Irvine Housing Blog

“PRIME LOCATION. LOW HOA FEES.”

So realtors can say WHATEVER they want, but anyone else (IR) with an opinion gets slapped with a ‘grievance’!

Dues is $190. What makes that “low”? Compared to what?

Location is up against the 5 Freeway. What makes that “prime”? By what standard?

I spent a few days in the Big Apple in May, and made a couple of observations. The Times is beginning to discuss the glut of “luxury” condos, which are now seen as great rental opportunities at a fraction of the cost. By looking at Redfin in Westchester and comparing asking to recently sold, there is about a $150,000 disparity. And finally, i was able to visit family at the site of the worst investment ever by PERS, the purchase of Stuyvesant Town.Folks there do believe that it is different there, and I guess it is, but more for the reason that IR presents than NYC exceptionalism.

SB

Now imagine a sane world with 20% down. 

Who in their right mind would drop $80k on this small, outdated, badly located townhouse for the right pay $2500/month to live here for 30 years?

Maybe PR?

“We are quickly approaching a tipping point in New York City where residents recognize it is in their best interest to default and pocket the payments”

Out of curiosity, how do you know this?  How do you know we are “quickly” approaching the oh so fateful “tipping point”?  Seems to me, people have been saying we have been “quickly” approaching that tipping point since 2008, and yet its still not here?

Put another way, the banksters extend and pretend has allayed the residents recognition of the tipping point for years.  Given thats the case, why is it all going to “quickly” change?

There are big differences between NYC and LV.  NYC has lots of high paying job on WS/government jobs and the supporting activies.  LV is essentially the gaming industries and its supporting activies.

With may high paying jobs, the corporation pays for the housing or has a profit share on the house.  If the value goes up, they split the profit.  If the value goes down the company eats the loss.  Some university had that arrangement too.  It’s capitalism/communism.  Capitalism if a profit is made.  Communism if there’s a loss.  Upper WS as we know it.

IR,
Will you be expecting a complaint from NYC-RA? :-<

May HOA are mini-govt agency to get around directly collecting a tax and keeping people out.  Some are more sucessful than others.  Just think if libraries were run by HOA instead of local govt. ?

I often wonder how long the squatting can go on before the banks cry Uncle?

These days, 2 years of free squatting seems to the norm before the bank drops the foreclosure hammer.

Could we go out 3,4,5 even 10 years?

For example, 5 years of saved mortgage payments
could equate to some serious capital.

Such squatters could have it 3 ways:

if prices seem stable, default on payments, save the cash and possibly “cure” the loan at the last minute

OR

if prices continue downward, simply walk away with 5 years of saved cash payments, and use saved cash towards a down payment on the next (and cheaper) home.

OR

forget home ownership and used save cash to rent.

Seems a no loose situation to me.

Irvine real estate broker admits $4.3 million Ponzi scam
http://www.ocregister.com/news/sparks-303684-irvine-choi.html

Proposed rules could shut many out of housing market
(Bankers, community advocates protest tough down payment requirements - 20%)

“... 376 pages of proposed rules for “Qualified Residential Mortgages,” which would require a 20 percent down payment and limit a borrower’s debt payments to no more than about one-third of income.”

Like the good ole days.

Irvine Renter:
Many people are working 12-15 hours per day to make payments on the property “Suzanne Researched.” They have no time to read your posts, so I prepared a summary of today’s post for them:

Today, Irvine Renter told the OC ASSociation of Realtards:
http://www.youtube.com/watch?v=C_OyYzqjv-Y
Best,
Joe