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Old 05-29-2007, 09:25 PM
 
Location: palm harbor
471 posts, read 1,656,607 times
Reputation: 238

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Quote:
Originally Posted by kort677 View Post
please, I'd be very happy getting 11%, what investment is it in?
PNC offers the services of a financial consultant to its account holders-not just premium account holders-we are very ordinary middle class financially. He went over the options with us and manages the account which is a capital directions asset mix.
You can find some info on this at pnc.com.
pm me if you want my advisor's name or have more questions.

 
Old 05-30-2007, 01:18 PM
 
165 posts, read 655,603 times
Reputation: 27
Just my thoughts. When we were in the boom 2 yrs ago there were just a few homes on the market plus you had the lottery's to get a house now you can get a home anywhere so why should people over pay. Get a new house it's cheeper.
 
Old 05-30-2007, 05:56 PM
 
Location: Missouri
109 posts, read 391,873 times
Reputation: 29
Default Thanks

I agree with most of what was talked about here, mainly because it makes sense and it's logical.

Thank you very much!
 
Old 05-31-2007, 04:58 AM
 
Location: Riverview
372 posts, read 858,228 times
Reputation: 80
Thanks carolac and Hondax!!

Here's a reason, in today's news, why the prices are so high:

Housing analysts see gloom and doom

WASHINGTON -- For a long time, Paul and Amy Woodhull's house on Capitol Hill was a honey pot. Through multiple refinancings over nearly a decade, they pulled out money to fix it up, buy a car, pay down credit cards, buy three other properties and improve them, too...
delawareonline ¦ The News Journal, Wilmington, Del. ¦ Housing analysts see gloom and doom

Last edited by Marka; 12-10-2007 at 05:41 AM.. Reason: copyright issues
 
Old 05-31-2007, 06:08 AM
V20
 
67 posts, read 271,598 times
Reputation: 31
Quote:
Originally Posted by nychiefsfan View Post
Here's an additional comment from that article:
Buyers need to avoid the temptation to toss out lowball offers, because sellers won't negotiate if they feel insulted.

My retort: Who gives a rats a$$ if the seller feel insulted? The seller is insulting the buyer by listing prices that are higher than the housing boom prices. That's a 2 way street, IMO.
I have recently been buying several properties for investment (I know many of you will think I'm crazy, but I believe that some deals are so good that it is unlikely they will get lower).

The funny thing about your retort is that a realtor told me the same thing - "you don't want to insult the seller or they will not want to do further business with you". My response was "Big Deal, Who cares?" I'll just go to the next seller, and then the next, and so on and so on until someone bites. Trust me, my offers are extremely low and they have been working.

I now feel as most of you do that the market will continue to slide for a while before it recovers. Hopefully not 3 to 5 years as some here have been predicting. I feel that when it does recover it will recover very strongly (particularly for saltwater properties). Hence my willingness to continue to invest.

My thoughts on waiting for the absolute bottom to hit:

I am too impatient to wait a year or so.

Also, I enjoy making insanely low offers. If the market turns even slightly and pendings start to go up my concern would be that sellers would be far less inclined to take very low ball offers.
 
Old 05-31-2007, 07:43 AM
 
193 posts, read 488,670 times
Reputation: 48
V20,
I'm doing the same thing. Right now I get that not so fuzzy feeling that we are at the bottom and in spite of the realtors it might actually be time to buy. Unfortunately, I am old enough to be able to say that I have seen many of these cycles occur in different parts of the country. The location, types of houses and prices were different but the cycle itself and the timeline are very similar.
There are some excellent deals on saltwater lots in the Port Charlotte area. I just missed a standard size sailboat water lot, it sold for 160K, in 2005 that same lot was selling for over 300K. IMHO Port Charlotte is the last area in FL with cheap waterfront property. THe way the county govt's are screaming about layoffs makes me think that there will actually be a substantial reduction in RE taxes in the next few weeks. Those county govt's usually know things before the regular taxpayer does. Those tax cuts could be the catalyst that turns things around very quickly and will make todays prices seem very cheap 2 or 3 years from now. I know that housing throughout the country is still hurting, the macro view but in micro markets there are tons of opportunity. I do not buy into all the negative hype nor into the NAR's hurry up and buy scenario. Neither view applies to all market areas. Bloomberg says it is tanking and Forbes says it is going up from here. I,m sure there are 1,000,000 articles, charts, opinions etc etc to support each viewpoint but I can't help remembering what Warren Buffet always says " when everyone is buying SELL and when everyone is selling BUY"
I know this post will be attacked 39 different ways from hell but it is my opinion, what I believe and what I am doing>>>>>BUYING<<<<<
 
Old 05-31-2007, 08:40 AM
 
458 posts, read 595,154 times
Reputation: 136
If you feel you got a good deal then buy. As long as you plan to hold for at least a decade, great.

RE tax cuts will do nothing. It will simply be shifted elsewhere. Other factors come into play such as utilities, credit card debt, insurance, over building, other states competing for retirees, and the fact that prices went up 100% too much already.

It is all about wages. Wages have been stagnant for 12 years. So your claim that cutting real estate taxes will make prices zoom up again is absurd. Real estate taxes are one small part of the already bloated equation.

My gut tells me that not only is this not the bottom, but we have not seen anything yet. 2 years from now we will still be looking for the bottom.

There is nothing to 'recover'. There were no fundamentals to support real estate price increase from 2000-2005. In fact, prices should have dropped. The fundamentals going forward are all bad. Not 3-5 years bad....20 years bad.

Last edited by JimKing; 05-31-2007 at 08:49 AM..
 
Old 05-31-2007, 08:54 AM
 
55 posts, read 286,063 times
Reputation: 13
Quote:
Originally Posted by Audacious View Post
V20,
THe way the county govt's are screaming about layoffs makes me think that there will actually be a substantial reduction in RE taxes in the next few weeks. Those county govt's usually know things before the regular taxpayer does. Those tax cuts could be the catalyst that turns things around very quickly and will make todays prices seem very cheap 2 or 3 years from now. I know that housing throughout the country is still hurting, the macro view but in micro markets there are tons of opportunity. I do not buy into all the negative hype nor into the NAR's hurry up and buy scenario. Neither view applies to all market areas. Bloomberg says it is tanking and Forbes says it is going up from here. I,m sure there are 1,000,000 articles, charts, opinions etc etc to support each viewpoint but I can't help remembering what Warren Buffet always says " when everyone is buying SELL and when everyone is selling BUY"
I know this post will be attacked 39 different ways from hell but it is my opinion, what I believe and what I am doing>>>>>BUYING<<<<<

Audacious - I don't have an agenda one way or the other, but my gut is telling me the same thing as yours. Nationally, I don't think we have seen the bottom, but I think now is a good buying opportunity in desirable areas. The less desirable areas and areas that are more subject to subprime woes I think will take longer. I think buyers can make the same mistake that seller's were making during the boom years...holding out for a ridiculous price.

When everything looks awful, that's the time to hold your nose and jump in. Just don't be swayed by realtors and do your homework on the property and area.
 
Old 05-31-2007, 08:55 AM
 
458 posts, read 595,154 times
Reputation: 136
By the way, Adams homes in Port Charlotte dumped 400 water lots for $20,000 each two weeks ago to another developer. They went for as much as $250,000 at the peak.

So be careful what you consider "getting a deal". You missed a deal at $160,000....when the lots are being sold in bulk for $20,000.

Wow, some folks are determined to lose their money one way or another!
 
Old 05-31-2007, 10:59 AM
 
3,269 posts, read 9,913,367 times
Reputation: 2025
Quote:
Originally Posted by JimKing View Post
There is nothing to 'recover'. There were no fundamentals to support real estate price increase from 2000-2005. In fact, prices should have dropped. The fundamentals going forward are all bad. Not 3-5 years bad....20 years bad.
Of course this is the key and it also the one thing people ignore. It's just like the dot.com crash when fundamentals were ignored because they "didn't matter in this new economy". I am looking for 2000 prices + a reasonable appreciation (say 3%) for each year and then I buy.

I too am old enough to remember previous crashes / corrections. It's always the same thing - "good areas won't be affected, there is only so much waterfront property etc". Don't forget when the economy is in the toilet and interest rates are high there are far far fewer buyers for "luxury" properties and they often take the longest to rebound.
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