Besides Strand homes and west-of-Highland walkstreets, there's no luxury home market in MB quite like new estates in the Hill Section.
An intriguing newer entry into this market is 815 2nd (click for details via Redfin), which first hit the market in February at $4.795m. With a recent cut to $4.495m (-$300k/-6%), it's the least-expensive new home in the Hill Section – indeed, the listing now says it's the "best-priced new construction" in the sub-market.
The question is: What really is the right price for 815 2nd? Please vote in our newest pricing poll. Give us your opinion on what the final sale price is likely to be, and support your view in the comments on this story. We'll run the poll for 3 days, closing Sunday night at 7pm. (The home is open Sunday 2-4pm, so drop by if you can.)
Here's a sampling of what MBC has said previously about 815 2nd, which offers 5br/6ba and 4550 sq. ft.:
- a departure from the typical Hill Section estate;
- on a street that is among the busiest in the Hills;
- the views are better than expected – ocean views on 2 levels;
- a cool lower level (too bright to call a "basement") with a tiered home theater;
- lots of crisp finishes and fine details;
- the design favors lots of cozy, private spaces over the huge megarooms you would normally find in a Hill manse;
- a unique family layout with... unfortunately, some pretty small bedrooms; and
- surprisingly modest (in a good way) overall.
It's hard to develop a reliable list of comps for 815 2nd because the turnover in the Hills is fairly slow (low inventory, few sales), especially in recent months. There are just two sales of new homes in the last 6 months – 853 6th and 911 Duncan.
853 6th was a different style (Caliterranean), a bit bigger (6br/4ba, 4925 sq. ft.) and closed for $4.5m ($914/PSF). 911 Duncan was an ultra-modern home, somewhat smaller than 2nd (5br/6ba, 3700 sq. ft.) with views comparable to 2nd, and closed for $3.190m ($862/PSF). If we go only by PPSF, this puts 2nd between $3.9m-$4.2m before any adjustments (for views, location, finishes, etc.).
The 3 other active new homes in the Hill Section are all shooting higher on a PPSF basis (click addresses for details via Redfin):
- 930 John (5br/7ba, 5400 sq. ft.) – $4.995m ($925/PSF)
- 617 6th (5br/6ba, 5725 sq. ft.) – $5.950m ($1,039/PSF)
- 218 N. Dianthus (4br/5ba, 5600 sq. ft. – $6.75m ($1,205/PSF)
So what's right for 815 2nd? How would you adjust for the views, location and finishes? Vote, and let us know in the comments.
65 comments:
Here is why I don't like this home:
- wayyyyy busy street
- looks plunked down
- cheap exterior (pseudo cape cod)
- oddly designed
Anyone know the arch. or builder???
As far as Hills go, I like the 8mil estate for sale. Not sure where it is, though.
10/4
For those in the know, what would it cost a builder, all in, to build this home? I seem to remember that advertisement (remember, the one that said home prices couldn't go down because builders can't lose money?) quoting a figure of ~$300 per sq ft.
Does that seem like a reasonable number to those that know the business? Builder paid $1.8M (according to Zillow) for the lot, and at $300/sq ft that would be ~$1.4 to build. After sales commission of 5%, break even would be $3.4M.
Hard to see how the builder doesn't do well here, unless my assumptions off, or the home goes for the very low end of the poll.
Thanks - and thanks MB Watcher for the poll!
Hard to see how the builder doesn't do well here, unless my assumptions are off, or the home goes for the very low end of the poll.
(I know how upset some folks get about typos)
I thought the layout was interesting and the views were great. The little nook next to the upstairs bedroom was enticing me to curl up with a good book and a glass of wine at sunset.
All that said, the house looked very poorly constructed. The broker said the construction company only takes on one home a year... well if that is true... the builder did a horrible job, and must have taken lots of time off in the year.
Take a walk through, just look at the view, its terrific, but wait! I can't see the view for the ugly hardware! Beige hardware on white molding? Clearance sale.
Little things like screws missing in light switches, or gaps in the wood floor near the walls.
These are the things I look for when I'm gauging the quality of workmanship. Who knows what's behind the walls.
And I agree with the faux cape cod. No one on The Cape would be garish enough to paint their home an ugly blue like that. Paint is a big deal... its a first and lasting impression.
$300/foot is a very aggressive price. Quality new construction, property finished, is $400+ all in, at the low end. Many are spending much, much more than that for truly top end builds. You can build the next taco bell home for $300 foot, but good custom homes simply cost more. As with most things in life, you get what you pay for.
Thanks 8:25 - just to be clear, I'm including everything in my $300 assumption: taxes, interest, insurance, etc. The number quoted in "A Builder's Take" was $1M for a 3300 sq ft home, all in (though I think his included commissions as well).
How does 815 2nd stack up against those assumptions? Thanks.
when people walk through this house, what is the all in cost - cost including absolutely everything - permits, architect, landscape, design, absolutely everything except land - that the builder paid
is it a total all in of 300 or a total all in of 400?
let's get some experts here
I'm going to buy this house this weekend with my paper route money.
Yeah sorry, cedar shingles are so much more attractive. Hideous blue paint looks cheap and fake.
It's a real shame MB's strand has a lot of nice cap cods. The only problem about them though, they are a real bitch to scrub. The salt air doesn't treat the tiles well at all.
I agree I don't like the shade of blue; however, let's give props to the builder for resisting the temptation to add ridiculous stone laminate in odd places.
Have you seen some of the other new homes in town that are attempting to be Craftsman/Cape Cod (I like to call them Craft Cod)? Some of these mongrels look as if the builders just threw up the stone laminate and decided to keep it up wherever it stuck to the wall.
So this one isn't my favorite house in the world but at least it doesn't make me laugh out loud. (And yes, our standards are getting lower and lower around here...)
Why doesn't anyone ever focus on lot size. Standard for Hill is 7,500 sf, this is only 4,970 sf. I saw a post the other day about a comparison of a 2,500 sf lot in the tree section to a 4,640 sf. You just can't compare those. You can't do it here either. I don't often agree with Waiting to Buy, but really see the builder making out pretty good here even though the lot was purchased near top of the market. Not too bad for two years worth of work assuming it sells in the next 6 months.
respectfully we dont know how well the builder will make out until we know how much all in this cost per sq foot
I'll caveat that what I said is that it's hard to see how the builder doesn't do well assuming $300/sq ft build costs. I'm using that number based solely on the silly advertisement (silly IMHO) a builder put in The Beach Reporter. 8:25 AM pointed out that it's probably more like $400-$450, at which point profitability starts to look dicey. Since I don't know a thing about building costs, I'm hoping to get some knowledgeable input.
But I agree 100% regarding lot size. To me, that's a big factor when considering home value.
I think this house will sell for 20% more now than it will one year from now.
right - what is the all in (ALL IN) cost right here ?
Don't worry, be happy. At least until Novemeber. If the democrats win, the housing situation will tank even further. Guaranteed !!!!
Yes, I can spell...LOL.....November
11:11- Can't go an entire post without some unfounded prediction of a 20% drop in a year.
Unfounded prediction? I don't think so. Possibly too pessimistic? Maybe, maybe not. Anyone paying attention to reputable, intelligent financial reports will tell you things do not look good and the above prediction is definitely not unfounded.
Sorry if this doesn't sit well with you. Oh well.
I say that $3.875 is right around where this house will go for. 2nd Street isn't John and given that it's an undersized lot, it doesn't deserve the same financial consideration. The blue is okay - we're not in Cape Cod after all - but it's been overdone around town. In 2003, this house wouldn't have gone past $3.3 given its location so maybe it will be somewhere in between.
11:11 and 12:45- Completely unfounded. You offer nothing to back that up. Typical. End of conversation.
Don't underestimate the impact that the enormous amount of traffic on 2nd st has on the sale price of this house. You basically can't have kids playing anywhere in the front yard; that close to Ardmore, on that hill, cars are doing about 50 at that point.
Waiting to Buy--
I bought a semi-custom home (entered into escrow at the framing stage) and was able to pick any finishes, etc. that I wanted. Based on my conversations with the builder and other builders and new homeowners, $400/sq foot will get you a very nice custom home with topline finishes, appliances, etc. However, such number would exclude anything but minimal landscaping, no basement (basements cost more to build) and no other typical post-move-in improvements (theatre system, window treatments, etc.).
If you buy the land yourself and contract with a builder, you could get the cost down to $350 - 300 per square foot for the higher end new construction home (with the same caveats applying).
In terms of determining future per square foot estimates, it will be interesting to see if the higher oil prices and greater China demand for raw materials (that have driven and continue to drive up costs of construction materials) will be offset, if at all, by the huge slowing of the new construction home market.
China is not having an impact on the cost of building materials for residential construction. Demand from China may impact steel and perhaps concrete.
For some real data, look at the National Association of Home Builders' data:
http://www.nahb.org/generic.aspx?sectionID=133&genericContentID=527
Framing lumber prices
4/25/2008 $262
4/27/2007 $288
4/21/2006 $377
4/22/2005 $402
4/23/2004 $446
Do you detect a trend? Labor costs were dominating construction costs in the LA area, but again, with slackening demand, costs have come down.
2:40 PM - great information. Thank you.
2:56 PM - my one anecdotal data point (though he's a fairly large lumber supplier for home construction nationally) jibes with those numbers. He says prices are down because demand is very weak. But again, he supplies nationally and not to any one specific region.
2:40 PM - great information. Thank you.
2:56 PM - my one anecdotal data point (though he's a fairly large lumber supplier for home construction nationally) jibes with those numbers. He says prices are down because demand is very weak. But again, he supplies nationally and not to any one specific region.
I spoke to my mortgage broker today as I'm finally getting off my butt and formally getting prequalified for a potential purchase. Anyway, very interesting commentary from him. His office is in Menlo Park, which is a very similar demographic in terms of income compared to MB. Many affluent/wealthy investment bankers, hedge fund managers, venture capitalists, technology employees, commercial RE, etc... He is not some fly by night mortgage dude, he's had his own shop since 95 when I bought my first home. His business is off 60% ytd. I asked him what the average down payment on a $2mm house was a year or two ago - His response was approximately 10-20%, but he saw plenty of people at 5-10%. Today? 25-35% down, minimum. No more qualifying for $2mm purchases with only 10-20% down. Are there exceptions, of course. But when you take away hundreds, if not thousands of potential candidates for that $2mm house, prices are bound to come down as it is simple supply and demand economics. Menlo Park, Palo Alto, Woodside, and Los Altos are where his clients live so that is a very good apples to apples comparison of what MB would be like.
You know what's interesting about most RE agents - they don't get paid to be bearish. They have to be glass half full people. That's why you won't ever see one of them publicly state that prices are going lower. Home prices are always stable or rising. In my business, I can be bearish and still make plenty of money as I can short or rotate out of sectors. In local residential RE there is only one way to make money as a realtor - buying and selling homes. You can't short and probably the reason this site gets so much resistence from the RE folks. Huggy, don't hammer me bc I think you may be one of the good guys and tell clients like it is, but most don't. Just a few random musings.
Some random musings from Huggy:
-- 11:11/12:45 says property values here will drop 20% in one year. This is what I love about the Cult of the Clueless. Since they’ve never owned any real estate, the sum total of their knowledge on the subject is based on what they’ve gleaned from the evening news and this blog. So naturally, they are unreasonably pessimistic and a one-year 20% decline in value in a prime beach community seems perfectly normal to them. After all, home values behave just like stocks, right?
The facts do not support anything remotely comparable to a 20% decline over the next 12 months. In fact, Lehman Brothers, using Case-Shiller data, is forecasting a further decline nationwide of 10% before we reach bottom. Of course, local data will vary all over the place and Case Shiller is no help in that regard as there is no Case Shiller index for Manhattan Beach or the South Bay.
But the COTC is undeterred. Facts and analysis be damned. We could review local median sale stats (which don’t reflect significant overall home price declines) but that would inject actual data into the COTC’s collective doomsday vision and we can’t do that.
-- David Stiff, chief economist for the company that produces the Case-Shiller Home Price Index, recently noted that home values decline more in neighborhoods that involve a longer commute for its residents. During the boom, the rule was “Drive til you qualify” meaning that you would keep searching neighborhoods farther and farther out until you found desirable housing that you could afford. Now those same neighborhoods are experiencing much greater declines.
This is why, COTC, you don't extrapolate from LA County stats to Manhattan Beach. The beach cities will NEVER experience the sort of price declines currently taking place in those outlying areas (think Palmdale, Lancaster). With our optimal location near major freeways and LAX, not to mention the beach, MB will weather this storm better than the vast majority of neighborhoods in LA as a whole. Count on it.
-- A good massage is a great way to relax into the weekend.
-- Mookie said: You know what's interesting about most RE agents - they don't get paid to be bearish. They have to be glass half full people.
Personally, I don’t look at the glass being half full or half empty; I just think the glass is too big.
Huggy, thanks for the dose of rational thinking. I had the same thought, I don't think the vast majority of the people that comment on here have ever owned anything.
notice huggy never comes out and says straight up "prices will not drop 20% in mb"
Wait now, huggy, are you back – as huggy?
Waiting to Buy, in all sincerity, by your questions, it appears you've never built a house before. I can assure you that it's always, at least, one fifth more than the estimate in a custom construction. In a builder home, it's about one eight more. I'm sure someone will attempt to slam me hard to the pavement for my comments, but If you can avoid building your entire life, you won't miss anything. Ask as many friends as you can about the experience of a major remodel or building.
11:09 - I see no reason anyone would criticize you for warning that building or a big remodel tends to be pricier than you expect, and/or that the uprooting and stress and compromises can be too much for the average person/couple/family to deal with. Important facts, all.
It's hard not to agree with the spirit of Huggy's comments. I don't believe MB will ever look anything like Palmdale, Riverside, Bakersfield et al for the reasons he cites.
Could MB drop 20% in a year? Anything is possible, I suppose. But I have yet to see any credible data to suggest that that is in the cards from where we are now, and believe me I've looked. While I don't wish anyone ill will, as a non-owner I'd be happy to see a 20% drop in a year. I just don't think it's going to happen.
What I find amusing about Huggy's comments is that he cites Lehman Brothers data. Lehman is the poster child of specifically whom not to listen during the entire national RE meltdown. They were manufacturing POS CDOs and passing them off to whomever was dumb enough to buy them. We could debate whether Bear was a bigger offender, but we'd be splitting hairs.
I also find one Huggy's Dogmatic Disciples' comments amusing. For some reason, they think that you have to own property to be able to analyze the property market. I must admit, I still don't understand that concept. But the DDoH soldier on...
11:09 PM - the more people I talk to, the more I think you're words are to be taken to heart. I think certain people were made to build their own homes. I'm just not sure I'm one of them.
Huggy's "coming out" could be perceived as an indicator of panic in MB real estate market.
I don't expect a crash, just a long term malaise, with prices flat to slightly down over the next 5 years. The recent price increases we have seen of 20% a year won't be seen again in our lifetimes.
7:31am, that is a naive comment. I imagine you are about 25-30 years old? I've seen two runs like this, and I'm about 15 years older. Run ups and corrections are nothing new. Note the plurals. It happens cyclically.
I for one agree with 7:50
the booms and busts are common phenom here in MB
look for some periods in which houses fall 50% and other periods in which they rise 200%
it is just the nature of the beast.
if you have the ability to forecast the sharp price moves a year or two in advance you can get very rich.
If you bet and bet wrong, you can get very poor very quickly.
let the buyer beware.
I personally know some very smart people who are selling now and some other very smart people who are buying.
I wish i knew who is right.
but i don't
So we will again see another doubling in prices in less than 5 years in our lifetimes? I doubt it. We had a perfect storm in early-mid 2000's...low rates, easy credit, affordibility loan products...no more. Been stated on the blog numerous times, but don't underestimate how unusual this past run has been. Lending spigot won't soon be as wide open as it was during this boom...
Waiting to Buy a Clue, in regard to your statement that you'll "never understand how owning a property" gives you insight into analyzing the market, I rest my case.
Also, Waiting to Buy a Clue, I see you posted comments at least six times throughout the day on Friday. Instead of wasting your time goofing off online you might try some good hard work to attain the house of your dreams.
Lastly, Huggy is not your enemy. You are your own worst enemy.
A mere 5% yearly nominal price decrease over the next 3 years coupled with a modest 5% inflation rate will yield a net real devaluation of 32%. I could easily see this scanario happening and people thinking they dodged a bullet. Imagine if the nominal price drop continues on it's present path of over 10% for 2 or 3 years and inflation rises to 7%, 8% or more. Then you'd be talking about throwing some serious dough away.
A couple comments to both sides:
9:08 -- your statement about having to own a property to be qualified to analyze the real estate market is kind of odd. Just because someone sells a house and then rents until they buy a new one doesn't make them any less qualified. Huggy -- please educate your minions.
12:13 -- Umm, your inflation argument is a little strange. My viewpoint is that buying a house with a fixed rate mortgage is a good hedge against inflation (payment stays fixed), while most rents will tend to track inflation upward. If you had real estate drops and deflation then your statement makes more sense.
Anon 9:08...Take it easy....why so defensive? What
are you afraid of?????
9:07- Same thing happened here from 86/87-90. So why would one not expect another run-up. Don't think anyone thinks it will be in the next 5 years, but it will happen another 2 times at least in my lifetime and I'm 42. I've seen two already as an adult. Again, most people on this site are in their 20s and really don't know what they are saying.
12:26: Many economists argue we ARE in a deflationary environment and home prices are declining and will decline for a very long time.
Inflation occurs when too much money/credit is pumped into the system. Those days are gone! It is much more difficult to qualify for jumbo's today and requires more in the neighborhood of 20/35% down on 2M. Say goodbye to easy 5/10% loan.
The party is over. Has anyone ever noticed that many houses on the market were purchased in the last 2-5 years??? Many who bet on the party lasting forever are trying to get out while they still can. Unfortunately, many will be lucky if they turn a profit at all after everything is said and done. Also, notice how many houses are being
withdrawn, offered leases on and otherwise missing in action? Homeowners of withdrawn listings are likely trying to work with their Lenders on obtaining loan reductions, because their homes just aren't worth what they thought...YES, even here in Manhattan Beach!
Houses appreciated at unprecedented levels in the past 10 years, beyond anything seen in the history of home appreciation (History supports 6 to 8% averages adjusting for inflation.) These inflationary values on homes occurred because money/credit was flowing from the money spigot at rates never seen before. The spigots are off and fewer loans and longer Escrows are only the beginning of what will more likely be a protracted unwind of a declining market.
Be patient.
1:11 don't try to be logical or bring some historical perspective to MB RE, people like Waiting to Buy have it all figured out. This is how inane you are -- we want to keep renting -- it's drives rental rates up rental rates in this downturn. Good luck on your construction, genius.
waiting to buy:
When one focuses on the daily undulation of the housing market, the broader context often gets lost, so here it is:
Have a look at this curve:
http://krugman.blogs.nytimes.com/2007/12/20/charting-the-housing-bubble/
During the last down cycle, with an increase in housing P/E of about 1.5 from baseline in LA Metro area, the prices dropped about 20-25% in MB from 1990 to 1995.
This time around, the LA Metro area went up to about 2.3 on this P/E indexed scale. By simple ratios, one can expect the price to drop about twice as much. Don't expect this to happen in a year; the usual down cycle is about 5 years. All the factors which lead to price declines are already in place: a drastic change in the credit climate, a rapid and increasing move towards historically normative and perhaps even more strict underwriting; ticking ARMs/pay options, a recession (of uncertain duration and depth) and now rising local inventory coupled with decreasing sales volume.
For sure, MB is not Palmdale (was there ever real doubt about that? Or is there a need to append a map?); but the tsunami waves which are razing housing prices originating in Palmdale are wafting ever closer.
Daily!
I second 1:14: Be Patient!
2309 Pacific (new construction in the trees) just sold for $1,890,000
Regarding RE Value Cycles...
The Baby-boom drives whatever trend it turns its massive girth towards. For the past 20 yrs that has been homes for their families, now kids are gone to college and next retirement (or slowing down). they don’t need great schools, they need less space and ultimately they will liquidate their homes for living.
Again this is USA wide and MB will have different dynamics - but just as the bad mortgs, economy etc are affecting the MB market these baby-boom trends will have an impact.
Any thoughts on this?
2:10p - very well said and fact based!
Sold and Waiting, I also agree! Just make sure your rent check is on time, as the end of the month is here.
i agree - prices going down in next year - better to NOT buy now and wait for lower prices
Why is buying vs. renting never a topic on Manhattan Beach Confidential as it seems to be the continual topic with those commenting?
2:55 - if you're right about 2309 Pacific, that's (again) the "cheapest" new construction in the Trees in a while – $1.890m would be $200k more off the most recent cut. News.
4:37 - good point.
Buy a home when you 1. love the house and 2. when buying is cheaper than renting.
ps: went to a few more opens again today - south sand sect. They were dead.
One seasoned broker told me that the Tree Section real estate is "terrifying".
One seasoned renter told me "Now, I can't get a lone for house and I have to keep renting."
More random musings from Huggy:
--10:40, 4/25 said Huggy, thanks for the dose of rational thinking. You're welcome. There's so little of it on this blog, however, that I may have to hire an assistant.
--MBWatcher said, Wait now, huggy, are you back – as huggy? Just got tired of non-Huggy statements being attributed to me.
--Here's the latest example of the COTC's absolute cluelessness. Waiting to Buy says I don't believe MB will ever look anything like Palmdale, Riverside, Bakersfield et al for the reasons he cites. In referring to our two RE markets, he is correct.
Now, 2:10 on 4/26 seems to agree. He saysFor sure, MB is not Palmdale (was there ever real doubt about that?
So here's the problem. According to Dataquick, median home sale prices fell 19% in the 6-county SoCal region in the last downturn. Now I know in LA, the median peaked at $218,580 in 1991 before dipping to $172,886 in 1996, a 20.9% decline. I also know that, in Manhattan Beach, prices were already on the rebound in 1996 (in other words, we started our recovery sooner). Yet 2:10 claims that MB home prices fell 20-25% during that period, which would put us at best equal to LA County as a whole and, at worst (using his 25% figure), worse than LA County and the 6-county SoCal area as a whole. Others have come on this blog to claim that MB's price decline in the last downturn was actually 30-50%.
How can that be for a prime, well-located beach community with great schools to do worse that LA County or all 6 SoCal counties? Answer - The COTC makes their figures up! Truth be told, I'd be worried if the COTC started citing verifiable factual data about our local real estate market - I understand that's one of the signs of the apocalypse.
--Sorry, Waiting to Buy, but "Huggy's Dogmatic Disciples" will never catch on like the Cult of the Clueless.
--7:31 says Huggy's "coming out" could be perceived as an indicator of panic in MB real estate market. So I guess the fact that I was way too busy for a while to bother with this blog would be a sign of market strength? You need to do better than that, 7:31 (besides, I've been around, just not as much as the COTC seems to believe).
--9:10 says One seasoned broker told me that the Tree Section real estate is "terrifying".
Oh, Puhleeeeze! It's always laughable to me that the COTC, who have absolute contempt for realtors, suddenly trot out the comments of all their realtor "friends" as soon as they feel like concocting some propaganda for this blog. Truth is, Tree section inventory has been hovering around the high 30s to mid 40s since Spring of last year. Currently 45 active SFRs in the Trees - in November it was 47. Terrifying is 80, 90 or 100, like the early '90s, with a whole lot of foreclosures thrown in. Truly laughable, 9:10.
8:55 It's understandable why the showings were dead in the sand section because of the lousy weather we had today.
PAY NO ATTENTION to this "Huggy" guy. Anyone who's renting is doing the smart thing. I admire you and encourage you to keep renting.
You know what I love about this place -- the absolute denial that people seem to be in over the greater state of affairs. You're all hoping and praying your neighbor keeps his job so that he / she will hopefully keep things on your street at least (because I equally love the way you guys micro analyze your little pockets) propped up.
It's a joke. I spoke with a sitting agent at a house today - very nice woman who admitted some people are in trouble around here.
No bullshit -- I'm tempted to hire her. She was a breath of fresh air in this muggy market filled with ill-informed "professionals."
Anyway, the downturn around here is real. I encourage you all to check it out -- go to the opens, there is little to no traffic and some realtors will be honest...some will even say my clients are looking at all offers.
Sure this city has its share of real wealth and some very lucky people who bought in 10 - 15 years ago...most couldn't afford to buy back in if they sold but could retire practically anywhere in the states with their proceeds.
Wonder how many baby boom couples will go that route -- what the hell do they care about saving your comps?
Repent...the end is near.
11:44- Wow, you sure love your hearsay backed up with no factual data at all. I can't even comment anymore more on your ridiculous blather.
11:44 First of all Drunky, it is hysterically funny that in your inebriated state you have adopted the solemn, knowing tone of a biblical figure. You're anti-realtor, anti-homeowner invective is an ancient rant on MBC. Where you outed yourself, is when you went into "people are in over their heads" and they shall pay for their sin. This is a common "Mookie" "Waiting to Buy" or the typically asinine "Nick" side rant. We get the point, you sold your home and saved your money and you shall sweep in at the perfect moment and take the sinner's house for a pittance (as Nick has bragged).
Godspeed in this endeavor, but in the meantime you might want invest some of your savings in rehab, because you're an alcoholic and even if you get an amazing house on the strand for a song, you still be an angry drunk stumbling around in it.
1:42 4/26/2008
1:11 don't try to be logical or bring some historical perspective to MB RE, people like Waiting to Buy have it all figured out. This is how inane you are -- we want to keep renting -- it's drives rental rates up rental rates in this downturn.
I would not be so sanguine about people wanting to rent. It is contrary to the whole idea of creating what President Bush calls the "Ownership Society". The "Have Nots" tend to want to raise taxes on the "Haves". Your short-run rental increase may be taken away in the long-run. I want a society where everyone has a stake in the game.
Well, I don't know about have-not's, haves, or what-nots, or even renting Mookmeisters. I just hope everyone keeps renting because I want those rents driven higher, and higher, and higher , ha ha ha, yes Higher . . . . COTL (Cult of the Landlord).
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