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2   Oil Can   ignore (0)   2012 Aug 7, 12:54am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Wait to 6.5% to 8% mortgage rates are norm again. Then let's see where prices are.

3   E-man   ignore (0)   2012 Aug 7, 1:06am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Oil Can says

Wait to 6.5% to 8% mortgage rates are norm again. Then let's see where prices are.

Gotta love the fallacy. I guess if you repeat this fallacy enough times, some Patnet readers will believe it's the truth.

I believe I've seen some people on here repeating this fallacy already so carry on. Don't let the truth blind sided you. :)

4   FortWayne   ignore (4)   2012 Aug 7, 1:18am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Slow cashing out for the whales. I've been waiting for that event. I expect that money to flow into the stock market... there are some good buys there right now, and a few excellent shorts.

5   E-man   ignore (0)   2012 Aug 7, 1:32am   ↑ like (0)   ↓ dislike (0)   quote   flag        

RentingForHalfTheCost says

Get to work like the reset of us!

Where do you think these cash buyer get their money from? Has it ever occurred to you that maybe, just maybe, they have been working much harder than you? Is it possible that they are now using the fruits of their labor to work for them? What was the saying again? Work smarter, don't work harder? Enough hard work already. Now it's time to sit back and sip Maitai.

6   anonymous   ignore (null)   2012 Aug 7, 2:09am   ↑ like (0)   ↓ dislike (0)   quote   flag        

California is like, so effin' cool!

That's what people with 1M cash to plunk on a crib, consider desirable?

7   dunnross   ignore (6)   2012 Aug 7, 2:16am   ↑ like (0)   ↓ dislike (0)   quote   flag        

E-man says

Now it's time to sit back and sip Maitai.

Yes, and that's probably all you can do in your 971sqft $1.35M shack which won't even rent for $2000/mo.

8   E-man   ignore (0)   2012 Aug 7, 2:25am   ↑ like (0)   ↓ dislike (0)   quote   flag        

dunnross says

E-man says

Now it's time to sit back and sip Maitai.

Yes, and that's probably all you can do in your 971sqft $1.35M shack which won't even rent for $2000/mo.

The buyer paid $1.35M for the land & its location, not the shack. There's no point in debating with you because you keep on missing it.

9   E-man   ignore (0)   2012 Aug 7, 2:27am   ↑ like (0)   ↓ dislike (0)   quote   flag        

errc says

California is like, so effin' cool!

That's what people with 1M cash to plunk on a crib, consider desirable?

Thanks for the laugh, but some people here spend crazy money for crap that I couldn't even understand. To each their own.

10   Goran_K   ignore (3)   2012 Aug 7, 2:27am   ↑ like (0)   ↓ dislike (2)   quote   flag        

dunnross says

Yes, and that's probably all you can do in your 971sqft $1.35M shack which won't even rent for $2000/mo.

Exactly. It's funny some people in this thread were on their pulpit about "rents determine price!", yet you see people posting $1,000,000 homes that would probably rent in the $2,500 to $3,500 range, if that.

Very disingenuous.

11   dunnross   ignore (6)   2012 Aug 7, 2:28am   ↑ like (0)   ↓ dislike (0)   quote   flag        

E-man says

The buyer paid $1.35M for the land & its location, not the shack. There's no point in debating with you because you keep on missing it.

Yes, location, location, location. I will write to NAR with a proposal to add one more "location" to their slogan. After all, some of their followers might not be very bright, and might not get it with just 3.

12   dunnross   ignore (6)   2012 Aug 7, 2:31am   ↑ like (0)   ↓ dislike (0)   quote   flag        

If this house is sold for land value, why don't they list the land square footage. It seems that showing a picture of the house and only the house square footage is akin to selling a $50K sedan, and only showing the picture of an ashtray.

13   dunnross   ignore (6)   2012 Aug 7, 3:21am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Anybody want to buy a piece of land from South Palo Alto. It's cheap. Only $1000. And, I will throw in an egg for free.

14   B.A.C.A.H.   ignore (0)   2012 Aug 7, 4:12am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Goran_K says

some people in this thread were on their pulpit about "rents determine price!", yet you see people posting $1,000,000 homes that would probably rent in the $2,500 to $3,500 range

they are not boasting about investing in rentals in The Fortress, where the house prices are set by buyers with different motivations than in blue collar neighborhoods.

15   Goran_K   ignore (3)   2012 Aug 7, 4:19am   ↑ like (0)   ↓ dislike (2)   quote   flag        

B.A.C.A.H. says

they are not boasting about investing in rentals in The Fortress, where the house prices are set by buyers with different motivations than in blue collar neighborhoods.

What? I'm not talking about "boasting." How did you get that from my post?

16   RentingForHalfTheCost   ignore (5)   2012 Aug 7, 4:28am   ↑ like (0)   ↓ dislike (0)   quote   flag        

E-man says

RentingForHalfTheCost says

Get to work like the reset of us!

Where do you think these cash buyer get their money from? Has it ever occurred to you that maybe, just maybe, they have been working much harder than you? Is it possible that they are now using the fruits of their labor to work for them? What was the saying again? Work smarter, don't work harder? Enough hard work already. Now it's time to sit back and sip Maitai.

Learn from your victory. Prosper from your failure.

Sadly many don't. If you actually worked hard and smart for your money you wouldn't be so quick to give it up on a shack. Many cash buyers have very little sense for what a dollar is worth. If they lose 20-30% it really doesn't mean anything. Just another call to the parents or uncle. Someone in the chain is sitting on the main cash pile. Seen it many times already. They will talk like they understand, but not a clue.

17   zesta   ignore (0)   2012 Aug 7, 4:38am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Goran_K says

dunnross says

Yes, and that's probably all you can do in your 971sqft $1.35M shack which won't even rent for $2000/mo.

Exactly. It's funny some people in this thread were on their pulpit about "rents determine price!", yet you see people posting $1,000,000 homes that would probably rent in the $2,500 to $3,500 range, if that.

Very disingenuous.

rents may set bottoms but not ceilings. Especially for luxury goods. Make no mistake, a SFH in those areas is closer to a luxury good than simply a place to live.

18   PockyClipsNow   ignore (0)   2012 Aug 7, 4:51am   ↑ like (0)   ↓ dislike (0)   quote   flag        

If these people can pay 1m for the land, build a mcmansion, then sell it for 1.6m thats how you make money.

This would only work in high demand area like cupertino,etc.

Obviously there are very few safe places for 1m cash. 'land' looks pretty good.

19   REpro   ignore (0)   2012 Aug 7, 8:38am   ↑ like (0)   ↓ dislike (0)   quote   flag        

E-man says

The buyer paid $1.35M for the land & its location, not the shack

I understand land value and location, e.g. zoning will allow to build a 20 story condo in this place, or location have unobstructed irreplaceable amazing view.
E-man says

Where do you think these cash buyer get their money from? Has it ever occurred to you that maybe, just maybe, they have been working much harder than you? Is it possible that they are now using the fruits of their labor to work for them? What was the saying again? Work smarter, don't work harder? Enough hard work already.

Presume you work hard on all rentals you have. Would you sell them to buy this?

20   E-man   ignore (0)   2012 Aug 7, 2:07pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

REpro says

Presume you work hard on all rentals you have. Would you sell them to buy this?

Not a chance. However, people have different value and preference when it comes to where to live. I just don't care much about it. You might disagree with their purchase decision, but that doesn't mean it's a wrong decision.

21   mamunsultanpur   ignore (0)   2012 Aug 7, 2:41pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

With all the turnkey rental bad news about real estate there is in fact some compelling reasons for rental properties getting serious about buying a home right now.

22   REpro   ignore (0)   2012 Aug 7, 4:31pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

E-man says

However, people have different value and preference when it comes to where to live. I just don't care much about it.

I know a software engineer from India but not enough to know his financial side. He owns couple of houses like these in Cupertino and rent them out for whatever market can take, but he never lived in any of them. He lives in $2.5M brand new house, also in Cupertino.
The point is, that I don’t think people who have money buy these houses because they falls in love in architecture, lifestyle, local elementary school or charming location.

23   lostand confused   ignore (0)   2012 Aug 7, 9:44pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

REpro says

E-man says



However, people have different value and preference when it comes to where to live. I just don't care much about it.


I know a software engineer from India but not enough to know his financial side. He owns couple of houses like these in Cupertino and rent them out for whatever market can take, but he never lived in any of them. He lives in $2.5M brand new house, also in Cupertino.
The point is, that I don’t think people who have money buy these houses because they falls in love in architecture, lifestyle, local elementary school or charming location.

India is in a massive, massive property bubble. Makes sense if he had land holdings there and is selling and buying here. Or perhaps he got good stock options early on. It is difficult to judge -but Cupertino prices are now approaching luxury areas of so cal.


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