CA defaults highest in 8 years!
http://tinyurl.com/28n77y
Posted by NanoWest on 01/24/07 at 05:37 AM
Your comment about people believing in Real Estate as the ultimate investment is so true.
I had lunch with a woman the other day, and she told me that she and her friend were going to start flipping houses. I asked her if maybe this may be a tough time for that sort of business venture…..........her response, they would be able to find properties that would sell quickely….......
I didn’t pursue the discusion. ——-
Posted by lee in irvine on 01/24/07 at 06:08 AM
WTF is this? Where is the driveway?
685k for a glorified apartment. Laughable!
Posted by Kman on 01/24/07 at 06:10 AM
But, but, but….no driveway….who cares! you can live in Quail Hill….homes to the rich!
Posted by IrvineRenter on 01/24/07 at 09:55 AM
I question whether they will get the $2,700 a month. I looked at the 3 level rental at 155 Steppingstone which I believe is the same floorplan a block away. It is being offered at $2,550, and it has been on the market for a while.
These three level townhomes are stacked shoeboxes. The bottom level is a lone bedroom and a long staircase leading up to the living area. The other two, tiny bedrooms are on the third floor. If you move in there, you better hire a professional. I have no idea how you would get furniture up and down all those stairs and around corners.
Posted by corea on 01/24/07 at 10:51 AM
More like the pseudo-rich. All manner of uppity types.
Posted by OC Hunter on 01/24/07 at 11:53 AM
No one talks about carrying costs even when they were living in the house. Most of these sellers are flippers and got these homes on interest only with nothing down, if you add up 20 months of mortage at $3500/month, its 70,000. You can then adjust for comparable rental which was around $2000/month -= 40,000. two years ago. Another $30,000 loss is unaccounted for.
Posted by Ranger Rick on 01/24/07 at 01:53 PM
“Your comment about people believing in Real Estate as the ultimate investment is so true.“
I’m sure everyone has at least a few stories on this statement. We just had a Mechanical Engineer here at work that quit to renovate and flip houses….
I live in a pricey area of Southern California where a number of people at work can not afford to own a place here….. But… they have purchased an investment property in Hawaii or Oregon or Utah… and ALL expect to sell them for much higher prices in the near future.
Posted by NanoWest on 01/24/07 at 03:53 PM
Does stevie boy own this place ?
Posted by C@Park on 01/25/07 at 11:16 AM
It’s so cool but value is not as much as over 600K.
Posted by Jacky on 01/25/07 at 11:45 AM
All I can say to this stupid house is that “I can’t believe it’s not butter”. Thanks for your time
Posted by jeff on 01/24/07 at 10:37 PM
CA defaults highest in 8 years!
http://tinyurl.com/28n77y
Posted by NanoWest on 01/24/07 at 05:37 AM
Your comment about people believing in Real Estate as the ultimate investment is so true.
I had lunch with a woman the other day, and she told me that she and her friend were going to start flipping houses. I asked her if maybe this may be a tough time for that sort of business venture…..........her response, they would be able to find properties that would sell quickely….......
I didn’t pursue the discusion.
——-
Posted by lee in irvine on 01/24/07 at 06:08 AM
WTF is this? Where is the driveway?
685k for a glorified apartment. Laughable!
Posted by Kman on 01/24/07 at 06:10 AM
But, but, but….no driveway….who cares! you can live in Quail Hill….homes to the rich!
Posted by IrvineRenter on 01/24/07 at 09:55 AM
I question whether they will get the $2,700 a month. I looked at the 3 level rental at 155 Steppingstone which I believe is the same floorplan a block away. It is being offered at $2,550, and it has been on the market for a while.
These three level townhomes are stacked shoeboxes. The bottom level is a lone bedroom and a long staircase leading up to the living area. The other two, tiny bedrooms are on the third floor. If you move in there, you better hire a professional. I have no idea how you would get furniture up and down all those stairs and around corners.
Posted by corea on 01/24/07 at 10:51 AM
More like the pseudo-rich. All manner of uppity types.
Posted by OC Hunter on 01/24/07 at 11:53 AM
No one talks about carrying costs even when they were living in the house. Most of these sellers are flippers and got these homes on interest only with nothing down, if you add up 20 months of mortage at $3500/month, its 70,000. You can then adjust for comparable rental which was around $2000/month -= 40,000. two years ago. Another $30,000 loss is unaccounted for.
Posted by Ranger Rick on 01/24/07 at 01:53 PM
“Your comment about people believing in Real Estate as the ultimate investment is so true.“
I’m sure everyone has at least a few stories on this statement. We just had a Mechanical Engineer here at work that quit to renovate and flip houses….
I live in a pricey area of Southern California where a number of people at work can not afford to own a place here….. But… they have purchased an investment property in Hawaii or Oregon or Utah… and ALL expect to sell them for much higher prices in the near future.
Posted by NanoWest on 01/24/07 at 03:53 PM
Does stevie boy own this place ?
Posted by C@Park on 01/25/07 at 11:16 AM
It’s so cool but value is not as much as over 600K.
Posted by Jacky on 01/25/07 at 11:45 AM
All I can say to this stupid house is that “I can’t believe it’s not butter”. Thanks for your time