Tuesday, April 08, 2008

Auger In at Riverpark


Here's a knife just waiting for someone to reach out and grab it from the air.

Sold new;
11/22/2006: $584,454

Now on Redfin for $417,000.

$167,454 and 16 months later. Imagine waking up every morning $300 poorer and making a daily house payments of $150. And that's if they get the price.

20 comments:

wagga said...

Wasn't that area a floodplain first, before they decided to build on it?

Casey Serin said...

Can you offer any tips on how I can fraudulently buy this property?

I can't talk with any lenders any more -- my name is Google poison, my FICO score is about 400, I have six foreclosures on my credit report, and most people can identify me by sight or by the horrific B.O. I give off...

Anyway, $50,000 in cash back would be a good income for me in 2008. Any help...? ;-)

Rob Dawg said...

Wasn't that area a floodplain first, before they decided to build on it?

It still is.

wagga said...

So the buyer can get literally underwater in addition to the metaphorical sense.

H Simpson said...

The real question is does that turd spin clockwise or counterclock wise when the swollen river takes it out to sea.

h.

H Simpson said...
This comment has been removed by the author.
H Simpson said...

So Casey

Have you done your 2007 taxes yet?

Maybe we can get you published under fiction or comedy by your Vegas buddy

h.

Casey Serin said...

Have you done your 2007 taxes yet?

2007 taxes, are you serious? I never even filed my taxes in 2006! The CPA I talked with wanted gobs of money to deal with my hellish financial situation. Since my Mom won't let me steal any more cash from her, I just told the CPA that income taxes are illegal and that I wouldn't be filing anymore. He begged me to reconsider but I think he was bluffing... I'll check into it. :-)

Now, if you'll excuse me, I just learned my brother's SSN, so I'll be applying for more sweet, juicy credit lines. It's all good!!

Property Flopper said...

More NAR lies... it's flat now, but it'll get better at the end of the year... really, we promise! Please buy a house.

http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2008/04/08/financial/f072045D41.DTL&tsp=1

Rob Dawg said...

My estimate is that Reliiters earned almost $40 billion with a B less in 2007 than in 2006. No BMW for them this year.

Property Flopper said...

It will thin the herd. Needs it too - just like when you get a stock tip from the bagboy at the grocers, it's time to get out of the market; when the same bagboy starts to sell real estate, the market is going to crash.

Professionals will last through the down turn, the newbies will get killed.

wagga said...

Lots of jobs available in the repossession industry. Maybe this is where a lot of realittors came from in the first place?

Lou Minatti said...

Lots of jobs available in the repossession industry.

I look forward to the repo shows on Lifetime.

Buzz Saw said...

daily house payments of $150...

Ahem, excuse me, did you say daily? Egad, that's like $4500 per month. Calis are uber wealthy.

w said...

Imagine paying $4,500 a month and then finding out that the developer is building homes for extremely-low-income families. Families making $17,000 a year will be your neighbors. In Oxnard that means gangbangers and wanna-be's. Maybe your kids can hang out at the park together.

Rob Dawg said...

Yep, PITI when purchased for close to $600k would have been about $150 per day. Then your 'equity' would be evaporating at an additional $300/day.

And yes. There is a gangbanger relocation assistance program. See; http://www.redfin.com/stingray/do/printable-listing?listing-id=1549998

Lost Cause said...

That's what they get for not working an extra weekend every month.

H Simpson said...

Driving down to the boat yesterday, I had on a Boston radio station.

They ran an ad for a new book on flipping houses. I almost drove off the road laughing.

No, it was not the much delayed/ballyhooed book by KC, but instead, from some dolt who used to flip houses on TV.

Amazing to think someone would even consider such an opportunity even with a pitch line "Yeah the housing market is down, but that is when you get the best deals on properities.

h.

Peripheral Visionary said...

Rob et al., don't worry so much about the "affordable housing" initiatives. At least here on the East Coast, it's well known that they're gamed by people from the middle and upper middle class, primarily students, but also wealthy retirees, people with high but variable income, etc. Worry not, most of those "maximum household income of $50k" units will get filled in by law students, trust fund babies, corporate salespeople, day traders, etc.

w said...

pv, no law student, trust fund baby, corporate salesman, or day trader would be caught dead in Riverpark.