Looks like the IPO family are going to be renters...

NEW -> Contingent Buyer Assistance Program
"Do you like Panda's?"

Yes, that's the secret code phrase !

Or, "Are you serving schadenfreude at this open house?", "Is bk short for bankruptcy?", "What is Mello-Roos?", "Is that Pergraniteel?", "Is now a good time to buy?", and the ever popular "What's going into escrow?"
 
OK! I can not take it any longer. I have to ask.

What is "perigraniteel"?

I wikipedia'ed it and got nothing.
 
It was a phrase introduced on the main blog page. It's short for flippers who add Pergo(R) flooring, granite countertops, and stainless steel appliances.
 
EvaLSeraphim said:
It was a phrase introduced on the main blog page. It's short for flippers who add Pergo(R) flooring, granite countertops, and stainless steel appliances.
Click to expand...

Thanks. My thinking was a bit off: a cross between a Peregine Falcon and a Cockatiel. I couldn't figure out why so many folks were including their pet birds in the sale of their home and why the inclusion was considered a marketable asset.
 
Trooper said:
"Not to mention that your story was a great one to relay to my wife in support of staying put in our rental for yet another year".

"See, see honey ?! Everyone's doing it !"
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Maybe we should call it "Keeping up with the IPO's"?

Seriously though, maybe you are onto something here Troop...3 years ago in my house we were having the conversation that we NEEDED to buy something, anything --- because everybody we knew was doing it. Now it has shifted to a NOT to buy conversation, because everybody wants to rent. I guess this is that psycological shift that IR talked about, where real estate will have such a stigma attached nobody will want to touch it.
 
EvaLSeraphim said:
It was a phrase introduced on the main blog page. It's short for flippers who add Pergo(R) flooring, granite countertops, and stainless steel appliances.
Click to expand...

Well, the IPO condo is missing a bit of the holy pergraniteel trifecta. Pergo, check. Granite, check. Stainless, not so much... When we re-did the counters, I did go stainless with the sink, but I couldn't bring myself to change out the appliances. Little hands and too many finger prints. If they want stainless oven and fridge, they'll have to go buy it...

The stagers were busy today making my place look like a model home / hotel. Was shaping up nicely when I stopped by... I spent last night sanding, priming and painting the patio swing that hangs from the pergola (in graph's terms = patio cover) outside the slider so, in stager speak, we could get a "nice pop of color to wow them". Looks like Dodger Blue to me and so all it gave me was a craving for hot dogs... When all you skek's come to visit the preview on Wednesday, don't steal any decorative items (yes, I am talking to you graphcakes) as they are not mine!

A realtor stopped by to look at the place already and its not even listed yet. Amazing... IR2 must be working the phones.
 
IPO,

What price are you planning on listing your home at? Just curious, if your home sits on the market for a LONG time, is renting your place out also an option for you? I am sure that your rent would cover your mortgage and also would put you in a cash flow positive territory? The reason I am asking is because I am debating on selling my Chicago home or renting it out. I don't know about Irvine, but the rental market has been very strong here in Chicago because many people can't qualify for loans. I've been getting several offers to rent my place for $2500 a month? but had my home on the market since February 2008 and no luck in selling yet. Had couple serious low ball "WTF" offers and I told each one of them to kiss my BIG FAT BLACK Panda's "A$$" and "BEEP", and also showed them the BIG Panda bird, CHINESE style :)

Wish I had a crystal ball to see if the housing recession will only last til 2010 or if it will continue to for another 10 years. If I had a time machine and told you that 10 years from now, home prices are still falling, I can totally understand why you would desperate to sell your place NOW. That is the tough part... no one knows for sure.

I don't agree with everything that Robert Kiyosaki says, but he does say this is the worst time possible to try to sell your home, but the best time to be a land lord and rent your place out. Home owners who are trying to sell their home in this market is getting slaughtered.

Dude, I am in the same situation as you, but in the midwest.

Panda
 
PANDA said:
IPO,

What price are you planning on listing your home at? Just curious, if your home sits on the market for a LONG time, is renting your place out also an option for you? I am sure that your rent would cover your mortgage and also would put you in a cash flow positive territory? The reason I am asking is because I am debating on selling my Chicago home or renting it out. I don't know about Irvine, but the rental market has been very strong here in Chicago because many people can't qualify for loans. I've been getting several offers to rent my place for $2500 a month? but had my home on the market since February 2008 and no luck in selling yet. Wish I had a crystal ball to see if the housing recession will only last til 2010 or if it will continue to for another 10 years. If I had a time machine and told you that 10 years from now, home prices are still falling, I can totally understand why you would desperate to sell your place NOW. That is the tough part... no one knows for sure.

I don't agree with everything that Robert Kiyosaki says, but he does say this is the worst time possible to try to sell your home, but the best time to be a land lord and rent your place out. Home owners who are trying to sell their home in this market is getting slaughtered right now.

Dude, I am in the same situation as you, but in the midwest.

Panda
Click to expand...

IR2 has decided on listing at $600K. I tried talking him into higher, and he knows that is the price I think the market today will bear, but he's the realtor and gets paid to know what is best in this regard. Final contingencies on a model matched place 4 houses away were just removed and they are in escrow for over $600K. My place will NOT sit on the market for a long time. It's priced to sell and if it doesn't get into escrow fairly immediately, I will reduce the price until I get a sale...

There is no good reason for me to rent my property out. I have a gain no matter what. I'm sure prices will decline, maybe only slightly, over the next year or two at least. If I want to be a landlord, I will just buy my place back when it gets down to $500K and rent it out then. Why eat the equity decline if I can buy it back cheaper later. Property tax basis? Keeping my basis vs. buying my place back at $500K would mean $1500 less per year in property taxes approximately. Personally, I'd rather have $100K in my pocket vs. saving $1500 per year for who knows how many years...
 
IR2 has decided on listing at $600K. I tried talking him into higher, and he knows that is the price I think the market today will bear, but he's the realtor and gets paid to know what is best in this regard. Final contingencies on a model matched place 4 houses away were just removed and they are in escrow for over $600K. My place will NOT sit on the market for a long time. It's priced to sell and if it doesn't get into escrow fairly immediately, I will reduce the price until I get a sale...

There is no good reason for me to rent my property out. I have a gain no matter what. I'm sure prices will decline, maybe only slightly, over the next year or two at least. If I want to be a landlord, I will just buy my place back when it gets down to $500K and rent it out then. Why eat the equity decline if I can buy it back cheaper later. Property tax basis? Keeping my basis vs. buying my place back at $500K would mean $1500 less per year in property taxes approximately. Personally, I'd rather have $100K in my pocket vs. saving $1500 per year for who knows how many years...
Click to expand...

Thanks IPO,

What you are saying makes a lot of sense. I really do wish you the best of luck.

Panda
 
OK, I tried to figure out how to make a poll for a new thread...but failed. Can someone create a new topic called "How many days will it take for IPO to sell his condo". Thx.

> 1 week

2 weeks

1 month

3 months

1 year

To infinity and beyond
 
stepping_up said:
I don't get the whole stigma of renting... We have two renters on our block and when we met each of them, they both demurely told us, "we're just renting." And, we had a condo renter who likes to walk her dog down here because it's "nicer" introduce herself with the caveat that she is "just renting." Between the tone of their voice and the way they say it under breath tells you that they embarrassed to be "renters." I never felt that renting, perhaps because we were building quite the savings, but still I don't get why Americans feel like second class citizens renting.

IPO, your rental sounds so nice and just perfect for you and your family. I expect that you will enjoy it. Now, tell me how Mrs. IPO talked you into lavendar in the bath. I can't get my hubby to let me have my way with earthy greens. Our living room is now a pastel hue and I hate it, he loves it and that was a compromise. I thought that by default I had final say in these things, but I think I need some tips from Mrs. IPO on how to sell hubby on what works and what doesn't.
Click to expand...

Believe it or not...the stigma in my community I feel are from the some of the "home owners"...I remember (maybe unintentionally) feeling bad because they were speaking about the "renters" and then it popped out that I was a renter. The conversation obviously then went to dead uncomfortable silence...I felt bad that they were just grouping renters and feeling superior to renters, and I felt cheap and like I lived in the ghettos. Lol Sucked man.
 
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