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Looking for a home in Southern California?

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Does the looney at par have you looking at homes in the USA? “America’s Builder” DR Horton is holding an ‘UnAuction Sale‘ in 23 southern California neighborhoods offering new homes for up to 50% off their peak value. In fact you can likely find deals like this in a lot of sunbelt states right now due to the current state of the US housing market.

The exchange rate and crashing house prices is making US property more appealing to many Canadians, but you’ll want to check into tax issues before you buy, even if you’re not planning on renting it out for cash-flow. Some states like Arizona charge the same property tax whether you’re a resident or not, while other states like California charge a much higher property tax to non-residents.

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-A-

Bart, that link was from Blueskies. who posted it on Rob's Blog,but yeah, the pumpers have done a good job of peddling the koolaid.

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Bart

Good link A, Amazingly the math works out even worse up here since we don't get the mortgage tax deduction they get in the US.

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-A-

blueskies { 02.20.08 at 4:33 pm } The REAL American Dream

http://tinyurl.com/25ubbw

I think our society has been sold a pile of crap that we’ve bitten on hook, line, and sinker

If I could log on to that other blog I would have read the above, and I would have to warn you that you could end up on probation just like snick,

Heck you could get banned like me.

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blueskies

$1695 / 1br – 25th. Floor ,1 Bedroom / 1 Bathroom / Den / Balcony /Cellerium

http://tinyurl.com/29aycp

incoming sunlight could be considered "cellulite" 🙂

…from craigslist Spectrum ad

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-A-

I think we’re looking at an England style meltdown, where the “let to own” specuvestors gets burned first… I hope their greed keeps them in the market long enough so that they won't be able to unload their investment on to some poor, honest,and hard working first time buyer, who sees a home for what it should be, and not a poker chip. I am quite convinced greed and denial will keep the greedy fools from exiting at the first signs of trouble. As inventory levels rise, they will just interpret it as a temporary lull. The beauty of bubbles is they leave a lot of excess capacity as well as updated inventory behind, too bad some of it will leak. The good thing is the specuvestors who deserve the bad karma, will be holding the bulk of the leaky… Read more »

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scullboy

Strataman:

You're my favorite Boomer. 🙂

Craigslist:Harbinger of dooooooooooooom!!!

As it happens, I'm in the market for a 2bdrm. Do you have recommendations? My only two criteria are no grow ops, and no krrish….

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Strataman

scullboy: "Is it me or are the ads on Craigslist getting more and more desperate? I’ve seen several.." No your right. Also as I visit lots of towers everyday the main bulletin boards in the lobbies generally have three or four for rent. I never saw this last year. Lockers and parking stalls are also being separated out for rent to subsidize some of the owners. If your in the rental market for the $1400+ a month units you have 100's to choose from. No longer is there "viewings will be held at xx time" it's phone and we'll arrange a viewing for you! 🙂

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scullboy

Is it me or are the ads on Craigslist getting more and more desperate? I've seen several

AVAILABLE IMMEDIATELY notices,

REST OF FEB FREE!!!! ads

I saw one WE'LL COVER YOUR BILLS

And several ads for our fave building Spectrum. The asked rents fluctuate wildly…. there are several one bedroom suites asking the same price as the 2 bdrm suites, and one townhouse that's 1850, which is about what people are asking for some of the 2 bdrm suites.

I think we're looking at an England style meltdown, where the "let to own" specuvestors gets burned first…

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moldcity

This is offtopic, but I just found the 'Dan Rather Reports' show on the Downtown east side and posted it in the forum, you can watch it here.

Its mostly about the 'harm reduction' policy for drug addicts and prostitutes. I wasn't aware of the extremely high levels of disease in that neigborhood, they say HIV infection rates are the same as Botswana.

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krrish2

Strong employment growth and rising wages in other sectors are helping to underpin housing demand in the province.The 4,949 units sold in january 2008 in the province were well above the ten-year average of 4,230 units for the month of January.we are definitley here on this side of border

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Anonymous

For those out there that read the Gartman Letter, I found it interesting in his anecdotal commentary today regarding S. Virginia real estate that he states: “This past weekend, here in southeastern Virginia, where property prices really never soared violently as they did in California, or Nevada, or New York, or Vancouver, we noticed a large number of openly advertised price cuts on new homes for sale.

What? Vancouver lumped in with California, Nevada and New York? But we’re different here right?

I love that we’re getting lumped in with the biggest US bubbles in a globally read financial letter!

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bdk

Interestingly, Elan is now hitting the rental market. Which leaves brand new unoccupied units at Mode, Spectrum 1,2,3, and 4., Coopers Lookout etc. plus there is now turnover in the newer buildings such as YTP, Hudson etc. and finally the newer units create a vacuum where people vacate older buildings (for example the exodus from the twelve year old 939 homer to the new YTP across the street). Why do I keep harping about rentals? Because if "investors" can't get $1500 per month to offset their $3,000 mortgage it'll cause the crash to occur faster and also make it even more of a renters market while it happens. Secondly if the rental market is already saturated ,as badly as it is now, imagine what will happen when another 10,000 units flood the market and the transient construction workers (aka renters… Read more »

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YLTWNBoomerang

For those out there that read the Gartman Letter, I found it interesting in his anecdotal commentary today regarding S. Virginia real estate that he states: "This past weekend, here in southeastern Virginia, where property prices really never soared violently as they did in California, or Nevada, or New York, or Vancouver, we noticed a large number of openly advertised price cuts on new homes for sale.

What? Vancouver lumped in with California, Nevada and New York? But we're different here right?

I love that we're getting lumped in with the biggest US bubbles in a globally read financial letter!

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rob/satv/krisshi num

"We’re off to a big start: 511 new listings over the last two days, and 239 sales, for a sell/list of 46.77%.

Inventory hit 10,358, of which 2,529, or 24.42%, were over 90s"

Just for the bears who are locked out of rob's blog, but want to know this useless info.

Remember these numbers are completely useless unless we know the numbers behind the numbers.

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Bart

I wish this wasn't a registration required article (I hate it when they do that), but I remember reading this in the globe and mail a while back:

Canadian officials in Beijing turned blind eye to reports of immigration fraud

Basically a young clerk in a Beijing office reported to canadian officials the practice of requiring young healthy people to get x-rays that are then put into the medical records of people with medical problems who want to move to Canada. Sounds like the Canadian government hasn't done anything about it.

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patriotz

IMHO our medical is a lot more sustainable than the US health care system, on which governments already spend more per capita (I mean total population, not covered population) than in Canada (seriously). And that's with no boomers drawing (US) Medicare yet.

I also think our major tax paying industries are a lot more sustainable than the US's. You can't outsource resource industries and farms, and they produce stuff that the rest of the world wants.

I think finding a job there would be the ‘easiest’ route for a Canadian to move to the US

Indeed it is, but the problem is that except for the NAFTA scheduled occupations, it's just as easy for a US employer to bring in someone from India (H1B) as from Canada. And they work for a lot less.

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Anonymous

"The only other thing that is worth staying here for is the medical coverage." Interesting view, probably correct. Also probably the over riding reason immigrants move here from elsewhere. Often wonder if our medical is sustainable now with our major tax paying industries crashing (possibly long term).

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Digi

Canadians can’t just go and live in a foreign country because they feel like it, doofus. Ok, it was just a question, no need to get insulting patriotz. I think finding a job there would be the 'easiest' route for a Canadian to move to the US, but I don't have experience with that so I'll take your word on it. Your later response about medical insurance is in my eyes the main issue. For younger people the increased cost of private medical insurance is made up for by the lower cost of living, but its trickier for boomers. I think you can live part time in the US and keep your Canadian medical insurance. You'd still have to get travel insurance for the time you're in the states, but I think this is what many snowbirds do. Still not… Read more »

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evergreen

Does anyone knows what's happening in the Hawaiian property market? You hear of property prices nosediving in most US states but Hawaii seems conspicuously absent. I googled and got this:

Honolulu property market

Seems like at least Honolulu is spared from the subprime plague (perhaps, simply because there's no need to entice people to buy its coveted real estate). I would jet to Hawaii in a jiffy if I got a green card, work or no work waiting.

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Strataman

Pope "only with a job" I was thinking (do that every so often) if you didn't have a job and needed one would you move anywhere in the world including Vancouver if you couldn't get work? 🙂 Gdnite!

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blueskies

Cash is King in the Miami Condo Market!

http://tinyurl.com/2s2brl

Looks like a few banks are finally throwing in the towel on the Miami condo market.

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Michael Randallbard

HA HA HA Anyone following the latest on that townhouse in Steveston which had a price drop of about 100,000? Today I walked by it and it looked like a porn star convention with all the glitzy realtors descending on the place in their flashy cars, in fact they were all over the place. Guess it's their open house day, the day they all try out the beds and then go for lunch or something. Keep an eye on this place. See if it drops any further by Springtime and then we will know if the hype factor in Vancouver is dying out as I suspect it is. ================================================== And what would a post by me be without this…..? When the investment world finally wakes up to the shortages, and soaring demand will make it difficult to find any investment… Read more »

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patriotz

I can’t imagine them going lower.

Well I think your imagination needs some exercising. You think 2007 was bad? It was just a warmup. The real carnage is yet to come.

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patriotz

How many people on this blog would move to the US if they could immediately get an unrestricted green card and permanent resident rights?”

I could move to the US under NAFTA but there's one big problem – medical insurance – practically unobtainable at any reasonable price for someone in my age group (boomer). Anyone following the news knows that employers are bailing out of providing it to anyone other than the least risky.

Were that not a problem I'd be happy to live in Seattle, frankly I think it's a nicer place than Vancouver now, better jobs, lower taxes, and cheaper housing.

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Disbelief

The only other thing that is worth staying here for is the medical coverage. That aside I would live in the US in a heartbeat. I have been looking and there are some smoking deals, Phoenix or Vegas are true bargains now. I can't imagine them going lower. Look on craigslist in Phoenix and take a look.

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