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(Bloomberg)   New home sales jump 16 percent, the most since 1993. However, most were mini-mansions with stripper poles sold to rappers   (bloomberg.com) divider line 45
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3548 clicks; posted to Main » on 24 May 2007 at 5:00 PM (7 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2007-05-24 10:50:01 AM
Are they the sons of Yacht builders?
 
2007-05-24 01:27:02 PM
Sales went from total crap to only partial crap? That's good news.
 
2007-05-24 01:43:26 PM
What this means is if your company makes you relocate, you'll have to sell at a loss.

.
 
2007-05-24 02:00:30 PM
DistendedPendulusFrenulum : What this means is if your company makes you relocate, you'll have to sell at a loss.

That would require

1) Working for a company that MAKES people relocate.

2) Having bought a home in, say, the past year or so. If you bought 2+ years ago, the current sale value of the home is likely a bit higher than what it was originally bought for.
 
2007-05-24 02:19:51 PM
submitter: most were mini-mansions with stripper poles sold to rappers

But did they have a hot chicks room?
 
2007-05-24 02:46:09 PM
Wait, so you're saying that lower prices can lead to more demand?
 
2007-05-24 03:14:32 PM
lordargent

The case in my neighborhood is:

A) Neighborhood is exactly 2.5 years old

B) Prices were somewhat inflated during the time, and:

C) Four families have had to relocate because of job, and, yes, their houses sit unsold.

And yes, the new home builders are still building against a nine-month unsold inventory, and they have dropped the prices so that anyone who has to relocate has got to lose money to get rid of a house.

.
 
2007-05-24 04:16:00 PM
DistendedPendulusFrenulum : The case in my neighborhood is:


Must be a TN thing, markets are so localized that any article that generalizes thing should be taken with a grain of salt.

http://local.reply.com/real-estate/CA/san-diego.html#homes

Look at "Homes - Vacant"
 
2007-05-24 05:07:22 PM
Not all of TN, or even Memphis. I live downtown, on Mud Island, and could sell my house for much more than I paid four years ago.

Then again, it's downtown, 500 yards from the river, and there is a finite amount of space here.
 
2007-05-24 05:08:31 PM
I build houses with stripper poles so I'm getting a kick out of these replies.
 
2007-05-24 05:12:04 PM
My Liver Hurts - I would hold out for a Bucket of Truth.
 
2007-05-24 05:12:11 PM
MinnesotaJackI build houses with stripper poles so I'm getting a kick out of these replies.

I sell houses with stripper poles

/No really I did
//Not my house
/Realtor
 
2007-05-24 05:12:17 PM
I'm trying to sell a house... so I'm getting depression out of these replies...
 
2007-05-24 05:14:12 PM
Anybody need a loan?

/No really
 
2007-05-24 05:20:09 PM
Now how many of these homes will be in foreclosure in a couple of years because A) the rappers suck and can't sell albums, or B) The young couple got suckered into one of those "Interest Only" mortgages for the first couple of years, then boom, payments nearly double.
 
2007-05-24 05:20:25 PM
lordargent:
3.3% ??? fark thats awesome.. calgary was at 0.1% vacancy last summer. i wonder if thats changed at all though
 
2007-05-24 05:21:31 PM
In other news, home foreclosure rates up more. Oh yeah, and your money is totally worthless because banks have flooded the money with cheap "credit" that devalues real currency. Sleep well, conservatives - we'll get your house in the morning.
 
2007-05-24 05:22:23 PM
Nobody in their right mind believe any statistics. April sales dropped over 19% according to other stats. FarkOff!
 
2007-05-24 05:22:34 PM
In the 30 days its been on the market, I have had one person who was seriously interested in buying my condo (Ive had a number with some interest, but one from last week may be making me an offer).

Im trying to find a house to move to. Ton of stuff on the market, lots of it empty. However, people havent realized that prices are falling, which is why they are sitting on the market for long periods of time. The houses I have seen that are reasonably priced get offers immediately. Its a buyers market in my city, but you can sell if you really want to. If you bought two years ago, you may lose money, but the people who have been in the house 10+ years are making a very nice return.

My realtor says people havent realized the shift. A house has to be in GOOD CONDITION to sell now. People are pricing things with 10-20k in fix ups needed at same price as good condition homes. 2 years ago this worked.
 
2007-05-24 05:23:57 PM
czarangelus: In other news, home foreclosure rates up more.

In my house search, Ive been amazed at number of "offer must be approved by bank" listings Ive seen.

/Short sale for the win
//or loss
 
2007-05-24 05:24:27 PM
I sold my condo on ebay at 80%. I got this new job at corporate.

The buy was very motivated.
 
2007-05-24 05:25:56 PM
WayneBuckwheat
Nobody in their right mindwould believe statistics. April sales dropped over 19% according to other stats. FarkOff!

Had to fix it a little
Calm down
 
2007-05-24 05:27:51 PM
April 2007 sales are up 16% over march 2007
April 2007 sales are down 11% over April 2006

What gets the headlines?
 
2007-05-24 05:32:34 PM
Buy Low
Sell HIGH!

//mmm paint stripper
 
2007-05-24 05:33:36 PM
Comment Bot

Depends on if you're a realtor buying or selling.

Selling? "Sales are down 11% since last April. You really need a realtor to help you sell."

Buying? "Sales are up 16% in the last month! The market is booming! Get in before prices skyrocket!"

/Burn, bubble, burn
 
2007-05-24 05:35:55 PM
Here's one House whose value is increasing almost exponentially.

www.smh.com.au
 
2007-05-24 05:45:06 PM
Like in every month for the past 15 years, the April sales number will be revised downward, maybe even into negative territory.

The only reason April saw a 16% jump was because the March number got revised downward in April.

Sales are still down compared to last April by more than 10% and prices are down my 12%!

Plus, new sales numbers are counted when the contract is signed, not when the sales is closed. Cancellations are running between 20% and 40% for all the major home builders so a huge portion of these homes "sold" aren't going to have an owner.
 
2007-05-24 05:51:19 PM
Sale prices also dropped 8% on average at the same time, in just a month. The median price dropped over 10% compared to last month. So more houses were sold, but a 10% drop is nothing to celebrate.

Unless you're looking to buy. Like me.

CS
 
2007-05-24 05:54:57 PM
Last thing I need to to buy a house with the nappy-headed hos included.
 
2007-05-24 06:00:43 PM
It's amazing what some of the new home developers are offering in terms of upgrades - and now finally they're doing price cuts.

Me? I'm a bigger fan of old homes.

Do you think I should buy this one?

www.burbed.com

A view of train tracks, an electrical substation, and a view of San Francisco Airport (SFO) - this may be the perfect Silicon Valley starter home. The neighborhood is a little rough though.

or should buy this one?

www.burbed.com

Fantastic neighborhood with good schools, a little more expensive, and smaller so it'll require less cleaning.

So many choices! Help me decide while I'm on the phone with my mortgage broker inquiring about the new 50 year mortgage he's offering!
 
2007-05-24 06:06:04 PM
I live in NYC, I own my stuff, thats about it.

/would love to own
//would probably own if i was willing to leave NYC
 
2007-05-24 06:14:07 PM
YesNoMaybe: Me? I'm a bigger fan of old homes.

Do you think I should buy this one?


615k for a shack in the ghetto. Jesus Christ, where are people getting all this money...

/oh yeah, from my paycheck
 
2007-05-24 06:28:15 PM
Durr.

That's what happens when new home developers CAN drop the price right out from under an existing community of used homes holding out for last year's prices.
 
2007-05-24 06:33:00 PM
What gets the headlines?

Whatever makes the real estate market look better, of course. As the downturn worsens, the "statistical creativity" improves.
 
2007-05-24 06:45:47 PM
I sure hope those mini-mansions with them stripper poles installed for the rappers were made by black people, not Chinese. That wouldn't be right.
 
2007-05-24 07:00:46 PM
The problem is, the media is never required to be consistent. They'll always tout the pro-business number. If month-to-month is bad, but year-to-year is good, they'll shout about year-to-year. They also focus on median pricing, when price per square foot is a far more meaningful metric, especially in a declining market where you get more house for your money.
 
2007-05-24 07:07:59 PM
Prices down 11%. Is that supposed to be good news?
 
2007-05-24 07:17:57 PM
I bought my first house in 2001 and just sold a few months ago for a nice profit. Just closed on a house a few weeks ago. It's not a shiny new Mc Mansion, but I did get it for 50k under value since the people were relocated and the neighborhood is awsome. (4br with a huge backyard and no visable neighbors... No I'm wasn't naked in my yard... um...). Best thing is other homes listed in the neighborhood have been selling like hotcakes since I did this. I was uneasy about buying but hopefully got in at the right moment. Who knows?

/I
 
2007-05-24 07:26:52 PM
czarangelus

615k for a shack in the ghetto. Jesus Christ, where are people getting all this money...

/oh yeah, from my paycheck


Yeah... you have a degree in philosophy. I doubt anyone is getting anything from your paycheck, including you.

Kidding aside, do you really think that people on welfare are living in $600k homes, even in CA?
 
2007-05-24 07:41:49 PM
Kidding aside, do you really think that people on welfare are living in $600k homes, even in CA?

Of course not - they're buying $720,000 houses. Read about the strawberry and mushroom pickers who did exactly that?

See:
http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2007/04/13/carollloyd.DTL
 
2007-05-24 07:59:58 PM

www.recharts.com


// Click image to see full size.
/// Inline slashies.

Look out below, lots more way lower prices but increased sales coming.
 
2007-05-24 08:45:16 PM
Not too surprising. The amount of homes availiable for cheap after being seized for failure to build debt as made homes in some parts of the country cheaper than a new car.
 
2007-05-24 09:54:41 PM
YesNoMaybe

Of course not - they're buying $720,000 houses. Read about the strawberry and mushroom pickers who did exactly that?

See:
http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2007/04/13/carollloyd.DTL


What you got out of a story about immigrant farmworkers being scammed by predatory lenders was they were welfare abusers? Wow, that's just...special.

The article says they started in subsidized apartments, but pooled resources with another family to buy the house. There's no mention of welfare anywhere else in the article.
 
2007-05-24 10:57:50 PM
images.askmen.com

Ahhhem.

Comment Bot:

April 2007 sales are up 16% over march 2007
April 2007 sales are down 11% over April 2006

What gets the headlines?




QFT
 
2007-05-25 08:31:37 AM
Excellent.

Won't be long before I can get me a cheap place in Florida. Prices will drop. I've got time.
 
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