ns2524_IHB
New member
There are a lot of frustrated buyers out there. Buyers that can’t wait for market to drop further. So,
WHAT TO DO IF YOU HVE TO BUY RIGHT NOW?
There are reasonable numbers of properties in south OC for sale that are asking for either break even or willing to take a loss.
As I see it, any property purchased 2004-2007 and is up for sale right now is not going to make any profit. On the other hand any property purchased prior to 2004 is very profitable (I would say 10 to 30 percent profitable). There is the real stand off.
Most people on this blog believe its down hill from here and some paint a very bleak picture. So what to do if you have to buy right now? (Some were threatened with divorce, LOL). Here is my list:
1- Stay clear of any property that was purchased in 2005 and 2006.
2- 2007 are 100% flippers. (yes they are still around even in 2007)
3- Look at 2004 only and negotiate to buy below purchase price.
4- 2003 and prior, check out comps pay 300-350 PSF. Today’s fair market value.
5- If you can go outside Irvine (Mission Viejo, Aliso Viejo, lake forest or Laguna Hills, your buying power increases by at least 10 to 20 percent).
6- I would stay clear of HOA of above $250.
7- If you are handy, buy the one with TLC.
8- If you can afford, buy a house instead of a condo.
The list below contains properties that are asking for less than 10% over purchased price.
The list contains data from last 2 months.
The list only contains properties that I could get purchase price and date for.
If you can’t find the property on Redfin, wait a couple days. Redfin is slow. Check it out on Ziprealty.
The list was prepared manually you may find errors. Do your own research.
<a href="http://docs.google.com/Doc?id=dg252s4b_5623z6k">http://docs.google.com/Doc?id=dg252s4b_5623z6k</a>
WHAT TO DO IF YOU HVE TO BUY RIGHT NOW?
There are reasonable numbers of properties in south OC for sale that are asking for either break even or willing to take a loss.
As I see it, any property purchased 2004-2007 and is up for sale right now is not going to make any profit. On the other hand any property purchased prior to 2004 is very profitable (I would say 10 to 30 percent profitable). There is the real stand off.
Most people on this blog believe its down hill from here and some paint a very bleak picture. So what to do if you have to buy right now? (Some were threatened with divorce, LOL). Here is my list:
1- Stay clear of any property that was purchased in 2005 and 2006.
2- 2007 are 100% flippers. (yes they are still around even in 2007)
3- Look at 2004 only and negotiate to buy below purchase price.
4- 2003 and prior, check out comps pay 300-350 PSF. Today’s fair market value.
5- If you can go outside Irvine (Mission Viejo, Aliso Viejo, lake forest or Laguna Hills, your buying power increases by at least 10 to 20 percent).
6- I would stay clear of HOA of above $250.
7- If you are handy, buy the one with TLC.
8- If you can afford, buy a house instead of a condo.
The list below contains properties that are asking for less than 10% over purchased price.
The list contains data from last 2 months.
The list only contains properties that I could get purchase price and date for.
If you can’t find the property on Redfin, wait a couple days. Redfin is slow. Check it out on Ziprealty.
The list was prepared manually you may find errors. Do your own research.
<a href="http://docs.google.com/Doc?id=dg252s4b_5623z6k">http://docs.google.com/Doc?id=dg252s4b_5623z6k</a>