Comments on: San Francisco population soars to new high! House prices to soar! http://www.burbed.com/2008/05/15/san-francisco-population-soars-to-new-high-house-prices-to-soar/ San Francisco Bay Area, Silicon Valley House Price and Mortgage Insanity Blog Thu, 09 Feb 2012 09:21:36 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: madhaus http://www.burbed.com/2008/05/15/san-francisco-population-soars-to-new-high-house-prices-to-soar/#comment-8161 madhaus Fri, 16 May 2008 04:13:11 +0000 http://www.burbed.com/?p=1909#comment-8161 <i> Are there Google or Facebook or VMWare engineers? NO. If they’re not in Web 2.0, or virtualization, they’re nothing.</i> No wonder the people I wrote about (comment #1) didn't get their SF property. By that definition, they're nobodies too. Nobodies making more money than us <b>somebodies</b>. Are there Google or Facebook or VMWare engineers? NO.

If they’re not in Web 2.0, or virtualization, they’re nothing.

No wonder the people I wrote about (comment #1) didn’t get their SF property. By that definition, they’re nobodies too. Nobodies making more money than us somebodies.

]]> By: burbed http://www.burbed.com/2008/05/15/san-francisco-population-soars-to-new-high-house-prices-to-soar/#comment-8160 burbed Thu, 15 May 2008 22:55:13 +0000 http://www.burbed.com/?p=1909#comment-8160 Good job predicting what I would say. :) Besides, Hamptons are just full of Goldman Sachs people, Billy Joel, P Diddy and other nobodies who don't add value to society. Are there Google or Facebook or VMWare engineers? NO. If they're not in Web 2.0, or virtualization, they're nothing. Good job predicting what I would say. :)

Besides, Hamptons are just full of Goldman Sachs people, Billy Joel, P Diddy and other nobodies who don’t add value to society.

Are there Google or Facebook or VMWare engineers? NO.

If they’re not in Web 2.0, or virtualization, they’re nothing.

]]> By: Lionel http://www.burbed.com/2008/05/15/san-francisco-population-soars-to-new-high-house-prices-to-soar/#comment-8159 Lionel Thu, 15 May 2008 22:52:11 +0000 http://www.burbed.com/?p=1909#comment-8159 Well, it might not ever happen in the RBA, but troubles are already starting in the Hamptons -- TROUBLE IN LI PARADISE FORECLOSURES LOOMING FOR THE HAMPTONS' POSHEST PADS By SELIM ALGAR Socialite Janice Becker is facing foreclosure on her $5 million property on Wyandanch Lane in Southampton. May 12, 2008 -- Homeowners in the some of the toniest ZIP codes in the Hamptons are facing a frightening reality - they can't afford to foot the bill for their high-priced homes, The Post has learned. In the first three months of this year, banks have launched preliminary foreclosure actions - known as lis pendens proceedings - against a record 120 borrowers in East Hampton and Southampton towns. Twenty percent of those borrowers live in homes that are worth more than $1 million, according to figures from the Suffolk County clerk. And the list gets longer every week. "This problem didn't even exist before," said John Brady, a broker with Coldwell Banker in East Hampton. "They used to pop up once in a while, and you wouldn't even pay attention. Now you expect to see new ones every week." A total of 10 East End homes, including a massive Westhampton mansion, were foreclosed outright since the beginning of the year. In addition, more than 800 East End homeowners - a mix of rich and middle-class people from Riverhead to Montauk - have been flagged by credit-monitoring companies this year for late payments. http://www.nypost.com/seven/05122008/news/regionalnews/trouble_in_li_paradise_110497.htm I know, burbed, , it's probably just all those Bear Stearns losers... Well, it might not ever happen in the RBA, but troubles are already starting in the Hamptons –

TROUBLE IN LI PARADISE
FORECLOSURES LOOMING FOR THE HAMPTONS’ POSHEST PADS
By SELIM ALGAR

Socialite Janice Becker is facing foreclosure on her $5 million property on Wyandanch Lane in Southampton.

May 12, 2008 — Homeowners in the some of the toniest ZIP codes in the Hamptons are facing a frightening reality – they can’t afford to foot the bill for their high-priced homes, The Post has learned.

In the first three months of this year, banks have launched preliminary foreclosure actions – known as lis pendens proceedings – against a record 120 borrowers in East Hampton and Southampton towns.
Twenty percent of those borrowers live in homes that are worth more than $1 million, according to figures from the Suffolk County clerk.
And the list gets longer every week.

“This problem didn’t even exist before,” said John Brady, a broker with Coldwell Banker in East Hampton. “They used to pop up once in a while, and you wouldn’t even pay attention. Now you expect to see new ones every week.”
A total of 10 East End homes, including a massive Westhampton mansion, were foreclosed outright since the beginning of the year.

In addition, more than 800 East End homeowners – a mix of rich and middle-class people from Riverhead to Montauk – have been flagged by credit-monitoring companies this year for late payments.

http://www.nypost.com/seven/05122008/news/regionalnews/trouble_in_li_paradise_110497.htm

I know, burbed, , it’s probably just all those Bear Stearns losers…

]]> By: madhaus http://www.burbed.com/2008/05/15/san-francisco-population-soars-to-new-high-house-prices-to-soar/#comment-8158 madhaus Thu, 15 May 2008 22:23:42 +0000 http://www.burbed.com/?p=1909#comment-8158 Okay, so I know these people who wanted to sell a place in non-RBA-land (trust me, very non RBA) and use the money as downpayment on a pied-a-terre in San Francisco (1 br condo) and continue to live & work down here in RBA. Listed non-RBA property last October. Made contigent offer on condo in SF last October (that house in non-RBA-land would sell) didn't sell didn't sell didn't sell didn't sell They cut price severely and sold non-RBA property, probably back down to 2004 pricing. Meanwhile cute little weekend pad sold to someone else. Now they are -160K in their attempts to trade "up." Don't know how many people want to buy 2nd home in SF for nightlife etc but some of SF market is clearly cut out by trade-ups falling off the ladder. SF is even more unaffordable than RBA because people in RBA earn more. Okay, so I know these people who wanted to sell a place in non-RBA-land (trust me, very non RBA) and use the money as downpayment on a pied-a-terre in San Francisco (1 br condo) and continue to live & work down here in RBA.

Listed non-RBA property last October.
Made contigent offer on condo in SF last October (that house in non-RBA-land would sell)
didn’t sell
didn’t sell
didn’t sell
didn’t sell

They cut price severely and sold non-RBA property, probably back down to 2004 pricing.

Meanwhile cute little weekend pad sold to someone else.

Now they are -160K in their attempts to trade “up.” Don’t know how many people want to buy 2nd home in SF for nightlife etc but some of SF market is clearly cut out by trade-ups falling off the ladder. SF is even more unaffordable than RBA because people in RBA earn more.

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