.
.
‘Tis but thy name that is my enemy;
Thou art thyself, though not a Montague.
What’s Montague? it is nor hand, nor foot,
Nor arm, nor face, nor any other part
Belonging to a man. O, be some other name!
What’s in a name? that which we call a rose
By any other name would smell as sweet;
So Romeo would, were he not Romeo call’d,
Retain that dear perfection which he owes
Without that title. Romeo, doff thy name,
And for that name which is no part of thee
Take all myself.
William Shakespeare — Romeo and Juliet, 1594
Turtle Ridge is a beautiful community, and although the houses are ridiculously overpriced, it does look like a nice place to live. I know one family who lives there, and they are exceptional people. There are undoubtedly others.
What is in a name? Does “Turtle Ridge” mean more than just a name. I suspect many who bought there believe the name carries prestige and the envy of the lower classes. Personally, I associate Turtle Ridge with pretense, nouveau riche conspicuous consumption, and the embodiment of all things housing bubble — granite tops, stainless steel appliances, Pergo floors, stone facades, gourmet kitchens, etcetera. Do you ever wonder if the residents have giant Roman banquets to impress the world with their wealth?
This may come as a foreign concept to some, but it is possible to feel contempt for conspicuous consumption without feeling envy. I would not feel envious of watching an ancient Roman citizen consume 10 pounds of meat in a single meal. The measure of a person’s character has nothing to do with the contents of their pocketbook, and being showy with money is revelatory of character — what it reveals does not impress me. There is nothing wrong with spending money and enjoying yourself. I do. It is spending money to impress other people that is an enormous waste, particularly when there are people like me on whom it has the opposite effect. I suspect some of the more pretentious residents would convince themselves everyone who claims not to be impressed is secretly envious. There are two types of people in their world, those who are envious, and those who pretend they are not envious. So be it.
So why is it so delightful when the vainglorious fall on hard times? Why is it so pleasing to see an REO in Turtle Ridge? Probably for the same reasons so many were contemptuous of the couple in the CNN article posted in the comments yesterday. You tell me…
Asking Price: $1,499,000
Income Requirement: $374,750
Downpayment Needed: $299,800
Monthly Equity Burn: $12,491
Purchase Price: $1,722,000
Purchase Date: 12/23/2005
Address: 30 Crimson Rose, Irvine, CA 92603
| Beds: | 4 |
| Baths: | 5 |
| Sq. Ft.: | 3,403 |
| $/Sq. Ft.: | $440 |
| Lot Size: | – |
| Type: | Single Family Residence |
| Style: | Tuscan |
| Year Built: | 2005 |
| Stories: | Two Levels |
| Area: | Turtle Ridge |
| County: | Orange |
| MLS#: | S523791 |
| Status: | Active |
| On Redfin: | 28 days |
BANK OWNED !!! Stunning floorplan with a main floor master suite. Kitchen with center island, limestone flooring, stainless steel appliances, family room with wood flooring, media room, wine room plus a seperate Casita with private entrance and bath. Outdoor entertainment includes spa, built-in grill and a fantastic fireplace !
.
.
Does anyone remember the fun we had with this property last summer? It was one of our most widely read posts of the year.
It appears the high end is not immune, it is just late to the party. Interesting that it took the bank 8 months to ready this property for sale. I wonder how many other empty, bank-owned properties are sitting out there waiting to be sold or rented? I can’t tell for sure how much money the bank will lose on this one. The owner who was foreclosed on had a $1,000,000 first mortgage and a $935,000 HELOC on the property. You have to think the guy took out most of it, or the property would not have gone into foreclosure. If this borrower took out the full amount before walking, and if Countrywide can get their asking price and pay a 6% commission, the Countrywide stands to lose $525,940. That is a half a million dollar loss on one property in Irvine, California. Last night when I checked their REO website, they owned 4,505 properties in California.
Angelo Mozilo will take his golden parachute from Countrywide and end up on the Greek island of Lesbos having gluttonous orgies. Justice will not be served.
.
.
Are you ready for the new sensation?
Well, here’s the shot heard ’round the world.
All you backroom boys salute when her flag unfurls.
Well, guess who’s back in circulation?
Now, I don’t know what you may have heard
but what I need right now’s the original goodtime girl.
She’s a vision from coast to coast,
sea to shining sea.
Hey, sister, you’re perfect host.
Show me your bright lights and your city lights, all right.
I’m talkin’ ’bout the Yankee Rose.
Bright lights in your city lights, all right.
I’m talkin’ ’bout it.
Yankee Rose — David Lee Roth
At $440/sf this is hte lowest asking per sf in Turtle Ridge. It must be a great steal and should go into escrow in no time, or is it not?
Look at another one small 2240 sf average looking, yet is listed at $1.795mm at over $800/sf, WTF, double WTF.
39 Garden TER
Irvine, CA 92603
Price: $1,795,000
Buy with Redfin and Save $35,900*
Beds: 3
Baths: 3
Sq. Ft.: 2,240
$/Sq. Ft.: $801
Lot Size: –
Type: Single Family Residence
Style: Tuscan
Year Built: 2004
Stories: One Level
View(s): Catalina Island, City Lights, City, Coastline, Mountain, Ocean
Area: Turtle Ridge
County: Orange
MLS#: P630142
Status: Active
On Redfin: 1 day
http://www.redfin.com/stingray/do/printable-listing?listing-id=1607571
—–
There is a race to the bottom on this street.
https://www.irvinehousingblog.com/2008/01/31/out-of-hell/
Nothing at the high end is selling in volume. There are still people paying ridiculous prices, but there are not very many of them.
“This may come as a foreign concept to some, but it is possible to feel contempt for conspicuous consumption without feeling envy.”
Well said, IR.
Unfortunately, I doubt that the very people targeted in this statement will ever submit to this fact. I don’t know that they can.
I believe that it is a trait ingrained in them; a defense mechanism that is paired with their insecurities and/or need to feel superior to others.
This trait runs rampant in Orange County.
I hope you have room to dedicate a chapter to this topic in your book because I see this as the cornerstone to most financial problems.
The drop in price for this property is solely due to the 89′ TV is missing in the listing.
The owner living in the Casita? No photos of the advertised wine room.
Was this thing just a high end speculator flip? It just seems so vacant. Like there was no love. Like no one has lived in the main house.
looking at the map, this house doesn’t really have any yard. It’s one of the worse location in TRidge.
This is off topic, but is anyone else seeing the comments section of this blog get all screwed up in the formatting? Usually toward the bottom of the comments, the boxes start getting drawn all crazy?
I have to keep hitting refresh over and over again until eventually it gets displayed correctly.
Is this happening to everyone else?
Been doing it for like a month or two now.
How about the 400.00 HOA dues! That’s rich ain’t it!
It’s the ‘Dont hate me because I am beautiful’ defense.
LOL! That gave me a good laugh! Thanks
The price dropped today…
Mar 03, 2008 $1,499,000
Apr 03, 2008 $1,476,900
That $22,100 should make all the difference.
Is it just me, or did the power company shut off the power? The pictures seem dark.
Angelo Mozilo will take his golden parachute from Countrywide and end up on the Greek island of Lesbos having gluttonous orgies.
Ah, I am sustained now for the rest of the day.
Indeed. Those whose income requirements were 1000.00 shy of the minimum might want to try again. May just “get in” this time.
“This may come as a foreign concept to some, but it is possible to feel contempt for conspicuous consumption without feeling envy.”
Contempt and envy are simply emotions resulting from some source. Many people feel the need to clarify their resulting emotion as contempt and not envy, but they don’t want to take the logic a step further and examine the source of this emotion.
In most instances, the source is the same. Just because you’re not competing to have the biggest/nicest house on the block, doesn’t mean you’re not competing for the highest moral/ethical/financial wisdom authority. We’re highly social creatures who’ve evolved to compete.
After seeing a lot of postings on updates on Countrywide’s losses, I am wondering why we aren’t seeing more write offs announced like UBS did last week? And how is this company not BK? How is Countrywide getting away with not owning up to their losses?
Incredible…..
The bad formatting happens to me too….very annoying
For me there is a little bit of “envy” for people that make a lot of money just by being lucky….during the dot com boom there were many people I knew that made millions for doing less work than a junior high school student……..this sort of upset me. The folks that were making lots of money in the mortgage business sort of upset me…….they were absolutely clueless.
In the end though, after being around lots of people, both financially rich and poor i’ve come to a very simple conclusion. Money and wealth will not make you life happy or sad, it can make life a little bit easier. I know many, many very happy people that are not wealthy…..and I know wealthy people that are very sad.
When you see houses like this and the efforts people made to try and look “wealthy” so they can appear to be “happy”, it makes me sad.
Are you and dano use Firefox or Moz? I use IE, and I almost never see these formating artifices that you are talking about.
Or maybe it is time for you to upgrade your 486-DX50MHz to something nicer. 😉
There’s nothing to be envious about people, it’s fake wealth. I just laugh when I remember people who were in the industry buying these homes. I had colleagues urging me to buy a home two years ago. “get them while you can”…or…”You need the tax write-off”…”or don’t be a tool”
One person I still talk with sometimes actually said to me…”You’re just jealous.”…when I told him not to buy a house in foothill ranch for 696k in March of 2005. (by th eway, it was with stated income of course) He also has a cadillac escalade, dodge viper, a jeep wrangler and a dirt bike. In 2006 he refi’d into 100% neg am combo for 800k. He now is horribly depressed and living off the last remaining credit card he has.
Yeah, I’m jealous.
Doing a little calculation here, if Countrywide has 4,505 REO’s in CA and let’s say conservativly that they are at least in the bag for $300k each my calculator says 13.515E, isn’t that billion??? Out of school too long but whatever it is it is a big number!
AZDavid, yes my formatting gets messed up too, just started month or so ago.
Countrywide is owned by Bank of America.
Right now CA is down 20-25% and the median is below 500K. So Countrywide is only looking at about 100K per foreclosure or about 4.5 billion. Still a awful lot of money though.
“doesn’t mean you’re not competing for the highest moral/ethical/financial wisdom authority”
I don’t agree with this statement or the analogy. Competition is the antithesis of everything spiritual. It is the various forms of competition, particularly when they get attached to ego gratification, that I disdain. It isn’t a matter of elevating myself or anyone else above other people because that would be playing the same game just by different rules (which I believe is your point.) The point is to illuminate a deeper recognition of the spiritual emptiness of the competition which manifests itself in seeking the approval and envy of others through conspicuous consumption. It is not a moral judgment as much as it is a simple observation of foolish behavior.
“We’re highly social creatures who’ve evolved to compete.”
We have survived through competition, but it stunts our spiritual growth. Mental and spiritual evolution requires transcending competition.
The only people who are envious are people who put a whole lot of emphasis on money. If they got it, great. If they want to spend it, great. If they want to use it to show off, great.
I’m not impressed in the least by money, so if you want to show it off to others who might be impressed, go ahead. Doesn’t affect me one way or the other, so I just don’t care.
The ultimate insult to those who try to show off their money isn’t contempt or disgust. It’s indifference.
It happens on all of my machines whether using IE in Windows or Firefox in Linux…
I respectfully disagree with IR’s sarcasim regarding TonyBoy. Some of people who paid the price for Countrywide’s recklessness was their shareholders. The same shareholders who let TonyBoy spin his scheme and reaped the benefits are now stuck with virtually worthless paper. So in that respect justice was indeed done.
The banks are somehow hiding their losses right now. There have been so many wholesale lenders that have closed their doors since early 2007, all of those lenders just sold off their loans to bigger banks/investors. They won’t be able to hide their losses forever and when it happens, it happens quicker than anyone could have expected.
I love this comment from a self-described “bear” who thought this property would go for about 1.6 mil:
Comment by TangerineSpeedo
2007-08-06 13:02:13
I’m as big a bear as anyone on here (maybe not – I believe in ‘03 comps), but this Crimson Rose property going for $1.4M at the Trustee Sale is not indicative of FMV.
The first on the property was $1M and second was approx. $850K.
Initial bid was $1.086M to cover first and costs.
The $1.4M bid went to the auctioneer bidding on behalf of the beneficiary, i.e., the second cured the first and had zero cash out after $1.086. My guess is the guy had approval to go to $1.6M, but again just a guess. I do think they’ll market with the second taking a significant loss, but I bet $500K or so is safe, meaning they’ll find a buyer at or just below $1.6M.
Well, I feel that competition is great and very empowering.
It’s motivating and if you embrace it, it will take you to a higher standard.
Unfortunately, most people cower behind the covers and shy away from competition because of limiting beliefs.
You have to be like a hurricane, get/set a goal and devote yourself to it with out stopping.
Evolution is not a fixed concept, it’s about adaptation.
The only obstacle is you’ll encounter is YOU.
You can sure tell a straight guy designed this place.
Nothing looks like it belongs. That bath tub is hideous and the outdoor fire place is just plain desperate.
No house with a two car garage is worth anywhere near that kind of money.
The hallway looks like if you where over 200 pounds, you would have to turn sideways to get down the hall. For 2 million, I want 5-8 foot wide hallways and neighbors further away, lots further.
You straight people in Irvine are sure in a heap of trouble.
I consider this a RENTAL CONDO….$755.000.00 / $3200.00 P/M
I’ll continue the oceanfront dream and for that money I think I could get close!
“I don’t agree with this statement or the analogy.”
Do you agree that people should examine the sources of their emotions? Contempt and envy are just “feelings.” It’s just as easy for someone who’s made wise decisions, to see their neighbors consuming conspicuously, and say to themselves, “Those sure are lousy decisions they’re making. They will likely pay a very large price in the future. I’m sure glad I’ve made better decisions and will not be paying that price!”
You’re probably comparing your situation with theirs, and concluding that you prefer your situation; i.e. “You’re better off.” Which comes back to competing in a social context.
“Contempt and envy are simply emotions resulting from some source.”
I disagree too, mark. IMO, contempt is pity, mixed with scorn. Pity strikes me as an opposite of envy, not an emotion “from the same source.” To the extent contempt is infused with pity, it might be on the same continuum as envy (i.e., emotions relating to our opinions of others), but on the opposite end.
Can you be envious of someone who has less than you or who has something, but of which you have more? I don’t think so. Can you be contempuous of that person? I think you can. Different emotions.
I get it too (using IE), but I figure Saturday’s upgrade may fix things…
Take your pick:
Pride/Vanity.
Envy.
Gluttony.
Lust.
Anger/Wrath.
Greed/Avarice.
Sloth.
and more…
None of them are attractive and we’ve all got a little of each in ourselves.
IMHO, one of the great opportunities of this market, as I’ve stated before, is to learn the lessons (plural) that it is slapping us upside the head with.
Would like to see more of the “How can we benefit from this info” and fewer personal attacks going forward on the blog.
And now I return the soapbox to Politico…
Not so fast Mr. Pessimistic…, things are turning around!
http://www.dailynews.com/news/ci_8789161
“…Realtors see a glimmer of hope”.
“Clearly there is movement and improvement and maybe, just maybe, the worst is past,” Jim Link, the association’s executive vice president, said in a prepared statement.
After reading this I couldn’t help but think of that part in Monty Python – “It’s just a flesh wound”.
You guys are all a bunch of @#$%^#$.
Ipop is the king of all @#$@#$^.
Alright, who let their 12 year old on to the computer unsupervised?!
Come on parents, keep your pre-pubescent kids off the blog and focused on improving their learning disabilities… With a little help and some hard work, they can indeed develop a vocabulary. I promise.
The philosophical discussion “contempt vs envy” is very interesting to contemplate!
Because they are not marking their “assets” to market, they are still using market to model pricing. Most of the real crap paper they pushed out to Fannie/Freddy and Wall Street firms that bought AAA subprime paper. (AAA subprime paper, isnt that an oxymoron?)
This is why the banks are not in any hurry to move any of these properties, then they HAVE to take the loss instead of just pushing it out.
This is why it is almost impossible to get a deal on a short sale in case anyone was wondering.
Too bad Ipop and Turtleridge renters are unemployed bloggers. Go make some money and stop reading blogs all, you losers. Oh I forgot you guys are out of work loan officers.
Quick, get Gandalf and Gimli, there is a troll loose!
“Well, I feel that competition is great and very empowering.
It’s motivating and if you embrace it, it will take you to a higher standard.”
I agree that competition is very motivating, but when you are competing against standards set by other people, it is not a path that will lead to happiness or peace of mind. You can attain the same satisfaction from reaching a goal and find the same motivation therein if the goal is set by yourself and framed by your own desires and standards. I may desire money and a nice house to live in, but my motivation to obtain those comes from my own personal sense of self-worth; it does not come from the desire to outshine anyone else.
To quote Boston:
“I understand about indecision
But I dont care if I get behind
People livin in competition
All I want is to have my peace of mind.
Now youre climbin to the top of the company ladder
Hope it doesnt take too long
Cantcha you see therell come a day when it wont matter
Come a day when youll be gone”
Someone call his girlfriend and inform her that the man needs some attention STAT!
“Do you agree that people should examine the sources of their emotions?”
Of course, to quote Socrates, “The unexamined life is not worth living.”
“You’re probably comparing your situation with theirs, and concluding that you prefer your situation; i.e. “You’re better off.” Which comes back to competing in a social context.”
It depends on how you define “Better off.” If being happier, more contented and peaceful is your definition — which mine is — then examining the foolish behavior of others does leave me with a feeling I am better off. This doesn’t come from a desire to compete. It springs from my compassion for my fellow man. I feel sad for their state of affairs, and I wish they would make wiser decisions for their own personal betterment. When I point out these behaviors in my posts, it is not so they readers of this blog can feel a sense of moral superiority, it is so they can learn from the foolish mistakes of others. Mistakes that are destined to lead to unhappiness.
Happiness is not a finite thing. If one person attains happiness, it does not preclude others from obtaining also, unless of course, that happiness is contingent upon a comparison with others or with the possessions of others. That is why I personally seek to abandon attachments and comparisons. I would rather strive for personal achievement and remain contented with my life than I would to strive to compete with others and feel discontented with my current state of affairs.
Blind ambition is the root of all discontent.
I think my Buddhism is showing…
This is two days in a row I have had to edit comments.
Please keep it clean people…
Just block the arse’s IP IR. That’ll take care of the problem…
If your lack of available vocabulary, poor grammar skills, relative level of maturity, etc. are indicative of your earning abilities newport renter, I’m quite confident that my salary eclipse’s yours.
I make my $60/hour no matter how much I post on this blog… I have a sneaking suspicion you could not say the same, or least say it truthfully.
The lot size is probably less than 1K larger than the home’s square footage. Not what you’d expect for 1.5 mil…
[skek self-censors a post describing in intimate and disturbing detail how newport renter might have once made $60 in an hour]
Just peeing my pants laughing at this one!
IR, love the blog, I don’t even live in SoCAL but there aren’t any equivalent blogs to yours up here in Silicon Valley. The closest one is burbed but not enough players in the comments department. Your insight on the properties as well as the market in general and fundamentals make this a great blog. We aren’t having as much disaster up north yet, although certain markets (Stockton, Tracy, Hercules/Crockett) etc have a lot of foreclosures. It’s nibbling at the outer Silicon Valley (Fremont/Newark) but hasnt’ hit the core yet. But keep watching.
I am so glad we have accelerated our mortgage payments. We bought in 1993, 20% down, and will own the whole place free and clear in 6 1/2 years. We have a HELOC and pay it down as we use it, but keep it around for emergencies. Wonder if our bank will close our HELOC as our equity drops from 90% to 80% to…
Right now our neighborhood doesn’t have anything listed for under a mil, but let’s see what Spring Bounce plus inventories are WAY up does to prices. I am amazed at what’s happened in SoCal with all the liar loans and the like and wonder how much of that happened here while we weren’t paying attention.
madhaus, your fan from Silicon Valley
Ipop – As king can you not have this serf banished? Or do as favor and proclaim, “Off with his head?”
madhaus,
Thank you for posting. I suspect the kool aid is more deeply embedded into your culture there. In the early 90s, I don’t think your area saw much of a decline in prices, so people there really believe real estate prices never go down. The foreclosures are going to kill the market there just like they are everywhere else. The incomes are high there, but they still do not support prices.
Great news! I found a 2003 rollback on a closed sale in Irvine. Bad news, still appears to be way too much money, $327 per sf, for an older place in Woodbridge…
This one on Cedarspring went for $100.00 OVER list and got into escrow after eight days on the market:
http://www.ipoplaya.com/Listings/14%20CEDARSPRING,%20Irvine,%20CA%2092604%20%20$849,900%20%20Woodbridge%20Real%20Estate.mht
It sold for 44% above the 2001 purchase price. Puts it at a 169 Case-Shiller value which would equate to October 2003 pricing.
Oooowwwhhh.
The 7 deadlies?
Anybody know the equivalent virtues.
Buddhism taught me that needs are the cause of all suffering.
The more you realize that you don’t need a billion dollar house or an AMG the happier you’ll be.
On the flipside, I guess if you have money you don’t really need it, so the wealthy have that going for them…
That buyer is going to be one depressed “mo fo” in 2 years.
IR, you are correct……
I moved to Silly Valley in 1991 and the housing market was tanking at that time. There were people doing anything to get out of home owndership,,,,,,,,I purchase a pre-forclosure property when I moved in 1991. By 2000 prices were off scale, primarily because of all the money from the tech bubble…..my understanding is that from 2000 to 2007 prices rose modestly in silly valley, but nothing like the price increases in SoCal.
It is not clear what will happen in Silly Valley, but one thing is for sure…..most people believe that their homes are as good as gold.
Thank you, IR! I don’t know about the Silicon Valley Kool-aid. it’s a different type than you have down south. The tech bubble led to huge housing price increases until it popped right before the election. Prices didn’t drop that much, though. The last real housing price drop was 1990-91 and prices fell maybe 15%.
I would expect prices to come down a bit this year as inventory is way up and the Spring Bounce just began. But this culture is so different than OC, lots of engineers willing to crunch the numbers, plenty of them have decided the market has peaked, they are putting their places on the market and moving away or at least selling and renting. Some cities are coming down price wise, some places it is zip code by zip code, school district by district or even by what elementary school the place is in. The school districts have little relationship to the city lines.
What tools would you recommend for finding out the kind of info you include on your blog (amounts of loans on property, whether it’s a bank-owned place, etc); are those all proprietary things you need a subscription for or is there a good place to look that up (short of hanging out at the recording office)? I’ve found some sites but they want $50 a month for access. Is that pretty standard?
Many many thanks for a very enjoyable site.
Even if you made $100/hr (see above discussion), this house is a stretch at 4.25X income. And for this stretch what do you get: an old POS that needs work.
Unfortunately, there are no good, free tools for finding property record data. I use both FastWeb and Sitex.
When one thinks that more money and buying ever more expensive things will make them happy, they are in such a deplorable state. I suppose they failed to follow the middle path, eh IR?
I agree “healthy” competition is when it’s in synch with your core values.
Don’t recognize Boston, but shouldn’t those lyrics say “embrace competition”.
huge difference, there are no new developments of thousands of stucco tract homes on the penninsula. if you want to live in Palo Alto, Los Altos, Mountain View, Cupertino etc it is either a very expensive older house (no desperate sellers) or a modest apartment.
The property is interesting but I love the video…”but consuelo, I spent another $2 on the honeymoon suite!” LOL + Dave’s great Tae Kwon Do kicks.
Irvine Renter,
If you ever run out of houses to make fun of you can move north to Palo Alto.
We just drove by the 1040 sq ft on a 4000 sq ft lot place and it has a sold sign on it. Asking was $1.4 Mil. It was on the market for a couple of weeks.
I love the neighborhood. Lots of small dingbats from the 1920-30s mixed in with larger places and rehabs and teardown rebuilds. It has great eye appeal and looks like a great place to raise kids. Check out 94301 for data.
As long as the money keeps coming in Palo Alto will live a charmed life.
Your area may turn out the same as it has the same driver that made Palo Alto special – a large university, great climate and near a vast cultural center.
Best to you all.
You apparently don’t understand the interwebs. That’s not going to work. What you need to do is lavish positive attention his/her way so that he/she feels loved and no longer lashes out at people just to have some electronic human contact.
We all love you vulgarity dude(ess)!
(You don’t really have to love these types. You just have to say it. Glad I could help.)
Why yes. Here you are:
http://preview.tinyurl.com/2a2yks
Morning perkiness!
Uncalled for thrift!
don’t feed the trolls!
tell you the truth, Palo Alto is not that great, several kids from Palo alto high was death cross cal train…… peer pressures…. I have teenage who is going high school this fall. Hope an easily and friendly environment make all kids really just learning, not competing, or something else.
also the property there will sunk soon or later, no matter in which the corner.
The virtues are the reverse of the sins:
Pride/Vanity – >Humility.
Envy -> Kindness
Gluttony -> Temperance
Lust -> Chastity (not virginity)
Anger/Wrath -> Patience/Mercy
Greed/Avarice -> Charity
Sloth -> Diligence.
As for reaction. More disgust than contempt or scorn. I have much the same reaction to watching the reckless conspicious consumption as I do a person falling down drunk in the bar.
Much like a drunk in the bar, my reaction veers of sadness and pity to contempt, scorn and wrath according to that person actions whether peaceful and only endangering themselves, such as passing out in the corner, to contempt and wrath when they belligerent or attempting to get in their car and drive drunk thereby really endangering others.
Homeowners range the gambit from belligerent drunk who’s driving to a frat pledge willingly but unrecognizing the consequences of the haze resulting in a BAC of .30%.
Long time reader… First Time poster here.
Thank you so much for a great blog.
One comment I have, the loss to the bank is understated in cases
like this because the time value of money is not included.
The money which was lent for purchase was with the expectation
of regular payments of principal and interest.
10 months without interest is another hit of about 140k on 2 million in loans, plus property tax of about 17k and HOA of 5K so loss suffered
by lender is at least 526k plus 162k carrying costs which drives total to
closer to 900k by the time it is sold.
Robert
This house is very expensive. Newport renter is a bad man. Wah wah wah wah. This blog is getting old and stupid. Same comments by the same %&$@. And Ipop I make a 100,000 a month so your 60 an hour is pathetic.
Sunnyview,
We know of what you are saying as the girls went to Paly. One did great and one went off the rails. Not much backup for the kids that don’t fit the Paly mold. The one that went off the rails marches to a different drummer and no one at Paly could call a tune she could hear.
She is doing fine as an adult but the teenage years were bad bad bad.
The Cal Train kills quite a few people every year as it has no separated crossings in most of its run from SF to San Jose. Depressed people use it as a final exit too.
I believe you newport, honestly I do. 100,000 cents…
So true. In my SV town the median household income is $212K with a median homeprice of $1.05M. 5:1 is a strecth for any conventional mortgage underwriting. The foreclosures, along with the baby boomer retirements, will sned thismarket into a long period of catatonic shock.
“Probably for the same reasons so many were contemptuous of the couple in the CNN article posted in the comments yesterday. You tell me…”
I was taken aback myself by all the reactions. I can’t say I “hate” this couple and I hope they don’t suffer unduly because of the public exposure. They were at least open about their current situation.
I think what tripped my trigger was the trade down from a ‘Vette to a Suburban. I’m driving a 12 year old Windstar saving for my downpayment on a house and all I want is a new car, enough to get me down the road comfortably and reliably.
thanks IR. Fastweb.com is a college scholarship website, but I did find sitex.com — unfortunately they don’t show sample reports and want a lot of info to give the free trial, and they don’t even specify their pricing!
Anyway, great blog, I read it every day.
FastWeb
https://fwprodweb1.firstam.com/fastweb/home.asp
30 Crimson Rose is now in escrow…
It’s in escrow? Who was the knifecatcher, I wonder?