US Housing Market Faggotry

i always thought us and Dubai were the only nut cases with this housing boom until I read THIS ... which is even more asinine.
 
Yeah, I've heard about this...fascinating. Spain pretty much takes the cake as far as real estate fuckery goes. At least Dubai has an economy.
 
not exactly sure who they were thinking was going to move to the stix in Spain?
was there such a huge influx of immigrants?
 
So, our condo is officially on the market as of today. It's kind of futile though because even for the asking price (which is 22k below assessment but the market is queer, also shit never sells for the asking price), I don't think we are going to be able to pull it off. Hopeless. I wish we could just make a business decision and walk away from it. I married into a real estate nightmare.
 
Can I ask you why you are selling?

I would walk away. F that. This is a business transaction like any other and if I make a raw deal in by typical daily biz people usually walk not pay through the nose for something not worth its value.
 
We are trying to sell because a) the place will be cramped once the kid comes along and especially once he becomes a toddler, and b) her parents are giving us a retarded deal on their beautiful home (which disables us from walking away). Yea, we're fucked either way. She bought it at the peak of the market 4 years ago. The bank should have NEVER even given her the fucking loan in the fist place, nevermind the dumb financial decision on her part. It all just pisses me right the fuck off tbh. This is the exact bullshit I have worked very hard to avoid over the past 10 years since messing up my credit when I was a dumb college kid applying for credit cards for free t-shirts.

She (we) owe just shy of 40k more than the asking price. So yeah....50k down the drain. The economics about the situation are more complex than this due to her parents involvement and whatnot but it's still 50k down the fucking toilet....literally.
 
Hypothetically, it is an option. However, we wouldn't receive what we pay so would be making that up in addition to our new mortgage. Fuck that. That's not taking into account the plethora of other issues that could come up and would make me lose my shit. I got out of the repo business for a reason.

Hey - here's my abode: .

this post will be edited before i go to bed tonight. :tickled:
 
that's a beautiful pad dude.

the parents might have a nice home for sale but I think you are jumping the gun.

I live in a 1 bedroom / 1 bath with my wife and daughter with no issues so far. looking to go bigger next year but maybe not until we decide to have another kid.

that pad looks big enough to hold you comfortably with a kid for 3-4 years easily.

PS: nice stereo.

PPS: that price is sick. $122 for a 2 bedroom condo? around 500-600K IF I am lucky in NYC.
 
I tend to agree with you dude. The parents are getting old and this winter really wore them out. I think they are reacting to this abnormally extreme winter as well as that is their main reason to gtfo and purchase a condo. They are trying their best to REALLY accommodate us, too much imo, but it's just bad timing if my reasoning serves me correctly.

There is absolutely no reason why she should have bought this condo and equally no reason (even moreso actually) why the bank should have given her this condo in the first place. But hindsight is 20/20 and you gotta keep looking forward. Just fucking burns me up because it has nothing to do with my decision making.

Thanks for the compliments. Appreciated.
 
what kind of interest rate do you have on that shit? maybe you can refi bring that shit down to an affordable level and THEN rent that shit out.