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Replies (22)
- Jason Schweiger, "Jason Schweiger"
- Contributions:6
There are many questions that arise from you question. Do you have an agent? If so, they should understand the market well enough to inform you of your answer. If not, I would suggest using an agent. Usually, the seller will pay the commission and you get representation that way. If you need any assistance, I am glad to help you locate a qualified agent. I am a real estate agent and mortgage broker in the Seattle area.
Sincerely, Jason Schweiger
[content removed by moderator for being self promotional]
Sincerely, Jason Schweiger
[content removed by moderator for being self promotional]
- girouard property RE
- Contributions:981
You will need Flood insurance to purchas this home
- space_acer
- Contributions:4311
May sound like a good deal but still way too high for a 2/1 1000 sq ft.
since homes like this were under 200K then doubled by year 2000 and went up like this one to 700K... see the price history of said property.
Frankly not worth more than 300K. I would look for further cut in price.
Sure feel sorry for the fool that paid 700K for it.. equally foolish at 450K.
http://www.housingbubblebust.com/OFHEO/Major/NorCal.html
We been in a bubble for a very long time and were driven by stock bubble and toxic loans.
since homes like this were under 200K then doubled by year 2000 and went up like this one to 700K... see the price history of said property.
Frankly not worth more than 300K. I would look for further cut in price.
Sure feel sorry for the fool that paid 700K for it.. equally foolish at 450K.
http://www.housingbubblebust.com/OFHEO/Major/NorCal.html
We been in a bubble for a very long time and were driven by stock bubble and toxic loans.
- Brendan Aiello, "BrendanAiello"
- Contributions:6
Hi There,
First off, Congrats on your new home purchase. I noticed it was a short sale and I hope it goes smoothly/quickly for you.
Secondly, Congrats on your FIRST home purchase! Not only should you be proud buying your own first home, you should be proud that you bought a distressed home and you are directly helping the economy.
Now to answer your question, you paid in the market price range. Could your realtor negotiated better? Maybe. Did you get a bad deal, No.
What if the market declines more in the months to come? Should you be worried? No. No one can predict the bottom. Be thankful that you probably have a killer mortgage rate.
Look at 25 year, 50 year, 100 year charts. Real Estate ALWAYS comes back. When it does come back we will see a large increase in interest rates again.
Once again, Congrats&Sleep easy - you did well.
-Brendan Aiello
[content removed by moderator for being self promotional]
- greenwitch
- Contributions:2
I think that you got robbed. Half a mil for what? Yes I understand that it's in the Bay Area, but half a mil? Head over towards Tracy or down the peninsula, and you could get more house for less money.
- David Tapper, "DavidTapper"
- Contributions:171
Congrats Kurt! I agree w/ Brendan Aiello, you did fine. Ask yourself this question, what else could you buy in the area for the same money, and in about the same condition? Not too much!
You might be able to find something for less $$$, but it's probably in a lot worse shape.
It's easy for people out of the area to say you paid too much, but if you are not looking to commute, then you did just fine.
With property values down, and the interests rates so cheap, it's a great time to take that leap of faith.
I hope everything works out ok for you.
Dave Tap Tapper
Cashin Company
DavidTapper: "Ask yourself this question, what else could you buy in the area for the same money,"
Hi David, I'm struggling to understand your point here.
Why is it fine to wildly overpay for a tiny house because its not as expensive as larger houses which are also wildly overpriced?
Hi David, I'm struggling to understand your point here.
Why is it fine to wildly overpay for a tiny house because its not as expensive as larger houses which are also wildly overpriced?
- Undone
- Contributions:102
I'm with Spleng.
You could buy the same house an hour away area for 150k...then use the money you saved to buy a rocket car or personal aircraft to get you to work.
Maybe I'm too young, naive, and/or practical, but $300,000 to cut down on a commute seems a little steep.
You could buy the same house an hour away area for 150k...then use the money you saved to buy a rocket car or personal aircraft to get you to work.
Maybe I'm too young, naive, and/or practical, but $300,000 to cut down on a commute seems a little steep.
"rocket car"
Sweet!
Sweet!
- Brendan Aiello, "BrendanAiello"
- Contributions:6
Ok, guys just like anything else prices of homes are created by supply and demand. The houses in San Mateo area have a higher demand and less of a supply than the houses in the communities you guys are mentioning. It's not about bed/bath counts or square footage, it's about location.
Can you bring your house closer to the beach? Or closer to San Francisco? The only way to fix your problem is to buy a different house, I could easily had a bed/bath/sqft to my home.
If you guys are so bent up about Bay Area housing prices, why do you live in California or the United States? There are a lot cheaper homes elsewhere.
Can you bring your house closer to the beach? Or closer to San Francisco? The only way to fix your problem is to buy a different house, I could easily had a bed/bath/sqft to my home.
If you guys are so bent up about Bay Area housing prices, why do you live in California or the United States? There are a lot cheaper homes elsewhere.
- space_acer
- Contributions:4311
"Look at 25 year, 50 year, 100 year charts. Real Estate ALWAYS comes back. When it does come back we will see a large increase in interest rates again."
Yes its coming back again DOWN.. that is the recovery.
As for 25-50.. bear in mind that RE only goes up at rate of inflation.
Going back 100 years points to a time when the US was in deflation
and prices sunk.
Please dont talk about RE always comes back. Were you even in California when prices sunk 40% in early 90s. As for San Mateo, the reason prices inflated starting in late 90s...was due to the stock equity cash out of dot.com companies. Some fool forked over $350/share for yahoo stock (today worth less than $15/share) and overpaid for homes like drunken sailors.
Yes its coming back again DOWN.. that is the recovery.
As for 25-50.. bear in mind that RE only goes up at rate of inflation.
Going back 100 years points to a time when the US was in deflation
and prices sunk.
Please dont talk about RE always comes back. Were you even in California when prices sunk 40% in early 90s. As for San Mateo, the reason prices inflated starting in late 90s...was due to the stock equity cash out of dot.com companies. Some fool forked over $350/share for yahoo stock (today worth less than $15/share) and overpaid for homes like drunken sailors.
- space_acer
- Contributions:4311
"You could buy the same house an hour away area for 150k..."
No your not naive. Fact is the employers in areas where home prices have inflated are moving those same jobes to places where "cost of living" or in another words.. "cost of employees" is less.
The outcome isnt good for places like San Mateo..
No your not naive. Fact is the employers in areas where home prices have inflated are moving those same jobes to places where "cost of living" or in another words.. "cost of employees" is less.
The outcome isnt good for places like San Mateo..
- space_acer
- Contributions:4311
"The houses in San Mateo area have a higher demand and less of a supply than the houses in the communities you guys are mentioning"
Demand from who? people need home but they also need jobs.
The incomes dont support the prices. You can give out special toxic loans and low rates, but in the end prices do fall back to their normal
long term trend.
BrendanAiello: "Look at 25 year, 50 year, 100 year charts. Real Estate ALWAYS comes back."
Hey I think you're onto something Brendan!
Real Estate may very well "come back" in 50 - 100 years.
Cool.
Hey I think you're onto something Brendan!
Real Estate may very well "come back" in 50 - 100 years.
Cool.
- Brendan Aiello, "BrendanAiello"
- Contributions:6
Space,
Thanks for all your hard research. I am born and raised in San Mateo. I also have be fortunate enough to be born and raised into real estate.
The house I grew up in was purchased in 1977 for $162,000. The house now Zillows (and could sell) in a buyers market for over $3.2 Million.
But hey, I'm a realtor, not an economist... are you meaning to tell me in 32 years inflation has risen almost 2000%
Please, let me know,
Brendan
Thanks for all your hard research. I am born and raised in San Mateo. I also have be fortunate enough to be born and raised into real estate.
The house I grew up in was purchased in 1977 for $162,000. The house now Zillows (and could sell) in a buyers market for over $3.2 Million.
But hey, I'm a realtor, not an economist... are you meaning to tell me in 32 years inflation has risen almost 2000%
Please, let me know,
Brendan
The house I grew up in was purchased in 1977 for $162,000. The house now Zillows (and could sell) in a buyers market for over $3.2 Million.
Why would you not sell?
Why would you not sell?
- Brendan Aiello, "BrendanAiello"
- Contributions:6
Just did some research on my own.
If you goto http://www.bls.gov/data/inflation_calculator.htm and type in $162,000 in 1977 it says the buying power in 2009 is ~$567,000. Thats appox 1/3 of the market value of their lot (without a home on it).
So there has to be something wrong about your statement...
If you goto http://www.bls.gov/data/inflation_calculator.htm and type in $162,000 in 1977 it says the buying power in 2009 is ~$567,000. Thats appox 1/3 of the market value of their lot (without a home on it).
So there has to be something wrong about your statement...
".. are you meaning to tell me in 32 years inflation has risen almost 2000%"
Pssst Brendan, its a bubble...
Pssst Brendan, its a bubble...
- Brendan Aiello, "BrendanAiello"
- Contributions:6
Doobie - Because it's not mine, it's my parents and they love their home, neighborhood/location, neighbors, lifestyle, etc.
Spleng - I guess I am clueless. Are you saying is that my parents house is going to drop below $600,000? I don't agree. You and Space_Acer have thosands of contributions talking about how bad real estate investments are and how you shouldn't pay x amount for that home. Why?
So I am ending my part of this debate on Zillow. [content removed by moderator for being self promotional]
I would love to check in every 5 years to see how each of our investments is going. I think I will end up fine, my portfolio is almost strictly real estate. If I am wrong, I will be happy to teach my children/grand children your way.
Spleng - I guess I am clueless. Are you saying is that my parents house is going to drop below $600,000? I don't agree. You and Space_Acer have thosands of contributions talking about how bad real estate investments are and how you shouldn't pay x amount for that home. Why?
So I am ending my part of this debate on Zillow. [content removed by moderator for being self promotional]
I would love to check in every 5 years to see how each of our investments is going. I think I will end up fine, my portfolio is almost strictly real estate. If I am wrong, I will be happy to teach my children/grand children your way.
- space_acer
- Contributions:4311
" Are you saying is that my parents house is going to drop below $600,000"
Perhaps the question is what were the drivers that pushed your parents home from 200K back in 1997 to over 600-700K by 2007 ?
How did it start and what were the fundamentals justified for prices to be that high to begin with? Do you recall what caused prices to skyrocket in the first place ... all the way back 10 years ago?
Perhaps the question is what were the drivers that pushed your parents home from 200K back in 1997 to over 600-700K by 2007 ?
How did it start and what were the fundamentals justified for prices to be that high to begin with? Do you recall what caused prices to skyrocket in the first place ... all the way back 10 years ago?
- space_acer
- Contributions:4311
"The house I grew up in was purchased in 1977 for $162,000. The house now Zillows (and could sell) in a buyers market for over $3.2 Million."
Sorry but unlike 1998-99, there is'nt any HOT IPO stock to fuel such prices on mass scale. And who would be willing to pay for inflated stock prices so a cash out employee can pay lofty RE prices. Like I ask, would you pay for Yahoo stock at $350/share as many did back then ?
They are the ones who fueled the price inflation.
Read up, you will find there were only a handful of million dollar homes in Bay Area. Not to mention the expensing of stock options, stricter compensation oversight, and cost cutting due to recession. Add to that the Obama taxes hitting many with earnings over $250K.
You can always hope for some rich Russian Oil Tycoon to walk in and pay that much for a dinky home in San Mateo! But why buy in San Mateo when you can buy in South of France?
Sorry but unlike 1998-99, there is'nt any HOT IPO stock to fuel such prices on mass scale. And who would be willing to pay for inflated stock prices so a cash out employee can pay lofty RE prices. Like I ask, would you pay for Yahoo stock at $350/share as many did back then ?
They are the ones who fueled the price inflation.
Read up, you will find there were only a handful of million dollar homes in Bay Area. Not to mention the expensing of stock options, stricter compensation oversight, and cost cutting due to recession. Add to that the Obama taxes hitting many with earnings over $250K.
You can always hope for some rich Russian Oil Tycoon to walk in and pay that much for a dinky home in San Mateo! But why buy in San Mateo when you can buy in South of France?
- space_acer
- Contributions:4311
amend...
Read up, you will find there were only a handful of million dollar homes in Bay Area 10 years ago.
Read up, you will find there were only a handful of million dollar homes in Bay Area 10 years ago.
First time home buyer in San Mateo
I made an offer of $450k, on this property in San Mateo...
http://www.zillow.com/homedetails/1724-2nd-Ave-San-Mateo-CA-94401/15524552_zpid/
too much? too soon?
any advice?
Thanks!
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