Villages of Columbus - Columbus Grove - Lantana

NEW -> Contingent Buyer Assistance Program
rh - Everything you say makes sense except for one fallacy. You sound like a re agent when you say, "if you are serious about buying" and the expression assumes that one is only "serious" based on timing. Seriousness can depend on many factors, one of which is price. I doubt if querty gives two hoots and a holler what favors he is doing for the next buyer. If he is like me, he cares what price he feels comfortable with and will not pay one dollar more so the next buyer has something to work with. And unless I am way off base, the seller feels the same way about other sellers. Querty's serious price was $600,000 and he is willing to wait to get it. My guess is that he will get his price no matter what the current demand level price is. We bears may be drinking the kool-aid, but so far waiting around and having a drink is working out rather well. By the way, I prefer Hansen's mandarin lime soda.
 
<p>aw - the real estate agents have been borrowing from me.</p>

<p>the seriousness of the buyer is not in question. the price is. if you are serious at 600K when prices are at the 700K level then what happens when prices are at the 600K level? you become serious at 500K? we all know prices are going to fall, but we have to accept the timing is not in our control. just like when prices went up, it was out of our control.</p>

<p>he will get his price, but it's not because of his persistence, it's because of the passing of time...</p>
 
It ends when the inventory overhang disappears. 600k, 500k, 400k, or 40k, blah blah blah -- If there's 14 months inventory as there is right now, you're too early. Home price disinflation cannot and will not stop with this much inventory on the market.
 
<p>hey, i just sold my condo for 600k when i only bought it for only 230k in 1999!!!</p>

<p>i'm filthy, filthy rich now!! ha ha ha!! i rule the world.</p>

<p>ok, maybe that's not true. </p>

<p>but i have to say, there are people who bought, sold, and are now sitting happy on their gigantic bank accounts!</p>

<p>for every one loser of a flipper wannabe, there's another one who's taking a nice cruise in the bahamas.</p>

<p>i actually know a friend who sold two years ago and pocketed over 200k.</p>

<p>since then, he has been working very leisurely.</p>

<p>although i'm very bearish, i hate hearing all the resentment in this forum.</p>
 
rh - I dunno what happen when the price becomes $600k. Maybe he changes to $550k or maybe he buys. Who knows? But, my limited experience in investing has shown me that waiting is sometimes the best input for making a profitable or even comfortable investment.<p>


Wow! Rimm is at 113 after hours reporting. Sheesh!
 
hs_teacher





<em>"</em><em>for every one loser of a flipper wannabe, there's another one who's taking a nice cruise in the bahamas.</em>

<p><em>i actually know a friend who sold two years ago and pocketed over 200k.</em></p>

<p><em>since then, he has been working very leisurely."</em></p>

<p>Sounds like this is very subjective data as I know alot of ppl who sold their homes just to move up to bigger McMansions. Also, working very leisurely sometimes ends up meaning working a whole lot because I dwindled my money away as a day trader when I didn't even know what a put was.


</p>
 
If you are buying a home now you should negotiate until the seller is crying........its a deep buyers market and there are substantially more sellers than buyers. Nobody knows how far the market will fall and there is no reason for buyers to assume one ounce of risk. If they won't offer you the home at your price....give the sellers your contact information and move on. When houses start to sit on the market for 12 moths and longer, sellers start to get a little more willing to negotiate.
 
Qwerty, don't mean to call you out or pick on you, but on the other thread, you mention you pay almost 2500 in rent for a 1000 sqft condo in Woodbury.





As I mentioned in my previous post, if you bought Lantana for 500k, which is what you think it's really worth, "all in" cost would be around 2600-2700 with 10% down. If you truly believe that, why the heck are you paying 2500 rent for a place that is 1500 sqft smaller, and is a townhome vs true single family home. There's obviously a disconnect here. Either your paying WAY too much rent, or your 500k is not fair value.





Lets bring the price up to 600k. Now about 3300/month. $800 more for 1.5 times more sqft, SFH, etc sounds like a screaming deal to me.





Finally, lets use the 720K you can buy it for. Comes out to roughly 3900/month. 1400 more than what you're currently paying in rent. Guess it all depends on the person here. I'm sure most would say it's too much. But considering you're already paying 2500/month for a tiny space, I don't think it's too far fetched to expect someone in your situation to pony up the extra 1400 to upgrade assuming they can comfortably afford it(as you say you can).





Again, not picking on you, but you and I were in a very similar situation. I was renting a 1200 sqft apartment for 2500/month, so it wasn't hard for me to justify a heftier mortgage payment to get alot more for my money. Just trying to open your mind see things from a different perspective.
 
RT:

Though I am not qwert, I still can see the problem in your comparison.

To borrow 720K loan in current Jumbo rate (7%) requires $4800 mortgage. (You can't conside 20% downpay, since when you rent, you don't put down $130,000 downpayment).

On top of $4800 mortage, you pay nearly 2% property tax+mello Ros. Also, you have to pay HOA+insurance. This will come another >20 grand a year. Of course, you

get tax advantage, but my guess is that your final payment is about $5000 a month. How much such a house can rent? I guess it is $3500. (I know, in quail hill, the

rent price for 1800 square feet 3 bedroom detached home( with selling price >700k ) is $2700). So there is a 30% gap between own ($5000) and rent ($3500).
 
Somehow I missed this hot thread.



LL A couple of pages back you asked about the legality in Calif of agents having to present all offers. The current law states that all offers must be presented unless the owner has given the agent written directions to only present offers above a certain price. I used to do sales memos to my new home agents not to bring offers below a specific number. This memo was CYA in case someone offering a low price complained to the DRE. I did this as not not waste our time and to push the agent to start at the highest possible price for negotiations. If the published price was $700k with 50K incentives (example only) I might say "do not present offers below$625K." If a qualified buyer offered $625K I would feel we may have a chance of getting near $650. Or I may have the ability to accept it or would confer with the President and CFO.



Graphrix is correct that it is a good idea to chat directly with the VP of Sales to present an offer. It can't hurt and it really may help. Only myself, the Division President and the CFO knew what the lowest price was and I was never sure that the other two told me. It was a corporate game to maximize the sales price. I usually sandbagged the sales force by 10-15% so they wouldn't "give away the farm". I am pretty sure the Division President did the same to me.



Things would change based on the totals of other divisions. We might get a memo saying that a NorCal division was short closings and we needed to pick up 3 more deals and would get very aggressive compared to what we were doing a week earlier.



I went throught the two prior downturns operating this way and I doubt if the industry has changed very much since myself or Graphrix left it.



One may have to make several offers to get the right deal based on the market, inventory, time in the cycle, and goals or needs of the builder.



The main problem is that "you live in the home, not the deal" so in addition to the above you also need to have found a home that fits your needs.



Enjoy!
 
<p>i agree that there are a lot of losers in this real estate climate, but from my understanding, whenever there's a trade or a sale, there's always a winner and a loser.</p>

<p>with so many people losing their homes to foreclosures, doesn't it mean that there's a bunch who made a grip of money from the sale??</p>

<p>i know a guy whose parents' sold their house at the peak because a broker/friend told them too.</p>

<p>now they rent, and can almost sort of retire. they have no intent of buying again until a comparable home to their previous one drop in price by 200K.</p>

<p>see, so there are winners.</p>
 
<p>RTLguru - if we bought lantana 1 with 20% down (which we would do), the net payment after the tax benefit including mello roos, prop taxes, hoa, etc, would be 3900-4000. So you are correct that for another 1400 or 1500 we could have a 2400 sq ft place vs 1021 sq ft. But that is with 20% down, like TonyTony said, when you rent you dont do a down payment, which means that if you finance the entire 720K (dont think this is possible anymore), the net payment would go up by around 900 to 4,800-4,900, so an apples to apples comparison would put the monthly cash flow difference at about 2,300 - 2,400. My fiance and i are fortunate that we both have high paying jobs, and we can comfortably afford a 5K payment. But just because i can afford something doesnt mean i want to over pay for it. </p>

<p>To prove my point - this past summer Lantana plan 1s were going between 820K and 840K with 40K in incentives. If we bought back then, which my fiance was strongly pushing for, we would have paid a net of 780K to 800K and we would have lost 60-80K in a matter of months!!!! That is my point. I dont want to buy it for 720K today and lose our entire 20% down payment by the end of next year. I would rather wait till prices continue to come down and then so my basis is lower and have more upside if and when we sell. I dont need to buy at the very bottom, but the closer the better.</p>

<p>PS - i dont think you are picking on me. And we are paying too much rent for what we are getting, but the neighborhood is very nice and quiet, so its worth it to us.</p>

<p> </p>
 
Just for the sake of correctness: Taxes, Mello Roos, HOA and Insurance for a home that size and price in Columbus Grove would be about 16k per year, not >20k.





Don't get me wrong, its still a lot of money but lets not get carried away with estimations.
 
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