Comments for So Cal Real Estate News http://socalrealestatenews.com/blog Real Estate News and Perspective from the Front Lines Tue, 02 Dec 2008 00:33:48 +0000 http://wordpress.org/?v=2.5.1 Comment on Basic real estate legal Q & A relating to fires and firestorms by fire damage http://socalrealestatenews.com/blog/basic-real-estate-legal-q-a-relating-to-fires-and-firestorms/#comment-4233 fire damage Fri, 28 Nov 2008 17:37:18 +0000 http://socalrealestatenews.com/blog/?p=233#comment-4233 The picture is so sensitive. This speaks a lot about fire. The picture is so sensitive. This speaks a lot about fire.

]]> Comment on Who should buy Southern California real estate between now and Christmas by ReaL Estate Raj http://socalrealestatenews.com/blog/who-should-buy-southern-california-real-estate-between-now-and-christmas/#comment-3326 ReaL Estate Raj Fri, 24 Oct 2008 00:19:33 +0000 http://socalrealestatenews.com/blog/?p=228#comment-3326 I agree with most of what you said. I'm looking in the North OC area and still think that market, particularly the Fullerton area still has another 10% to go. I agree with most of what you said. I’m looking in the North OC area and still think that market, particularly the Fullerton area still has another 10% to go.

]]> Comment on Who should buy Southern California real estate between now and Christmas by HS http://socalrealestatenews.com/blog/who-should-buy-southern-california-real-estate-between-now-and-christmas/#comment-2936 HS Sun, 12 Oct 2008 17:22:12 +0000 http://socalrealestatenews.com/blog/?p=228#comment-2936 If you look on Redfin MLS they will show you the home prices, and how much the home your researching went for at the height. It will also show similar sales. I have seen many in So. Cal for over 60% off the Crazy prices of 04-06. Some REO's are even more. Just do your research. Most investors and banks consider that your total monthly expenses need to be less than 75% of what you could rent it for to truly break even on renting an investment. In my rentals over the last decade this has certainly been the case. So if you crunch your numbers and can come up with this total (ie- a 750 payment with Princ. Int. Ins. and Tax and the home can rent for over $1000) then you should be fine (it sits, and thigs break etc) If you can get this price , many investors will be willing to buy. And as long as you have a little liquidity then you can wait until prices go up. I believe there is more choices available as the trend curves toward the bottom than when it just starts to go up. You may get a much better investment. God Bless your Investments and may you ever thank Him and Give back to the One who gave it to you in the first place (Oh that He would bless us indeed-scripture quoted in Prayer of Jabeez book) If you look on Redfin MLS they will show you the home prices, and how much the home your researching went for at the height. It will also show similar sales. I have seen many in So. Cal for over 60% off the Crazy prices of 04-06. Some REO’s are even more. Just do your research. Most investors and banks consider that your total monthly expenses need to be less than 75% of what you could rent it for to truly break even on renting an investment. In my rentals over the last decade this has certainly been the case. So if you crunch your numbers and can come up with this total (ie- a 750 payment with Princ. Int. Ins. and Tax and the home can rent for over $1000) then you should be fine (it sits, and thigs break etc) If you can get this price , many investors will be willing to buy. And as long as you have a little liquidity then you can wait until prices go up. I believe there is more choices available as the trend curves toward the bottom than when it just starts to go up. You may get a much better investment. God Bless your Investments and may you ever thank Him and Give back to the One who gave it to you in the first place (Oh that He would bless us indeed-scripture quoted in Prayer of Jabeez book)

]]> Comment on Who should buy Southern California real estate between now and Christmas by Boomer55 http://socalrealestatenews.com/blog/who-should-buy-southern-california-real-estate-between-now-and-christmas/#comment-2675 Boomer55 Tue, 30 Sep 2008 05:56:08 +0000 http://socalrealestatenews.com/blog/?p=228#comment-2675 And frank, you and I are in the same boat looking for the same signs. Hold tight until the end of the year. There will be bargains galore. The feds will artificially reduce lending rates just to motivate homebuyers to jump off the fence and commit. And frank, you and I are in the same boat looking for the same signs. Hold tight until the end of the year. There will be bargains galore. The feds will artificially reduce lending rates just to motivate homebuyers to jump off the fence and commit.

]]> Comment on Who should buy Southern California real estate between now and Christmas by Boomer55 http://socalrealestatenews.com/blog/who-should-buy-southern-california-real-estate-between-now-and-christmas/#comment-2674 Boomer55 Tue, 30 Sep 2008 05:53:31 +0000 http://socalrealestatenews.com/blog/?p=228#comment-2674 You foks know why the foreclosure rate has slowed significantly in California? The Legislature passed a measure whereby a lender has to give a borrow a 60-day notice of intent, instead of the traditional 30-day notice. That effectively ensured that for a 30 day period, no homes would go into foreclosure. But once the 60 day window has passed, the rates continue to increase as before. You foks know why the foreclosure rate has slowed significantly in California? The Legislature passed a measure whereby a lender has to give a borrow a 60-day notice of intent, instead of the traditional 30-day notice. That effectively ensured that for a 30 day period, no homes would go into foreclosure. But once the 60 day window has passed, the rates continue to increase as before.

]]> Comment on A Sellers’ Market!?! by frank http://socalrealestatenews.com/blog/a-sellers-market/#comment-2606 frank Sat, 27 Sep 2008 17:05:32 +0000 http://socalrealestatenews.com/blog/?p=229#comment-2606 Everybody is waiting to see what is going to happen with the 700 billion bailout. Not to mention that foreclosures and notice of defaults are still increasing at a rapid pace however you should see a dip in foreclosures in sept. and oct. due to a bill that the governor passed that is slowing down the foreclosure process. Once things continue to flow normally we will continue to see inventory climbing. Lending is already tightening and the bottom line is that home prices are not sustainable at current levels. We are starting to see more defaults in option arms which will peak in a year and we are also seeing defaults in prime loans so i think we are all underestimating the size of the bubbled that popped. I expect home values to drop an aditional 10 to 20% across the board. Everybody is waiting to see what is going to happen with the 700 billion bailout. Not to mention that foreclosures and notice of defaults are still increasing at a rapid pace however you should see a dip in foreclosures in sept. and oct. due to a bill that the governor passed that is slowing down the foreclosure process. Once things continue to flow normally we will continue to see inventory climbing. Lending is already tightening and the bottom line is that home prices are not sustainable at current levels. We are starting to see more defaults in option arms which will peak in a year and we are also seeing defaults in prime loans so i think we are all underestimating the size of the bubbled that popped. I expect home values to drop an aditional 10 to 20% across the board.

]]> Comment on A Sellers’ Market!?! by Rick Salmon http://socalrealestatenews.com/blog/a-sellers-market/#comment-2536 Rick Salmon Thu, 25 Sep 2008 15:38:58 +0000 http://socalrealestatenews.com/blog/?p=229#comment-2536 I think the worst is yet to come in the real estate market. But as the government is stepping in the "free market" economy who knows? I guess smoke and mirrors will continue and the next generation will pay the bills, until the house of cards collapses completely. I think the worst is yet to come in the real estate market. But as the government is stepping in the “free market” economy who knows? I guess smoke and mirrors will continue and the next generation will pay the bills, until the house of cards collapses completely.

]]> Comment on A Sellers’ Market!?! by waitingforgodot http://socalrealestatenews.com/blog/a-sellers-market/#comment-2333 waitingforgodot Thu, 18 Sep 2008 23:01:53 +0000 http://socalrealestatenews.com/blog/?p=229#comment-2333 Thank you. We actually own right now in OC (I don't know if people realize that La Palma = OC), but are looking to move to the South Bay for commute / family reasons. We bought early enough in 2001 so that there's some equity left, so we're not in any rush. That equity sure is dropping at a faster rate, based on what I can see from local comps. I wish you and your partner continued success, and I appreciate your straightforward feedback. Thank you. We actually own right now in OC (I don’t know if people realize that La Palma = OC), but are looking to move to the South Bay for commute / family reasons. We bought early enough in 2001 so that there’s some equity left, so we’re not in any rush. That equity sure is dropping at a faster rate, based on what I can see from local comps.

I wish you and your partner continued success, and I appreciate your straightforward feedback.

]]> Comment on A Sellers’ Market!?! by Blair Newman and Dave Emerson http://socalrealestatenews.com/blog/a-sellers-market/#comment-2328 Blair Newman and Dave Emerson Thu, 18 Sep 2008 17:05:04 +0000 http://socalrealestatenews.com/blog/?p=229#comment-2328 Waiting, Maybe I should rephrase it to "starter neighborhoods," because what I really mean is neighborhoods with lots of foreclosures. That's what forces prices to market. . . or below. I don't think there are any such neighborhoods in the South Bay, although there may be a few starter condo complexes. When the economy goes down, the fed lowers rates and, more important, the market lowers rates, anticipating further slow-downs. So, to some extent, they do cancel each other out, or self-correct. However, as I've been saying for a year now, we are in uncharted territory. Nobody really knows what's next. But that doesn't stop us from guessing! Good luck for success. I wouldn't be surprised to see Torrance continue to decline for a while. You might want to start writing offers--even lowballs--in November. Waiting,

Maybe I should rephrase it to “starter neighborhoods,” because what I really mean is neighborhoods with lots of foreclosures. That’s what forces prices to market. . . or below.

I don’t think there are any such neighborhoods in the South Bay, although there may be a few starter condo complexes.

When the economy goes down, the fed lowers rates and, more important, the market lowers rates, anticipating further slow-downs. So, to some extent, they do cancel each other out, or self-correct.

However, as I’ve been saying for a year now, we are in uncharted territory. Nobody really knows what’s next. But that doesn’t stop us from guessing!

Good luck for success. I wouldn’t be surprised to see Torrance continue to decline for a while. You might want to start writing offers–even lowballs–in November.

]]> Comment on A Sellers’ Market!?! by waitingforgodot http://socalrealestatenews.com/blog/a-sellers-market/#comment-2324 waitingforgodot Thu, 18 Sep 2008 16:28:53 +0000 http://socalrealestatenews.com/blog/?p=229#comment-2324 What exactly do you mean by starter homes. I'm keeping an eye on Torrance / South Bay, and it doesn't seem like the bottom is near. Do you really think the economy and interest rates will balance each other out? The employment reports / trends aren't looking that pretty. Have a good day. What exactly do you mean by starter homes. I’m keeping an eye on Torrance / South Bay, and it doesn’t seem like the bottom is near.

Do you really think the economy and interest rates will balance each other out? The employment reports / trends aren’t looking that pretty.

Have a good day.

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