Media Appearance

Submitted by Rich Toscano on July 27, 2006 - 1:28pm

I just got back from a taping of KSWB's "Take 5," where I discussed the real estate market with Will Carless (voiceofsandiego.org) and Charles Jolly (SD Association of Realtors).

As far as I can tell, the appearance went just ok. I was kind of nervous, being entirely new to the TV thing, and I only realized about halfway through that you have to be pretty aggressive about getting a word in (something that is very much not in my nature). So I did sort of a middling job of defending the bear case. The unabashedly bullish case made by Jolly was light on factual backing, to put it charitably, but he certainly had more poise delivering his message than I did mine.

Anyway, it's going to air on Sunday at 10:30 PM, if any San Diegans are interested.

Update: I've now watched the segment. I didn't look as nervous as I felt, and although I was remiss in rebutting some of the SDAR guy's points, many of them were weak enough to effectively rebutt themselves. So all in all it came out better than I expected, for what that's all worth.

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Submitted by csardina on July 30, 2006 - 11:54pm.

Rich,

I just watched the show and had to comment on Mr. Jolly's optimism and your more realistic take on the real estate market.

I did not agree with his opinion and feel he is truly out of touch with the average San Diegan living here and/or anyone who wants to move here (unless you make more than 150K combine household income).

Thirty years ago, average homes in San Diego were less than 100k. I've been here for about 30 years and my parents bought their first and only home in '76. My parents still own the house and recently decided to refinance using the reversed mortgage plan.

I bought for the first time in 2004. We paid 635K with 10% down, have a first and second mortgage. The first is a 3 year arm of 4.25% and the second is an adjustable. Why am I telling you this...because next year when my 3 years is up, I don't know how I'm going to be able to pay my mortgage. Of course I can refinance by then but will it still be affordable for me. And yes, I work and make a good living but why would I want 50-60% of my paycheck go to my mortgage. There's got to be a better way.

And sure, I think anyone can get into a home, your real estate agent will get his/her commission and everyone is happy. What that poor individual will later realize and what Mr. Jolly fails to realize or doesn't care because 30 years of selling real estate has left him financially secure, is that it's very expensive to live in San Diego...taxes, water, SDG&E, gas, food, entertainment, new mortgage payments, etc. I'm sure the average family living here cannot afford to be a first time home buyer. I could be wrong, but I don't see it. Oh, and don't get me started on "creative" financing...

Also, I thought you held your own. I think Mr. Jolly was very aggressive in his views because he had to be. He's trying to sell real estate, that's what he does. I compare it to the drug dealer selling drugs. (Sorry, too dramatic.)

Take care,

C. Sardina
Just your average homeowner

Submitted by deadzone on July 31, 2006 - 8:45am.

Great job Rich! I watched the segment and that Jolly guy was like a broken record. He really had no relevant points to refute the existence of a housing bubble. He came across as nothing more than a used car dealer which is what he represents.

Watching that guy was painful, the way he kept moving his left hand.. really got under my skin. I don't know how you were able to control yourself from really calling him out but good job keeping your composure.

Submitted by lamoneyguy on July 31, 2006 - 9:57am.

Rich,
Is there any way to get the video segment posted online for us non-San Diegans?

Thanks

Submitted by lamoneyguy on July 31, 2006 - 10:35am.

Bummer. Well, if there are any techies out there who happened to tape or tivo the segment and can produce an on-line viewable version, we would all appreciate it.

Thanks,
~lamoneyguy

Submitted by csardina on July 31, 2006 - 11:09am.

Cool, thanks Rich. When the time comes, I'll take that recommendation. C.

Submitted by Mr_Brightside on July 31, 2006 - 3:43pm.

Good job on the show Rich.

I have this recorded on my Windows Media Center. There is a chance that it was deleted automaticaly today but if it's not and there isn't a copyright issue I'll look into converting it into a smaller file or posting it on YouTube or something.

I have an archive of stories and some media that I keep around as someday it'll be interesting to share/review. Jolly talked about Alan Nevin on the show, he put out a number of incredibly optimistic articles a few years ago for San Diego Metropolitan Magazine and is quoted saying a lot of bold things about the marketplace. For the trailing 12 months he is much more wrong than right.

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