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Old 08-03-2007, 07:38 PM
 
134 posts, read 562,220 times
Reputation: 63

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Winkleman you make alot of sense but i have made major bank in Lancaster i bought homes for 50k in the mid to late 90s and recently sold them for 250k to 300k,yes 500% plus appreciation.5% down payments and they cash flowed,talk about leverage.Jack condos are the worst investments long term they take the biggest hits in downturns your property will lose 50% to 60% in this crash.
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Old 08-03-2007, 09:02 PM
 
458 posts, read 776,551 times
Reputation: 156
desertdawgx

Good for you. Lancaster / Palmdale has been amazing. Thats one area I kicked myself for passing on back then. My only point for the Jack dude was that he talks all this smack about areas he would never live in and it turns out he only has a condo. Thinking about it, I would take a house in Lancaster over a condo in the valley. The carrying charges eat away at the profit.
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Old 08-03-2007, 09:15 PM
 
134 posts, read 562,220 times
Reputation: 63
He probably got one of those 600 sq ft downtown lofts for 800k with 750.00 mo HOA fees.Stepping over bums and feces on the way to his car.So many people got caught up in this credit bubble mania that this can't end well for them.
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Old 08-03-2007, 09:19 PM
 
458 posts, read 776,551 times
Reputation: 156
He said something about getting an adjustable rate, probably a very recent purchase. I guess I would be nervous and defensive too if I started to realize I made a very bad purchase.
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Old 08-03-2007, 10:02 PM
 
134 posts, read 562,220 times
Reputation: 63
A bad financial decision like that can be a life changing event with nasty long term consequences.
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Old 08-04-2007, 10:05 AM
 
458 posts, read 776,551 times
Reputation: 156
I believe the values that will be out there in a few years will be once in a lifetime deals. Better than even what was there in the 1990's. I am not saying lower prices, but better upside potential. Cash will be king. People like some posters here will be struggling to pay there mortgage payment, angry that units are selling for half what they paid and unable to take advantage of it.

Like Jim Cramer says, if you are underwater 20%. walk away.
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Old 08-06-2007, 07:31 PM
 
3 posts, read 6,884 times
Reputation: 12
Default Westside prices and inventory

Check the recent SFR inventory data on the Westside (Beverly hills, Westwood, SM). It is down at least 80% as of Aug 2007 compared to Aug 2006. Also sales of SFR are up compared to previous year May/June 2006 about 50%. (West LA, Westwood, BH, SM, Ranch Park, Pac Palisades). This is in contrast to other areas outside. Can anyone explain this ?
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Old 08-07-2007, 01:51 AM
 
Location: Cincinnati
1,749 posts, read 8,336,051 times
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Quote:
Originally Posted by lacad View Post
Check the recent SFR inventory data on the Westside (Beverly hills, Westwood, SM). It is down at least 80% as of Aug 2007 compared to Aug 2006. Also sales of SFR are up compared to previous year May/June 2006 about 50%. (West LA, Westwood, BH, SM, Ranch Park, Pac Palisades). This is in contrast to other areas outside. Can anyone explain this ?
This is pretty self-explanatory.
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Old 08-07-2007, 10:35 AM
 
134 posts, read 562,220 times
Reputation: 63
Prices in West La are down 12.9% year over year per Data quick.
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Old 08-07-2007, 03:32 PM
 
3 posts, read 6,884 times
Reputation: 12
Yes but in West LA (90025 zip ) only 3 houses sold - statistically this is not much to show price changes.
This is also less of a high-end area.

Check Beverly Hills, Westwood, higher-end parts of SM -that is where there is less inventory than last year, more sales and typically higher prices when comparing to last year's dataquick data.
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