David Lereah is that you? "David" is posting comments to this blog
"David" has been leaving me comments telling me how despondent I am, LOL! Well I got news for you David, my happiness and whether I am despondent has nothing to do with whether I own Redondo Beach real estate or not!
By the way, a few long term housing bear analysts are suggesting that the real estate market will stabilize and find a bottom this year. I contacted one this week to see if his longterm outlook is different from his book. He said no, the Great Meltdown is still due to arrive later in the decade. Also, be sure to check out Housing's Stairstep Descent to get a sense of how a market can chop down, and how participant psychology can work.
Anyway, here is "David's" comment:
All the data is confirming that the Real Estate market - especially in Los Angeles is on solid ground. Los Angeles is different than any other city in the US save New York. And I dont see prices there falling ethir. This is a transitional phase for the next move up. It might be another 4-5 years however prices are here to stay - will fluctuate only slighty and from that point on are going to edge up into the next run. Per my prevoius post if I were you I would most definatly buy NOW in Redondo Beach. As I said before Redondo Beach is undervalued. Lets get real here. You are a dispondant becuase you are not a home owner. I can fix that. I have several great lenders and can get you on board with a great home loan. Why throw your money away on rent and feel so bad about it that you would set up an entire website dedicated to when youll get "your day" in Real Estate. I'm sure you and your readers had chances to buy before the boom and turned it down. In the 80's you remembered the 70's and said "its overpriced - it will come down". In the 90's you remembered the 80's and said the same thing. Now its 2007 and you think it will return to 1999. See a pattern here? The housing market is Los Angeles is here to stay. The data is 100% correct. Real Estate MAY go down eleswhere but not here. Everyone had been talking about the "bubble" (yawn) since 2004. Well here we are and prices have stabalized. Real Estate always - almost without exception - go's UP. You need to check out the houses here. Now is the time to buy. We have a great selection and assuming you can forgive my comments from before I can even be your Realtor. I have fantastic loan brokers and get you a good loan. Redondo is an absolute STEAL right now. I suggest you seroiusly consider a budget for a home there.
No thanks "David"! I don't want your loan, or you as my realtor. IF I wanted a realtor there are a few people I have in mind, but you definitely aren't one of them.
posted by bearmaster at 6:38 AM
8 Comments:
Just goes to show you that some folks have the ability to string together words to form sentences that sound reasonable, even believable, to those that have absolutely no backround on the subject, or lack normal intelligence. After the bust, maybe David can sell pigs ham sandwiches.
My observation of Santa Monica is that well-priced houses have sold within a couple of weeks of listing this year, while the overpriced stuff just sits ... and sits ... and sits.
Although inventory is down by half from the peak last October, days on market of what remains has nearly doubled, a sign of stalemate, not health.
The current economic environment has managed to keep median house prices relatively flat the last two years in coastal L.A.
Now we'll see the effects of Option-ARM resets, drying up of subprime credit, and a flattening economy.
David,
Weren't you the same guy who told me that I better buy in 2005 or be priced out of the market? How many of your customers who bought during that time can sell their home for the same price they purchased it? Luckily, you are going to refund the money they lost right... Well aren't you?
Giving this guy credit for "stringing together words" is OVERLY GENEROUS.
Mama tought me that if a person can't spell, he's got lots of screws loose. To wit:
ethir
definatly
dispondant
stabalized
and the clincher:
Real Estate always - almost without exception - go's UP.
I find this guy very doubtful, a straw man at best.
"David" is not "Lereah," but if he's really a Realtor (TM), and not a dude playing devil's advocate here, RUN, DON'T WALK away if you wind up talking to him about being your AGENT in this morass of a collapse!
For a while I thought David might have been the mastermind behind the humor here, but I don't think so.
I have to agree that good salespeople could see anyone anything.
But in this market? Ohhh... LA homes have dropped from 11.4 X income to 11.0 X income. Yawn.
Wake me up when its down to 6X income. ;)
An amazing number of homes on the market. Now why would a home of similar size next to one that cannot sell at $1.3 million list at $1.85M? Crazy. Ok, the new home has nicer ammenities. Maybe $100k worth of them...
I think quite a few sellers won't like the mortgage market of March onward... ;)
Bearmaster, did you get my e-mail? I sent it to your link from over at beartopia.
Got popcorn?
Neil
My apologies Neil,
Maybe the mail got hosed, and I now realize I forgot to leave you a link.
Here, try this:
Contact Me
It seems to me that many involved in the Real Estate business often forget the laws of financial physics. There's a finite amount of "real" money out there and the percentage of income required to purchase a home in many areas is WAY out of any reasonable range. Speculation has been the driving force in this latest run-up (along with cheap money, questionable lending practices and favorable tax laws) and if incomes don't drastically increase, the dominos will begin to fall. Remember, the US government is operating at a HUGE deficit, California's deficit in 2006 was by the most conservitive estimates over 4 billion and 2007 looks worse every month. In Los Angeles County the health care services budget alone had over $400 million operating deficit and the full county figures aren't much better. Locally, most cities are having to do with less state and federal funding for education, public safety and health services. When and how is all this red ink going to come home to roost? Not to mention the Democrats are coming to power and are left holding the bag. The answer nobody wants to hear is - taxes HAVE to go up. Interest rates HAVE to go up and somebody has to pay and the money is not coming out of thin air.
Fasten your belts, we've created a doozy here.
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