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Saturday, August 21, 2010
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14 comments:
DR Schmid, Anon
I've tried to keep my thoughts tied to factual data, analysis and trend watching.
I am not here to score points, I talk to cheryl because she is super smart,
and i wouldn't mind chairing a beer meeting weekly to discuss views on the market.
M interest is arlington, alexandria and DC.
While the medians have held up in Arlington, certainly the outliers ahve created real value opportunities and frankly i think it's a matter of time before the whole shooting match ends.
10 years ago my brother and his wife found themselves in a 4 job family to pay the mortgage and kid care.
People need 2 incomes to buy in nicer areas, it's one thing to do that in your 20s but to do so for 30 years is just brutal and people have so little to show for it.
I was living with my mom at her place saving up, had some bad luck with a medical problem, got put back together, and made some decent coin, but none of this has made much sense.
I'd rather keep renting in my $1000/month 2BR apartment or
buy a cheap place in a less desirable transitional hood in DC
or plain ass get a place in baltimore close to the MARC train and come down when I need to.
what i take is there are a lot of people in I/O and OptionArms and ARMS who are floating around upside down it's cheaper to stay where they are, but at some point
it's got to give,
if they need to move, or if they
have kids that condo or townhouse
won't work anymore. If they
get sick and lose income.
if interest rates rise.
the banks have sat on an amazing amount of inventory and tried to hold the market up.
Obama has wrecked his political capital supporting wall street,
and there is lots of room for an oil spike or foreign crisis to trash things.
Me, I'm looking for good deals, i am sitting on a deal for my brothers place, and,
waiting as various REO's NODS and
shadow invenory comes out.
certainly people don't expect prices to rise in the future,
the era of 7% appreciation is not in the visible expectations horizon,
now it's investors writing off
and bank writedowns that will matter.
Kaczynskiesque.
FX7346677
Still the record holder for price drop. Now at 770 days on the market.
High 10/2007: $1,799,000.00. That's 1 point seven million dollars for you country folks.
Low: $445,00.00 as of today.
I drive past it every morning on the way to work. Never fails to make me smile.
The $1.8M price has to have been one of those listings where they have a virtual picture of what the mcmansion they'll build you would look like on that lot. It started at 700k and then went up to the $1.8M. I can't believe anyone would want a $1.8M home in that location though. I think we've debated the sketchiness factor of the nearby shopping center before - and since I've only seen it late at night after basketball I will stick to my opinion that I wouldn't want to live near there.
TN-
That is also really obnoxious of the agent to post the high school and not the elementary or middle schools. Does the agent really think the person will just see a good high school and not look to see that the elementary school is not nearly as good?
Contrarian-
It really is fun to look at Yun's quotes. I don't think I have every seen someone be wrong so often.
Contrarian-
A lot of those points are very good, although the author doesn't really understand how some things work. He claims that it is bad for the housing market that very few houses are being made. I don't see how it can be a bad thing when you have to many to make fewer houses. This will overtime help correct supply and demand. Although that is still years away.
There's an interting property at
7210 Burtonwood Drive Alexandria 22307
It's listed at $1.285M.
It's another property that the realtor has blocked from Franklymls
Guess they don't appreciate Frankly pointing out the TA is only $719K. Interestingly, they haven't managed to block Zillow, who say that it's worth $785K.
But the Zillow
site does have the pictures and basic data.
I think this house has some nice decorating and is in a nice neighborhood, but 1.285? Hmmm.
c-
They bought the house in December 2003 for 645K. Doubling since almost peak prices that sounds totally reasonable.
I would be amazed if they got over $1MM
Although I guess my last comment is assuming they didn't do much work on the house. Obviously a lot has been done in total, but I assumed most of this was from previous owners.
Blocked on Frankly MLS?
Gee....like that makes me *less* suspicious and *more* inclined to buy.
LOL. What idiots.
The only guy more wrong then larry yun is david lereah
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