ABC
ABC
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2007-01-17T01:16:00Z
2007-01-17T01:17:00Z
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ABC, Inc.
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9.2720

UWS               

Avg Rent         

Avg. Sale         

Avg Monthlies

Studios:

$1,800+           

$450K              

$625

1BRs:

$3,200+           

$750K              

$950

2BRs:

$5,000+           

$1.4

$1,400

05ec495ec3a929b6846a143913181bd705ec495ec3a9…

I don’t know how long you have read my blog…but I have said many times that if you can afford to put money down, get a fixed rate loan, plan to stay a while, and realize that property values might go down in the meantime, then go ahead and buy.

I don’t doubt what you are saying about aspects of the NYC markets. I don’t doubt that a 300k property would be offered 1.5 mil if there was a chance a pro team was going to be arriving in the neighborhood…that would happen anywhere in this country for the most part.

The main point of this blog to to let people know what is going on out there, and make the best decision for themselves and their families.

Thanks for stopping by!

SoCalMtgGuy

Back to the home equity line, the interest rate peaked at 8.5%. But we got offered to refinance with citibank ( being very aggresive in the market todaY ) FOR 6.99% FIXED 20 YEARS no closing costs.In 2004 the house was appraised for 660k in 2005 740k in 2006 by a bank hired appraiser at 840k. What is going on, will a bank offer to give you a no closing cost loan to refinance your existing loan and extra cash if it was following newer stricter guidlines??

I dont know about the cal market but the NY market is still very strong. Another example, i bought a piece of manufacturing zoned land in late 2005 for $ 300k. I wanted to eventually build a warehouse for my buisness. Now im getting offers of 1.5 million because they MIGHT be constructing a new NETS stadium in the area. So what are we to think. Yes there is a bubble in some areas and in some cases. But if an individual bought with money down and a fixed long term rate loan. Their much safer then the other WACKO loans.

Realestate is a nice investment but its not for everyone. People have to decide if its for them or not.

I’m from the Bay Area. And have been looking at buying and now am waiting to see how all this unfolds.

During my initial search I came across this situation which left a bad taste in my mouth. I was looking at a townhome during and openhouse and had a very aggressive and slimy agent. Not only did he want to service the seller and buyer (me). He even told me if I got everything ie. agent/loan through him that he would give a ‘courtesy’ fee to my current agent who was representing me at the time.

What really annonyed me was because he was telling me how low his seller was willing to take and that since the seller just recently paid a 18k special assement that the place was a good buy. I should offer x amount and he can presuade his seller to accept.

Apparently, because I and he were asian, it would be something that I would be interested in getting the best deal out of his seller. I got the hell out of dodge ASAP. His seller was asian btw.

Best part about this he kept calling/sending me emails about other properties later and then saying how he can even get the seller to go lower than the numbers he talked about during the open-houde. (I thought that was my agent’s job). He finally STFU when I reminded him that the special assesment that has been paid for by the seller and listed as a ‘bonus’ means that the hoa has not been doing their job properly. The HOA was like $380 a month.

His badgering has since then stopped….

I’ve got other stories where the moment I walk into an openhouse the RE agent upon seeing me will start talking about how good a school district is.

“Fricking bay-area asians playing the race card….”

This is ironic and funny as all hell, As these were the exact words used by me and my RE agent. Why ironic/funny? I’m Malaysian and she is Phillipino.

I think I’m going to fold and sit out the next few hands like everyone here.

Yup…the option-ARM makes a lot of money for the brokers. You might like this post from a year ago…where I spelled out exactly how they ’sell’ the 3yr pre-pay penalty.

option ARM Post

Thanks for reading my blog!

SoCalMtgGuy

Not to Pat myself on the Back.. But my small firm refuses to offer this Product even to someone who claims to understand it.. The Ysp is GREAT with 3 yr prepays But no thanks…. I have no interest in being involved in class action lawsuitsa in 2007-2008

Love your site Keep it up

Its only the really desperate, totally new or really stupid appraisers that do any shady business for a one time $350 ish fee. Check out how many of these REO’s and foreclosures were on the market on their original sales for example at $545k. Mostly in 2005 these beauties sat on the market at the above price for 21 to 45 days then were all of a sudden pulled off the market. They were relisted the next week @ 599k and sold in 3 to 7 days. Smells and sounds like cash back to me. Call the listing agents and see how nervous they get when you ask questions. For certain the scumbag appraisers were in on it and I’ve seen plenty of them pull up in the MB 600 SL. Now, not that a good appraiser can’t hustle, build a business and drive his own MB 600 SL legitimately, but some 23 yr old Del Taco reject whose crooked uncle is the mortgage broker? Please! Check out Ladera Ranch. Plenty of funny business going on.