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Strategist
2016 Jun 19, 8:12am
Speaking of selling we accepted an offer on our parents home over the weekend, so they're out on both residential and commercial property
Did they get their price?
_
2016 Jun 19, 8:20am
Did they get their price?
Yes, escrow opens Monday, Once contingency is removed more details can be given, they sold their commercial property with multiple bids
_
2016 Jun 19, 8:22am
As you can imagine I have kept great details of the entire process, once the home is sold, I can give you gives a timeline and data report of who, what and at what price was the action at.
Strategist
2016 Jun 19, 8:25am
Did they get their price?
Yes, escrow opens Monday, Once contingency is removed more details can be given, they sold their commercial property with multiple bids
Why did they sell all their real estate? Are they expecting a downturn?
_
2016 Jun 19, 8:37am
Why did they sell all their real estate? Are they expecting a downturn?
It's not about timing the real estate market, my parents are in their 60's with just them and a dog.
It's a big home, 5,300 sq ft, 5 bedroom and 6 bath, 2 stories and that's what they don't want anymore, they want a one story home only now. That's a very big thing in the market with the older demographics, a one story home. Their front facing neighbor had a one story Nellie Gail Ranch home, it sold for 2.45 million Cash to a Russian Buyer.
So, it's a traditional downsize.
If the home didn't sell, they would have just rented it out because they really want to move, they don't even use any of the upstairs rooms anymore outside the office.
Once it's sold I can give more details and give you a perspective, because last year we used a real estate agent and this year we didn't we sold the home on our own
Goran_K
2016 Jun 20, 8:31am
Looks like a lot of OC people are cashing out their houses to move someplace else.
_
2016 Jun 20, 8:33am
Looks like a lot of OC people are cashing out their houses to move someplace else.
They're making a offer on a home just a few minutes away that is much much smaller today, got to live some where
Goran_K
2016 Jun 20, 8:35am
They're making a offer on a home just a few minutes away that is much much smaller today, got to live some where
Is there a reason they are staying in California? Most of the retirees I knew (Laguna beach, Newport, Dana Point etc) who have cashed out took off for Nevada, Texas, Oregon, South Carolina, basically much lower cost living areas.
_
2016 Jun 20, 8:37am
Is there a reason they are staying in California?
The business is here and it's not a business that can be transported, My father is 62, so he is still working
B.A.C.A.H.
2016 Jun 20, 9:27am
Goran, I still get a laugh from thinking about your descriptions of Obnoxious Bay Areans. That post is long gone except some snippets inside my mind.
Goran_K
2016 Jun 20, 10:00am
Goran, I still get a laugh from thinking about your descriptions of Obnoxious Bay Areans. That post is long gone except some snippets inside my mind.
lol, I don't remember that post. What was the context?
B.A.C.A.H.
2016 Jun 20, 10:31am
Someone from flyover country expressed their opinion that me or someone else here made a remark akin to being/feeling superior to flyover folks.
I responded by saying Californians and Bay Areans in particular can be some of the Worlds Most Obnoxious People.
You wrote a long post, almost an essay, on three different Obnoxious Bay Area PhenoTypes. It was hilarious, more so because rang of truth.
There were arrogant prick types who drove expensive German Sedans; there were folks who only rode public transit and had to shop late at night cause they worked such long hrs at unsuccessful startups, and there were Whole-Foods Hipster Types whose sociology major girlfriends don't shave their pits.
Strategist
2016 Jun 20, 4:52pm
Dear Goran,
Invest your newly acquired wealth in home building stocks. By 2020 you will be a very very rich man.
Goran_K
2016 Jun 21, 10:46am
Someone from flyover country expressed their opinion that me or someone else here made a remark akin to being/feeling superior to flyover folks.
I responded by saying Californians and Bay Areans in particular can be some of the Worlds Most Obnoxious People.
You wrote a long post, almost an essay, on three different Obnoxious Bay Area PhenoTypes. It was hilarious, more so because rang of truth.
There were arrogant prick types who drove expensive German Sedans; there were folks who only rode public transit and had to shop late at night cause they worked such long hrs at unsuccessful startups, and there were Whole-Foods Hipster Types whose sociology major girlfriends don't shave their pits.
Dang, I do remember that post. It's gone? I put a lot of effort into that.
All I can remember is Goran's smelly coworker post. Congrats on the sales. That said, so much for the Prop 13 tax basis/Mediterranean climate. Happy landings.
Patrick
2016 Jun 21, 7:43pm
Dang, I do remember that post. It's gone? I put a lot of effort into that.
@Goran_K no it should not be gone. should pop up in search results if you can remember relevant words in it.
Goran, how's Gardnerville? Are you guys happy there with family? Can you describe your experience?
Thank you!
As you know in 2012 (by my post history), I purchased a home in Laguna Beach, my primary home. In 2013, I also purchased an investment property in Los Angeles (West LA). I paid $1.2 million for the Laguna Beach home, and $675,000 for the condo in West LA. The West LA condo was rented before I even closed escrow to a personal friend. He stayed in the place for 2 years paying $2700 a month. I also had a tenant afterwards who was paying $3100 a month until I sold the place.
In 2016 I sold my Laguna Beach home for $2.45 million and 3 weeks ago I sold the West LA condo for $1.3.
Would be interesting to see what these properties are worth today. Likely appreciated another 20% or so.
Tenpoundbass
2018 Jun 9, 1:13pm
Tenpoundbass
2018 Jun 9, 1:37pm
Don't see much iSideWith click baits anymore, anyone notice that?
Look how far they put Trump down the list, he's closer to Kasich, Oprah, and Romney. LOL The ISideWith folks are trying to gaslight voters into believing Trump is a RINO establishment punk.
« First « Previous Comments 59 - 79 of 79 Search these comments
I know this isn't a real estate website any longer, but it was when I joined years ago and enjoyed the company of the "bears" and "bulls". I thought I'd drop by and let you guys know how my California housing foray went the past 4 years.
As you know in 2012 (by my post history), I purchased a home in Laguna Beach, my primary home. In 2013, I also purchased an investment property in Los Angeles (West LA). I paid $1.2 million for the Laguna Beach home, and $675,000 for the condo in West LA. The West LA condo was rented before I even closed escrow to a personal friend. He stayed in the place for 2 years paying $2700 a month. I also had a tenant afterwards who was paying $3100 a month until I sold the place.
In 2016 I sold my Laguna Beach home for $2.45 million and 3 weeks ago I sold the West LA condo for $1.3. The reason for my sell off is because I am relocating the family to Northern Nevada (Gardnerville). I'm sort of going full-time off-site consultant now, and don't need to be in California any longer.
So after a 4 year journey as a real estate owner in SoCal (I had been a renter for many years before), I came out of my real estate foray with about $1.6 million in profit. I'm not saying I'm some Nostradamus because I never expected to pocket so much cash from real estate, but I will say that I am immensely happy that I didn't stay on the sidelines the past 4 years.
Thanks for all the guys who I exchanged quips with over the years, the Apocalypse guy, the guy who had a duck avatar, and the numerous bears who despite their great advice and knowledge, seem to have been wrong about how real estate would crash immensely (don't worry I considered myself on the bears team for many years and also did not understand how the market could be as such).
#realestate #investing