Posts Tagged ‘Strike Out’

Frustrated, Incorporated!

November 8, 2009

This is Shangri-La, oh, oh!

Jumbo mortgage rates are down.  Lenders are opening up their vaults.  Loan to value requirements are loosening.  ShadowBuyer has liquidated all of his equity positions, and is ready to pull the trigger on a home purchase.  Whether you think prices in Santa Monica still have further to fall or not, you can’t disagree that now seems like a better time to buy than 1 or 2 years ago.  There’s no telling what the winter and first half of 2010 hold, but if we can find a place that we like, and that’s big enough for the next 5-7 years or more, then we would feel  good about getting a deal done.

So, what’s the problem?  My problem today is inventory.  5% of homes turn over each year.  We are halfway through the 1-year window in which we are really ready to buy.  That means that every 40th house, give or take, has come up over the last six months, and that another 1/40th of the inventory will come up for sale in the next six months.  Unless you want to live in a planned community where all of the homes are more or less identical, that scarcity of (more…)


Strike One, But We Are In The Game

October 14, 2009

photoshop-silhouette-1Today I took a walk through the first “not listed, but for sale at the right price” home to come our way since the launch of this blog.

It sounded promising, and I was excited to see it.  Enough bedrooms, enough bathrooms, great location.

Upon inspection, however, I realized that some of my dealbreakers were lurking within.  I stipulated my desire for a “real master bedroom” meaning one well-located bedroom of ample size for a king-sized bed and other typical furnishings, with a connected bathroom suitable for 2 people to brush their teeth at the same moment.  Today’s house did not have such a master suite.  I also stipulated that the 1/2 bath not be of the “behind the laundry room, suitable for the gardener to wash-up” variety.  Today’s house had a 3/4 bath of EXACTLY that variety.   Either of those would have been tough to get over, but perhaps I could have, if the house hadn’t been recently redone in early 21st century apartment-grade Home Depot. But, alas, it had.

Though it was a bit of a letdown, the silver lining is that within one week of launching this website, I’ve confirmed that there is shadow inventory out there to be bought.  With a couple lucky breaks, and your help, the Shadow Buyer family will be in our new home before you know it.

Remember, if you or someone you know has a house that you think we might be interested in, drop me a line at shadowbuyer {at} gmail {dot} com.