Comments on: Real Homes of Genius: South Gate home at $397,000 – Reduced from $475,000. http://www.doctorhousingbubble.com/real-homes-of-genius-south-gate-home-at-397000-%e2%80%93-reduced-from-475000/ How I Learned to Love Southern California and Forget the Housing Bubble Fri, 09 Jan 2009 13:29:42 +0000 http://wordpress.org/?v=2.2.2 By: Anonymous http://www.doctorhousingbubble.com/real-homes-of-genius-south-gate-home-at-397000-%e2%80%93-reduced-from-475000/#comment-182 Anonymous Tue, 16 Jan 2007 22:08:00 +0000 http://www.doctorhousingbubble.com/real-homes-of-genius-south-gate-home-at-397000-%e2%80%93-reduced-from-475000/#comment-182 800 SF and 2BR/1BA sound like a post-WW2 tract house. Not all that bad, if you remember the place is probably showing its age. Which can be offset by the fact you should have a back yard over ten feet deep and no paying squeeze to the Kyle's Moms in the HOA.<br/><br/>Depending on the neighborhood and lot size, I'd pay $100-200k for it, but nothing over that.<br/><br/>"Why worry about schools or good neighborhoods when you can fortress yourself in a 3,000 square foot castle?"<br/><br/>Just like Fidel Castro and Kim Jong-Il. They have to live in fortresses. 800 SF and 2BR/1BA sound like a post-WW2 tract house. Not all that bad, if you remember the place is probably showing its age. Which can be offset by the fact you should have a back yard over ten feet deep and no paying squeeze to the Kyle’s Moms in the HOA.

Depending on the neighborhood and lot size, I’d pay $100-200k for it, but nothing over that.

“Why worry about schools or good neighborhoods when you can fortress yourself in a 3,000 square foot castle?”

Just like Fidel Castro and Kim Jong-Il. They have to live in fortresses.

]]> By: Dr Housing Bubble http://www.doctorhousingbubble.com/real-homes-of-genius-south-gate-home-at-397000-%e2%80%93-reduced-from-475000/#comment-181 Dr Housing Bubble Tue, 16 Jan 2007 17:06:00 +0000 http://www.doctorhousingbubble.com/real-homes-of-genius-south-gate-home-at-397000-%e2%80%93-reduced-from-475000/#comment-181 anon:<br/><br/>Fraud in the housing industry? I am shocked!<br/><br/><a HREF="http://drhousingbubble.blogspot.com/2006/11/when-fbi-gets-involved-you-know-we-are.html" REL="nofollow">The Bonnie and Clyde of Real Estate</a> anon:

Fraud in the housing industry? I am shocked!

The Bonnie and Clyde of Real Estate

]]> By: Anonymous http://www.doctorhousingbubble.com/real-homes-of-genius-south-gate-home-at-397000-%e2%80%93-reduced-from-475000/#comment-180 Anonymous Tue, 16 Jan 2007 16:05:00 +0000 http://www.doctorhousingbubble.com/real-homes-of-genius-south-gate-home-at-397000-%e2%80%93-reduced-from-475000/#comment-180 There are rumors floating around that if a house has a series of reduced price points. Then a sudden unexplained increase in price it's a signal to mortgage fraudsters that this seller will be friendly to turning a blind eye if anything seems strange at close. There are rumors floating around that if a house has a series of reduced price points. Then a sudden unexplained increase in price it’s a signal to mortgage fraudsters that this seller will be friendly to turning a blind eye if anything seems strange at close.

]]> By: Dr Housing Bubble http://www.doctorhousingbubble.com/real-homes-of-genius-south-gate-home-at-397000-%e2%80%93-reduced-from-475000/#comment-179 Dr Housing Bubble Mon, 15 Jan 2007 19:45:00 +0000 http://www.doctorhousingbubble.com/real-homes-of-genius-south-gate-home-at-397000-%e2%80%93-reduced-from-475000/#comment-179 Socalappraiser:<br/><br/>What you talk about is the allure of McMansions. Why worry about schools or good neighborhoods when you can fortress yourself in a 3,000 square foot castle? My feeling is that people went beyond the areas you mentioned and ventured out into Arizona and Nevada. When you talk about Moreno Valley you are absolutely correct; people left because they wanted “nicer” homes but you still need a good infrastructure in place to provide excellent future value. <br/><br/>You should post some of your anecdotal stories too since you have a in depth look at the field. However, as the air is coming out of the market it is becoming all to easy to spot these real homes of genius.<br/><br/>Dr. H Socalappraiser:

What you talk about is the allure of McMansions. Why worry about schools or good neighborhoods when you can fortress yourself in a 3,000 square foot castle? My feeling is that people went beyond the areas you mentioned and ventured out into Arizona and Nevada. When you talk about Moreno Valley you are absolutely correct; people left because they wanted “nicer” homes but you still need a good infrastructure in place to provide excellent future value.

You should post some of your anecdotal stories too since you have a in depth look at the field. However, as the air is coming out of the market it is becoming all to easy to spot these real homes of genius.

Dr. H

]]> By: socalappraiser http://www.doctorhousingbubble.com/real-homes-of-genius-south-gate-home-at-397000-%e2%80%93-reduced-from-475000/#comment-178 socalappraiser Mon, 15 Jan 2007 17:58:00 +0000 http://www.doctorhousingbubble.com/real-homes-of-genius-south-gate-home-at-397000-%e2%80%93-reduced-from-475000/#comment-178 Dr.,<br/><br/>Another gem. One sidebar of this story is the amount of people from older areas (South Gate, Compton, Hawthorne, etc..) that sold during the boom and moved out to Fontucky, Riversippi, etc. I did quite a few of these transactions and the tendency was to take on more house and more debt than they were in in the house they sold. Drive thru parts of Moreno Valley some time. I was doing appraisals in 99, 2000 where people were still upside down from 90, 91. Not that I'm jaded but when bed sheets function as curtains its a dead giveaway what type of area you're in. Remember all the new developments in Fontana, Rancho Cuca., etc. that advertised "NO HOA FEES"? As this market worsens get ready for the bed sheets on windows, brown lawns and the occasional Carolina blue paint job in these areas too. Dr.,

Another gem. One sidebar of this story is the amount of people from older areas (South Gate, Compton, Hawthorne, etc..) that sold during the boom and moved out to Fontucky, Riversippi, etc. I did quite a few of these transactions and the tendency was to take on more house and more debt than they were in in the house they sold. Drive thru parts of Moreno Valley some time. I was doing appraisals in 99, 2000 where people were still upside down from 90, 91. Not that I’m jaded but when bed sheets function as curtains its a dead giveaway what type of area you’re in. Remember all the new developments in Fontana, Rancho Cuca., etc. that advertised “NO HOA FEES”? As this market worsens get ready for the bed sheets on windows, brown lawns and the occasional Carolina blue paint job in these areas too.

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