Woodbury Court Dropped their prices on rentals.

NEW -> Contingent Buyer Assistance Program
which floorplan is this on? and where do you see the drops (rental-living.com?)? I never really looked at prices there so not sure how to confirm this. But seems like if Woodbury is doing this other IAC places will soon follow.
 
From what I've seen on craiglist recently there is definitely some price softening at IAC complexes. I'm seeing lots of one beds under 1450 and two beds under 1800. Last year those prices would have been hard to find.
 
[quote author="lendingmaestro" date=1207744171]Somebody alert catchmeifyoucan</blockquote>
I didn't know I was looking for a place to rent.



Just FYI, I do own a SFR right by south coast plaza. We bought it back in 1999.

I am living with my parents in law. When I move to the new place in Woodbury, that house will have one master bedroom vacant. Anyone interested?
 
[quote author="catchmeifyoucan" date=1207745525][quote author="lendingmaestro" date=1207744171]Somebody alert catchmeifyoucan</blockquote>
I didn't know I was looking for a place to rent.



Just FYI, I do own a SFR right by south coast plaza. We bought it back in 1999.

<strong>I am living with my parents in law</strong>. When I move to the new place in Woodbury, that house will have one master bedroom vacant. Anyone interested?</blockquote>


holy crap dude. Move Out NOW!
 
[quote author="No_Such_Reality" date=1207742163]Vacancy is up.



Demand is down.</blockquote>


Ain't this the truth. My wife and I were one of the first tenants of the building we're in now. Same time last year, our building was at 100% occupancy. Noticed that tenants have slowly moved out since then and I would say a quarter of our building is now empty. It's been this way for about a month and a half now.
 
I also heard that Woodbury Place dropped their rents about $150. My buddy just signed a lease and it was about $150 less than what I pay. The website doesn't reflect the new prices though. Interesting.
 
[quote author="catchmeifyoucan" date=1207745525][quote author="lendingmaestro" date=1207744171]Somebody alert catchmeifyoucan</blockquote>
I didn't know I was looking for a place to rent.



Just FYI, I do own a SFR right by south coast plaza. We bought it back in 1999.

I am living with my parents in law. When I move to the new place in Woodbury, that house will have one master bedroom vacant. Anyone interested?</blockquote>


Wow catch, you get to have double the equity loss once you close on Cortile. Your buying decision is looking smarter and smarter everyday...
 
[quote author="25w100k+" date=1207752638][quote author="catchmeifyoucan" date=1207745525][quote author="lendingmaestro" date=1207744171]Somebody alert catchmeifyoucan</blockquote>
I didn't know I was looking for a place to rent.



Just FYI, I do own a SFR right by south coast plaza. We bought it back in 1999.

<strong>I am living with my parents in law</strong>. When I move to the new place in Woodbury, that house will have one master bedroom vacant. Anyone interested?</blockquote>


holy crap dude. Move Out NOW!</blockquote>




That?s exactly what stood out to me as well 25w100K.

Quick catchme, save face by committing seppuku
 
[quote author="ipoplaya" date=1207780590][quote author="catchmeifyoucan" date=1207745525][quote author="lendingmaestro" date=1207744171]Somebody alert catchmeifyoucan</blockquote>
I didn't know I was looking for a place to rent.



Just FYI, I do own a SFR right by south coast plaza. We bought it back in 1999.

I am living with my parents in law. When I move to the new place in Woodbury, that house will have one master bedroom vacant. Anyone interested?</blockquote>


Wow catch, you get to have double the equity loss once you close on Cortile. Your buying decision is looking smarter and smarter everyday...</blockquote>


Double equity loss? I bought this house in 1999 for 195K. Now the comp is around $480 in my neighborhood. We only pay 900 dollars for mortgage payment monthly.

I plan to keep this house for my big family to use it. I'll do the same thing with new one.
 
[quote author="lendingmaestro" date=1207744171]Somebody alert catchmeifyoucan</blockquote>


Haha, I wonder how many other threads this will come up





Brought a smile to my face :)
 
[quote author="catchmeifyoucan" date=1207789290][quote author="ipoplaya" date=1207780590][quote author="catchmeifyoucan" date=1207745525][quote author="lendingmaestro" date=1207744171]Somebody alert catchmeifyoucan</blockquote>
I didn't know I was looking for a place to rent.



Just FYI, I do own a SFR right by south coast plaza. We bought it back in 1999.

I am living with my parents in law. When I move to the new place in Woodbury, that house will have one master bedroom vacant. Anyone interested?</blockquote>


Wow catch, you get to have double the equity loss once you close on Cortile. Your buying decision is looking smarter and smarter everyday...</blockquote>


Double equity loss? I bought this house in 1999 for 195K. Now the comp is around $480 in my neighborhood. We only pay 900 dollars for mortgage payment monthly.

I plan to keep this house for my big family to use it. I'll do the same thing with new one.</blockquote>


Yup, double equity loss. The place in CM will drop from $480K to $340K while your Cortile unit goes from $535K and change to $400K. You'll be worth $275K less at bottom...



The smart ones are going short housing if they can, not the reverse. Not only are you buying during a decline when you could rent, you held a property through a 25% drop already.
 
[quote author="ipoplaya" date=1207793389][quote author="catchmeifyoucan" date=1207789290][quote author="ipoplaya" date=1207780590][quote author="catchmeifyoucan" date=1207745525][quote author="lendingmaestro" date=1207744171]Somebody alert catchmeifyoucan</blockquote>
I didn't know I was looking for a place to rent.



Just FYI, I do own a SFR right by south coast plaza. We bought it back in 1999.

I am living with my parents in law. When I move to the new place in Woodbury, that house will have one master bedroom vacant. Anyone interested?</blockquote>


Wow catch, you get to have double the equity loss once you close on Cortile. Your buying decision is looking smarter and smarter everyday...</blockquote>


Double equity loss? I bought this house in 1999 for 195K. Now the comp is around $480 in my neighborhood. We only pay 900 dollars for mortgage payment monthly.

I plan to keep this house for my big family to use it. I'll do the same thing with new one.</blockquote>


Yup, double equity loss. The place in CM will drop from $480K to $340K while your Cortile unit goes from $535K and change to $400K. You'll be worth $275K less at bottom...



The smart ones are going short housing if they can, not the reverse. Not only are you buying during a decline when you could rent, you held a property through a 25% drop already.</blockquote>


Remember, I only gain or lose equity when I sell these propeties. If I keep them for the next 10 years, how is that double equity loss?

I am not a flipper. I plan to keep all my properties over long run and even buy more if I can.



My brothers and I already plan to purchase another one 2 years from now.



Just between you and me: you seem to have issues with new buyers in Woodbury area more than any other members here. What's really your motive? do you really care about me losing money? You said you live in cortile area, why would you be so negative about a new buyer moving into your neighborhood? I am not buying REO or short sale houses, would you rather see more house in your area occupied by owners who plan to keep the house for long time?



I am very interesting in meeting you to discuss future of the housing market. You live in Cortile right? Can I meet you sometimes this weekend since I need to drop off some paperworks at the sale office.
 
[quote author="catchmeifyoucan" date=1207795456][quote author="ipoplaya" date=1207793389][quote author="catchmeifyoucan" date=1207789290][quote author="ipoplaya" date=1207780590][quote author="catchmeifyoucan" date=1207745525][quote author="lendingmaestro" date=1207744171]Somebody alert catchmeifyoucan</blockquote>
I didn't know I was looking for a place to rent.



Just FYI, I do own a SFR right by south coast plaza. We bought it back in 1999.

I am living with my parents in law. When I move to the new place in Woodbury, that house will have one master bedroom vacant. Anyone interested?</blockquote>


Wow catch, you get to have double the equity loss once you close on Cortile. Your buying decision is looking smarter and smarter everyday...</blockquote>


Double equity loss? I bought this house in 1999 for 195K. Now the comp is around $480 in my neighborhood. We only pay 900 dollars for mortgage payment monthly.

I plan to keep this house for my big family to use it. I'll do the same thing with new one.</blockquote>


Yup, double equity loss. The place in CM will drop from $480K to $340K while your Cortile unit goes from $535K and change to $400K. You'll be worth $275K less at bottom...



The smart ones are going short housing if they can, not the reverse. Not only are you buying during a decline when you could rent, you held a property through a 25% drop already.</blockquote>


Remember, I only gain or lose equity when I sell these propeties. If I keep them for the next 10 years, how is that double equity loss?

I am not a flipper. I plan to keep all my properties over long run and even buy more if I can.



My brothers and I already plan to purchase another one 2 years from now.



Just between you and me: you seem to have issues with new buyers in Woodbury area more than any other members here. What's really your motive? do you really care about me losing money? You said you live in cortile area, why would you be so negative about a new buyer moving into your neighborhood? I am not buying REO or short sale houses, would you rather see more house in your area occupied by owners who plan to keep the house for long time?



I am very interesting in meeting you to discuss future of the housing market. You live in Cortile right? Can I meet you sometimes this weekend since I need to drop off some paperworks at the sale office.</blockquote>


He's right, the other house is for his family to use. He is in it for the long haul. You guys are too short sighted.



Welcome to ADD property investments.....oh look a chicken!!!! %-P
 
You gain when you increase your net worth. You lose when you decrease it. If you totaled up your net worth today would you use your 1999 purchase price even though you haven't sold that property yet? I think not...



You could defer a purchase and buy for less, borrowing less and increasing your liquid capital while you rent for less than you would own at Cortile...



The only good financial reasons to hold property IMO are an artificially low property tax base or a 30-year fixed mortgage welll below market or future market rates. Of course there are other non-financial reasons to hold property, which is why I own (in West Irvine, not Woodbury BTW), but I would never ever dream of holding my condo when I buy a bigger place unless the market had stabilized. I'd rather sell it my place today and acquire it back again once it's dropped another 20-25% for far less cash if I wanted to be a landlord.
 
C?mon Ipop,

Do it!

Don't let him try to muscle you around.

Ante up and accept his offer to meet this weekend.

Make sure you issue catchme the official ?This Is Sparta!? reception.
 
I can't remember if someone posted this in another topic or not... is there a way to renegotiate if you already signed a lease? My brother lives here, so I'm sure he'd be interested.
 
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