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Old 01-24-2008, 02:57 PM
 
Location: SoCal-So Proud!
4,263 posts, read 9,694,223 times
Reputation: 1541

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Historically speaking, you seem to have a sound plan.
As a banker (if your tag commensurates with your profession) you realize that this nation is in deeper "doo-doo" than ever before. It's much more than a "credit crunch" as the Fed leads to believe. I'm not really a doomsdayer, but I have my exit strategy well planned. I don't think I can say much more without hijacking your thread...so I'll stop. Good luck to you!
Strap in, it's going to be one heck of a ride.

 
Old 01-24-2008, 03:30 PM
 
Location: North Central
59 posts, read 188,210 times
Reputation: 23
Quote:
Originally Posted by banker View Post
the base price has come down significantly for the same house...about $60-75K when the change in options pricing is taken into account. This is due to the ever weakening housing market.
Banker, do you feel the housing market is over valued?
 
Old 01-24-2008, 04:01 PM
 
1,740 posts, read 5,186,226 times
Reputation: 336
Quote:
Originally Posted by Retired-&-going-back-2-CA View Post
Banker, do you feel the housing market is over valued?
Not in SA. We did not see the high run up of values like the rest of the nation. The properties on the west and east coast are destined for a really rough time. When your property goes up by 20-30% per year you know that the end is near...historically property values have risen by about 3-5% per year - so we have outpaced that by a small margin - but not so much that we are headed for a crash...

The main problem with the financial sector is that most people are in debt up to their eyeballs with mortgages, cars and credit cards. I am fortunate enough to have no credit card debt, be close (three more months) to having both cars paid for and have a low mortgage relative to my income.

Most people live for the moment with no thought of what the consequences might be if they happen to live to retirement age. I hate seeing my 401K balance drop with the roller coaster stock market - but most people don't even have a 401K to think about...I hope if the country learns anything from this credit crisis - it is that you need to plan for the future - pay down your debts and start saving for retirement and quit thinking about houses as a place to make a quick buck. Buy a house and plan on living there long term...that would help a lot of people.

So anyway...back to the thread topic.
 
Old 01-24-2008, 04:46 PM
 
Location: North Central
59 posts, read 188,210 times
Reputation: 23
Quote:
Originally Posted by banker View Post
Not in SA. We did not see the high run up of values like the rest of the nation. The properties on the west and east coast are destined for a really rough time. When your property goes up by 20-30% per year you know that the end is near...historically property values have risen by about 3-5% per year - so we have outpaced that by a small margin - but not so much that we are headed for a crash...

The main problem with the financial sector is that most people are in debt up to their eyeballs with mortgages, cars and credit cards. I am fortunate enough to have no credit card debt, be close (three more months) to having both cars paid for and have a low mortgage relative to my income.

Most people live for the moment with no thought of what the consequences might be if they happen to live to retirement age. I hate seeing my 401K balance drop with the roller coaster stock market - but most people don't even have a 401K to think about...I hope if the country learns anything from this credit crisis - it is that you need to plan for the future - pay down your debts and start saving for retirement and quit thinking about houses as a place to make a quick buck. Buy a house and plan on living there long term...that would help a lot of people.

So anyway...back to the thread topic.
Sorry, I should have been more specific. Anyways, what I meant was over valued in the Quarry and/or new construction. I would assume there is because of the big drop in base price from a year or two ago that you had just mentioned about.
 
Old 01-25-2008, 05:32 AM
 
1,740 posts, read 5,186,226 times
Reputation: 336
Quote:
Originally Posted by Retired-&-going-back-2-CA View Post
Sorry, I should have been more specific. Anyways, what I meant was over valued in the Quarry and/or new construction. I would assume there is because of the big drop in base price from a year or two ago that you had just mentioned about.
I would guess that those who purchased a new home in 2006 paid the highest in terms of being over valued. Prices have eased - even come down in some communities - or stayed the same with more included features. As far as the Quarry is concerned - I think that the values are pretty fair. You always pay a premium to build new - so as long as you go into it realizing you will need to live in the home a few years to recoup your entire investment - you should be ok.
 
Old 02-02-2008, 08:52 PM
 
30 posts, read 99,118 times
Reputation: 12
Quote:
Originally Posted by banker View Post
Have you checked out the Astor floor plan? It has two huge closets in the master bedroom? Very nice floorplan...
Well, we did it. Took the plunge with you and decided to move into the Quarry and build the Liberty series...going with the Madison. We too think it's the best location. Love the lot sizes and we wanted to get in before the floorplans changed. We are not too fond of the new ones...especially the exteriors. Guess that will make us neighbors!! Thanks for all of the insight, it was helpful
 
Old 02-02-2008, 10:17 PM
 
265 posts, read 1,086,337 times
Reputation: 106
Being from Michigan, we knew nothing of the the KB drama there, but when we asked our Realtor about a new development in Stone Oak by KB, he was quick to tell us that many of their problems of the past have been corrected & they're just unfairly being dogged by a bad reputation. Congrats on your new build, hope it goes smoothly for you!
 
Old 02-03-2008, 07:00 AM
 
1,740 posts, read 5,186,226 times
Reputation: 336
Quote:
Originally Posted by jams33 View Post
Well, we did it. Took the plunge with you and decided to move into the Quarry and build the Liberty series...going with the Madison. We too think it's the best location. Love the lot sizes and we wanted to get in before the floorplans changed. We are not too fond of the new ones...especially the exteriors. Guess that will make us neighbors!! Thanks for all of the insight, it was helpful
Congrats. I assume you are Ashbury Bay. When did you buy? What side of the street on you on? We back up to the Ranch.
 
Old 02-03-2008, 06:58 PM
 
218 posts, read 246,716 times
Reputation: 32
Are there any renderings of the Alon Towne Center?
 
Old 02-04-2008, 05:09 AM
 
1,740 posts, read 5,186,226 times
Reputation: 336
Quote:
Originally Posted by michelangelosa View Post
Are there any renderings of the Alon Towne Center?
No. Try googling for it - and if you find somethign post it in that thread. This one is about The Quarry at Iron Mountain.
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