Tough Decision, SS Daytona

[nch209]

I have been home shopping for some time. Recently, I came into dealing on a foreclosure- you should see this place, it is literally BRAND NEW! Long story short, I have a strong shot at it, and now comes to funding the purchase. While cash flow is good, I still need to liquidate some funds and such to get this deal done. My girl is flipping out becuase I hint to sell the SS Daytona which I have NEVER WORN. (She screams KEEP IT, Awesome chick, huh???- this is from a girl who says she will disown me if I buy her a ladies timepiece!) I see it as cash that I dont have to borrow, and she sees it as a mistake as I will want another. (I sold one a while back, and nagged until I got this one---- The watch, not the girl!

With that said, have any of you been in a simular pickle? My stat side says get the cash and make a cash move, and my Rollllie side says KEEP THE SS! I am torn! Any advice????

Thanks

[HYDROMAROC]

Remember, you can't sleep in a watch...

[Magik]

Think long term happiness. I think in the overall scheme of things, the watch will be a lot easier to recover later rather than a dream house (if this fills the bill of your dream house). The house, if you are getting a good deal on it, will probably be a more profitable investment in the long term.

It's always so easy to be practical when you're living someone else's situation.

[boa2]

Keep the watch & wait another 12 months. The housing prices are only going to drop further (MANY Daytonas further), as 2/3 of the adjustable mortgages have yet to come to term.

Perhaps not the answer you were looking for, but something you might consider as another option.

Best of luck!

[hienpham04]

Wear the watch, then you will keep it for sure. As with the house market, the economy can go for another 9-12 months before hitting bottom. In the meantime, enjoy the Rolex.

[SPACE-DWELLER]

Please don't flip your SS Daytona!

[Robb]

CLK<

Swisslux is now paying $11k. Check their website!

[walds11]

I was in your position before. I sold a SS Daytona about 2 1/2 years ago to purchase a house. I got the call last week :) There will be more SS Daytonas to come...

[redshirt1957]

Would you borrow money to fund the purchase of your watch? In a way that is what you will be doing if you don't sell the watch. Now, mind you, I am not saying sell the watch. Just wanted to point out that fact. You did ask.. Good luck on the house.

[ROLEX MAN]

I think you shoud just wear it and be done with it, a man needs a watch!

[SPORTSFAN]

Hi.

IMO sell the watch and try not to laugh as you run out of the door.



Rgards Mike.

[Trurolexer]

Keep that Daytona.

[sphereman]

housing market will only get worse for sure.....
lots of people do not want to believe that but sadly that is true.

[Randy]

Can always find another Daytona, dream home at killer price? Buy the Home it will surpass Daytona increases!!

[nch209]

Yea, I hate to let it go, but I am leaning towards selling it. In essence, since I am not paying for the house in cash, I feel a need to let it go b/c its a chunk of cash I dont have to borrow. As for the home, I am full steam ahead on it! Never gonna catch the bottom, but with the margin vs neighboring homes, I cant pass it up!

Thanks for the input,
clk199

[Hamilton Carvalho]

Keep the watch.

[CoopJr]

If you truly do not need to sell the Daytona to get the house, than I would say keep it. Knock wood but if you get into financial trouble, you can always sell it when you truly need the money. That was my situation. I had to sell my Rolexes to stay in my house, not get it.

[boa2]

Originally Posted by sphereman

housing market will only get worse for sure.....
lots of people do not want to believe that but sadly that is true.

Indeed. Today's prices look like bargains, and compared with a year ago, they are. But 2 years from now, those who bought now will be kicking themselves for jumping the gun.

If you're full steam ahead, then by all means, enjoy the house. Just be sure it's one you want to live in for a while, not simply 'a great deal'.

[SeniorDad]

About 8 years ago, I faced a similar decision.

I sold almost all the watches I owned, including a SS Daytona and a custom dial Zenith ChronoMaster. I kept one watch each for myself and my wife. I picked a 1675 my wife picked a 1982 15000 with a blue stick dial. (Both of them were worth a little over a grand a piece back then.) We still have them and wear them daily.

While I miss the watches, I'd miss not having the house more.

Besides, if you flip it, you could always take a HELOC later and buy it back. And get to have the "fun" of trying to find an AD to sell you one!.

[sphereman]

Originally Posted by boa2

Indeed. Today's prices look like bargains, and compared with a year ago, they are. But 2 years from now, those who bought now will be kicking themselves for jumping the gun.

If you're full steam ahead, then by all means, enjoy the house. Just be sure it's one you want to live in for a while, not simply 'a great deal'.

can't agree more..

if you really want the house and are sure that you won't regret it even if the price of your new house nose-dives in the near future (in 2-3 years), then by all means, but if it were me, i would NEVER buy a house right now..

I am not saying 'keep the watch' either as a matter of fact. Market for Daytona watch has softened and if you are not going to wear it, sell it before it gets worse.. we are in recession, people!

just my 2 cents

[Clubhouse Champ]

In the long run you will like your watch, but you will love your house.

[Randy]

Housing market is down, Nobody can predict a bottom in anything! A guy I know just purchased 5 homes in Florida at 210,000 off each! New home-builder went under.
Go with your gut and dont look back!

[BillA]

agree with both of Randy's posts

[boa2]

Originally Posted by Randy

Housing market is down, Nobody can predict a bottom in anything! A guy I know just purchased 5 homes in Florida at 210,000 off each! New home-builder went under.
Go with your gut and dont look back!

You're right, no one can predict the bottom. But if you're willing to look at the numbers, we can say with 100% certainty that we're nowhere close yet. Many who buy today will also be losing their homes, because this credit crisis is far from over, and it will take a very long time to fully resolve.