Read the article: http://finance.yahoo.com/news/Milliondollar-homes-sales-cnnm-687577347.html?x=0 Excerpt: "As their confidence soared, the wealthy took advantage of bargains in expensive homes. An average seaside manor on Jupiter Island, Fla., that might have sold for $4 million in 2006 cost less than $3 million last year. The Brentwood bungalow in L.A. was $1.5 million instead of $2 million, and... [more]
Read the article:
http://finance.yahoo.com/news/Milliondollar-homes-sales-cnnm-687577347.html?x=0
Excerpt:
"As their confidence soared, the wealthy took advantage of bargains in expensive homes. An average seaside manor on Jupiter Island, Fla., that might have sold for $4 million in 2006 cost less than $3 million last year. The Brentwood bungalow in L.A. was $1.5 million instead of $2 million, and that Scarsdale colonial fell to $1.1 million after gong for $1.5 million four years ago.
Getting a mortgage for these expensive homes was cheaper as well.
Normally buyers have to take out a jumbo loan to finance any mortgage beyond the $417,000 threshold ($729,000 in high-cost cities such as New York). These loans have higher interest rates because they are considered non-conforming -- or higher risk -- and are not backed Fannie Mae or Freddie Mac.
In 2009 buyers of high-end homes paid 1.8 percentage points more in interest than the average buyer. But in 2010, that spread had shrunk to just 0.6 points more.
That reduction would save about $780 a month on a million-dollar mortgage."
It's not just NYC that is seeing the top of the market take off.
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Response by needsadvice
about 15 years ago
Posts: 607
Member since: Jul 2010
What happened to all the bears? Shouldn't they be all over this?
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Response by spinnaker1
about 15 years ago
Posts: 1670
Member since: Jan 2008
Yeah, I miss those guys, the fever and the froth and the lamo attempts to singlehandedly lower their buy-in cost. Bubba got grey then completely disappeared, and AR is like a shell of her former pre-retirement self. Maybe they're all June bugs and will dig their way out for one last hurrah before being splattered across the NYC RE forcefield. But listen to me guys, I love you.. Do you hear me? Stay in the ground. I worry who will be left after armageddon when guys like toothsucker start going over to the dark side. Hang in there, the species is counting on you. You're our only hope. Please, for God's sake, don't leave it all on the shoulders of CC.
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Response by columbiacounty
about 15 years ago
Posts: 12708
Member since: Jan 2009
why not?
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Response by columbiacounty
about 15 years ago
Posts: 12708
Member since: Jan 2009
we're all going to yap here and then the market will speak. if all is well and you're right, then you'll make 200-300K on your apartment. if you're wrong, you'll lose the same or more. if you're good with that possibility, so am i.
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Response by AvUWS
about 15 years ago
Posts: 839
Member since: Mar 2008
Ok, I'll feed the troll.
So your assertion is that all is well an good not that million dollar listings are moving again. Of course after increasing the limit on Jumbos to $729k, lowering the rate on conforming loans to 5% (and jumbos somewhere around 5.5%), $8,000 in buying credit, and not to mention QE II we have managed to increase the prices on these properties... -30%.
So with HUGE stimulus we have managed to move a few properties at 25-30% price drops. This is not making me optimistic about this new "housing boom".
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Response by lucillebluth
about 15 years ago
Posts: 2631
Member since: May 2010
needsadvice
about 2 hours ago
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What happened to all the bears? Shouldn't they be all over this?
like i pointed out on the other thread, not sure what excites you here. if anything, this article only serves to reaffirm the "bear" position that America the Beautiful is becoming a third world country. why does this make you happy? don't you think it's strange that it does?
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Response by MidtownerEast
about 15 years ago
Posts: 733
Member since: Oct 2010
Spinny is not nearly as clever or funny as Spinny thinks Spinny is.
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Response by columbiacounty
about 15 years ago
Posts: 12708
Member since: Jan 2009
nor is lucille aka hfscomm1
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Response by lucillebluth
about 15 years ago
Posts: 2631
Member since: May 2010
so now your position is that lucillebluth, a young mother of 2 small children who used to post here as alex09 for years, is actually the troll.
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Response by columbiacounty
about 15 years ago
Posts: 12708
Member since: Jan 2009
of course.
its obvious, isn't it?
how many different names have you used? why?
don't bother responding.
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Response by lucillebluth
about 15 years ago
Posts: 2631
Member since: May 2010
pathetic act of a defeated man. may this delusion bring you peace. because reading stuff like this "Stock values have nearly doubled from their March 2009 lows." will certainly not.
do you mean my 2 human and 1 canine children? they are wonderful!
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Response by columbiacounty
about 15 years ago
Posts: 12708
Member since: Jan 2009
who takes care of them while you waste your time here?
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Response by columbiacounty
about 15 years ago
Posts: 12708
Member since: Jan 2009
the dog goes to bed at 7 too?
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Response by lucillebluth
about 15 years ago
Posts: 2631
Member since: May 2010
no, he's behind me on the couch with mr. bluth, i'll be heading out in a minute to join them. inception? or criminal minds marathon? i don't think i have the attention span for inception. wwant me to ask mr. bluth what can be assumed about a man who says the things you did to a young women with little kids?
"So with HUGE stimulus we have managed to move a few properties at 25-30% price drops."
Pretty thin argument. We all acknowledge that the peak was unwarranted delusion.
The point is that the recovery is gaining momentum.
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Response by inonada
about 15 years ago
Posts: 8016
Member since: Oct 2008
I don't think your buddy steveF thinks the peak was unwarranted delusion.
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Response by inonada
about 15 years ago
Posts: 8016
Member since: Oct 2008
You might also want to check out the Case Shiller tiered price index. The top tier of SF, which this article seems gaga about, is pretty clearly in a double dip.
What happened to all the bears? Shouldn't they be all over this?
Yeah, I miss those guys, the fever and the froth and the lamo attempts to singlehandedly lower their buy-in cost. Bubba got grey then completely disappeared, and AR is like a shell of her former pre-retirement self. Maybe they're all June bugs and will dig their way out for one last hurrah before being splattered across the NYC RE forcefield. But listen to me guys, I love you.. Do you hear me? Stay in the ground. I worry who will be left after armageddon when guys like toothsucker start going over to the dark side. Hang in there, the species is counting on you. You're our only hope. Please, for God's sake, don't leave it all on the shoulders of CC.
why not?
we're all going to yap here and then the market will speak. if all is well and you're right, then you'll make 200-300K on your apartment. if you're wrong, you'll lose the same or more. if you're good with that possibility, so am i.
Ok, I'll feed the troll.
So your assertion is that all is well an good not that million dollar listings are moving again. Of course after increasing the limit on Jumbos to $729k, lowering the rate on conforming loans to 5% (and jumbos somewhere around 5.5%), $8,000 in buying credit, and not to mention QE II we have managed to increase the prices on these properties... -30%.
So with HUGE stimulus we have managed to move a few properties at 25-30% price drops. This is not making me optimistic about this new "housing boom".
needsadvice
about 2 hours ago
ignore this person
report abuse
What happened to all the bears? Shouldn't they be all over this?
like i pointed out on the other thread, not sure what excites you here. if anything, this article only serves to reaffirm the "bear" position that America the Beautiful is becoming a third world country. why does this make you happy? don't you think it's strange that it does?
Spinny is not nearly as clever or funny as Spinny thinks Spinny is.
nor is lucille aka hfscomm1
so now your position is that lucillebluth, a young mother of 2 small children who used to post here as alex09 for years, is actually the troll.
of course.
its obvious, isn't it?
how many different names have you used? why?
don't bother responding.
pathetic act of a defeated man. may this delusion bring you peace. because reading stuff like this "Stock values have nearly doubled from their March 2009 lows." will certainly not.
http://www.youtube.com/watch?v=SP_9zH9Q44o
tell us more about your imaginary children.
do you mean my 2 human and 1 canine children? they are wonderful!
who takes care of them while you waste your time here?
the dog goes to bed at 7 too?
no, he's behind me on the couch with mr. bluth, i'll be heading out in a minute to join them. inception? or criminal minds marathon? i don't think i have the attention span for inception. wwant me to ask mr. bluth what can be assumed about a man who says the things you did to a young women with little kids?
sure.
but i still don't believe any of your bullshit.
http://www.youtube.com/watch?v=qd6QeqlXli0&NR=1
no one watches your nonsense.
Interesting youtube, thanks for posting lucille.
oh look, lucille a new friend for you. how disgusting.
>so now your position is that lucillebluth, a young mother of 2 small children who used to post here as alex09 for years, is actually the troll.
alex09? really?
http://www.youtube.com/watch?v=SMuXwdUS_Lc
http://www.youtube.com/watch?v=qPr-xsQvhgw&NR=1
http://www.youtube.com/watch?v=STAk6sPjEbw&feature=related
i share this with you
http://www.youtube.com/watch?v=C7prENXU09A&feature=related
and this
http://www.youtube.com/watch?v=Z0vYE_fmMdw&feature=related
and this
http://www.youtube.com/watch?v=5GgED4bfhds&feature=related
peace out
"So with HUGE stimulus we have managed to move a few properties at 25-30% price drops."
Pretty thin argument. We all acknowledge that the peak was unwarranted delusion.
The point is that the recovery is gaining momentum.
I don't think your buddy steveF thinks the peak was unwarranted delusion.
You might also want to check out the Case Shiller tiered price index. The top tier of SF, which this article seems gaga about, is pretty clearly in a double dip.