Everyone's favorite spinmiester is jumping ship. David Lereah, chief economist of the National Association of Realtors, is leaving NAR to join Move Inc. (MOVE :4.74, -0.01, -0.2% ) as chairman and partner of a new business entity next month, NAR said Monday. Move Inc. provides homebuyers and renters with information about real estate and communities before, during and after a move, according to its web site. Lereah directed NAR's research division, regulatory and industry relations division and other activities.
Passengers of the HMS Titanic are requested to stay calm until the Captain's new gig has safely cleared the moorings. And remember; Free Ice! on the foredeck. Thank you.
And don't forget to visit: http://davidlereahwatch.blogspot.com/
94 comments:
First!
Hoochie-mama!!
aaac!!
S_t_C
So. My first visit here in a week turns into my first first! post.
I feel so empty.
Jeez, where is everybody?
thhppttt!!
S_t_C
Umm, visioneer, I'd look in your shoes before putting them on. ;-)
*squish* argh!
how about Murst then?
I get bombarded by housing bears and Casey Serin haterz from all corners of the blogosphere because I won't believe the gloom and doom. The evidence just isn't there.
Why would anyone touch TCDL?
Shameless. His move (ha!) was, no doubt, in the works for several months, he was talking up the market and telling people to stay put while quietly getting himself out of it. "Don't panic, the theater is not on fire, and please stay seated while I make my way to the exit".
Have to hand it to him, though, it's very clever; the market may plunge and foreclosures may soar, but in the process people are going to need moving services.
If anyone had any doubts, this is it: the rats are officially in the process of leaving the sinking ship.
"Considering he was foreclosed on only half his houses, I would have to say it was somewhat successful. He could have lost all eight!"
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O Comments
Yhe only thing that could have made this funnier is if he went to work for "Rent.com".
CNN.com
Homes: Big drop in speculation
I think this is due to KC getting out of the business! He was smart and got out while he could....AND was successful at avoiding foreclosure(ask Nigel)!
Stick a fork in IAFF, it's done.
We need to start looking for the next train wreck/EN chew-toy. I haven't been entertained in *hours*.
"Consider this parallel -When I was growing up, I could buy a McDonalds hamburger for 25 cents. No matter how much I hope, pray or wish for hamburger prices to come down, I will never see that level of hamburger pricing again. The same applies to housing."
Hamburger allegory enthusiast, Nigel Swaby 11/8/06
Happy meals are still selling, therefore no crash, end of story.
I can't believe no one has mentioned it yet.
With LIAR-reah "retiring", when is the NAR extending their job offer to Nigel Swaby, the economist award-winning blogger and mortgage desk operative?
"Are sales slowing down now? Yes. Is it because of a housing bubble? No!" "Over the next five months we'll see news reports of slowing sales, your friends who are selling will tell you how terrible the market is and most people will shy away from purchasing homes. Yet in the spring, the cycle will begin again. Bargains will be found since people who really need to sell will keep their homes on the market, while those who are less serious will remove them. This cycle repeats itself every year." said Nigel Swaby, 9/15/06.
The best souvenir I have of the dot com bubble is a Pets.com baseball cap with the sock puppet graphic.
"With low interest rates, high employment, rising wages and strong business profits, there's not a reason I can think of that housing will come crashing down."
Swabster, 10/25/06
Keep thinking, maybe you can think of something soon....
What's working that puppet? Market forces?
Oh my, Move Inc is headquartered in Westlake Village, which is over the hill from Calabasas, headquarters for Countrywide. I speculate Mozillo (CEO of Countrywide) will be spending a lot of golf course time hanging out with Liar-eah.
"I'm afraid that people who are waiting for house prices to come down across the board will be waiting an awful long time."
Scared Swaby, 10/12/06
Is that a case of pathological impatience or what ?!
Hey everyone! I just can't contain my excitement. We are closing on our house today!!!! Just thought I would mention it. LOL
@Kerriella
Are you closing a house in OK? I have a co-worker that just did that. A house that would cost $400-500K in my area would run for $70-100K in OK. THAT is a SWEET DEAL. Congrats!
ratlab, yep in Jenks, OK. I would have never believed we could be closing today considering all that still needed to be done on Friday!
Hey, quick question, would it be inappropriate for me to go get my mortgage guy and realtor gift certificates to a restraunt to give them after we close?
Usually it's the other way around, but there's nothing wrong with that. Good service deserves to be acknowledged.
Why would you give them anything? Id be saving to pay the debt off quickly
@Kerriella
I would would hope that THEY will get you a gift certificate or something after the close. YOU where nice enough to give them your business.....not the way around.
If they did a good job...refer them to friends.
Ok, I just have been so impressed with both of them. I do have links to them on my blog. I sincerely hope that if anyone is considering buying in the Tulsa, OK area they consider both of them. They have been just wonderful.
Why doesn't someone get an award winning blogger/mortage broker/pin salesman a gift certificate?
I've really been impressed with this kid Serin. He's doing all the right things to get his house in order. He is never one to turn a deaf ear to good advice. And talk about a drive to succeed - the guy never sleeps! The term that comes to mind is 'Inner fortitude'.
My RE agent took me and a single friend of hers out to a fancy dinner. :-)
Dang it! Looks like we aren't going to close today after all. Stupid VA guy!
My point is this is mostly algae caused by the sun™.AS I read Casey's last post I came to realizze he’s very intelligent and pretty shrewd™ about reaching his goal of avoiding eviction by his sister-in-law.
Does anyone have experience with VA inspectors? Are they all a huge pain or did we just get the one jerk that is nitpicking everything to death?
That "nit-picking" may turn out to be to your benefit. Especially when you're buying a home, you want somebody who is going to obsess over details, because those details can often turn out to be major considerations ("what are these tiny holes in the building frame", or "what's this in the fine print about prepayment penalties"--yes, details do matter.)
Consider the flipside--you certainly don't want somebody with an "itsallgood" attitude.
VA inspectors/appraisers are notoriously picky. I have heard that from numerous sources, although not any of them were award winning bloggers.
True, but he has been freking out over stupid stuff since the start. Things like, "ooohh there is a scratch on a metal frame door going from the garage to the back yard, this door has to be stripped and repainted before I will approve it" Who cares about scratched paint on an exterior rear door that no one will ever see anyway?
***Deep Breathing***
Ok sorry end rant but it's one thing to be looking out for our best interest (which I would never complain about) and quite another to hold the entire process up over silly things.
Casey Serin is pretty much the real estate story of the year. A super intelligent young man purchases numerous properties in pursuit of the American dream and successfully drives them all into foreclosure and creates a not yet award winning blog that yours truly can drop links all over in pursuit of sweet traffic.
VA inspectors are notorious for things like "roof not reinforced against meteors" type comments. They operate in full CYA mode 24/7.
Kerriella, those are the types of things I have heard about. Things like a small spot on one piece of siding with an inch of peeling paint.
Casey is in "Everything Ignore Mode". I'm sure he is napping right now - so he can work through the night on the inevitable beg-a-thon. Which, by the way I pray is a total bust. IAFF may indeed be over. I mean he's not facing foreclosure anymore. Now he's just facing homelessness. And wifelessness. And dignity-less-ness.
I love these Nigel pullquotes. They are priceless. I'm pretty sure Nigel will have some sort of defense up on DHC later. Though his posting frequency is starting to fade. And Robertcotesux is toast for sure.
By the way for you Nigel enthusiasts, foreclosureavoiders™ will purportedly be up later this week. I for one can't wait. Keep up the negative inbound links! It's "Highly Anticipated". By your haters you nimrod!
Rob, I'm sorry, I just realized I have totally highjacked the thread. I just can't believe how quickly I went from being elated to disappointed and frustrated with one phone call. How the heck did Snowflake get through 8 of these back to back?
Yes, in my experience VA inspectors are quite picky, even right down to their underpants. But in my experience, underpants are quite important when you really think about it. Take my underpants, for example. They are 100% Egyptian combed cotton K-mart boxer underpants. Don't believe people when they tell you that "underpants are underpants".
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:-(
My point is that foreclosures are mostly caused by people not paying their mortgages. And that unemployment is often accompanied by people not having jobs. Furthermore, when we see an increase in foreclosures, we expect to simultaneously see an increase in REOs.
Most importantly, gone forever are the hamburger prices of my youth.
Google "Foreclosure Avoiders"
1st is IAFF commenter saying "You may remember him, he’s the one Nigel stabbed in the back by making Foreclosure Avoiders."
2nd is Swaby Bash site Foreclosureavoidersssavedme.blogspot.com
Comedy!
Google Nigel Swaby - finally it's starting to seep in.
Nigel Swaby is a Wretch.
Don't look now, but I think Jeff (SDCIA) ia snapping.
He is in deeper shit than he has admitted to on the board. I suspect that more of his properties are unerwater than he originally thought. I think he also finally realized that it's going to be next to impossible to sell anything he holds in this market - SLC, included.
Buyers are gone - there is no way for him to generate enough cash to cover the FL properties.
iamfacinghomelessness.com
iamfacingbankruptcy.com
iamfacingdivorce.com
iamfacinglifeinthesweetjetta.com
iamfacingprosecution.com
iamfacingfederalpmitaprison.com
iamfacinghavingtogetalooserw2cubiclejobliketherestofyouschmucks.com
None of those have quite the same ring to them, do they?
Anon @ 12:07:
URL please. I can't speak for anyone else, but I *do* want to look now.
How else is a caveman supposed to amuse himself on lunch break from his looser 9-5 cubicle job?
Thge increase in RE inventory really isn't too much of an issue. Spring buying season will take care of that for sure. Anyway, if there's too much inventory then the serious sellers will lower their prices, and that will fix the problem. And the not serious sellers, which I'm sure there are tons of given the "hotness factor" of trying to sell your house right now, well they'll just take their houses off the market. Poof! Problems solved! Are you missing the SLC housing boom? David Lereah says YES! Housing is local after all.
@Kerriella
What a PITA, that sounds almost as fun as selling a house to a guy who can't count. At the closing he couldn't seem to get that we had 12 nights after closing to get out of the house. Not as of the day before the closing or the am of the closing but 288 hours AFTER the closing at 4:30 pm. Even though we brought a certfied check for the 12 days rent to the closing......
I sat there at the closing table and counted the days and dates on my fingers for illustration, he finally got it.
I just reported Nigel Swaby's Donthatecasey blog to Stopzilla and other alert sites. I reported the site as trying to load a spyware tracker.
Hi Nigel, we are on to you! Soon, Stopzilla and other sites will be warning others to avoid your site like the plague.
For those asking what is the concern? The concern is every time I have gone to that site, my Firefox browser stalls and then asks if I want to load some script. For the uninitiated, script CAN contain spyware or tracking cookies that may or may not cause problems for your computer.
If Nigel thinks I am overreacting, he should be open about why he needs script to load a simple blog.
More from the Nigel File. Nigel swaby, gunning for Lereah's ex-position.
"So what does all this mean? In my opinion, it means housing is slowing down a bit off its feverish pace. In other words, no big deal." 12/27/06
"Even if they're lies, you should still trust the numbers." 12/19/06
"With rising wages, low unemployment, low interest rates and a wide selection of housing available, now is a great time to buy if you're renting." 11/29/06
"The Salt Lake Real Estate Blog has been up for three weeks and it's been a great success. Right now there is so much talk and interest in real estate I've struggled to post on a daily basis..." 10/6/06
LOL, that sucks, at least our sellers are great and the house is already empty, we have ran into a few problems with their realtor being an idiot but mostly for us it's the dang VA Inspector.
Jeff's meltdown is on the last page of his foreclosure thread...
http://www.websitetoolbox.com/tool/post/sdcia/vpost?id=1854186&trail=240
@ Ogg
I think anon 12:07 was talking about here.
Originally Posted by rlc
where are you?
PS: We like your smile.
Jeff
Today at 09:19 AM
I have been ill...
I can't sleep, I can't eat, when I do eat it comes up. This morning I started the day with a shower and threw up in the shower...
I am barely functioning, I try to read everyone's posts...
To those of you that insist that these houses were a mistake, you were right.
To those of you offering constructive advice and support, thank you.
I try to read everything but the words are just swimming, I'll try again later...
__________________
The first million is the hardest...
Well, I'll give Jeff this much: he doesn't have Casey's sweet winwin cashback itsallgood attitude. It sucks that he's feeling the way he is, but it also suggests that he's a lot more grounded in reality than Snowflake.
In my experience, as adjustable interest rates rise, monthly payments rise. When they fall, vice versa. When fixed rates rise, mortgages get more costly. When fixed rates fall, payments can be less. In Salt Lake City, trees grow to the sky so now is the time to buy.
Kerriella says:
Rob, I'm sorry, I just realized I have totally highjacked the thread. I just can't believe how quickly I went from being elated to disappointed and frustrated with one phone call. How the heck did Snowflake get through 8 of these back to back?
No problem. We here to help. Haterz™ is just an inside joke that some people don't get.
Homebuying is a wild rollercoaster. Does it help to tell you this stuff always happens? It will someday but not today.
Young Dandelion did this because he has no morals nor investment in the outcome. He acted like it was an online internet gambling "play for free" website.
You, take a few deep breaths, stay loose and just don't let them slip any last minute paperwork into the closing. Particularly never sign anything undated or with blanks.
"This morning I started the day with a shower and threw up in the shower..."
LOL! Good. It couldn't have happened to a better person Jeff. You deserve everything coming your way.
Unfortunately you've also screwed up your childrens lives. If you have a good insurance policy, now may the time to consider your options, in their best interest.
Did Casey convince Yulia to lie on her mortgage loan?
These Nigel quotes are killing me!
Jeeez! What a clown!
I love how all the cult members over at SDCIA hassled and chastised anyone who tried to warn people like Jeff, which seems to be the bulk of that crowd.
What a bunch of morons. I hope they lose everything.
Re Jeff (SDCIA) and all the other flippers.
Take a tip from professional Wall Street stock traders. Knowing when to sell is harder than knowing when to buy.
Even harder is knowing when to take a loss. But the pros will sell a losing stock in a heartbeat and be on to the next trade. Desperately hoping it will somehow come back is almost always the wrong thing to do. And if it does come back to what you paid for it, you probably would have made more if you'd sold it and invested in a winner instead.
As an award winning blogger, I have a lot to say. Particularly comparing and constrasting koi ponds with mucky green swimming pools. Koi ponds are fun with nice little fishies swimming around that you can sprinkle food to. Mucky green swimming pools are no fun at all. You could fall in and get mucky green stuff all over your pleather jacket. Who wants that?
I actually feel sort of bad for this dude because he has kids. For no other reason though. He was just being greedy. When you have kids you just DON'T F-ING DO THAT! That's why I freely hate the shit out of dandelion. No kids. Never will have em with Galina too - I'll bet a grand on that. Galina will meet rich dude, whirlwind romance, quick marriage, and knocked up inside of a year after things go totally sour with snowflake.
So there you go. Too bad for this guy.
There are a few sane people over there telling Jeff to sell everything and just try to get out breaking even.
If he waits another 5 min his percieved equity in SLC will probably evaporate.
The fact that he has kids makes me think even worse of him.
What an ass to screw up his families life by doing such a stupid thing as buying so many homes with borrowed money in a toppy market.
Now he's whining and crying and claiming to be some kind of victim. Yeah whatever. I hope the wife divorces him and finds a real man to be a father to those kids.
"If he waits another 5 min his percieved equity in SLC will probably evaporate."
No probably about it. Just like in the stock market, the junk gets pumped and dumped right before the crash.
Did Yulia lie on her loan?
“It has been my experience that most sunburn™ is caused by the sun™.”
"Consider this parallel -When I was growing up, I had so much hair I needed to get a haircut once a month. Now, No matter how much I hope, pray or douse myself with generic brand Rogaine™, I will never see that level of follicle coverage again. The same applies to housing."
Nigel Swaby - Awarding winning President of the SLC Hair Club for Men.
Jeff seemed to be overloaded with hubris in his past posts but now is facing reality.
I can understand somewhat how he feels and it is deja vu all over again ala the nasdaq. I have friends who lost entire investment accounts - not through Enron type stuff but because they thought they knew what they were doing and just would not face reality.
I 'think' I know pretty well what I am doing and I got caught in some of that crash myself. Fortunately, I was in early enough that basically I lost all my 'profits' but kept my account intact. I watched the profits slowly evaporating, then rebounding some, then dropping again and finally just picked a point and said 'if it gets here, I'm selling everything to preserve the account'. I had the sickening feeling Jeff has and I was ONLY loosing (sic) paper profits. That guy has it rough, but just like Snowflake, it was caused by greed and hubris, it seems.
Jeff probably hasn't even done a forward looking analysis showing him liable for the taxes on the losses. Same thing that happened 200 with worthless options in the Tech Bubble.
Hubris is indeed an expensive indulgence.
I have an award winning blog. Anyone care to comment on it?
We remove all comments at the end of the day, kind of like cleaning up the ballpark after a game.
Stop by my award winning blog for some RE WHorescopes!
Rob, Jeff knows that he is facing a huge tax bill after selling the FL homes.
Last week, he was thinking about selling some (all) of his other properties - in hopes of breaking even and not having to foreclose.
But I think it has slowly sunk in -- the sum of his "ivestments" = a huge loss AND he is bleeding a minimum of $3k/mo until he can get rid of them.
If he lets the FL go into foreclosure, he is looking at a $300k-ish 1099 from the bank.
He will be paying that bill for the next 30 years.
sorry, but instead of feeling sorry for Jeff, I will instead feel sorry for the 14 families that Jeff ROBBED of affordable housing.
14 families where the kids are shoved into an apartment, denied a backyard and pets (no room for pets in an apartment). 14 young couples, scrimping and saving, eating top ramen and wishing for their shot at the american dream. that jeff stole.
jeff stole 14. casey stole 8. together 22 dreams stolen. I hope jeff goes to jail for a loong time. hey jeff, if you think things are bad now, wait until your cellmate shows you what "flipping" means in prison.
SLC is not flat right now. 1st quarter showed nearly 20% appreciation year over year. Properties less than 300k are flying off the shelves because of limited supply, but above that, they are going slower.
I think there is some nervousness right now because of national sentiment and tougher loan standards, but we'll see how that turns out. I saw the same sort of sentiment in October 06, but things quickly changed December - February.
I am betting on another year of strong appreciation and seeing a slowdown the first of 2009.
Just my opinion.
Nigel
Since I am trying to siphon IAFF's traffic, and Casey got a big spike after his blog-cation, I'm thinking perhaps I should take another weekend off. Perhaps that will get my 2759 unique visitors excited and I can get more than 2 commenters on my blog about a blog. Stickiness is so elusive these days.
Properties are flying off the shelves in SLC, much like Furbies many years ago.
"If he lets the FL go into foreclosure, he is looking at a $300k-ish 1099 from the bank."
Not to mention that he will get to check that little box on mortgage apps for the rest of his life.........
"Properties are flying off the shelves in SLC, much like Furbies many years ago."
Or Olympic pins, just ask Nigel.
Olympic pins are coming back. They are cyclical - just like RE. It soon will be the 2008 Olympic pin buying season.
@King Friday: You're absolutely right on Jeff & Co. pricing people, especially people in their 20's and 30's, out of homes. My income is at or above the median, and here in the D.C. area I can't afford even a one bedroom condo in a safe area, by conventional financing standards (no, I won't do an adjustable-rate or interest-only.) That's thanks to the "investors" who gobbled up all the available housing in the area, and who kept that housing off the market and not in use while hoping to flip it for a quick and effortless profit.
But the wheels of the economy have turned, and now the speculators are getting crushed as prices slowly come down and as the renters (myself and many others) refuse to pay their ridiculously high carrying costs in rent. There is, thankfully, just enough by way of affordable (relative term in D.C.) rental properties to keep we the equity-deprived people afloat. I'd love to be able to buy a home, but until the market comes crashing down to earth, all I can do is watch.
@Kerriella...
Your VA inspector woes are one reason I have vowed to my wife that if we ever sell, then we WILL discriminate based on financing -- and that's not a protected category like race, age, etc.
I've heard nothing but aggravation about VA inspections, though maybe we only hear the bad stories, not the good ones.
In any case, I know our house wouldn't have passed if we'd gone that route when we bought it; there were too many little stupid things that I planned to fix myself later, and a good price on the whole package I didn't want to pass up.
So I definitely would prefer a typical private-mortgage buyer and even take a slightly lower offer from them instead of a VA or FHA borrower if at all possible. Is that being evil? (I ask this question seriously.)
NoVa Sideliner,
You don't know the half of it. I just got off the phone with my realtor and the 3 things that kept us from closing today are just insane! Only 1 of them is even relevant. There was a place on the front porch soffit that needed a small repair, the sellers repaired it but didn't repaint it. Ok I understand that one, but then he claimed that the smoke detectors they put in didn't work. My realtor tested them 3 times in 30 minutes and they worked every time. Then they had to enclose and raise a water heater, again no problem except today he didn't care for the way they hung the door. They hung it for easy access and he thought it should be hung to be more asthetically pleasing. ARGH!
But supposedly we are back on to close first thing in the morning so we will see. Next time I will wait to get excited until after we have keys in hand. LOL
In the beginning, the modest investor...
""Ludicrous" is a word in the same category as "irrational" (as in lacking rational thought) or "unreasonable" (as in lacking reason) or "foolish" (as in stupid). It does not fit well into a well-meaning discussion among thoughtful peers.
But even if it did, you should reserve it for cases where you are actually right. A 50% return is NOT ludicrous, or silly, or unreasonable. In fact, the idea that you should expect ANY less with a 5% downpayment is, to put it mildly, far-fetched."
No ego here...
"My hesitation at embracing your choice of words was NOT that ludicrous was offensive (though it was) but that it was wrong. It is NOT absurd to expect that a reasonably competent investor, one who is paying even the slightest attention, can expect returns of 50%."
Jeff knows best...
""I doubt you would make much money on this" indeed. How could you not make money on a house that is going up at 27% a year...dang!
First of all, I am not a flipper. I have no intention in trying to sell this home and "make" my ~30k this year. I am funding my retirement!"
Itsallgood...
"For the Benjonsians...first some good news. Due to some cost over-runs by the builder (can you trust any builders?), plus 4-8 months over on the construction loan limits (I have to pay the interest!), plus some hidden costs on the modification to term loans, the final 3 houses will cost me 10k to 20k to close. If true, this will entirely wipe out my primary cash reserves.
Now the bad news...for you B.J. guys...even using this new conservative approach to valuing my homes (using the minimum value), I still come up with an estimate of an increase of $42k per house--or a total increase of $582k. Another way to look at it, I have turned my original $198k of equity (in my primary residence) into $706k of equity in 14 other houses. This is about a 350% return (albeit "on paper") in roughly 20 months of investing."
Whoops...
"he bad news is...I can't quit my job as night manager at Taco Bell.
The good news...I was fired from my job as night manager at Taco Bell. I am unemployed."
Jeff sasses Ben Jones...
"Once again, my thanks to Mr. Jones...for his help in teaching us "morons" a thing or two about taxes!"
"I love America..."
Everything is FINE...
"Though not as remarkable as my earlier estimates, a conservative 170% is still pretty good for ~20 months of investing..."
Just PEACHY...
"You can state whatever you want, that is the problem with (beauty of?) stated income loans!
The short answer is I "feed it" the same way I purchased it--with 100% borrowed funds."
Cracks in the facade...
"I am having difficulty renting two properties. One in ABQ (slow time of the year) and one in Cape Coral (too much competition or bad PM, I can't decide). These two houses alone are costing me ~3k a month. Ouch!
Change in perspective or approach? I can say that I adamantly wish I hadn't bought any houses in Cape Coral! If only I would of known that they were going to be the worst performing. Except for them, I would say that I am batting a thousand. All my other houses have gone up remarkably and cost me very little each month."
Storm clouds on the horizon...
"O.K., I am sick to my stomach and have tears in my eyes...
The above two cut-and-pastes, taken together, seem to support the view that only the Katrina Go Zone, 1400M(1), qualifies for the bonus depreciation...
I am so MAD at my tax guy, he assured me I qualified (and charged me $750 bucks!). He is "looking into it..." and will get back to me...""
Prophecy time...
"I would of bailed on these houses--took my loses--if I hadn't been given assurances by several professionals that I could get Go-zone depreciation bonuses on these houses. Turns out that is unlikely (not absolutely sure STILL), so sticking with them was an even bigger mistake.
On the flip side, every other purchase I made that year was a good one. So not counting the Cape Coral homes I am WAY ahead. My two SLC houses probably have increased 120k all by themselves. Still, those CC houses really burn my hide...
Anyway, am I happy I did it? You bet. I'll be even happier in 20 years when I retire with 8 million in equity (assuming 6% appreciation).
Or I'll go bankrupt in the next two years...one or the other."
Not looking good...
"Sadly...it looks like those who warned me that Florida properties won't work were right--so far, it might change (acknowledgment to those that warned me this might be the case...).
This is true despite many Realtors and others, (professionals!) swearing to me that Florida DID qualify--including the nationally famous Marshall Reddick."
Uh oh...
"As you suggest...selling one of my SLC houses is a good idea (or a requirement!). In fact, I have been "selling" them for two years...in the sense that a LO is "selling." As it turn out, none of my "sales" has gone through. I hope to hold on for one more year...~25% appreciation (the second highest in the nation) is difficult to walk away from. But I will need the money from one of these houses simply to pay the negative on my "dogs."
I am embarrassed/disappointed to report that I am well into my "back up" reserves. They will hold me for another year or so depending on vacancies. A sale of one of my SLC houses will hold me for another year or so..."
EVERYTHING IS FINE...
"I will be the first to admit that my CC homes are a huge problem, one without any easy solution. But even if I end up losing 30k a piece on them, I am still ahead of the game a couple hundred thousand dollars (so far).
If I would of listened to the Ben Jones crowd I would still be huddled under my bed yelling "the recession is coming, the recession is coming" and praying that everyone else looses their shirts in real estate so that I can "buy in." No thanks.
Am I sorry I took the plunge and did something crazy? No way. I will cry all the way to the bank."
It's not Jeff's fault...
"Sadly, regrettably, this is exactly where I have my houses. Even more sad is I have three of them. I am not the type of person to sue other people (even though I was misled or outright lied to by the broker, the builder, the lender, and the PM!), so I will just be trying to keep up my end of the bargain (even though the builder and the lender did not keep up their end).
These houses were my one clear mistake in my year of purchases (I actually signed contract on 14 houses in 14 weeks). But they are BIG mistakes I am am trying to live with them."
DOH!!!!
"Basically, they promised that I would close on this loan in less than 12 months, and that I would have to bring no money to closing.
Instead, because the builder went over the 12 months (it has been 25 months on one house that has about three more to go). I am paying about $1700 a month holding costs on a house under construction, and I will have to pay about 8k-10k for a refinance on this loan. Times three houses.
Ouch."
It's the lenders' fault...
"The problem is when lenders either lie or encourage other people to lie to get a loan...like the guy whose payments were over 100% of his income--I do blame those type of lenders..."
RUH ROH...
"Well...as many of you know I own three terrible houses in Cape Coral Florida. Through a series of misjudgments and being taken advantage of (and lied to), I am losing ~$1000 on month on each of these houses when they are rented. I am just sick about them and often cannot sleep--like now."
Humble pie...
"I am not so cocky now!
I am in the process of evicting the tenant in one house in SLC. When she leaves I am putting that house up for sale."
RUH ROH RUH ROH...
"I do have some new info to share. One new fact is that "short sales" are now going for as low as 185k for these houses. Ouch!
The lender doesn't even want to discuss with me my options until the house has been on the market 60-90 days...and they won't tell me what price to put it on at for a short sale...I am supposed to just guess and bring offers...
Going to bed...night all. With any luck I'll be able to sleep. I know this has been coming for months now, but I feel that it all became real only in the last couple of days..."
MEGA RUH ROH...
"Depends...these houses "appraised" for 315k. They are selling on the MLS for anywhere from 209k (possible short sales?) to 230k. I was told yesterday that some short sales are going as low as 185k. Selling on the MLS adds an additional cost of ~15k in Realtor fees...
I currently have my empty house on the market as a LO at 284k. I am also offering to carry a 10% second at this price. My agent in the area says this is a "possible"--so far two weeks and no bites."
*** side note: 4/25/07 Jeff busts Nigel on his lack of fact checking ***
*** Jeff disappears ***
Jeff begins to crack up...
"I have been ill...
I can't sleep, I can't eat, when I do eat it comes up. This morning I started the day with a shower and threw up in the shower...
I am barely functioning, I try to read everyone's posts...
To those of you that insist that these houses were a mistake, you were right.
To those of you offering constructive advice and support, thank you.
I try to read everything but the words are just swimming, I'll try again later..."
Oops, the previous long ass post was supposed to be titled "The Rise and Fall of Jeff from SDCIA"
Nigel tried to help Jeff. Nigel got the shaft. Now Nigel says that Jeff is a haterz.
Nigel wanted to help, Nigel really did. Jeff should trust award winning bloggers like Nigel.
Man is Nigel liking this third person way of speaking. It makes Nigel feel important!
Nigel Swaby is a gay man... not that there's anything wrong with that!!
Does Salt Lake City have a gay district? You'll find Rainbow Swaby there on street corners at all hours of the night.
@ Nigel Loves Nigel
It's true. If Jeff had listened to Nigel, SLC real estate would still be going up, because as we know from IAFF and The Secret, whatever you envision will happen to you. But no, he had to listen to the haterz, and now he is a barfing mess.
"If I would of listened to the Ben Jones crowd I would still be huddled under my bed yelling "the recession is coming, the recession is coming" and praying that everyone else looses their shirts in real estate so that I can "buy in." No thanks."
HAHAHHAHAHAHHA! HA!
Jeff, you are getting EXACTLY what you deserve.
I don't have an ounce of sympathy for fools like you.
Flailing Forward,
Greetings Haterz. Nigel is glad you have noticed Nigel's talent in predicting the SLC marketplace. It's tough being an award winning blogger, not that you would know.
Be careful Nigel's Google skills are similar to being a ninja on a keyboard. Nigel will find every haterz and expose them all.
Swaby OUT!
Nigel is a fucking faggot that shouldn't be giving anybody fucking RE advice.
These are classics along the lines of Snowflake's its all good:
"Except for them, I would say that I am batting a thousand"
"So not counting the Cape Coral homes I am WAY ahead"
BTW, the lady behind me in Publix yesterday was buying 'The Secret'.
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