Welcome to our blog from the other half of the team! I have been fascinated with the housing bubble since I smelled it coming several years ago, and I became a “bubblehead blog lurker” several months ago in earnest (I’m kind of addicted!). From a combination of good luck, perceptiveness, some minimal knowledge of economics from my recent MBA degree, and some not so good personal stuff (getting divorced), I managed to buy my first house in 1998 and sell in December 2005. So right now I am sitting on a nice, fat wad of cash stashed away in high-yielding CDs until the time is right for me to jump back into the market. So although as you will see from my upcoming posts I am decidedly a bubblehead (housing market bear), it is not due to being a “bitter renter” as many of the mudslinging RE professionals, FBs, and assorted GFs like to assume.
I currently rent in Westpark and have spent the past 4-5 months visiting dozens of open houses in Northwood and Woodbury, as well as model homes in Woodbury and Portola Springs. Look for commentary from me on these Irvine villages, as well as Northpark, Woodbridge, and maybe a few of the ridiculous high-rises on the other side of town too.
Way cool…I work in the industry…it amazes me the number of “would be investors”…speculators…flippers…there are after the last run up of the late 80’s that gaves us the housing recession of the early to mid nineties…sure things were noticably different with one exception…
Short term real estate speculation will bite you in the ass big time if you do not understand the game…whatever the market! Novices in the stock market…or wanna be high tec venture capitalists know the same lesson…
The Portola Springs blood bath should be intersting…KB will “cut and run” soon…as will many other publics…with overall supply dwindling on the ranch…life will go on…if they are not asked back to the dance later…Portola needed to be 5% minimum under Woodbury at opening…not 10% over…it is essentially biforcated by two high speed freeways…and comes with Irvine High…just watch the fun…
Asking used homes…even…1 year old to perform at new home price levels…is at the root of the problems (along with the greedy…quick buck thing)…
enjoy..
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