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Old 05-17-2014, 04:49 PM
 
29,829 posts, read 34,912,438 times
Reputation: 11752

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Quote:
Originally Posted by brienzi View Post
What does younger and very well educated have to do with building on toxic land. Sounds like the very well
educated may be a bit naive..

Let's see, I'm getting married and plan on having kids and they can play on the former toxic landfill!! But I'm
highly educated..
Perhaps it had to do with their research skills!

Foster City, California - Wikipedia, the free encyclopedia

Quote:
Foster City is a planned city located in San Mateo County, California, 94404. As of the 2010 census, the city had a total population of 30,567. Forbes ranked Foster City #10 on their 2009 list of America's Top 25 Towns to Live Well. Money has also recognized Foster City multiple times as one of the Best Places to Live. Foster City is sometimes considered to be part of Silicon Valley for its local industry and its proximity to Silicon Valley cities.[4][5]

Foster City was founded in the 1960s on engineered landfill in the marshes of the San Francisco Bay, on the east edge of San Mateo.
Heck what do those folks know anyway, I prefer Forum posters. Slapping yourself can often hinder critical thinking.
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Old 05-17-2014, 04:54 PM
 
29,829 posts, read 34,912,438 times
Reputation: 11752
Quote:
Originally Posted by mathjak107 View Post
Oh yes they are making more land. Battary park city here in manhattan is sitting on landfill where the water once was.
If interested you can compare the profile of Foster City with Battery park.

http://www.city-data.com/city/Foster...alifornia.html
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Old 05-17-2014, 05:01 PM
 
Location: Northeast
1,887 posts, read 1,796,347 times
Reputation: 3740
Quote:
Originally Posted by TuborgP View Post
Perhaps it had to do with their research skills!

Foster City, California - Wikipedia, the free encyclopedia



Heck what do those folks know anyway, I prefer Forum posters. Slapping yourself can often hinder critical thinking.
The next earthquake might change those stats as that area sits on major fault lines.. Research is wonderful and I'll slap my face anytime!
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Old 05-17-2014, 05:04 PM
 
29,829 posts, read 34,912,438 times
Reputation: 11752
Quote:
Originally Posted by brienzi View Post
The next earthquake might change those stats as that area sits on major fault lines.. Research is wonderful and I'll slap my face anytime!
That is very true and we knew that and it is part of the reason they moved back. multiple major faults. Had you made that point instead of it being toxic we would have agreed. Now you can go
Back to convincing MathJak about the toxic nature of battery park. Do you really slap your face or is that internet lingo? I really have never understood slapping your face to make a point.
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Old 05-17-2014, 05:11 PM
 
Location: Northeast
1,887 posts, read 1,796,347 times
Reputation: 3740
Quote:
Originally Posted by TuborgP View Post
That is very true and we knew that and it is part of the reason they moved back. multiple major faults. Had you made that point instead of it being toxic we would have agreed. Now you can go
Back to convincing MathJak about the toxic nature of battery park. Do you really slap your face or is that internet lingo? I really have never understood slapping your face to make a point.
I won't go back anywhere, maybe slap my face again..

Whatever friend, we all have our opinions..
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Old 05-17-2014, 05:17 PM
 
29,829 posts, read 34,912,438 times
Reputation: 11752
Quote:
Originally Posted by brienzi View Post
I won't go back anywhere, maybe slap my face again..

Whatever friend, we all have our opinions..
We really agree on this topic. I know parks and youth fields in high income communities built on
Landfills and I still go hmmm. My kids played on. I have theories about that. The earthquake pattern for Fostet City is horrendous. Really scary. It has a large Asian population and I suspect a lot of cash transactions for houses of late .
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Old 05-17-2014, 11:08 PM
GLS
 
1,985 posts, read 4,850,840 times
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Quote:
Originally Posted by brienzi View Post
The next earthquake might change those stats as that area sits on major fault lines..
California property will be more expensive AFTER the earthquake. All "comps" will be based upon Hawaii home prices.
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Old 05-18-2014, 04:51 AM
 
Location: State of Being
35,885 posts, read 67,227,457 times
Reputation: 22386
The investor market (defined as: folks flipping homes for profit, i.e. - buyers who purchase 10 or more properties annually) was NOT the major driving force behind the cash sales of the first quarter.


Other high-level findings from cash purchases data:

  • 15 percent of all-cash purchases in the first quarter were properties in the foreclosure process, and 10 percent were bank-owned properties.
  • 11 percent of all-cash purchases in the first quarter were to institutional investors, investors buying at least 10 properties in a calendar year.
  • 52 percent of all-cash purchases in March (most recent month’s data only available for this metric) were sold to buyers with a different mailing address than the property address — indicating investors or second-home buyers. That compares to 34 percent of all sales — cash and financed — sold to investors or second-home buyers in March.
  • The average sales price of an all-cash purchase in the first quarter was $207,668 — 13 percent below the average estimated full market value of the properties that were purchased: $237,900.


In my region, property values are going up. My home is now worth nearly (within about $35K) of what it was appraised at in 2007. I hope to recoup some meaningful equity when I put my home on the market.

Loans are not the "problem" in this market. Anyone who had purchased property in the 70s, 80s and most of the 90s would surely realize this. Before the crazy loans were available (no doc loans, no money down loans, etc), Boomers purchased property with 20% down and at several periods over the decades, with interest rates as high as 13%. Anyone who says it is harder to get a loan now is simply wrong.

Now, inventory may have something to do with this, but here's the thing . . . Gen Xers got into the market and insisted on buying homes that were comparable to what their parents had waited until their 40s or 50s to buy. They used crazy loans to get them in many cases. So now there are homes (in my region) that were built and sold at $300K and up . . . and were the haven of folks with kids in elementary school.

The current inventory fit the demand when people could get a loan with a salary of $60K, 5% down, often a variable loan . . . and buy a house they wouldn't qualify for today and which they would never have qualified for in 1980, either. They didn't have $60K to put down on the house in 2003. They got a loan on a $300K house for $15K and sometimes, for even less. There were 0% down loans, too, in case folks have forgotten.

The market adjusted.

Homes selling for $300-400K in 2003 may be back on the market for less money . . . but then there is that pesky downpayment of 20%.

Boomers -- and retirees in particular -- can come up with the 20% but if they are retired, what about the income to debt ratio, especially if they already own a home with a mortgage. THey may not qualify for a loan, but they can cash out of their homes (something most of us always intended to do, anyway) or they can move savings into purchase of a property.

Foreign nationals - well that is not a new phenomenon. It may be a growing phenomenon but it is certainly not new.

(Info I cited from this blog: http://blog.activeadultsdelaware.com...each-new-high/)
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Old 05-18-2014, 05:06 AM
 
71,909 posts, read 71,942,576 times
Reputation: 49447
Quote:
Originally Posted by TuborgP View Post
That is very true and we knew that and it is part of the reason they moved back. multiple major faults. Had you made that point instead of it being toxic we would have agreed. Now you can go
Back to convincing MathJak about the toxic nature of battery park. Do you really slap your face or is that internet lingo? I really have never understood slapping your face to make a point.
i have not seen anything about the site of battary park being toxic although the area has no interest at all to me so i don't follow it.

the area in lower manhattan has had toxic smoke issues from the world trade center that was air borne but that effected all of lower manhattan. .

if you saw a study showing the landfill there toxic post it .
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Old 05-18-2014, 05:17 AM
 
Location: I live wherever I am.
1,935 posts, read 3,749,325 times
Reputation: 3235
Quote:
Originally Posted by anifani821 View Post
Analysts have come up with several different spins on why cash was king for home sales in the first quarter of 2014.
I'll give you another one - investors. America is moving rapidly toward being a country with a small wealthy proletariat which owns all of the property and a large bourgeoisie that rents housing from the proletariat. The government is making it happen, too. In January my wife and I bought a house for $36,000. Compare that to buying a $36,000 new car. The car will depreciate quickly, it can be spirited away so that the bank will have a really hard time recovering its investment if you default on payments, and the monthly payments on that car are far higher than they'd be on the house. Yet, the car deal could take a half hour to close whereas the home deal takes 1 1/2 months. Tell me there's no conspiracy going on. (Really. Do it. I could use a good belly laugh.)
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