patrick.net

JasonM says

Missed the bottom?

The Bottom was temporarily haulted. The banks missed a few Idiots.

Sure thing TPB. I'm sure you will sell and wait for the "true" bottom like the rest of us Patnet waiters. 2009 was only the lowest prices in a decade. Why buy then if you can wait and pay rent for another decade til the "real" bottom hits? Another Patnet victory!

Move away - In other words accept the fact that whole "buy now or be priced out forever" thing my wife worried about wasn't pure bullshit after all.

"Next downturn is your chance" is bullshit too. I'm sure that's what Patrick was thinking deciding not to buy and pay 500k in 1999 only to see 1.1 million prices when it bottomed again in 2009.

Ten years older and 250k plus in rent paid in the interim, only to see prices more than double at the new bottom. Such bullshit. He's priced out forever, as am I. We are all fucked despite how much we wish we weren't. We missed our chance. It's over.

Heres an idea; move somewhere affordable.

Ironman says

Move out of CA and buy somewhere else which is more affordable!!

But, but, but I don't want to move out of CA.

Then live with it. Welcome to the hell of too many people wanting the same thing which drives prices beyond belief quickly followed by rent being pushed beyond belief. But as long as you MUST live in CA. Then there are trade offs.

But NOWHERE is life as good as in CA. The rest of those people are ignorant and bigoted, They are not as educated, they aren't as liberal, we simply MUST live here. Then welcome to the price of living there. You don't want to move, the alternative is learn to live with it and stop bitching about it.

Ironman says

Not in over-priced CA, the idiots there LIKE paying too much for housing... If you didn't buy 10 years ago, you're shut out (until the next downturn).

Move to a different state than CA and you'll find prices more realistic!

mmmarvel says

Then live with it. Welcome to the hell of too many people wanting the same thing which drives prices beyond belief quickly followed by rent being pushed beyond belief. But as long as you MUST live in CA. Then there are trade offs.

You guys just don't understand. Our home ATM machines spit out more money. What more could anyone want?

For the cost of a ticky-tack shack miles and miles from the water, one hour commute, in the Bay Area, you could have a luxury apartment literally on the damn water with more square footage in Florida. Shit, you could probably buy a McMansion on the Water in South Florida for the cost of a typical Bay Area tick tack shack.

thunderlips11 says

Shit, you could probably buy a McMansion on the Water in South Florida for the cost of a typical Bay Area tick tack shack.

Florida coastline is the next Bay Area gold mine. There is no stopping the stampede to Florida from Europe, Latin America and Asia.

thunderlips11 says

you could probably buy a McMansion on the Water in South Florida for the cost of a typical Bay Area tick tack shack.

Yeah, but you don't understand - that's not CA. I'd rather mortgage my life, heck even my first born than to move away from my beloved CA. I know it's expensive but damn it, it's worth it. You just DON'T UNDERSTAND, we HAVE to stay in CA - to heck with the costs. Everyone must make some sacrifices and mine is paying more than I should, but still in all, I'll be in CA.

JasonM says

Sure thing TPB. I'm sure you will sell and wait for the "true" bottom like the rest of us Patnet waiters. 2009 was only the lowest prices in a decade. Why buy then if you can wait and pay rent for another decade til the "real" bottom hits? Another Patnet victory!

For South Florida it was 2010.

Wages dicates RE prices not NAR articles.

The house I paid $160K for in 2010, now Zillow says it's worth $245K.
Really you don't see another bottom in our future?

Let me ask you something. Where in the hell do you expect your adult kids to live when they grow up and out of your house tyring to start a family?

Do you honestly believe they will be able to afford the $1,000,000 starting price tag for 1200 sqft ranchero squat in Burbdale America? By then a SF loft will be fetching $10mil.
Are you NOT on the side of sanity and all things rational and good?

JasonM says

"Next downturn is your chance" is bullshit too. I'm sure that's what Patrick was thinking deciding not to buy and pay 500k in 1999 only to see 1.1 million prices when it bottomed again in 2009.

Ten years older and 250k plus in rent paid in the interim, only to see prices more than double at the new bottom. Such bullshit. He's priced out forever, as am I. We are all fucked despite how much we wish we weren't. We missed our chance. It's over.

If your household can save between 12K-20K per year, you are never mathematically eliminated (i.e priced out) from at some point saving the 20% downpayment. If in the future price declines happen again, these savings will go a lot further than they appear to go now.

Florida is going to start all over again. The strong dollar and high prices are keeping the LatAms away, they're going to run out of Foreigners with deep pockets again. And the condo building madness is back on like Donkey Kong.

The other half is NY Investment Fucks. But a good correction will cause some serious selling or abandoned condo deposits.

Ever go to FL in the winter, drive around at 10PM when it gets dark, and count the condos with lights on. Very few. All Pied-a-tierre or however the hell you say it.

Word on the street is that the 50% deposit requirement is gone, it's now 25% when you get into the office to buy. Also, major projects getting cancelled left and right.

C'mon Big Crash!!