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Old 04-22-2016, 12:01 AM
 
4,369 posts, read 3,723,819 times
Reputation: 2479

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Quote:
Originally Posted by Ultrarunner View Post
My rents never declined... in fact from 2008 forward I have had people calling asking if I had anything to rent and even ended up renting the same home to a former tenant for a second time...

This was a very hard working family... they rented a 1100 square feet home from me from 2001 through 2006 before buying a very similar home a few blocks away...

They did a great job updating the new home and I would see them to forward mail... their mistake was taking out a huge HELOC with a low teaser rate... which they invested in the home and two newer cars.

Anyway... in 2009 they called me and said they were driving by and saw a moving truck at the their old house and I said the family is moving to Texas... then I learned they were walking away from their home... they simply could not afford it with all the debt and property taxes...

I told them if they really wanted to rent their old place they could have it... instead of the $900 they were paying it was now $1200... they just about cried... the similar home they had bought was costing them $3500 a month for what they could get from me for $1200 and their kids would not have to change schools.

Down real estate markets tend to have the opposite effect on the rental market... people still need to live somewhere and renting is traditionally less expensive than owning unless you go to the convergence of 2012 for the much of the East Bay...

I sold a home for $255k that was later sold for 350k and later it was sold foreclosure for 80k and last time I checked was again resold for 280k... all of this in a span of 10 years... simply crazy and no the home was not a burned out wreck... just a small 2 bedroom 850 square foot 1927 East Oakland house.
I've come to the conclusion that you don't add anything to this forum. You just say a lot of things that don't follow the laws of economics and just fit in with your situation (which may or may not happened). I can guarantee you most landlords suffer during downturns because the rental market poops since there are less people working or many people get fewer hours resulting in less pay.
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Old 04-22-2016, 12:10 AM
 
28,115 posts, read 63,680,034 times
Reputation: 23268
I've always been a contrarian...

Bought my first home on 90th near East 14th... why... because it is what I could afford and paid cash for it and still own it today... since I moved it has only been rented to two families.

Thinking outside the box and not following lockstep has served me well.

When you are starting at the bottom... it really is hard to fall.

I earned my Engineering Degree in the South Bay... Real Estate prices there did not make sense to me then and don't now.

Oakland has always been the step child with the perfect climate and geographic location that few had vision to see...

It's taken a very long time but I'm in it for the long haul...
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Old 04-22-2016, 12:11 AM
 
4,369 posts, read 3,723,819 times
Reputation: 2479
Quote:
Originally Posted by Ultrarunner View Post
I've always been a contrarian...

Bought my first home on 90th near East 14th... why... because it is what I could afford and paid cash for it and still own it today... since I moved it has only been rented to two families.

Thinking outside the box and not following lockstep has served me well.

When you are starting at the bottom... it really is hard to fall.

I earned my Engineering Degree in the South Bay... Real Estate prices there did not make sense to me then and don't now.

Oakland has always been the step child with the perfect climate and geographic location that few had vision to see...

It's taken a very long time but I'm in it for the long haul...
Personally I'd rather live in the peninsula. I don't worry about drive bys and gang members. Plus he climate is way better than blazing hot Oakland.
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Old 04-22-2016, 12:35 AM
 
28,115 posts, read 63,680,034 times
Reputation: 23268
Now you got to be pulling my leg...

Oakland is tied for the best climate in the country for city size... and this determination is based on the annual number of heating and cooling days...

As to the first statement... now you have the rest of the story... Oakland is not like other parts of the Bay Area and this explains why homes remained very affordable for decades and why rents didn't nose dive as in other places.

The nine Bay Area Counties are as different as they are similar and no place in Northern California can match Oakland when it comes to being a transit hub... Land, Sea and Air... location, location and location...

Since money is an object a lot of us have to buy where we can if we want to own... for me it has been the East Bay and primarily in Oakland... thus these are my experiences.
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Old 04-22-2016, 12:41 AM
 
4,369 posts, read 3,723,819 times
Reputation: 2479
Quote:
Originally Posted by Ultrarunner View Post
Now you got to be pulling my leg...

Oakland is tied for the best climate in the country for city size... and this determination is based on the annual number of heating and cooling days...

As to the first statement... now you have the rest of the story... Oakland is not like other parts of the Bay Area and this explains why homes remained very affordable for decades and why rents didn't nose dive as in other places.

The nine Bay Area Counties are as different as they are similar and no place in Northern California can match Oakland when it comes to being a transit hub... Land, Sea and Air... location, location and location...

Since money is an object a lot of us have to buy where we can if we want to own... for me it has been the East Bay and primarily in Oakland... thus these are my experiences.
927 73rd Ave, Oakland, CA 94621 | MLS #OC16079295 | Zillow
5822 Kingsley Cir, Oakland, CA 94605 | MLS #40735739 | Zillow
http://www.zillow.com/homedetails/10...24796755_zpid/
Those look like such wholesome places to live! You're right.
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Old 04-22-2016, 12:58 AM
 
28,115 posts, read 63,680,034 times
Reputation: 23268
I know all of these streets... my post said my first home was 90th near East 14th and yes I lived there and several more...

One of my best friends grew up on 73rd Ave three blocks up.

I'm glad you posted because it shows you understand...

Not every place in the SF Bay Area or for that matter within 20 minutes from SF costs a million+ for a starter home...

Tens of thousands of us make do with much less and will continue to do so... they go to work just like anybody else and if they work in Oakland earn at least $12.55 an hour... waiting tables, landscaping, construction, medical assistants, sales clerks and yes... even fast food.

Consider me a voice speaking for the Oakland flatlands where real people live and take care of their families and do so on modest incomes...

If you happen to be driving down 90th, 65th, Havenscourt it just might be me you see when you pass by and this is my point...

There is plenty of sensationalism in the news today and nothing makes International Headlines like Million Dollar tract homes from the 1950's...
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Old 04-22-2016, 01:02 AM
 
4,369 posts, read 3,723,819 times
Reputation: 2479
Quote:
Originally Posted by Ultrarunner View Post
I know all of these streets... my post said my first home was 90th near East 14th and yes I lived there and several more...

One of my best friends grew up on 73rd Ave three blocks up.

I'm glad you posted because it shows you understand...

Not every place in the SF Bay Area or for that matter within 20 minutes from SF costs a million+ for a starter home...

Tens of thousands of us make do with much less and will continue to do so...

Consider me a voice speaking for the Oakland flatlands where real people live and take care of their families and do so on modest incomes...

If you happen to be driving down 90th, 65th, Havenscourt it just might be me you see when you pass by and this is my point...

There is plenty of sensationalism in the news today and nothing makes International Headlines like Million Dollar tract homes from the 1950's...
Out of all of those I will admit the kingsley house actually looks semi decent and probably doesn't need repairs. Not much of a lot though and it'll probably end up selling for 300+
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Old 04-23-2016, 05:56 AM
 
Location: So Ca
26,731 posts, read 26,820,948 times
Reputation: 24795
Quote:
Originally Posted by Perma Bear View Post
Don't worry the real estate is already crashing.
Sure doesn't look like it (here, anyway).

"Southern California home prices jumped 5.6% in March, as buyers fought over a meager supply of homes for sale and bid up values.

The six-county region’s median price hit $449,000 last month, up from $425,000 a year earlier..."

Southern California home prices surge in March; sales inch up - LA Times
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Old 04-23-2016, 01:57 PM
 
Location: Carpinteria
1,199 posts, read 1,649,252 times
Reputation: 1184
Quote:
Originally Posted by curiousgeorge5 View Post
Hello,

It seems like it is hard for a young-ish person to get ahead in California due to the cost of living such as housing. Will that change in the future? As far as housing goes, if the bubble bursts it will be more affordable, though I guess the economy would be hurt as well.

Even if housing wasn't so expensive taxes are high there, which makes it hard to get ahead even if one has a good salary (higher salary, more money taken away in taxes). A lot of tax revenue will be needed to pay out the retirement benefits of retiring civil service workers there.

I feel like I'm beginning to answer my own question. California will always have a high cost of living. It seems there are less middle-class people there now than in the 60s, 70s, and maybe part of the 80s.

Stay safe, all
Sad but all true.
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Old 05-01-2016, 04:41 PM
 
252 posts, read 519,178 times
Reputation: 172
Its complicated (predicting the future market of California) even though its based on the simple concept of supply and demand. I think though people are starting to realize thats California not really worth it . As more people immigrate to California from Mexico and Asia and from everywhere else this place is getting more crowded , smoggier , traffic ridden, and expensive/taxed. The more people that move in to California more the standard of living goes down..

Last edited by 7stringguitarguy; 05-01-2016 at 04:54 PM..
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