There's an interesting piece in the Sunday LAT by one of their reporters, who sold his Pasadena condo in 2005 and continues to rent while waiting for a housing market correction. Reporter Peter Hong says his condo had nearly tripled in value from the time he bought it and then sold it. Ka-ching!
The story (see "How…
There's an interesting piece in the Sunday LAT by one of their reporters, who sold his Pasadena condo in 2005 and continues to rent while waiting for a housing market correction. Reporter Peter Hong says his condo had nearly tripled in value from the time he bought it and then sold it.
Ka-ching!The story (see "
How we cashed in before the crash") also features another, somewhat more sophisticated, market timer – Pimco exec Mark Kiesel, who cashed out of his Newport Beach home after just 2 years (2004-2006) at a tidy 20% profit. Kiesel, however, doesn't suggest that others follow his lead:
"I wouldn't advise it at all," he said. "We were willing to sacrifice our living standards to make some money; not everyone should do that."
Meanwhile, Hong is still waiting, as the bubble's burst has, perhaps, just begun:
We do plan to buy again someday, on honest terms with a loan we can afford. We didn't expect to rent this long; our girl is 8, and we'd like to get into a house soon that she will truly feel is hers.
Well, that's the report from Pasadena and Newport. But this sort of thing doesn't happen in MB, does it?
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of March 18th, 2024 at 9:25pm PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.