Comments on: Foreclosure and Short Sale Report: 33.79% of All Southern California Inventory for Sale is Distressed Homes. http://www.doctorhousingbubble.com/foreclosure-and-short-sale-report-3379-of-all-southern-california-inventory-for-sale-is-distressed-homes/ How I Learned to Love Southern California and Forget the Housing Bubble Thu, 09 Feb 2012 06:16:36 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: anon http://www.doctorhousingbubble.com/foreclosure-and-short-sale-report-3379-of-all-southern-california-inventory-for-sale-is-distressed-homes/#comment-26719 anon Mon, 10 Nov 2008 21:07:52 +0000 http://www.doctorhousingbubble.com/foreclosure-and-short-sale-report-3379-of-all-southern-california-inventory-for-sale-is-distressed-homes/#comment-26719 I guess I am seeing first hand the growing divide between the haves and have nots. Homes in my town are selling..laguna beach...even though i see many for sale and for lease signs, I also see SOLD eventially placed on the signage. No one is willing to part with a home of any drastic reduction...and this place saw a bubble too! So perhaps the remaining with money will remain in towns such as LB, Newport and other nicer coastal towns. I guess I am seeing first hand the growing divide between the haves and have nots. Homes in my town are selling..laguna beach…even though i see many for sale and for lease signs, I also see SOLD eventially placed on the signage. No one is willing to part with a home of any drastic reduction…and this place saw a bubble too! So perhaps the remaining with money will remain in towns such as LB, Newport and other nicer coastal towns.

]]> By: From the Heartland http://www.doctorhousingbubble.com/foreclosure-and-short-sale-report-3379-of-all-southern-california-inventory-for-sale-is-distressed-homes/#comment-22229 From the Heartland Sat, 16 Aug 2008 17:55:25 +0000 http://www.doctorhousingbubble.com/foreclosure-and-short-sale-report-3379-of-all-southern-california-inventory-for-sale-is-distressed-homes/#comment-22229 Read a book called The Millionaire Next Door. It's been a few years since I read it, but it was written by a college Prof. who wanted to see what the average millionaire was like. Not the movie-star, athlete, singer or what have you millionaire, but the average guy who got up every day and went to work building a business and portfolio that eventually made him wealthy. He was surprised to find that the "average" millionaire was someone you would never even suspect of being worth that much money, if you looked at his lifestyle. As you would expect, most of these people are business owners, and as such they understand one very important ingredient in a person's financial life; overhead. These millionaires live in houses and neighborhoods well below where you would expect a millionaire to live. These are smaller houses with smaller overhead; smaller heating bills, smaller property tax bills, smaller upkeep costs. The average millionaire understands wealth and net worth can be be fleeting, and doesn't saddle himself with something that carries a continual king's ransom to upkeep. The people who generally buy the McMansions are "posers." They want to project the appearance of wealth while they're leveraged to the hilt. Real millionaires don't buy McMansions. I live in a remote area in northern Iowa. Not much going on here except farming and some light industry (although Winnebago Industries is about 15 miles away, but they're laying people off left and right.) However, if you're able to live anywhere you wish to do your job, which I am able to, it's EXTREMELY affordable. We bought a 3 bedroom ranch built in 1959, on 4 lots (1/4 of a town block), 3 years ago for $35,000. We've put about $12,000 in upgrades in it. The property tax bill came Thursday, $362/year. Heating and cooling average bill for last 12 months is about $72.50/mo. Quiet little town of about 475 (in a county of less than 13,000) people where you can walk or bike anywhere in 5 minutes. We don't have pizza delivery, we don't have 24 hour conveniences like the city (we've lived in Denver, Milwaukee, Des Moines and Minneapolis in the last 27 years). We do have clean air, quiet streets and an affordable lifestyle that suits us fine. We have just decided we would rather have money left over for enjoying life a little rather than spending all our energies paying for a house. Believe me, a $600,000 McMansion does no more to keep us warm or dry than our house does. Read a book called The Millionaire Next Door. It’s been a few years since I read it, but it was written by a college Prof. who wanted to see what the average millionaire was like. Not the movie-star, athlete, singer or what have you millionaire, but the average guy who got up every day and went to work building a business and portfolio that eventually made him wealthy.

He was surprised to find that the “average” millionaire was someone you would never even suspect of being worth that much money, if you looked at his lifestyle. As you would expect, most of these people are business owners, and as such they understand one very important ingredient in a person’s financial life; overhead.

These millionaires live in houses and neighborhoods well below where you would expect a millionaire to live. These are smaller houses with smaller overhead; smaller heating bills, smaller property tax bills, smaller upkeep costs. The average millionaire understands wealth and net worth can be be fleeting, and doesn’t saddle himself with something that carries a continual king’s ransom to upkeep.

The people who generally buy the McMansions are “posers.” They want to project the appearance of wealth while they’re leveraged to the hilt. Real millionaires don’t buy McMansions.

I live in a remote area in northern Iowa. Not much going on here except farming and some light industry (although Winnebago Industries is about 15 miles away, but they’re laying people off left and right.)

However, if you’re able to live anywhere you wish to do your job, which I am able to, it’s EXTREMELY affordable. We bought a 3 bedroom ranch built in 1959, on 4 lots (1/4 of a town block), 3 years ago for $35,000. We’ve put about $12,000 in upgrades in it. The property tax bill came Thursday, $362/year. Heating and cooling average bill for last 12 months is about $72.50/mo. Quiet little town of about 475 (in a county of less than 13,000) people where you can walk or bike anywhere in 5 minutes. We don’t have pizza delivery, we don’t have 24 hour conveniences like the city (we’ve lived in Denver, Milwaukee, Des Moines and Minneapolis in the last 27 years). We do have clean air, quiet streets and an affordable lifestyle that suits us fine. We have just decided we would rather have money left over for enjoying life a little rather than spending all our energies paying for a house. Believe me, a $600,000 McMansion does no more to keep us warm or dry than our house does.

]]> By: Reena http://www.doctorhousingbubble.com/foreclosure-and-short-sale-report-3379-of-all-southern-california-inventory-for-sale-is-distressed-homes/#comment-22197 Reena Sat, 16 Aug 2008 06:13:44 +0000 http://www.doctorhousingbubble.com/foreclosure-and-short-sale-report-3379-of-all-southern-california-inventory-for-sale-is-distressed-homes/#comment-22197 I still think that one of the funniest show to watch on HGTV is the one where they "appraise" the value of a house after the poor homeowner has spent thousands of dollars of equity line credit on remodeling and upgrading the house. I think it's called "What's my house worth??" You see a smug Real Estate "Expert" walk around in their house picking apart their "upgrades" making comments like "this is the wrong shade of granite to use as a countertop and what were you thinking when you painted this wall purple? Of course at the end of the drama she will haughtily announce what she, the absolute expert, claims as the correct price for the house. If you listen careful you will notice that the terminology goes like this: If I were to list this property on the market today.... it would be (insert price 10 to 20% higher than what homeowner expected" Hmm... let me list the home even higher than what they want... they will give me the listing and if I happen to find an idiot to buy this property (no problem... after all it has been aired on HGTV..) guess what I get .... % commission on the SALES price that I just quoted. The Homeowner is in seventh heathen and will of course jump at the carrot like any hungry bunny. Who needs a reality check? Too bad that they are not honest enough to actually post updates on whether or not that house sold for the inflated listing. In the meantime they (the homeowners) will of course follow any advise for addtional improvements that would allow an even higher sales recommendation and promise to tackle that bathroom rebuilt and to install hardwood floors in the bedrooms... Oh yeah... after all the guy hosting the next show is the world famous carpenter/designer and he needs a couple of projects.... I wonder when they will hand the property from one show to the other remodeling and restaging it over and over again in hopes of finding a rich buyer that hopefully comes with a suitcase full of money. I still think that one of the funniest show to watch on HGTV is the
one where they “appraise” the value of a house after the poor homeowner
has spent thousands of dollars of equity line credit on remodeling and
upgrading the house.
I think it’s called “What’s my house worth??”

You see a smug Real Estate “Expert” walk around in their house picking apart their “upgrades” making comments like “this is the wrong shade of granite to use as a countertop and what were you thinking when you painted this wall purple? Of course at the end of the drama she will haughtily announce what she, the absolute expert, claims as the correct price for the house.
If you listen careful you will notice that the terminology goes like this:

If I were to list this property on the market today…. it would be
(insert price 10 to 20% higher than what homeowner expected”

Hmm… let me list the home even higher than what they want… they will give me the listing and if I happen to find an idiot to buy this property (no problem… after all it has been aired on HGTV..) guess what I get …. % commission on the SALES price that I just quoted.

The Homeowner is in seventh heathen and will of course jump at the carrot
like any hungry bunny. Who needs a reality check?
Too bad that they are not honest enough to actually post updates on whether
or not that house sold for the inflated listing. In the meantime they (the homeowners) will of course follow any advise for addtional improvements that would allow an even higher sales recommendation and promise to tackle that bathroom rebuilt and to install hardwood floors in the bedrooms…

Oh yeah… after all the guy hosting the next show is the world famous
carpenter/designer and he needs a couple of projects….

I wonder when they will hand the property from one show to the other
remodeling and restaging it over and over again in hopes of finding a rich
buyer that hopefully comes with a suitcase full of money.

]]> By: Reena http://www.doctorhousingbubble.com/foreclosure-and-short-sale-report-3379-of-all-southern-california-inventory-for-sale-is-distressed-homes/#comment-22196 Reena Sat, 16 Aug 2008 05:50:24 +0000 http://www.doctorhousingbubble.com/foreclosure-and-short-sale-report-3379-of-all-southern-california-inventory-for-sale-is-distressed-homes/#comment-22196 The absolutely top of stupidity show on HGTV: What is my house worth? You get so see the poor homeowner cringe when the Realtor points out that the granite top is the wrong shade or that the bathroom is still too 80'ish. And of course... once you want to actually sell your house the chic new purple wall paint isn't what a buyer would look for. and yet they usually appraise the house higher than what the homeowner was shooting for... I wonder are they working for the tax assessors benefit or do they really believe that this house could sell at such a ridiculous price? The absolutely top of stupidity show on HGTV:

What is my house worth?

You get so see the poor homeowner cringe when the Realtor points out that the granite top is the wrong shade or that the bathroom is still too 80′ish.
And of course… once you want to actually sell your house the chic new
purple wall paint isn’t what a buyer would look for.

and yet they usually appraise the house higher than what the homeowner
was shooting for… I wonder are they working for the tax assessors benefit
or do they really believe that this house could sell at such a ridiculous price?

]]> By: Renting In Newport http://www.doctorhousingbubble.com/foreclosure-and-short-sale-report-3379-of-all-southern-california-inventory-for-sale-is-distressed-homes/#comment-22172 Renting In Newport Fri, 15 Aug 2008 15:36:36 +0000 http://www.doctorhousingbubble.com/foreclosure-and-short-sale-report-3379-of-all-southern-california-inventory-for-sale-is-distressed-homes/#comment-22172 Dr., you are correct that the MLS is less than honest - I don't think that surprises anyone. One thing I have noticed recently is a large number of previously for sale houses in Newport Beach (and there are so few listings now- - nothing selling really and no one is listing for fear of losing their ATMs - -er, assets) have fallen off the MLS completely - -there is no history of them ever being listed (or at a minimum the recent listing is completely gone). Yet the sign is still up in front of the house, and has been for months and months. So they get no advertising via the MLS yet it's the same RE agent's sign sitting there. This is a VERY common practice hre now for some reason. What's the logic on that? Saving a few bucks in MLS listing fees, or is it perhaps that they wat the history to not show 284 DOM? Dr., you are correct that the MLS is less than honest – I don’t think that surprises anyone. One thing I have noticed recently is a large number of previously for sale houses in Newport Beach (and there are so few listings now- – nothing selling really and no one is listing for fear of losing their ATMs – -er, assets) have fallen off the MLS completely – -there is no history of them ever being listed (or at a minimum the recent listing is completely gone). Yet the sign is still up in front of the house, and has been for months and months. So they get no advertising via the MLS yet it’s the same RE agent’s sign sitting there. This is a VERY common practice hre now for some reason. What’s the logic on that? Saving a few bucks in MLS listing fees, or is it perhaps that they wat the history to not show 284 DOM?

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