Can this Happen in CA? | Piggington's Econo-Almanac | San Diego Housing Bubble News and Analysis


	San Diego Housing Bubble News and Analysis

	~Navigation~ Home Commentary Housing market Credit market VoiceofSanDiego.org Bubble primer FAQ User forums ~User login~ Username: * Password: * Create new account Request new password ~RSS~ piggington.com articles		Can this Happen in CA? User Forum Topic Submitted by bsrsharma on January 8, 2009 - 8:43am Radical cheap: $1,000 homes In places like Detroit and Cleveland, banks are unloading rundown homes for next to nothing. And they're tremendous bargains, even after factoring in renovation costs. The real estate market is so awful that buyers are now scooping up homes for as little as $1,000. There are 18 listings in Flint, Mich., for under $3,000, according to Realtor.com. There are 22 in Indianapolis, 46 in Cleveland and a whopping 709 in Detroit. All of these communities have been hit hard by foreclosures, and most of these homes are being sold by the lenders that repossessed them. "Foreclosures have turned banks into property management companies," said Heather Fernandez, a spokeswoman for Trulia.com, the real estate Web site. "And it's often cheaper for them to give these homes away rather than try to get market value for them."... http://money.cnn.com/2009/01/08/real_est... ‹ OT: NFL Playoffs foreclosures way up today › Login or register to post comments Printer-friendly version Doubtful - we dont have Submitted by LAAFTERHOURS on January 8, 2009 - 9:10am. Doubtful - we dont have ghettos they do that are so bad that people refuse to live there and would pay you to have their home. In all seriousness, different landscape in terms of many things that San Diego has going for it: Desirable climate year round Military presence Bio-tech, Electronics, etc etc (Major players in multiple industries that call San Diego Home) Plus we don't make American cars here. Detroit was teased up like many other markets - not sure why but even the outskirts were bubbled up and there is nothing there. Lots of crime in Detroit proper, failing auto companies laying people off. Just my thoughts - I could be wrong. 1000 for a home in SD county, probably not. 100K for a home, maybe. Condos should hit that in the less desirable areas if they havent already. Login or register to post comments I would say never. Submitted by SD Realtor on January 8, 2009 - 9:31am. I would say never. Login or register to post comments How about this one Submitted by outtamojo on January 8, 2009 - 10:05am. How about this one http://www.realtor.com/search/listingdet... Login or register to post comments It looks a little like the Submitted by qwerty007 on January 8, 2009 - 10:14am. It looks a little like the house in Hannibal Lector II. I love the comment "PROOF OF FUNDS" ...for a $1. Login or register to post comments Under $1000 is pushing it for Submitted by UCGal on January 8, 2009 - 10:19am. Under $1000 is pushing it for San Diego - but surprisingly I found 9 condos under $50k in San Diego. http://www.realtor.com/search/searchresu... Login or register to post comments The post says could this Submitted by cr on January 8, 2009 - 11:17am. The post says could this happen in CA, not in La Jolla, Encino, or Atherton. In places like Barstow, Modesto, or Stockton it's not out of the question. Login or register to post comments IIRC, there was exactly one Submitted by BGinRB on January 8, 2009 - 11:17am. IIRC, there was exactly one listing <$100K at the end of 2007. Login or register to post comments Many of these $100 homes out Submitted by george on January 8, 2009 - 12:44pm. Many of these $100 homes out east are condemned (or beyond repair) and the buyer needs to tear them down or enclose them with a security fences order to avoid liability. It costs more to demo them than the land is worth. Login or register to post comments Here are some interesting low Submitted by UCGal on January 8, 2009 - 1:19pm. Here are some interesting low listings. http://www.realtor.com/search/listingdet... Palm Springs Condo, 1br 1ba, $850 http://www.realtor.com/search/listingdet... Palm Desert condo, 2br, 2ba, $1000 Login or register to post comments I showed here a $15,000 Submitted by Eugene on January 8, 2009 - 1:47pm. I showed here a $15,000 mobile home in Escondido a while back. http://piggington.com/15000 Login or register to post comments UCGal wrote:Here are some Submitted by Eugene on January 8, 2009 - 1:45pm. UCGal wrote: Here are some interesting low listings. http://www.realtor.com/search/listingdet... Palm Springs Condo, 1br 1ba, $850 http://www.realtor.com/search/listingdet... Palm Desert condo, 2br, 2ba, $1000 Both of these listings are really for rent, for $850/month and $1000/month respectively. Login or register to post comments esmith wrote:UCGal wrote:Here Submitted by UCGal on January 8, 2009 - 1:49pm. esmith wrote: UCGal wrote: Here are some interesting low listings. http://www.realtor.com/search/listingdet... Palm Springs Condo, 1br 1ba, $850 http://www.realtor.com/search/listingdet... Palm Desert condo, 2br, 2ba, $1000 Both of these listings are really for rent, for $850/month and $1000/month respectively. That explains their "too good to be true" status. Lots of really cheap stuff in places like Salton City. But who'd want to live there. Login or register to post comments LAAFTERHOURS wrote:Doubtful - Submitted by urbanrealtor on January 8, 2009 - 9:07pm. LAAFTERHOURS wrote: Doubtful - we dont have ghettos they do ... ...1000 for a home in SD county, probably not. 100K for a home, maybe. Condos should hit that in the less desirable areas if they havent already. They have. I have sold a few. Login or register to post comments outtamojo wrote:How about Submitted by fredo4 on January 8, 2009 - 9:32pm. outtamojo wrote: How about this one http://www.realtor.com/search/listingdetail.aspx?srcnt=6940&fhcnt=18&loc=Detroit%2c+Mi&usrloc=Detroit%2c+Mi&typ=1&sby=1&sid=8013a622c0924700a8dd46275da0e3c2&lid=1105511880&lsn=1 Yikes isn't that close to Eminem's old neighborhood (9 mile)? Didn't look like a very appealing area in the movie. Login or register to post comments urbanrealtor Submitted by patientrenter on January 8, 2009 - 10:28pm. urbanrealtor wrote: LAAFTERHOURS wrote: Doubtful - we dont have ghettos they do ... ...1000 for a home in SD county, probably not. 100K for a home, maybe. Condos should hit that in the less desirable areas if they havent already. They have. I have sold a few. You have impressed me. Tell us more. Login or register to post comments Just stumbles across this and Submitted by qwerty007 on January 10, 2009 - 4:01pm. Just stumbles across this and ti reminded me of this post. Must be a typo... http://www.santabarbarahomesandland.com/... Login or register to post comments I think it can happen in the Submitted by kewp on January 10, 2009 - 4:59pm. I think it can happen in the IE for sure. 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