Comments on: Attention San Diego Real Estate Investors — We Need To Talk

By: BawldGuy

BawldGuy — Tue, 14 Jul 2009 16:41:59 +0000

oldvw — OK, you’re forgiven. But try to be a little more discerning in the future. And don’t be a stranger.

By: oldvw

oldvw — Tue, 14 Jul 2009 01:00:56 +0000

Good reading. I’ll be back… oops didn’t mean to quote our turn coat Governor. Forgive me!

By: BawldGuy

BawldGuy — Wed, 08 Jul 2009 20:13:41 +0000

RTC is the template for how not to handle that situation. Excluding the lion’s share of the demand side of the equation while selling in a buyer’s market is to me, the quintessential example of why gov’t needs to keep itself out. What a farce that was.

By: Another Investor

Another Investor — Wed, 08 Jul 2009 19:06:42 +0000

I can think of three people in the Phoenix area who will be filing BK or walking away from property in the next 60 to 90 days. The three of them will be responsible for 8 or 9 properties going back to the lenders and then up for sale. The three sets of circumstances are very different but hardly unique. Multiply these by a few thousand and you can see what will happen to inventory and pricing in Phoenix.

If it’s true that the Bank of Ameriwide is no longer doing short sales in Nevada, that will likely spread to Arizona and maybe California. Another wave of foreclosures will result.

I can remember talking to cheery but not especially bright asset managers out of Dallas during the RTC liquidation days. They were trying to manage and dispose of properties out here. Maybe we will be talking to them again.

By: BawldGuy

BawldGuy — Wed, 08 Jul 2009 16:44:23 +0000

AI & Dave — Your comments point out my observation about differing regions. If you look to CA or worse, MI, you get one picture. Look at TX and you’d wonder what recession?

By: Dave Shafer

Dave Shafer — Wed, 08 Jul 2009 12:29:49 +0000

Another investor your right about the unemployment issue. However, in my two areas (St. Petersburg and New Hampshire) it doesn’t seem to be getting worse. If anything it seems to be leveling off or even improving, hence some price stability.

By: Another Investor

Another Investor — Wed, 08 Jul 2009 04:57:34 +0000

Increasing unemployment = decreasing property values. That feeling in your right knee is an empathetic twinge for the folks standing in the long unemployment lines. I see no evidence of a pick up here in hiring or in contract work, blue or white collar. Just the opposite from what I observe, and the folks hanging on by their fingernails are losing their grip. A wave of foreclosures and fewer buyers will likely force prices down.

On the bright side, those of us with cash might finally be able to buy some nice cash flow, as the more desirable locations make it on to the A list.