Here's recent history of the Fed’s policy committee and its Fed Funds rate. Next Fed decision is June 24/25.
Home/condo rentals not hurting apartment rentals
May 9th, 2008, 12:00 pm · 63 Comments · posted by Mary Ann Milbourn
The National Multi Housing Council says large apartment complexes aren’t seeing a lot of competition from condos and homes now coming onto the rental market.
“Even though there has been an increase in the number of condo and single-family rentals, these properties do not typically compete for the same renters as professionally-managed apartments,” says Mark Obrinsky, NMHC’s chief economist. “In fact, professionally-managed properties may become even more desirable in the current market as renters of many of these individually-owned condos and houses find themselves without housing because the owners of these properties have lost the property to foreclosure.”
The mortgage meltdtown also appears to have put the brakes on tenants moving out to buy homes. Thirty-one percent of apartment industry executives surveyed nationwide said they have seen a big decrease in the number of renters leaving to become homeowners. That compares to 22% six months ago.
Another 52% in the latest survey said they noticed a small drop in move-outs due to home purchases, down slightly from 53% last October. (CLICK HERE for the full survey.)
Related items:
- Bad O.C. economy hits 1-bedroom apartments
- Foreclosure refugees head for O.C. apartments
- O.C.’s high-rent districts suffer higher apartment vacancies
May 9th, 2008 at 12:46 pm
thoughtless- in honor of your consistent grinding
on this blog.. I’ve found you a theme song….
http://www.youtube.com/watch?v=JW-3mIaajWM
May 9th, 2008 at 1:00 pm
rants,
i like that theme song for thoughtless….. video fits well too……, but how about this one:
http://youtube.com/watch?v=sKxtVRz-6cA&feature=related
works well with it’s androgynous nature and chameleon like handles
we could probably dedicate a play list
May 9th, 2008 at 1:15 pm
Here we go again. Oil just closed at $126.15 a barrel.
Another all time record high. Oil prices are up 30% since the beginning of the year. With some many SUVs in the OC, I can only imagine the pain. Ouch!!!!
May 9th, 2008 at 1:39 pm
The cost of driving a SUV vs. the fuel economy models is ~ $150/month… probably not a big deal for most in OC… (based on avg driving mileage)
May 9th, 2008 at 1:55 pm
PLEASE CALL THE WHITEHOUSE AND RICHARD SHELBY!!!
Everybody who comments and reads this blog needs to take 60 seconds and call the Whitehouse and Richard Shelby’s office and tell them you support the Veto of the housing bailout. It doesn’t take long and it is hopefully a little more productive than our justified rants on this blog. We will pay for the estimated 33% of the homes that will enter this bailout program and still default. The Washington Post already wrote a piece about it.
Just pick up the phone and call. It’s easy.
The Whitehouse - 202-456-1414
Richard Shelby’s office in DC - 202-224-5744
May 9th, 2008 at 2:08 pm
Mav & Rants:
You guys see the piece on LOU DOBBS business report last night..??
It was on the Sylicon Valley housing / Rental Market….
No foreclosues there and prices are holding………..However,
They did say homes were sitting on the market longer but still escrows..
He also said rents in that area are going up…..up….up….
Average rent is a tad under $1,700.00 ( Sounds like OC / Irvine )
The interview was on a latin couple that is trying to buy because…
There landlord is raising the rent again………………………………………….
Anyone…..Anyone……Buler……Faris….Buler….Anyone…Anyone…………..
For this answer please pull out your history books = Register Data…
And check out the correlation between:
Falling home prices & Rising rents in the last boom bust in the 90’s
Bottom line……..Rents are not going down…..
The captain will raise rents yet again in summer 2008 == 7 %
May 9th, 2008 at 2:31 pm
Scott A Says: “He also said rents in that area are going up…..up….up….”
You are absolutely nuts if you try to compare the OC with Silicon Valley. (i”m originally from the Bay Area)
The Silicon Valley has a real economy with tons of companies making lots of money, All the big companies are there (google, yahoo, oracle, ibm, etc, etc, etc)
The OC has an economy based mainly on real estate, financial, and some defense. We all know that Real Estate and Financial are dead for now and Defense will hurt big time next year when Obama becomes the president. Obama will start cutting the defense budget as soon as he gets elected and the SoCal economy will tank like it did in the early 90s.
May 9th, 2008 at 2:49 pm
But they have $4.00 gas in Silicon Valley too! Hey, bubs, did you see the good cop, bad cop show Bush put out today?
May 9th, 2008 at 3:04 pm
Bubble:
I am also from the bay area….
My mother was raised in portolla vally of Palo Alto……….
I went to grade school in Menlo Park…………………………………………….
Jimmy is right about the high wage earners in the good job markets..
Education and go hand in hand with high earners………………………………
LA / OC are only going up in the long run as we have the jobs as well..
BTW: Google is in Irvine off jamborre as well……
May 9th, 2008 at 3:24 pm
Scott,
You are so silly. I’ve been a web engineer since 1995 (worked for a bunch of internet companies in SF) and you think that is news to me that Google has an office here in Irvine. Google has almost 30 offices around the country but that is not the point. We’re talking about a vibrant economy like Silicon Valley where companies go public almost on a weekly basis and employees become millionaires overnight. Irvine doesn’t come even close.
These are median incomes for several counties in California. Look at Orange County $75K compared to Marin $115K, Santa Clara 95K
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/04/29/BU6J10D6J9.DTL
2006.
CountyMedian joint income
Marin$116,626
Santa Clara95,457
San Mateo95,394
Contra Costa87,478
Alameda83,996
Placer78,652
El Dorado78,489
Orange75,537
Ventura75,171
Solano73,276
Sonoma71,667
San Francisco71,529
I rest my case
May 9th, 2008 at 3:28 pm
“LA / OC are only going up in the long run as we have the jobs as well..”
uhhh how sure are you about that? we have the students, yes. do we have the jobs? not necessarily… crystal ball says flat job market in OC for at least the next 2 years
dude if we’re lagging Placer and El Dorado (also known as “where?”) that’s pretty sad. amazingly Frisco below OC but that’s a very small county which I believe shares boundaries with City of SF… with a lot of entitlement folks. kinda like LA, but which is large and has lots of poor to skew the numbers.
May 9th, 2008 at 3:35 pm
From Calculated Risk :
Red writes:
Rents do go down, with Recession looming I don’t think rising rents are going to support home prices much.
Example: for Silicon Valley the Mercury news reported apartment rents:
2000: $1758
2001: $1743
2002: $1426
2003: $1312
2004: $1282 down 27%
2005: $1305
2006: $1425
2007: $1590
2008: $1660
So eight years later the area is still down from the Y2K peak, even though there has recently been an employment boom, just beginning to fade. This is now the most expensive rental market in the state.
Red | 05.09.08 - 3:09 pm | #
May 9th, 2008 at 3:41 pm
Many of middle-class families in OC are still stinging from being excluded from Bush’s tax rebate program. While many of our friends got checks of up to $1,200, we got nothing. The reason? We made a bit too much money to be included and were summarily “phased out” of that particular gravy train.
Guess what? You’re about to be “phased out” again.
Yesterday, the House passed HR 3221 aka the American Housing Rescue and Foreclosure Prevention Act of 2008 on May 8, 2008. This piece of homedebtor rescue legislation spends billions helping those folks in trouble keep their homes, to refinance existing mortgages, for cities buy blighted properties and so on. So, if you’re were unfortunate enough to have bought a house that you couldn’t afford, the taxpayers are here to bail you out.
You’re welcome.
Then there’s this little provision called “First-Time Homebuyer Credit” which essentially says that if you are a first-time homebuyer then you can get a $3,750 federal tax credit if you are an individual or $7,500 if you are a couple. That, unless you’re middle-class, then you get nothing.
That’s right, if, as an indvidual, you make more than $90K a year or a couple that makes more than $160,000 a year, then your tax credit amount falls to zero. Zero as in nothing. Zero dollars, zero help, zero consideration by your legislators. Zero, just like the tax credit you got as part of the Bush stimulus package.
That’s right, once again the Congress has left the American middle class out in the cold. If you’re Bear Steans, the feds fall all over themselves to throw our tax dollars at you. Buy a house you can’t really afford, never mind the feds will finance it for you at taxpayer expense. But work hard, attain some level of success and then exercise fiscal responsibility and all we get from Congess is a big F#@K YOU!
The middle class pays an egregious amount of tax. We’re in higher tax brackets based on what earn, but lack the resources and tax shelters of the rich; so we’re left paying more than those less fortunate than us and more than those more fortunate than us. If anyone needs a f@#king tax break is it us, the middle class. But yet again, we’re left out in the cold.
As you can probably gather, I am mad as hell about this and I’m not going to take this sitting down. I’m getting ambiguous information on the state of the bill in Senate at this point, but if hasn’t passed yet, I am going to call my Senators and give them a piece of my mind. If it has, I am going to place a call to W’s office, supporting his presumptive veto. Once I get this sorted out, I will post my efforts to this site.
I am going to be damned clear that the tax credit phase out, as written, is affront to the middle class in America. I am going suggest either doing away with the income restriction all together or raising the limit to $125,000 per indiviual or $250,000 for a couple–that is to say, inclusive of the middle class.
Once I get this sorted out, I will post what I’ve found and names and numbers of those we need to hold account here.
This is bullsh!t and I am not going to take it any more.
You shouldn’t either.
May 9th, 2008 at 4:19 pm
HB Bear,
I agree with most of what you’ve said. But why limit it at $125,000 per individual or $250,000 per couple? That goes about in line with the saying “I should pay less taxes but the one making more than me should”.
I’ll also call W’s office and support a veto of this bill.
May 9th, 2008 at 4:36 pm
I have to chuckle when I hear all of the realtors explain how much different OC homeowners are compared to the rest of the state or country, then I look at Matts “90 days or more delinquent” map and reality sets back in, as we fit in perfectly with the rest of the poor Jones’s.
http://mortgage.freedomblogging.com/2008/05/07/fed-maps-show-how-orange-countys-home-loans-stack-up-vs-california-us/
May 9th, 2008 at 6:08 pm
nvest80
I can get behind that. If I could I’d do away with the income limit all together.
May 9th, 2008 at 6:13 pm
The reason we are ahead of San Francisco is that they also have many working class neighborhoods dragging them down. Those higher on the list? Not so much. Try the median income for Newport Beach against those silicon valley locales. And start-ups are “everyday” there, but not here? Poppycock!
May 9th, 2008 at 6:14 pm
Wow, have rates dropped on jumbos!
May 9th, 2008 at 7:06 pm
I really believe that Bubble ENJOYS bad news. Truly.
May 9th, 2008 at 7:13 pm
Thoughtful Says:
May 9th, 2008 at 6:14 pm
“Wow, have rates dropped on jumbos!”
Hopefully the need for jumbos will decrease as prices fall and/or incomes catch up.
May 9th, 2008 at 7:30 pm
Thoughtful Says: “Wow, have rates dropped on jumbos!”
and yet, everyday I get new emails with “Price Reduced:”
I can show you hundreds of listings with at least 6 price reductions. In fact, just go to Redfin and see the percentage of listings that haven’t had any price reductions. Probably less than 10%
I bet you permabulls hate that. The party is over. LOL
No more liar loans. Now you actually have to have an income in order to buy a home. What a concept!!!
No more speculating with the value of your home. Now, you have to actually produce something of value to society to fund your retirement.
And look at the OC median income: $75,537
How pathetic!!
May 9th, 2008 at 7:48 pm
You bears are slippier than a a greased piglet! Every time a fact changes, or gets blown out of the water, the subject changes. First the argument was “resets”, that is largley solved. Then “negam”, this will be solved shortly. Then “affordability”, almost there. Then “rates are rising”, not anymore. Then “no jumbos”, yes jumbos. And, the mother of all fallbacks: gas is expensive! Oy Vey!
May 9th, 2008 at 7:50 pm
“slippierer”
May 9th, 2008 at 8:07 pm
Mulliganville Says:
May 9th, 2008 at 7:06 pm
“I really believe that Bubble ENJOYS bad news. Truly”
I agree. People bringing up bad news during the middle of a recession are silly aren’t they?
Maybe we should ignore the truth and hide our heads in the sand so the realtors in here can perform their magic and brain wash victims into buying homes that are 25% overvalued.
Then again, maybe telling the truth isn’t that bad after all.
Warren Buffet says “there’s going to be more pain” and that the Bear Stearns bailout “doesn’t mean the losses are over by a long shot.”
After taking $45 billion in write-downs and losses over the past nine months, Citigroup announces plans to sell $400 billion in assets in an attempt to keep itself afloat.
American International Group announced another round of record quarterly losses, detailed plans to raise $12.5 billion in capital, and said that there can be “no assurance” that the losses are over.
The Financial Times reported that “Bankruptcies and Defaults Gather Pace”
May 9th, 2008 at 8:14 pm
BUBLE:
Funny how all the bears hate the “Median” home price…….However
Look how bubble uses the same info for incomes…….=== PATHETIC.
We all know………………The service jobs SKEW that number……
Just like…………………….Santa Ana & Garden Grove / Ana slime….
SKEW The SFH median price……………………………………………………..
Talk to INVEST 80 regarding what is takes to buy in a good Zip..LA / OC
X 2 the “Median” Income for a dump……………………..
BTW: I know you live in coastal area…………
Tell me you make 35K ….??
Tell me your wife makes 35K…??
BS………….
Keep pushing your agenda…..Driving morons to your site for a buck..
In the mean time……
My wife makes double the median and we still live in a box……………
Sound like NYC of SF the other two major job hubs in the nation…??
Were double the median gets you squat……………..
YUP……its not just RE jobs in OC……
Have you been up Bake pkw..??
How about Foothill ranch and Lake forest……………….????
Where-houses and jobs in the tens of thousands……………
Not saying these are the high wage earners……however…….
This is the backbone of our economy………………..=== Service Jobs……
LA / OC is a major JOB HUB and will only grow long term…………………
BTW: I do not have an agenda here….I post for fun ,not proffit…..Like U..!
May 9th, 2008 at 8:31 pm
“nvest80
I can get behind that. If I could I’d do away with the income limit all together.”
That tax credit is a waste of money in the first place. But I’m pretty sure that was a given for you.
May 9th, 2008 at 9:34 pm
Huh?
May 9th, 2008 at 9:35 pm
I meant to say: You probably think that the tax credit is a waste of our resources. No slam intended.
May 9th, 2008 at 9:37 pm
Thoughtful said:
“You bears are slippier than a a greased piglet! Every time a fact changes, or gets blown out of the water, the subject changes….Then ‘no jumbos’, yes jumbos.”
Who brought up the subject of jumbos first in this thread? BTW, why are you unable to formulate complete thoughts before clicking the “Submit Comment” button? A post just to correct or change a single word?
May 10th, 2008 at 6:48 am
Capt Scott,
Do not try to confuse the uberbears with logic or reality. It doesn’t go down well
Hard to port! Bears ahead!!
May 10th, 2008 at 8:21 am
Well said, Voice of Reason. Logic and reality to these guys are like a cross to a vampire. Anyway, back to the topic: the rental market is still going strong, despite promises to the contrary.
May 10th, 2008 at 8:44 am
Thoughtful said:
“Logic and reality to these guys are like a cross to a vampire.”
The irony escapes you. You:
- Want federal bailouts to help troubled homeowners even though the corporations will be the ones profitting (contradiction)
- Continue to hope for more intervention even though the previous ones have failed (insanity)
- Listen only to agreeing viewpoints (bias)
- Are willing to sacrifice the future of RE just to bail out those who got into trouble the past 7 years (selfishness)
- Accuse a bearish website of libel and slander (anger)
May 10th, 2008 at 9:14 am
The bailout package I know of makes banks eat it, which is precisely why Bush is against it. I don’t know what you mean. Who did I accuse of “libel and slander”? I am not a visitor to ANY “bearish websites”, I have far better places to get my information. You are confused on many levels.
May 10th, 2008 at 10:35 am
check out this video from 12-31-06… thoughtless
is mike norman and sighburbirdbrain is tom adkins
lloolll
http://www.europac.net/Schiff-Fox-12-31-06_lg.asp
May 10th, 2008 at 11:03 am
VOR:
Good one..!!
The best thing about the ship is……
BEARS like MAV & Rents….I mean Rants………can’t swim in the ocean..
If they are Pollar Bears they can however…..
They cant keep up with the Large Oceanic freightor….
Twin Diesel 85,000 HP Jet propeled motor replaced and back in hull.
Next week Should be the time to fire them up and get off this reaf……
Captain says…………………………….
The tide is in………….Engine is online…………..
Engage final ignition sequence………………………..
I only get one shot at this……..with the high tide………….
The ship will either come off the reef under massive new HP….
OR,
Break in two under all that pressure……………………!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Monday May 12, 2008 ITS ALL AHEAD FULL THROTTLE……!!!!!!!!!!!!!
If you dont hear from me after this……..
You know the captain went down with the ship
May 10th, 2008 at 11:06 am
I think I may just be learning to understand Scottish.
May 10th, 2008 at 11:21 am
Capt. Scott A
Next time get a sub. Can go around and Under and come again. Nuc powered. Can outrun any bear of any kind.
Dive! Dive!
May 10th, 2008 at 1:11 pm
Here is a great article explaining how thoughtful’s wishful thinking is nothing more then a mirage!
http://biz.yahoo.com/ap/080510/economic_mirage.html
May 10th, 2008 at 2:11 pm
# Thoughtful Says:
May 9th, 2008 at 6:14 pm
Wow, have rates dropped on jumbos!
–
http://thegreatloanblog.blogspot.com/
May 10th, 2008 at 3:57 pm
Scott - - - You are dead wrong. I know about rents in the last real estate slowdown and I’m guessing you don’t or you wouldn’t make statements like that.
Here’s your statement and down below that is an LA Times bit from 1997….when we were just beginning to pull out of the last slowdown
–
Scott A Says:
There landlord is raising the rent again………………………………………….
Anyone…..Anyone……Buler……Faris….Buler….Anyone…Anyone…………..
For this answer please pull out your history books = Register Data…
And check out the correlation between:
Falling home prices & Rising rents in the last boom bust in the 90’s
– –
Los Angeles Times - Los Angeles, Calif.
Author: LESLIE EARNEST
Date: Nov 28, 1997
Start Page: 1
Section: Business; PART-D; Financial Desk
Text Word Count: 1227
Abstract (Document Summary)
After years of stable rents in Orange County, the cost of apartment living is now rising, a trend some industry analysts say will likely continue for at least the next five years.
May 10th, 2008 at 6:07 pm
PDU:
1997 + 5 = 2002
By that math rents would have been flat 6 years ago……
Everyone knows rents have been up…..up…..up 7% year over year…
ALL THE WAY TO THIS DATE:
That is a statement from the LA TIMES…. NOT DATA…….
Please check LANSERS DATA ON…………………………………………
The correlation between falling home prices and rising rents………..
BOTTOM LINE SIR:
I say two more years of falling home prices and rising rents….
We will then reach the balance ……………………………….
At which the gap between RENTS & HOME PRICES BALANCE OUT……..
FACT:
RENTS are HALF of the average OC / LA mortgage……………………
See were I am going with this………………………………………………………..
What smart renter will buy in this market………… ===== NONE……
There will be more renters in 08 / 09 / 10 than in the past 8 years…….
DEMAND ….. DEMAND…..DEMAND….for prime markets ( JOB HUBS )
ALL bets are off for the Inland Empire , Nevada , and other flipper markets
May 10th, 2008 at 9:43 pm
Thoughtful Says:
May 10th, 2008 at 9:14 am
“The bailout package I know of makes banks eat it, which is precisely why Bush is against it.”
What, you think that Congress doesn’t have wealthy contributors?
“I don’t know what you mean. Who did I accuse of ‘libel and slander’? I am not a visitor to ANY ‘bearish websites’, I have far better places to get my information. You are confused on many levels.”
As I recall, you, as Pebbles, accused the Irvine housing blog site of posting false information on underwater properties. You wanted action taken against the site.
So you don’t deny your own failure to grasp logic and reality?
May 10th, 2008 at 11:24 pm
Scott A,
You confuse me.
Rents are 1/2 the mortgage costs and the wise rent now. We agree.
However, rents dropped in the 90’s. Fact.
I was renting and went to the landlord after realizing comparable rentals were down….they readily dropped rent to keep us there….I’m talking $150/mo drop….might have been $175.
That was 10%-ish. Houses were off 15-20%.
Why? ROI. Costs drop and rents drop. Problem for the landlords this time is the big negative carry costs for those who bought in the last 4 or so years…..this will change and the rents will drop.
To put all this in perspective….the properties almost tripled and the rents are up maybe 50-60%.
My landlord went bust long ago. Many more today will face the same.
Happened in the 70″s and again in the 80’s and the example I was speaking of was the 90’s.
Same game. Different players.
May 10th, 2008 at 11:29 pm
The BIG difference now, Scott, is supply.
Too many houses. Too few in need of housing.
Big changes coming.
Prices down.
Rents down.
Simple supply and demand.
Ask a builder.
May 11th, 2008 at 12:25 am
I suppose pdu it all depends upon the community. Ladera might see some drops along with Talega. Laguna Niguel? MV? beach towns? probably not dropping.
May 11th, 2008 at 12:48 am
Bill: Bubble has an agenda…if you are so blind you cannot see that, visit the ophthalmologist pronto.
The median income theory, like every community, is completely irrelevant…like rants.
Show me the median income of homebuyers, not renters, and then you have a target market to focus your data on. Just like Ferrari does not worry about the “median” income of BMW buyers…they are only concerned with their niche market. This is simple marketing boys and girls. By the way, you cannot buy one of their cars new unless you already own one or you are a “who’s who.” Uh, I digress…renters are not homeowners, therefore, their numbers are irrelevant to this equation.
May 11th, 2008 at 9:54 am
Mulliganville,
If Bubble has an agenda, it’s to inform the folks about making a good rational decision about housing.
If people visit his website or buy whatever he’s selling to be better inform themselves then good for them and good for him.
I would rather see people buy a T-Shirt or book then to make the biggest mistake of their life by buying a house that keeps falling in value by hundreds of thousands.
We have witnessed ourselves the median price drop $200,000 in OC.
Realtors weren’t predicting this to happen; in fact they were predicting quite the opposite.
Bubble led folks in the right direction and still is.
His track record speaks for itself.
May 11th, 2008 at 10:03 am
Uh…..try $135,000. And THAT is to the wildly skewed and worthless median statistic.
May 11th, 2008 at 10:07 am
That guy Poggi may turn out to look like a genius
http://www.nctimes.com/articles/2008/05/11//business//z514fbd14e181c87c8825744100641913.txt
May 11th, 2008 at 10:08 am
AND… when the median was at its high point, it was equally skewed……..in the opposite direction! Anyone who is brain dead enough to take Bill’s information as fact deserves what will happen to them. The truth is somewhere in the middle.
May 11th, 2008 at 10:28 am
The only thing worthless is the price you paid in 2006 for your house.
Where is the personal responsibility that we as intelligent adults are to use in business practices or have we become a society of excuses, and blame our lack of responsibility on all and any and use the system to cause the problems for many others?
May 11th, 2008 at 11:06 am
That’s it Bill, when your facts are revealed as the garbage that they are you go and get all philosophical on us to cover it up.
May 11th, 2008 at 11:36 am
Thoughtful,
You can’t bash someone when you have never predicted anything to come true.
You don’t like to admit that housing is dropping because you bought at the top.
House prices have been dropping for 2 years now and you have never made statements to back this up, but how quick you are to bash the people in here that have been right on the money about this crash.
By now it’s no surprise you’re in debt from bad investment decisions you have made and you’re afraid to see prices drop any further, so you try to talk up the market, but you’re false wishes are losing ground as the economy sinks into recession.
You can keep talking your garbage, but no ones listening.
May 11th, 2008 at 12:31 pm
I have been renting in Fullerton at two different places the first a condo the second an apt for a total of 11 years. The eight years I lived in the condo my rent went up about $100 a little over 10%. So I think that less than 2% a year. The rent in th place I live in now has gone up $125 in 4 years. About 12% I think….so that works out to around 3% a year….
So I dont know about 7% year over year increases. In fact I think the increases I have had are less than inflation so in a sense, they have gone down or at least remained flat.
There are a lot of vacancies at the place I live now, I visted a friend in the place I used to live and there were several “for rent” signs on the condos…
With credit card usage increasing monthly, there will be a breaking point. More and more people will be forced to sell or move in with family. I think the market has some more time to work itself out. It wont be rebounding anytime soon.
The rent vs. buy arguement still leans towards renting…or at least being the most affordable.
May 11th, 2008 at 1:47 pm
Is Bill defending Bubble?? Bill, you have sunk to new low. You might as well be a used car salesman.
May 11th, 2008 at 2:50 pm
Shockg says:
“you have sunk to new low. You might as well be a used car salesman.”
Says the bull who posts nothing but nonsense and insults.
May 11th, 2008 at 3:53 pm
Hmmm price…you could direct that statement at rants and mav at times. Let’s be fair and balanced, shall we?
May 11th, 2008 at 7:30 pm
Price, Please go nag your husband and leave us alone.
May 11th, 2008 at 8:20 pm
Mulliganville Says:
“May 11th, 2008 at 3:53 pm
Hmmm price…you could direct that statement at rants and mav at times. Let’s be fair and balanced, shall we?”
Here’s the difference. Rants and Mav actually posts relevant info. Shockg doesn’t.
May 11th, 2008 at 8:25 pm
shockg Says:
May 11th, 2008 at 7:30 pm
“Price, Please go nag your husband and leave us alone.”
In other words, do as you say and not as you do?
And who’s “us”? Are you suffering from multiple personality (aliases) disorder?
May 11th, 2008 at 9:02 pm
samson:
Just wondering if the length of your leases were the same on the condo and apartment?
May 11th, 2008 at 9:15 pm
SoCal,
I only had a one year lease at my last place after that I was month to month. At my current place I never had a lease, I have always been month to month. I did that on purpose when I moved here 4 years ago, thinking I was going to buy….obviously that was a good thing I didnt. Buying at best in late 2004 would put me in a bad spot…Plus my income has increased substaintially since, so I can buy much more at a much lower price.
May 11th, 2008 at 10:06 pm
Along the lines of the original article, I have owned an ever growing number of rental properties ( I VERY seldom sell.) since 1970, all in South Orange County, which I found to be substantially more desireable than the places I formerly rented in North County.
In almost 39 years of renting properties - mostly single family houses, in nice neighborhoods - I have - now let me state this as clearly as possible - I have NEVER had to lower my rents on ANY of my properties. I have occasionally kept the rents the same, for 2 or 3 years ( maximum.) but again, have NEVER had to lower my rents.
I will say that my rents have always been a skosh lower than nearby houses, by design - I wanted my tenants to stay for longer periods, and for the most part, they have.