tag:blogger.com,1999:blog-3329419642567789295.post3072976567752109607..comments2023-10-30T06:49:13.259-07:00Comments on Larry Roberts real estate writing blog: Another member of the $600k clubLarry Robertshttp://www.blogger.com/profile/07551274023310137270noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-3329419642567789295.post-78424215606611458392008-09-19T09:13:00.000-07:002008-09-19T09:13:00.000-07:00I was up there in February, just for fun, and tour...I was up there in February, just for fun, and toured one home listed for 1.3 million, also on dirt with most of it unimprovable. It was blinged out inside with a wine room, five leather recliners, giant TV, and matching Chrysler 300s. <BR/><BR/>What did they do? One managed an Olive Garden, the other a Togos. My husband and I looked up what they could possibly be making, bonuses and all, and at the top of their game with luck to boot they could be making 130K. <BR/><BR/>130K (max) bought 1.3 mil.Anonymoushttps://www.blogger.com/profile/00264850364535727470noreply@blogger.comtag:blogger.com,1999:blog-3329419642567789295.post-45861758399979316522008-09-16T23:14:00.000-07:002008-09-16T23:14:00.000-07:00I just don't understand how someone who pulls in 1...I just don't understand how someone who pulls in 120K a year was able to get a million dollars in debt - amazing. A friend of ours who bought there (I think paid in the high 600s, so not as bad as some) thinks there won't be many more foreclosures since they are all professionals in the area. But I'm guessing there are a few more like your friends, who really don't have the money. <BR/><BR/>For the ones who put 150k down - that HURTS. I can't imagine. I do wonder if these homes will ever go under 500k - seems like it is too nice of a neighborhood. We'll see I guess.Allisonhttps://www.blogger.com/profile/07731185729405318774noreply@blogger.comtag:blogger.com,1999:blog-3329419642567789295.post-34507728694897601792008-09-16T21:10:00.000-07:002008-09-16T21:10:00.000-07:00Those are nice houses and in a nice area too. This...Those are nice houses and in a nice area too. This is where doctors, dentists, lawyers and business owners should be living. I too know a couple of people living in this area. They are NOT making the kind of money that is needed to afford million dollar homes though. They are very likely going to be losing their homes in the next year. They bought beyond their means and they are living on borrowed time (and money in one case). <BR/><BR/>One couple with 2 small children bought a place in this area in late 05 for $870K. With a $150k HELOC they put in a pool, firepit and built in BBQ. Then bought a pontoon boat and a new beemer. Total mortgage debt of just over a million bucks. What do these two do? Mom's a nurse and dad is a satellite TV repair guy. Between the two I doubt they make over $120k yet they are over a million in debt. <BR/><BR/>The other couple we know in that area probably could afford to live there under normal circumstances. They both have good jobs, a nurse practitioner and software engineer. Those two probably make about $200k between them. Yet they are also upside down in a house and are thinking of sending the bank the keys. They paid well over a million for a house that will probably sell for $500k to $600k once the market settles out. The sad part is they put a $150k down payment on that house. $150k gone...poof...just like that.golfer_Xhttps://www.blogger.com/profile/08426050465032209520noreply@blogger.comtag:blogger.com,1999:blog-3329419642567789295.post-83297493481640195072008-09-16T09:16:00.000-07:002008-09-16T09:16:00.000-07:00One other thing I was going to mention - although ...One other thing I was going to mention - although they are listed as 3 bedrooms, the master has a large sitting room, and there is an office that could easily be a 4th bedroom.Allisonhttps://www.blogger.com/profile/07731185729405318774noreply@blogger.comtag:blogger.com,1999:blog-3329419642567789295.post-5530413372044828502008-09-16T09:14:00.000-07:002008-09-16T09:14:00.000-07:00I know some of the owners in this neighborhood and...I know some of the owners in this neighborhood and yes, they are crying about the price drops. It is a fantastic area of Riverside. I've also seen the second house and it is really nice. The kitchen almost brought tears to my eyes I loved it so much. But I shy away from short sales as well.<BR/><BR/>I wouldn't be surprised if prices in this neighborhood came down even more...Allisonhttps://www.blogger.com/profile/07731185729405318774noreply@blogger.com