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Old 11-30-2008, 08:15 PM   #1 (permalink)
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Default Made a large investment this weekend

Short story so bare with me.

Ash and myself have been looking around at a place to rent for the past month and it's been a pain in the ass. Well, we were talking to a friend and they reminded us that one of the new house areas that is still building is dropping their prices drastically to sell off their inventory. Turns out since last time we checked, prices had dropped over 100k. Our house will be built in about 6 months. Oh, and we live less than 2 blocks from her parents (this is good).
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Old 11-30-2008, 08:18 PM   #2 (permalink)
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$100K from what price?????.....lol. Congrats on finding a place near her parents. They can watch the midget while you guys go party
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Old 11-30-2008, 08:19 PM   #3 (permalink)
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Having in-laws two blocks away will be a curse and a blessing. Once the little one arrives you will have someone close that can baby sit in the event you both need a night of socializing.
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Old 11-30-2008, 08:20 PM   #4 (permalink)
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Quote:
Originally Posted by Zerokruel View Post
Short story so bare with me.

Ash and myself have been looking around at a place to rent for the past month and it's been a pain in the ass. Well, we were talking to a friend and they reminded us that one of the new house areas that is still building is dropping their prices drastically to sell off their inventory. Turns out since last time we checked, prices had dropped over 100k. Our house will be built in about 6 months. Oh, and we live less than 2 blocks from her parents (this is good).
i would have rather invested in cards.

so uh. where can i found a house for 100 k? its not that cheap here in sac
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Old 11-30-2008, 08:21 PM   #5 (permalink)
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Having in-laws two blocks away will be a curse and a blessing. Once the little one arrives you will have someone close that can baby sit in the event you both need a night of socializing.
think: EVERYBODY LOVES RAYMOND.
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Old 11-30-2008, 08:24 PM   #6 (permalink)
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Kick @$$! Not sure where your looking that prices dropped 100K, but I'm not aware of anything in CA, but I would presume they'll turn around there before here. Sounds like temporary baby sitters are litterly around the block!
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Old 11-30-2008, 08:26 PM   #7 (permalink)
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think: EVERYBODY LOVES RAYMOND.
Capt...2 things...House Prices had dropped 100K

2ndly...I like my inlaws as well, at one point we looked at a house about 200 yrds from them. Luckily for me it would of been a 40 min drive so we opted not to put in bid in.
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Old 11-30-2008, 08:31 PM   #8 (permalink)
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The house is in Oakdale, Ca. The area is the new part and the surrounding houses are no older than 3 years old. The house it's self is 139.9K. When they first hit the market about 18 months ago, they were asking 250k for our design. Then is dropped to 212K once they were first made. We also received a 10k for closing cost.

Edit: Of ya, me and her dad are pretty close. I have got him pretty trashed in the past where Ashley and her mom had to come pick us up from AppleBee's. However I am sure there will be the down parts to them being so close.
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Old 11-30-2008, 08:36 PM   #9 (permalink)
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Downside...# 1...he drinks all his beer then comes for yours!

Best of luck Zero..plus side of new house...no repairs! I'd gladly trade you for our 1929 Cape Cod that is quickly falling apart.
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Old 11-30-2008, 08:40 PM   #10 (permalink)
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And think, you paid 139k, when the economy/housing market turns around you could be in for a large profit if you decide to sell. I emphasize the "could" so I don't get thrashed about it.

Congrats on the huge investment, hopefully everything turns out well
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Old 11-30-2008, 09:38 PM   #11 (permalink)
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Dude, good deal. I've been doing bankruptcy law for a while now, and I'm too shell shocked to buy a house, but I've been looking at some deals in Southern New Hampshire and I might buy while the market is down and move up there when the housing crisis is over.

Good deal, bully for you!
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Old 11-30-2008, 09:52 PM   #12 (permalink)
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Certainly a good deal...on both fronts

I live next to my in-laws, super help, only have to buy half the tools!

Mother-in-law cleans the kitchen once in a while...it's all good!
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Old 11-30-2008, 09:53 PM   #13 (permalink)
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Thanks everyone! It sorta sucks we have to wait 6 months to get or own place, but it's actually a blessing. Both of us can save a lot more for a down payment (or just a nest egg). Plus Ashley will be at the tail end of her disability and heading back to work when we move in.

They have 8 houses for sale is this phase. We bought the first one, and at the end of the day they only had 3 left. The prices are just that good. The area is also really nice and developing.
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Old 12-01-2008, 10:39 AM   #14 (permalink)
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Kick @$$! Not sure where your looking that prices dropped 100K, but I'm not aware of anything in CA, but I would presume they'll turn around there before here. Sounds like temporary baby sitters are litterly around the block!
The Central Valley is getting hit hard. A lot of bay area folks(in theory) drove the prices up in trade for a little commute and rented or sold there homes in the city. Now with closures, they are moving back, and the market is dead around us.

I live in a small town of Linden, Pop.6k and when they built the last phase of homes here, they were selling $510-630,000 and all occupied. Now the prices range from $290-410,000.......... Been bitting at the bit to invest, but wife just went off on SDI also for pregnancy..... Might have to hold off a while.
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Old 12-01-2008, 11:13 AM   #15 (permalink)
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They have 4 phases to go I think. So that is 10-12 months to sell the rest. Plenty of time. But it was insane to see 6 houses get reserved in one day. He thinks HQ will stall him because he sold almost 1 phase in a day.
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Old 12-01-2008, 11:47 AM   #16 (permalink)
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Thats a great deal!!! I wish I could buy a $250k home for $140k. The housing market is worse here in Florida but the prices are still high. Even for foreclosed homes.
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