lower price.

In summary, prices achieved will be a mix of sales, marketing, and supply and demand.

BTW, if the seller truly did achieve a price better than expected, then
WELL DONE...

AntiTroll,

May as well save your fingers. Sauce doesn't read or listen to other people, he just spews. Your arguments and subtlety is completely lost on him.

How much above asking do ya think this one will go for?

Best way to work out expected selling price is to compare similar properties recently sold.

BUT, I think this property could be truly unique.

Can you sure that nobody is living there?

May as well save your fingers. Sauce doesn’t read or listen to other people, he just spews. Your arguments and subtlety is completely lost on him.

Hopefully, others will see that the only real data to work with is the final price, as most other data does not really matter.

TWIT: How much it will go for depends upon the value of the lot less the cost of debris removal.

TWIT

Why would we vote you out? That is priceless.

How much above asking do ya think this one will go for?

There are probably mountain people living there. Think Deliverance or Wrong Turn. Anyone trying to move in may be eaten.

You could also be eaten by bugs and critters in that house.

Seriously, though. I looked at the listings on Realtor.com and found that Homes listed in West Hills for up to $2 million. A 2,500 sq ft home looks like it would go for over $700K. So if you could build for less than $400k you would make a profit.

The buyer should throw a mobile home on the property and sell it for $1 million.

Your first day at your new home would involve driving a bulldozer.

Perhaps you could arrange for the fire dept to have a practice burn, and burn it to the ground while practicing their fire fighting skills.

The buyer should throw a mobile home on the property and sell it for $1 million.

How about a 360-degree panoramic poster with the view of Malibu surrounding the mobile home? Ocean view!

Perhaps you could arrange for the fire dept to have a practice burn, and burn it to the ground while practicing their fire fighting skills.

Also getting rid of mountain people or bugs or critters.

Especially the bugs.

Oh well, if it has granite counter tops, I'm in!

If I were the seller, I would only show an "artist's impression" of the house. Any defects would be hidden nicely behind impressionist color dots.

Think Deliverance or Wrong Turn.

Or, new movie set for "The Beverly Hillbillies"

If I were the seller I would build a new house before selling.

TWIT - The 1.7MM is for THE ENTIRE BUILDING genius. Look at the square footage in the Domania quote.

Sellers did well.
The new guy paid for most of the building.

The Beverly Hillbillies

Plot summary - three aspired actresses are attacked by mountain people while checking out an apparent real estate bargain.

Rated R for gore.

"Predator meets Beverly Hillbillies"

Wonder who survives.

Plot summary - three aspired actresses are attacked by mountain people while checking out an apparent real estate bargain.

How about 3 former playboy bunnies who now work as RE agents?

How about 3 former playboy bunnies who now work as RE agents?

Excellent. The previous owner was half eaten by mountain people but mortgage was issued to his meat nonetheless.

Oh I know. 3 former bunnies attacked by Troll. Troll torn limb from limb.

3 former bunnies attacked by Troll. Troll torn limb from limb.

Troll eventually defected by the $700 kitten.

or ARM from ARM?

I need to work on a script.

or ARM from ARM?

I like it, I can see the marquee posters now.

There are tons of rich people out there, and they aren’t living paycheck to paycheck with I/O loans.

Agreed.
BUT, some investors delude themselves by overleveraging and thinking that they are rich. Rich people will buy prime RE whenever they want (hey even pay cash (real cash, not borrowed cash)) a shrewd investor will buy prime RE when the property can be bought below value, or fundamentals give high expectation of price growth.

AntiTroll: What do you consider "rich" to be?

I thought rich means 1M+ of diversified passive income per year, no?

I wouldn't debate the point too much. Any logical arguments only hurt MP's brain. And since he's already intellectually handicapped any further damage can only make him more obnoxious.