Quote of the Day
You have the effects of the MAB [Mutant Asset Bubble] implosion wrong. The MAB has hurt poor people greatly. If you go to subprime areas, you see that it is poor, working class people who were swindled by subprime brokers and are now losing their credit scores, their houses, and in many cases down payments…
You have the effects of the MAB [Mutant Asset Bubble] implosion wrong. The MAB has hurt poor people greatly. If you go to subprime areas, you see that it is poor, working class people who were swindled by subprime brokers and are now losing their credit scores, their houses, and in many cases down payments and closing costs. This is very serious. In addition, all the empty, boarded up houses just encourage crime and destroy the property values of their neighbors’ houses. In sum, poor people were screwed on the way up and they’re being screwed on the way down. The rich are not going to suffer as much.
— by mopar in Last Week’s Biggest Sales
“How was that PWNing?”
ROTFLMMFAO! Dazed and Confused…
I still love ya Wasder. Of all the Asshats your intentions are good (I mean that).
The What
Someday this war is gonna end…
How was that PWNing?
“Lastly I will say this to you BHO. I don’t want to keep having a fight with you. I know that you are intelligent and capable of being a reasonable person. I will do my best for a little while to stay away from your posts and we will see how we can get along. ”
BHO just PWNED Wasder! Man that was ugly!!! WADSER got KTFO!!!!!!!!
Team Bear We Go Hard…Team Bear We Go Hard…
The What (Wasder do you want me get you some ice? ROTFLMMFAO!!!)
Someday this war is gonna end…
I don’t know why I am going here with you but I am genuinely curious about the notion that home value is linked to the income of the buyer and not determined by some intrinsic qualities of the property itself. The house next to me sold at a similar price level to my own, but the one across the street is occupied by a family that is distinctly less well off than me or my neighbor. That house, were it to be on the market (which it is not) would certainly command less than half of what mine did just because it is in a state of some disrepair. Can a house not on the market be a comp? And if not why does the income level (very low) of my neighbor across the street have any bearing on the value of my house.
Secondly, when you said in line with “lending standards” that is what I was referring to–how much mortgage I could afford. My mortgage is about that amount not the purchase price. The term “Lending standards” seems to indicate how much of a mortgage one qualifies for, not the total value of the house. Please correct me if I am wrong.
And while I am occasionally artistic, I am a small business owner primarily.
Lastly I will say this to you BHO. I don’t want to keep having a fight with you. I know that you are intelligent and capable of being a reasonable person. I will do my best for a little while to stay away from your posts and we will see how we can get along. I hope you can understand that there is very little about your financial analysis that I object to and that I respect your knowledge on these matters. I just wonder why you have to be such an asshole about it. You take what could be a simple winning argument for yourself and spend a lot of time rubbing other people in it and I don’t get that. Its not the way I was brought up and its not who I am. IF you can tell me why you are so angry at folks like myself who are in a reasonably similar boat to yours I might understand you better.
“That means that every house has a different value depending on the income level of who is buying it?”
You’re so smart. Now take all those different values and calculate the median. Multiply it by three and voila! Median affordable home price per hood.
“Seems highly subjective to me.”
Reported income, yes. But not by much. You tend to have a reasonable idea how much your neighbors make.
“However, by that standard I guess I did pretty well in the affordability department.”
Assuming you paid $750K (VERY CONSERVATIVE to your advantage) that means your houshold annual income is $250K = $4K (max rental) X 12 (mos) + $200K [job(s)]. You’re an artist, right? Income up and down, no? I guess you “married well”. Congratulations.
***Bid half off peak comps***
That means that every house has a different value depending on the income level of who is buying it? Seems highly subjective to me. However, by that standard I guess I did pretty well in the affordability department.
“And since you said affordable, what is an affordable townhouse in Clinton Hill in your definition?”
Same as traditional lending standards, 3X income.
***Bid half off peak comps***
And since you said affordable, what is an affordable townhouse in Clinton Hill in your definition?
“Divide and conquer.”
Nope, just being honest.