Realtors Underwater

Meet Raye Scott and Francine Finn



They are well-known Realtors who like to tell us about the "incredible opportunities" in real estate.

Perhaps the opportunity to bail them out of their loser condo?


350 11th Ave 923 San Diego Ca 92101

• Purchased for $763,500 on 1/31/2007
• Then immediately listed on 2/16/2007
• Now listed at $649,900 after more than 2 years of marketing failure.
  

Do you believe that such Realtors can be trusted to represent your interests?

Stay tuned for another Realtor feature at Electra

Wild Leaps of Logic

I posted on Piggington comments calling into question, Scott Lewis' (CEO of Voice of San Diego) quoting his own Realtor, Lew Breeze in a previous column.

ThinkPositive, a poster on SDlookup made an issue of my comments which then caused an exchange with Rich Toscano himself who accused me of wild leaps of logic.

The comments on SDLookup have been deleted.

I think that Scott Lewis quoting Lew Breeze, and essentially giving him a plug, was a bad journalistic call and continuing to quote him is a questionable practice because:

1. Lew Breeze was Scott's Realtor so I think that there is a conflict of interest here.
2. Voice of San Diego reporters continue to quote Lew Breeze. Readers may wonder if Lew Breeze's "expertize" is sought because he's the boss's Realtor.
3. Lew Breeze was a shill for Downtown real estate.
4. Lew Breeze invested in a multitude of condos (Electra, Trellis, Farhenheit.... ) that are underwater and he's trying to dump them, all the while pumping up downtown real estate.
5. Considering that Lew Breeze is losing big on his own investments, his expertize is very questionable.

Judge for yourself whether giving a voice to such a Realtor is fair and balance. Who is guilty of wild leaps of logic here?

Lew Breeze said:

Interesting read.

Is there anyone alive today that would like to have had a relative who had purchased San Diego land 100 years ago? I know I would. Event though likely at the time there were many skeptics in real estate (just like now, déjà vu). Even when real estate went down, those who held it (or their relatives) are glad they did.

Who knows, maybe we aren't at the bottom, but will real estate never rise again? Or does it only rise after you (not your Mr. Brightside, but you in the general sense) have decided to purchase?

Someday, downtown will be untouchable, in the sense that New York is untouchable to most of us now. Maybe not today, or a year from now. But 5 years from now? Or 10 years from now?

If a person buys to live or invest longterm (if they have money sitting around elsewhere), you or your family (in 20 years) will likely be glad you did. They certainly didn't name the Spreckles Building, or Horton Plaza, after the skeptics of the time.

No one rememembers those guys (the skeptics that is).

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Stay tuned for features on well-known downtown Realtors who are trying to dump their loser properties while telling you to buy.

$150k Condo in Point Loma

With a view at 1998 Nominal Price?


I've always argued that basic 1/1 condos in Central San Diego should be no more than $150,000.

Consider that HOA and taxes alone equal the cost of sharing a house with housemates. Few singles or young couples can afford to buy their own 1 bedroom condo.



3905 Leland St San Diego CA 92106

Good size at 818sf
Purchased 10/2002 $240,075

Now listed at $150,000

1992 price was $118,000

Will we see 1992 prices again?

Bozo Realtors

Tips For Buyers

No one wants to contract a case of buyer's remorse. You know what I am talking about. It is that feeling that you've either paid too much or received too little. In most cases, there is no recourse for the buyer to receive recompense once the contract has been signed.

If no one wants to catch a case of buyer's remorse, why are there so many people out there who suffer from it? The answer is simple, most of these people engaged in a transaction without enough knowledge and information.

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The above is a quote from the Website of bozo Realtors from Del Mar.

Anthony and Stephanie DeGasperis must know they are talking about because they fell for it themselves.

• In 06/30/2003, they "invested in the future" and bought:

#510 Parkloft
2003 Purchase price $519,823 (Lifetime opportunity from developer)
2009 List price $399,000

• They must have felt rich for a few years while they owned the condo (not a principal residence according to tax records).

• But by 2007, the market was going down, so they subsequently tried to pawn that condo to an idiot buyer, or accomplice as the case may be, at a list price of $549,000.
  

• Unfortunately for them, either the banks didn't lend the money to complete the purchase or something else, such as a problem with the building, caused the sale to fall out of escrow. It doesn't look like those Realtors provided enough knowledge and information to complete the transaction.
  

• So now, the condo is a short-sale for $120,823 less than purchase price. With all related carrying costs, that's a lot of "thrown-away" house payments.

Now, who entered a transaction without enough knowledge and information?


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Fast forward to 2009:

• Will the bank allow the short sale while Anthony and Stephanie DeGasperis own other properties and assets which they could liquidate to make good on their promise to pay?

• Taxpayers (via bailouts of the banks) are having to eat the losses incurred by real estate gamblers such as the DeGasperis.

• How many houses did the DeGasperis sell to unsuspecting buyers who now live with buyers' remorse?

Breezy Downtown

Goingup, a poster on another blog keeps on pointing to the downtown data provided by Lew Breeze, a local Realtor.

First, Breeze's data is all junk, in my opinion.

Second, he is hardly anyone that you can trust since he claimed that "downtown buyers are actually buying". Duh! So much for analysis.

He's also the type that would claim that superior properties are immune. So, OK, lets examine a superior property.

Lew Breeze bought at Electra


MLS-086028355 700 W E St 1905 San_Diego Ca 92101
2/2
1161 sf
$581 PPSF

Purchase price $674,400 04/15/2008
Listed price $674,500 or a whopping $500 profit which, in reality is thousands lost if you consider carrying and transaction costs.

The property is bleeding money each month but it was removed for "when the market rebounds."

I will continue to monitor this condo to see what it eventually sells for.

Mr. Breeze owns other condos Downtown. Stay tuned for future updates such as a monster tax lien that was filed by the IRS.

Protecting The Financial Future

Here is a how Sharon
Torelli, a long term care agent plans to protect the financial future.

She says "It is my goal to help families and individuals make well-informed choices when it comes to protecting their financial future."

She buys a condo at Alta.

575 6th Ave 1406 San Diego Ca 92101

08/08/2007 Purchased for $886,081
Now listed for $875,000

$10,930.59 in defaulted taxes.

How much more wherewithal do you expect this seller to have?