Re: Parg's neices having problems selling their fantastic real estate "investments"


PolishKnight wrote:
Hyerdahl wrote:
PolishKnight wrote:
Hyerdahl wrote:
PolishKnight wrote:

http://www.bloomberg.com/apps/news?pid=20601109&sid=amJynxoSEAco&refer=home

"Shelley Grandy, 41, says investors ``dumping'' their properties have
stalled her efforts to sell her four-bedroom brick townhouse in
Sterling, Virginia. Grandy, who has two children, says she is moving
and plans to rent a home for a year or two in her new neighborhood.
Paint and Carpeting

I only have one neice, Mark. She doesn't live in VA and her property
has increased in value since she moved there. It's now up $40,000.
should she decide to sell. That's not a bad increase for the short
time she's lived there.

Hahahahahaha! Yeah, I'm sure Shelley is also counting the chickens
from all the "increases in value" that she's gotten from her property
but she's decided to sell.

Wow; I'm so impressed. My neice (not named Shelley) is also not
selling. She's obligated to her work there for at least two years, and
is quite happy in her mission style home.


In the meantime, you aren't even able to
start equity growth. Good to know.

Lessee: 4.75% REAL interest growth from an ING account that we
add to about every 6 months. We can cash out in a matter of minutes.
(they now currently offer 4.25% for new deposits but I'm waiting
for that to bump up before we make another deposit.)

Mark, your alleged wife will get tired of living in a slum long before
things pan out for you.

Not all rentals are "slums". I'm the only renter in our condo unit
(and I'm glad since the woman below us smokes so it's nice that
we can move out when our lease expires while if we had bought,
we'd be stuck for a while.)

On the contrary, as Shelly's example shows, it's cheaper for her
to rent a much more expensive home than it is to pay off the
mortgage on the one that she's trying to unload.

But then, according to you, if the housing
market is down, that's a buyer's market.

For now, it's more of a stalled market with sellers such as Shelley
thinking that their home is worth more than she can sell it for. :-)
Markets, like social and cultural attitudes, don't just turn
on a dime.

Perhaps now is the best time
to buy.

If the market is going down, why would it be the "best time to buy?"
Couldn't that be said of a market at just about any time?
If the price is going up, buy. If the price just went down, buy.

Guess your alleged wife will just
have to wait until her citizenship is established (or until the right
American man comes along).

I guess she'd have to wait in line behind your neice. :-)

Not really. My neice is busy with her life and love and career path.
It's all good.

Yeah, almost as busy with love as you are. :-)

I ran the numbers through a mortgage calculator: For a $400K
house, a 30 year mortgage with a sizable down payment
came out to $2,200. Taxes in Virginia are simple: About 1 percent
a year so tack on $330 for a total of $2,530. This probably
doesn't include sewer or water.

Or...you could choose to continue to live in a slum. I have no
problems with your choice, Mark. :-)

All the residents of my building, other than myself, are middle
class owners of their units. We have central air conditioning
and live in a pleasant but working class neighborhood
within walking distance of a Korean shopping center
and a more conventional chain grocery store anchored
shopping center. Mini-golf is about 1 mile up the road.

My wife loves it. If it wasn't for the smoker below us,
we'd like to stay.

So "Shelley" is on the hook for a $2,530 a month for a house
that's worth half as much as she's renting for $2,800.
That's "equity building?"

My neice is in an area where she bought in low and can sell high.

The "house" she is in must be on wheels then OR the area
she bought in hasn't appreciated that much. (banjo playing
in the background.) This is assuming you aren't just
making all of this up as you go along.

In
fact, in her neighborhood there is going to be a addition to a military
installation. Rental prices are going thru the roof there.

I'm sure sorry I missed this magic ATM money machine
housing bubble.

Housing markets go up and down ....and they keep going that way.

What a totally useless statement.

If
you're just buying a house for an investment, you'd be wise to wait OR
to buy in a market that has staying power, as did my neice.

Why only if it's "just" for an investment? Why buy into a market
that's going down regardless when there are rentals available?

Of course, if someone feels a "roosting" instinct to buy because
they don't want to be "slum" renters, that's their perogative
I suppose. They can pay $500 for shoes that go out of style
in a year too. :-) Whether they'll build any true equity with
that is another matter.

OTOH, if
you're buying a house to live in the best time to buy is when the
market drops.

Isn't that also the best time to buy for an investment too?

Either way, Mark, you still have no home and no
children.

Ah, yes, I think I made this point some months ago...

Just because I don't own the property doesn't mean I don't
live there. I don't have "rentor" tattooed into my forehead.

About the children: I am enjoying the honeymoon period
of our marriage. Your neice wouldn't understand. :-)

regards,
PK

.

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