LOL. That puppy park is full of women asking to be slayed. The other thing is that I work downtown and need to get away sometimes :DQuote:
Originally Posted by mcsquared
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LOL. That puppy park is full of women asking to be slayed. The other thing is that I work downtown and need to get away sometimes :DQuote:
Originally Posted by mcsquared
Liar! :DQuote:
Originally Posted by mcsquared
It's good to hear the Downtown Denver properties doing so well. I've got two houses on the fringe of that area (there are very cool lofts a few blocks to the west, north and east of the homes and more being built all the time). I'll just keep holding on. If I just got 175 a sq ft for either property I'd make out like a bandit. :D
Here the 'Starter Home' market is the strongest sector, IMO.Quote:
Originally Posted by liv2ski
But a 'starter home' costs $350K, so...
Another interesting insight. Was discussing this very scenario recently with some beer buddies. They claimed the same thing, but isn't the collateral for the second mortgage the home itself, ... in theory the equity in the home above what is owed on the original mortgage. Which if that goes underwater the collateral becomes the good paying habits of the borrower?.Quote:
Originally Posted by Stu Gotz
And we came up with this scenario. Suppose some in suburban NJ or Long Island got a second mortgage a few years back. He used the cash to buy into a second vacation/mountain home, or ever a condo in the mountains. So he has managed to transfer the equity in the 2nd home into his primary residence. But neither the 2nd home/condo nor primary residence can be sold quickly, and even if they could they have lost value. What happens in this case on a default?
$200/ft/ appear to be the going rate now, IIRC.Quote:
Originally Posted by meatdrink9
Lenders Swamped By Foreclosures Let Homeowners Stay
Quote:
April 4 (Bloomberg) -- Banks are so overwhelmed by the U.S. housing crisis they've started to look the other way when homeowners stop paying their mortgages.
...
``Some people stay in their houses until someone comes to kick them out,'' said Angel Gutierrez, owner of Dallas-based Metro Lending, which buys distressed mortgage debt. ``Sometimes no one comes to kick them out.''
...
``Some of the banks just don't want the houses to be empty, especially if it's in an area where there's a lot of theft or there are five other houses empty on the street,'' said Kapsalis, who works at Added Value Realty LLC in Livonia, Michigan, another Detroit suburb. ``They'll lose toilets, plumbing, appliances, everything. Banks are getting wise and allowing people to live there longer.''
...
Few mortgage companies will admit they allow homeowners to stay in their homes without paying their bills.
``No servicer will say you can live rent-free for six months, go ahead,'' said Paul Miller, a mortgage industry analyst at Friedman Billings Ramsey & Co. in Arlington, Virginia. ``Eventually, the servicers will clear these guys out.''
...
That doesn't take into account the woman he knows who hasn't made a mortgage payment in eight months and hasn't heard from her lender, Pannabecker said.
``Now she's afraid to mail in a payment for fear it'll come to somebody's attention,'' he said.
The exact opposite is being reported here, Homeowners Trash Their Homes Before Handing Over the Keys.
Called the "cash for keys" approach, lenders are offering people from a few hunnie to a few thou to vacate, the idea being get the occupants out before they rip the place up. This is reported from Las Vegas, they're always so cutting-edge out there, even in home foreclosures.
Mortgage Delinquencies Rates, by state, by quarter since Q4 2005.
http://online.wsj.com/public/resourc...UBPRIME07.html
FL and NV lead the way in the 5.5 - 7% range . Check out the Add'l Mortgage Maps, too
Just talked to a buddy in Steamboat. A developement that sold out in a couple days with refundable deposits has had about 75% of the deposits returned. He feels that ultimately none of the buyers will close. It WILL hit prime locations. AND commercial is coming next.
Remember when the Japanese bought up all the high priced golf courses and got burned big time?
You should totally sell one of those houses around, say, August. I might know somebody who'll be in the market ;)Quote:
Originally Posted by meatdrink9
The problem is even if the buyers are very qualified the banks just aren't opening their wallets for loans. I bet the people liked the properties and wanted to buy, but ran into trouble when it came time to get the loans (or front enough of the down payment required). I think you'd be OK if you had good credit and wanted to owner occupy, but I bet these were investor loans or 2nd homes. You better be putting at least 20% down for an investor loan.Quote:
Originally Posted by Craven Morehead
2 of my last 3 purchases I ended up paying straight cash. The property I was able to secure a loan for, required me to escrow $8,400 for repairs (the money has since been released back to me). I am buying properties that are generally pretty beat-up and bank-owned, but I have a flawless track record with properties. No credit smudges what-so-ever and great reserves. I always bring 20% down. The problem is even though I qualify for the loan the banks are hesitant to lend on the properties (beat-up, and the general market is headed down, even though I'm buying for rock-bottom prices).
The last property a loan was declined on was a 1,500 sq. ft. two-story Victorian. It'll take about a month of full-time work and 8K to remodel it (to a very sick place). I got 2K for the commission. The price was 59K. I wanted a loan for 45K. 45K was too much risk for the bank to take on for this property. So I said "fuck them" and paid with my own cash (which happened to be parked at the bank that denied the loan). :D I guarantee this property will appraise for over 100K when I'm done with the remodel. I'll refinance it 6 months from the purchase date and pull the 65K I'm into it and still have a cash flow of $300 a month. Then that 65K will go into the next projects. Hopefully I can leverage it. If not, I'll go cash and refi again.
khakis, ha ha. I like the properties. I would be happy to get rid of one of the renters though. ;)
http://www.nytimes.com/2008/04/14/bu...590&ei=5087%0A
"Citing the reverberations of the American housing bust and credit squeeze, the International Monetary Fund last Wednesday cut its forecast for global economic growth this year and warned that the malaise could extend into 2009.
“The problems in the U.S. are being transmitted to Europe,” said Michael Ball, professor of urban and property economics at the University of Reading in Britain, who studies housing prices. “What’s happening now is an awful lot more grief than we expected.”"
Benny, read that earlier and was a bit surprised... I guess I shouldn't have been. The beginning paragraphs do a good job describing it;
Quote:
DUBLIN — The collapse of the housing bubble in the United States is mutating into a global phenomenon, with real estate prices swooning from the Irish countryside and the Spanish coast to Baltic seaports and even parts of northern India.
This synchronized global slowdown, which has become increasingly stark in recent months, is hobbling economic growth worldwide, affecting not just homes but jobs as well.
In Ireland, Spain, Britain and elsewhere, housing markets that soared over the last decade are falling back to earth. Property analysts predict that some countries, like this one, will face an even more wrenching adjustment than that of the United States, including the possibility that the downturn could become a wholesale collapse.
what bullshit to blame the Euro bubble on the collapse of hte US bubble.
They did it to thmselves just like we did.
they bought holiday properties without seeing them ever.
they bid up flats in london without being able to afford principal payments (like california)
Its an independent human stupidity that real estate always goes up.
(kind of off-topic) Any Denver mags got a home inspector recommendation?
I was happy with my guy in Boulder, seemed really thorough, but really don't have much to go on. Let me know if you want his name.
Thanks, I'll get in touch with you when I get closeQuote:
Originally Posted by Danno
Could be worth a read if you are looking to buy in the Front Range:
"Where to Buy (Even) Now"
http://www.5280.com/issues/2008/0805...hp?pageID=1091
Any mags live in Ken Caryl Valley? Curious as to how the "private" hiking/mountain biking trails are out there.
for the record, my house in MT is STILL for sale. Please someone buy this house!
Good read! Thanks for sharing. Somewhat sad in the pants that our neighborhoold (Platt Park) didn't make the list (though we love where we live)Quote:
Originally Posted by ColMan
I was surprised to see that Highlands Ranch made it on the list.
With the redevelopment of the Gates land and light rail nearby, Platt Park will do well.
The light rail access is the most underrated element to our new 'hood.Quote:
Originally Posted by ColMan
driving to work has become a thing of the past.
Agreed, I haven't driven downtown in quite a while.Quote:
Originally Posted by Rontele
The question I know have to ask myself is whether its quicker to bring my bike and have everything ready to go from downtown on the days I go riding after work,Quote:
Originally Posted by ColMan
OR if I can come home and just grab everything.
I don't tend to ride after work as much as I used to b/c of the traffic. I do see how the western burbs could be appealing for apre-work rides. If were to ever move outside of the area, I would probably take a look at Ken Caryl Valley. The idea of having uncrowded private biking trails behind my house would be pretty sweet. Though having to drive everywhere else would not.
Its not so bad (though the days I ride, I tend to leave at 430).Quote:
Originally Posted by ColMan
ColMan,
The other fun thing I've been doing is taking my bike with me in the mornings on the light rail and then riding home!
Do you have clipless wingtips?
no, penny loafers.Quote:
Originally Posted by RootSkier
Usually I keep a "work suitable outfit" in my office and wear riding attire to work.
Right on. Great idea as I've always avoided riding due to the lack gym/shower facilities in my building. Though shaving my head and using a lot of deodorant might work.Quote:
Originally Posted by Rontele
Yup. Coming to work totally sweaty isn't ideal and frankly, I don't usually have tons of motivation to ride at 615 when I haven't had my coffee yet. :)Quote:
Originally Posted by ColMan
http://www.nytimes.com/2008/04/29/bu...on-web.html?hp
American homes are losing their value at the fastest rate in two decades, according to a closely watched report released on Tuesday.
In the 12 months ended in February, the Case-Shiller home price index, which measures the value of single-family homes in 10 major metropolitan regions, fell 13.6 percent, the worst decline since records began in 1987. A broader 20-city index dropped 12.7 percent.
The slump in home prices was more severe than the worst point of the recession of the 1990s, the last time values fell so far, so quickly.
As foreclosures rise and mortgage lenders tighten their standards, the market is expected to continue to suffer under the pressure of sagging inventories and a dearth of qualified buyers, economists said.
“This is not, alas, a fluke,” Ian Shepherdson, a London-based economist at High Frequency Economics, wrote in a note to clients. “The monthly declines have been accelerating steadily over the past year and this just marks another step on the way.”
All 20 regions included in the index recorded price declines in February, with Western cities like San Francisco, Los Angeles and San Diego among the worst performers. Only the Charlotte, N.C., area has seen prices increase from February 2007 to February 2008.
Single-family homes in Las Vegas, Miami and Phoenix have lost more than a fifth of their value over that period, according to the report, which is released by ratings firm Standard & Poor’s.
“There is no sign of a bottom in the numbers,” said David M. Blitzer, who oversees the index, in a statement.
Well, Benny, you can rub one out on this one...Even the Alpine, Wy market is getting hit. Just got this e-mail from our local realtor Board:
" hope everyone had a wonderful day!
Just a heads up...... Ive drastically REDUCED the price of our 4.94 acre Mixed Use (Residential AND/OR Commercial) Property from $1,150,000 to $899,000 until June 1.
Its located just north of Alpine Jct. on the main drag, 4.94 Acres, plenty of great well water, new roads and almost 500 of highway frontage! Currently there are 4 homes/cottages on the property varying in size and bringing in $3200/mo in rental income. These buildings can remain in place until ready to develop into much needed condominiums for commuters, commercial or a combination of both!
In addition, LC P&Z has informed me that public sewer and water are scheduled to come to the lot line by early 2009! Currently there is the well and a septic servicing the existing homes.
Price will increase again on June 1.
Take care and Im happy to assist you with your questions and concerns.
--
Sincerely,
Stephanie M. blahblah
Associate Broker
Century 21 Mountain View Real Estate"
Always hard for an individual Agent to judge the market, since we only see our own little slices at a time. But I've had maybe my busiest single month in 8 or 10 years? Should settle in around 2.5 million in properties under contract for those 30 days? Our market has been busier all around, but not every agent in my office is able to smile yet, so don't think I'd call it a "recovery" yet...
I think it has been said before but that Case Schiller Index is crap and doesn't do a very good job at demonstrating the overall market very well. Its like a stock index of the most volatile stocks. Things have picked up around here too. I have sold two properties in the past 2 weeks.
I posted this in another thread, but definitely belongs here
Just listened to this on a long drive home from a bike ride. Not a big fan of Ira Glass and This American Life, but this was one of the best explanations of how the world got into the present "credit crunch" for the layman. Hell, since even Warren Buffet is confused by this shit, maybe he'll like it.
http://www.thisamericanlife.org/Default.aspx - "The Giant Pool of Money"
It's available as a free podcast for the week starting Monday, 5/12, and I think he's on XM. You can also stream it on your computer.
My favorite is how some kid just out of college at the end of his game selling these bundles described how, when his income dropped to 24000 for the month, couldn't meet expenses.
Damn I hope so, closing next Monday. Anyone want to recommend a good electrician? :DQuote:
Originally Posted by mcsquared
Can you send me some more info about this?
Quote:
Originally Posted by rideit
Definitely a good listen - they broke down the CDO market pretty well, which isn't an easy task.Quote:
Originally Posted by Benny Profane
To me, the people like the one you mentioned are where the blame should be laid for this entire sitchmo.. Some kid, straight out of college, making 75 grand a month by falsifying loan apps so he can hang out at nightclubs and pretend he's a big deal? Awful.
New rule of thumb for bubbles: when chauncys like that guy are pulling in 75 grand a month out of college, SOMETHING IS WRONG.