Sunday, August 26, 2007
i did not win $314 million in Powerball
Someone won $314 million in the Powerball lottery, but it wasn't me. Or anyone I know, for that matter. Too bad.
The only thing damaging my calm right now is the nagging thought that I'll never, ever sell my condo. Stupid real estate market and stupid mortgage brokers! Or maybe it's the Fed I should be mad at. I don't know. I'm not mad at my realtor or anything, because it's not his fault that condos of my type are not selling in the Bay Area right now. Last year at this time (and before that), something would be on the market for two, three weeks tops. A lot of people were able to become homeowners. But now, with mortgage brokers closing and regulations tightening up and blahdy blah blah blah, those folks looking to get their first mortgage and a starter condo or house are left in the cold. Well, they're still renting, so they're probably not cold, but you get the picture. Of course, that a "starter condo" is at least $300K in the Bay Area might have something to do with the overall problem.
We lowered the price a bit (still priced below others in the area, and it's a much nicer place), I'll pay six months of HOA dues, and we're doing below market financing (basically, I'll kick in some of the closing costs)...still, no little nibbles and it has nothing to do with the place; people just can't get approved for mortgages so easily anymore.
So, I'm paying a mortgage and HOA dues on an empty condo in the Bay Area. I'm trying to remember that 83% of that comes right off my tax bill (a good thing, given book royalties that kick my ass come tax time), so yay. And before anyone asks: if I rented it out I would only get approximately 45% of what I pay in mortgage and HOA dues, and there'd be wear and tear on the place that I'd have to deal with. However, if the thing isn't sold by January then I'm going to have to think about renting it because I'll be out of money.
Unless I win Powerball, in which case all bets are off!
The only thing damaging my calm right now is the nagging thought that I'll never, ever sell my condo. Stupid real estate market and stupid mortgage brokers! Or maybe it's the Fed I should be mad at. I don't know. I'm not mad at my realtor or anything, because it's not his fault that condos of my type are not selling in the Bay Area right now. Last year at this time (and before that), something would be on the market for two, three weeks tops. A lot of people were able to become homeowners. But now, with mortgage brokers closing and regulations tightening up and blahdy blah blah blah, those folks looking to get their first mortgage and a starter condo or house are left in the cold. Well, they're still renting, so they're probably not cold, but you get the picture. Of course, that a "starter condo" is at least $300K in the Bay Area might have something to do with the overall problem.
We lowered the price a bit (still priced below others in the area, and it's a much nicer place), I'll pay six months of HOA dues, and we're doing below market financing (basically, I'll kick in some of the closing costs)...still, no little nibbles and it has nothing to do with the place; people just can't get approved for mortgages so easily anymore.
So, I'm paying a mortgage and HOA dues on an empty condo in the Bay Area. I'm trying to remember that 83% of that comes right off my tax bill (a good thing, given book royalties that kick my ass come tax time), so yay. And before anyone asks: if I rented it out I would only get approximately 45% of what I pay in mortgage and HOA dues, and there'd be wear and tear on the place that I'd have to deal with. However, if the thing isn't sold by January then I'm going to have to think about renting it because I'll be out of money.
Unless I win Powerball, in which case all bets are off!
Labels: misc life