Business trip to California
I recently went to California on a business trip to study real estate there. We saw several foreclosure properties in Orange County and went around Los Angeles County as well.
One thing came to mind while I was there: Boy, do I really miss it at home!
There is nothing like Christmas wearing just a short sleeve shirt and some jeans. It was really warm, great weather.
But then I starting eating the food and noticed that I miss Japan too. The taste of food in Tokyo is far superior in my opinion. Just 1 flaw. A lack of Mexican food! Well there are some here in Tokyo but none of them are any good. I've been spoiled living close to Santa Ana with some real authentic food with authentic ingredients and then going to University in San Diego with more of the same. Of course Mexico itself was only about a 15 minute drive from there for a brief dinner on the weekend, but don't ever drive your car across the border!! Your insurance is not covered there; well mine wasn't.
Okay I am way off track now. Maybe because I didn't have a chance for a lunch break today =(
Anyhow, seeing the status of real estate in Southern California was depressing at best. I saw some beautiful homes that were built in 2006 that have been foreclosed on for over 6 months. That means the former owner didn't even get to live there for a year. It seemed like they bought the place, moved in, lived there for a couple of months, and then defaulted on their payments. I mean what the heck happened? The difficult part of this whole thing is that they owed more money on the house than it's presently worth on the market. Prices have dropped 20% already.
I am not trying to write a horror story here but it looks like that was/is the trend. I also don't want to get involved with who was at fault. A lot of businesses have been affected. Touring around Orange and LA counties, I saw a lot of "For Rent" signs that used to be filled with real estate companies, escrow companies, banks... too many! It was really terrible seeing all the great houses with the yards yellowed from the dying grass in the lawn.
I believe it is still a little too early to hunt for these bank owned properties just yet. 2008 is projected with down arrows for real estate. I think in the latter part of this year though, it will be a great opportunity to pick up some bargain properties then. I hope! This whole mess has to end sometime and the sooner the better.
Maybe that is some wishful thinking and I won't be able to return to California in a couple years to do real estate there. But I want to. I hope this ends as quickly as it began.
PS - Please don't tell the realtors back in California that I said not to buy properties yet!