Comments on: Real Homes of Genius: The Culver City Mortgage Equity Withdrawal Machine. The Hidden Southern California Housing Disaster.

By: Sailor

Sailor — Mon, 27 Jul 2009 11:38:35 +0000

You can really tell in this thread who owns and who doesn’t. I have only lived in California since 2001 but has seen the prices double where I am now in that time frame. I am not on the coast like the rest of you but I can’t believe people are trying to justify 3/4 of a million dollars for anything that small, or over a million for a burnt out piece of crap. The cool aid has run deep and wide in California for way to long. Anyone who thinks these are or were decent prices need a piss test. Even hear in the valley (desert really) they think 1100 sqft houses are worth 200k or more.

It amases me the way californians demand everything for nothing then complain because the schools are failing. It’s only going to get worse so if you own a house now hope you don’t have to sell in the next 10 or more years. If you do do it now so your credit will be good again by the time the housing even starts to become viable again.

By: StudioEstater

StudioEstater — Tue, 14 Jul 2009 13:35:45 +0000

The house in question is in Studio Estates. Just finished a 2 yr corporate lease for 5k per month. WAY OVERPRICED as there is a house that sits empty 2,000 sq ft 3bd for $3,500 per month (recently reduced from $3,800 per month). The house in question is 4bd and 2,600 sq ft. The owner does own another house and live in the neighborhood. I have one issue with your calculation – as of 7/1/09 a $729,000 could be obtained at 5.125 resulting in a monthly payment of $3,969.31. If you don’t get down to the 729k number, then rates shoot to norht of 7%. Still don’t think it’s worth it, but to even consider it…you better but down a down payment to get to 729k.

By: Zoglog

Zoglog — Fri, 10 Jul 2009 20:45:59 +0000

Well said Kevin…

Like I posted before, can’t wait for prices to get to what they should be at. vultures is hardly a proper term, we’re just buying responsibly.

By: Real Estate Douchebag

Real Estate Douchebag — Fri, 10 Jul 2009 01:58:11 +0000

Very few individual homeowners will sell at these reduced prices. Denial is too powerful. The prices will be driven down by banks who have reposessed homes in this price range and are willing to sell for what they can get.

By: Kevin

Kevin — Thu, 09 Jul 2009 21:34:14 +0000

Chill out richierod. 1. Most of us just want to responsibly buy a little house. My wife and I work in CC and would love to buy a place close to work. Read the article again. Hardly anyone makes $200k+, so these prices are unsustainable. 2. It wasn’t your hard work that enabled you to move up over the last 15 years. It was the bubble!