Friday, August 31, 2007

OK, the OC isn't so awful. This heatwave is messing with my brain.

interesting stuff going on in the OC foreclosure/repo market. i'm starting to see detached repos in Santa Ana and Fullerton asking around the $450K mark. granted, these houses S-U-C-K (one ad on craigslist refers to the house as "a dog" and another says "rumored to have plumbing"), and are probably in the crappiest neighborhoods of two of OC's oldest cities (and therefore the most architecturally interesting), but these are the kinds of harbingers i've been keeping an eye out for. nobody is going to be desperate enough to buy these tear-downs, and the lots are too small to put up jumbo houses, so my prediction is these houses are just going to sit there and rot until the squatters move in.

i talked to an agent of some kind on the phone today about an REO in Mission Viejo that was "taking offers" from 484 to 520. i'm looking for prices to drop at least another $100K below that, which may be a fantasy but also may actually happen in a year or so. we can be patient. i told the fellow that we definitely want to wait until we can get something that won't require a "jumbo loan" (over $417K) and he didn't laugh out loud at me, so i'm encouraged.

maybe we should look into squatting. i'm 75% joking. find an abandoned house, move in, produce bogus lease papers, and get 6 months of rent-free living in a house of our choice. i actually know a house that we might be able to pull it off in. eh, but i don't have quite enough chutzpah. Dan would be horrified that I had even considered the idea, although lately he's been surprising me with his willingness to slightly spurn unspoken social rules.

No comments: