[quote author="Blueberry East"]
[quote author="novaseline"]
What if the newbies are morons? The idiot doing the Fullerton summer vacation rentals in that gated community comes to mind. Even if they weren't trolling it was the single dumbest idea I saw all year.
Maybe there's a nice way to tell somebody they are an idiot and I should learn that skill.
Or what about Jhammonds who was going out of his way to spam and troll the politics forum strictly for his own entertainment value?
Or Newport Skipper or Janet? What do you do with people who are just crazy?
I'm bringing this up now so we can figure out what the SOP is when it happens again (and it will). Zovall never wanted to show guts and nip it in the bud. Can any of us say either he or the community was better served by his inaction?[/quote]
What's wrong with Fullerton vacation rentals? Maybe it turns out to be a good idea. [/quote]
Did you read the thread? I'm not going to link it because I don't want to drive traffic over there, but by your comments I'm assuming not. I spent several hours writing a detailed response why it was a bad idea, with a couple of cash flow assumptions. If you disagreed with what I wrote, why hold your tongue? I'm a big boy and I can take it ? and I make lots of mistakes. If you think I made one, please speak up ? but be prepared to use facts and show cites why. "Maybe it turns out" isn't gonna cut it.
The market does not always follow IHB predictions. Let's not forget the Shadow Inventory debacle back in summer where it was predicted that in 4 weeks the markets would go down. The ones not believing in it were considered morons.
You mean Skippy the Liar claiming there were "hundreds" of condos you could buy today and rent cash flow positive, and all of the cites he gave were short sales that wouldn't fetch his claimed rents unless somebody was willing to pay a 50% premium over what the guy next door was playing? You're right - that was a failure of Zovall to reign in the trolls who were baiting. Thank you for pointing it out.
Facts are facts. Shadow Inventory is real. I am currently 'shopping' in Central California. There are 145 homes for sale in the zip code I'm interested in - and over six hundred unique properties that are either REO and not on the market (about 175), scheduled for auction (about 220), or have NODs (another 220 or so). I can't speak for Orange County because I quit looking about four months ago when I decided I wanted to move. Everything in the county trades at a discount to rents and there's a pile of supply coming to market that will be "must move". At least here, it's going to get nothing but worse.
The Irvine market has been overpriced relative to rents since at least 2002 and it still is. I have no idea if it will correct today, tomorrow, next week, or never - but it is coming down almost everywhere else than Irvine, and eventually it'll get them too.