Wednesday, October 01, 2008

What was this "insider" saying during the bubble years?

Before we look at today's article, I mean sales pitch from the long ago dis-credited REIC, lets discuss what this insider was saying during the bubble years.

I listened to Stan and Susan Ferguson's show during the bubble years and was absolutely disgusted with their mind numbing drivel. Every show started off with "its a great time to buy", "prices are not going any lower" and all of the other crap Realtors spew. Now we get another story from the local newspaper about how "now is the time to buy" (no really, this time).

Why doesn't the newspaper call these people out for what they said in the past? How about some real reporting instead of just parroting what they said? How many thousands of people have been foreclosed in our are because they listened to the horrible advice of a realtor?

Right time to buy a home? For some, definitely

Realtor Susan Ferguson of Coldwell Banker counsels clients to make sure they want to live in the home they would buy for five to 10 years. Gone are the days of buying a house and flipping it to make a quick profit.

The home you buy needs to be affordable, with payments you can comfortably manage.

“Prices right now are the best that they’ve been,” Ferguson said.

Instead of paying rent to somebody else, people with good credit and the resources for a down payment can “make that investment in yourself,” she said.


Bakonewbie said...

I read thaat this morning and had to pick my jaw up off the floor. I liked the quote;
“Prices right now are the best that they’ve been,” Ferguson said

Really? Since the bubble? Because they are still too high, still have a way to drop and still don't mesh with kern incomes.
If I was one of the sheep i would read this article to say that prices have dropped lower than they have. They are still now pre-bubble- which is what they need to be.
But the article made a good point about buyers, they ARE out there. Banks ARE getting several offers on low priced homes.
The only thing I really hated about being an agent was having to work with agents. Always made me feel dirty. (not all are bad but most)

John M said...

OT --

Hi Crispy,

Just saw a recent comment from you at CRisk on "insurer" and wonder if this story correlates:

"Wachovia’s failure hits Atlanta’s Delta Life", by Andy Miller, Atlanta Journal-Constitution, October 1, 2008.

Bakersfield Bubble said...


OtherSideofBellCurve said...

We bought a rental house. We paid $44/sq. ft. and put $5,000 into it for repairs. We already have a renter at $850/month.

The point is, there are houses in the very low end of the market that seemed to have corrected. The mid and high range has a long way to go. Having said that, other houses on the same street are listed at twice what we paid and those are priced at half the peak. So, if you are looking to buy in the extreme low end housing sector and do your homework then I think you could find the bottom. Of course, good luck finding $44 sq/ft. Anyway, I will take a 15% return on my money right now (15% assumes costs)! We didn't finance.

This house sold in 1952 for $17,000. At it's peak it was "supposedly" worth over $200,000.

Bakersfield Bubble said...

OtherSideofBellCurve - Nice job!

I agree the opportunities are starting to appear, however, I still think in 6 months to year from now, there will be significant opportunities to buy for a reasonable price without looking to hard.

Realestateslasher said...

Guys remember the H-U-D Dumps of the 90's cant get any lower than that. Wait and see. LMAO

John M said...


"Which Insurer Was Sen. Reid Talking About?", Dow Jones / CNN Money, October 2, 2008.

Anonymous said...

Hey! I live in one of those "HUD dumps from the '90s". I like my "dump".

@BB.. in your opinion.. How over built is Bako?

Bakonewbie said...

"Guys remember the H-U-D Dumps of the 90's cant get any lower than that. Wait and see. LMAO"

No, I was in high school then. (old guys sheesh! lol)
Whats the back story with these?

Realestateslasher said...

Bakonewbie so much to see for the first time around watch next time
you will understand 4plex 4 25k
6 plex 4 30k try not 2 let them all pass u by slasher says b wize grab 2 or 3 of them

Bakonewbie said...

Slasher that is SICK! I got a pot 'o gold, when and where should I look for this manna from heaven? At those price I could pick up a baker's dozen of 4 plexes. I thought 6 plexes get into commercial stuff and more headache? I guess if you pay cash for them that would make that part easy enough.
Where is my popcorn, I wanna watch the show? :)

wsdavies said...

What's the rental market like in Bakersfield right now...the tenancy rate and all that?? Have rents been migrating up or down? I owned some rentals(in Oildale) and sold them in 2006 and left town(just in time)

Anonymous said...

here's what makes me sick: SunCal of McAllister Ranch fame just got a big fat juicy contract to develop the former Alameda Naval Station. doesn't anybody read the internet any more?