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

By: Gone

Gone — Fri, 30 Jul 2010 14:06:58 +0000

I came of age on the Westside and lived at the time these were built I lived during high school in Carlson Park. I can say IMHO even at that point when these places were around 350K and most houses were 150K they were to me grossly overpriced for what they were and how they were built. My biggest question off this particular thread is who I ask WHO in their right mind would pay anything over 250K to live in strictly average housing? That is all is seen in much of Santa Monica and Culver City …and even parts of lower Beverly HIlls to me. None of this lunacy jelled to me whatsoever because in my view the pricing was not real or valid in terms of honest value it was based on questionable factors including greed and stupidity. I now at this point in life watching this fiasco question each transaction. Consider if so many people made so much money why is everyone in the country especially LA so hard up? Investigate. I rest my case on the fact that the renters were the smart ones in this scenario who didn’t fall into the bullshit as they now don’t have that 500K or 750K or more debt on their heads with a dump worth half or less and quickly falling more each day. Did anyone ever consider how much debt they were eating with most of these places? I really don’t think so. A fool and their money are soon parted now they can pay for being the sucker.

By: Thom

Thom — Fri, 30 Jul 2010 13:59:40 +0000

I came of age on the Westside and lived at the time these were built in Carlson Park. I can say IMHO at that point when these places were under 350K they to me were grossly overpriced. My biggest question off this particular thread is who I ask WHO in their right mind would pay anything over 250K to live in strictly average housing especially as is seen in most of Santa Monica and Culver City and even parts of lower Beverly HIlls? Or for that matter in any city? None of this made or make any sense whatsoever because to me the pricing was not real or valid in terms of honest value it was based on other questionable factors. I now question each transaction because if so many people made so much money why is everyone in the country especially LA so hard up? Investigate on. I rest my case on the fact that the renters were the smart ones in this scenario as they now don’t have that half a million or more debt on their heads (did anyone even consider how much money is being talked about with most of these places? I don’t think so.)

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.