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  • December 5, 2007 at 8:48 AM #11086
    raptorduck
    Participant

    Every day I read more and more stories about house prices dropping by bigger and bigger percentages, especially in Southern California, including San Diego. Every day I see new reports of negative expectations for the market.

    Yet, despite my being in a “quiet” period of my search for a home in SD, I get updates on homes I have toured or am sort of tracking or am closely tracking in Rancho Santa Fe and Santaluz and, with rare exception, I learn that after 50, 100, 200, 300+ days on the market, the seller is still not budging on his/her inflated price.

    Now I know that high end markets trail the markets below, but RSF now has between 1.5-2 years inventory! There are some short sales there. Forclosures? And Santaluz is full of empty newly built 6,000sf + McMansions errected by any one of a number of semi-custom high-end home builders. Builders who have the largest new home inventory overhang they have ever had. You might think that they would lower prices to more market responsive levels, particularly since buyers have to breath in hefty Mello Roos taxes for their trouble? Apparently not. In one of the houses I am tracking, they raised the price.

    And then I learn after some digging that a few homes I had my eye on in RSF and Santaluz where they “have” dropped the asking price, were bought by flippers for far less than the new asking price, and not that long ago, so that apparent fall is farce.

    I suppose if anyone is in a position to play the “who will blink first” game it is me. I can wait another year and perhaps more before I blink. But those sellers’ eyes must be getting dry and tired because they have not blinked and many of these houses I have seen or know about have been on the market most of the year and in some cases longer than that. Now mind you, I see this same thing in the high end markets here in the Bay Area, where it is actually much worse.

    Is this just blind denial, irrationality, or are all these sellers sitting on second homes and don’t need to sell, ever?

    Curious and yes, vexing somtimes. This just vexes me. Ok, I admit it, I am very vexed. Hence this post.

    December 5, 2007 at 10:07 AM #109267
    SD Realtor
    Participant

    Raptor I know it is more then a little frustrating. Real Estate is a game that is played over several years and you will continue to see these sorts of shenanigans, especially in the high end areas. No magic pill for you on this one except you should stick to your guns. Don’t be afraid to submit offers well under the asking range. You can submit 100 offers and get 100 no’s but all it takes is one. I know it takes an extraordinary amount of time and energy.

    Perhaps just rent down here the first year or two. Again the high end places will come down but as to how much and when? I am not sure. Many will say they will come down just as much as the low end. I am not quite sure I agree but they will come down. The more money they have, the more they can wait. Also the few distress deals that do come up do usually get snapped up.

    Flippers ARE still out there.

    Yes you are vexed but keep your focus. We will provide the moral support.

    SD Realtor

    December 5, 2007 at 10:07 AM #109377
    SD Realtor
    Participant

    Raptor I know it is more then a little frustrating. Real Estate is a game that is played over several years and you will continue to see these sorts of shenanigans, especially in the high end areas. No magic pill for you on this one except you should stick to your guns. Don’t be afraid to submit offers well under the asking range. You can submit 100 offers and get 100 no’s but all it takes is one. I know it takes an extraordinary amount of time and energy.

    Perhaps just rent down here the first year or two. Again the high end places will come down but as to how much and when? I am not sure. Many will say they will come down just as much as the low end. I am not quite sure I agree but they will come down. The more money they have, the more they can wait. Also the few distress deals that do come up do usually get snapped up.

    Flippers ARE still out there.

    Yes you are vexed but keep your focus. We will provide the moral support.

    SD Realtor

    December 5, 2007 at 10:07 AM #109425
    SD Realtor
    Participant

    Raptor I know it is more then a little frustrating. Real Estate is a game that is played over several years and you will continue to see these sorts of shenanigans, especially in the high end areas. No magic pill for you on this one except you should stick to your guns. Don’t be afraid to submit offers well under the asking range. You can submit 100 offers and get 100 no’s but all it takes is one. I know it takes an extraordinary amount of time and energy.

    Perhaps just rent down here the first year or two. Again the high end places will come down but as to how much and when? I am not sure. Many will say they will come down just as much as the low end. I am not quite sure I agree but they will come down. The more money they have, the more they can wait. Also the few distress deals that do come up do usually get snapped up.

    Flippers ARE still out there.

    Yes you are vexed but keep your focus. We will provide the moral support.

    SD Realtor

    December 5, 2007 at 10:07 AM #109408
    SD Realtor
    Participant

    Raptor I know it is more then a little frustrating. Real Estate is a game that is played over several years and you will continue to see these sorts of shenanigans, especially in the high end areas. No magic pill for you on this one except you should stick to your guns. Don’t be afraid to submit offers well under the asking range. You can submit 100 offers and get 100 no’s but all it takes is one. I know it takes an extraordinary amount of time and energy.

    Perhaps just rent down here the first year or two. Again the high end places will come down but as to how much and when? I am not sure. Many will say they will come down just as much as the low end. I am not quite sure I agree but they will come down. The more money they have, the more they can wait. Also the few distress deals that do come up do usually get snapped up.

    Flippers ARE still out there.

    Yes you are vexed but keep your focus. We will provide the moral support.

    SD Realtor

    December 5, 2007 at 10:07 AM #109414
    SD Realtor
    Participant

    Raptor I know it is more then a little frustrating. Real Estate is a game that is played over several years and you will continue to see these sorts of shenanigans, especially in the high end areas. No magic pill for you on this one except you should stick to your guns. Don’t be afraid to submit offers well under the asking range. You can submit 100 offers and get 100 no’s but all it takes is one. I know it takes an extraordinary amount of time and energy.

    Perhaps just rent down here the first year or two. Again the high end places will come down but as to how much and when? I am not sure. Many will say they will come down just as much as the low end. I am not quite sure I agree but they will come down. The more money they have, the more they can wait. Also the few distress deals that do come up do usually get snapped up.

    Flippers ARE still out there.

    Yes you are vexed but keep your focus. We will provide the moral support.

    SD Realtor

    December 5, 2007 at 10:20 AM #109434
    farbet
    Participant

    SDRealtor
    Do you own a house?
    Not to be inquisitive.I remember reading you are still looking or waiting..Maybe I am wrong

    December 5, 2007 at 10:20 AM #109451
    farbet
    Participant

    SDRealtor
    Do you own a house?
    Not to be inquisitive.I remember reading you are still looking or waiting..Maybe I am wrong

    December 5, 2007 at 10:20 AM #109439
    farbet
    Participant

    SDRealtor
    Do you own a house?
    Not to be inquisitive.I remember reading you are still looking or waiting..Maybe I am wrong

    December 5, 2007 at 10:20 AM #109402
    farbet
    Participant

    SDRealtor
    Do you own a house?
    Not to be inquisitive.I remember reading you are still looking or waiting..Maybe I am wrong

    December 5, 2007 at 10:20 AM #109291
    farbet
    Participant

    SDRealtor
    Do you own a house?
    Not to be inquisitive.I remember reading you are still looking or waiting..Maybe I am wrong

    December 5, 2007 at 10:46 AM #109427
    SD Realtor
    Participant

    Farbet –

    Be inquisitive it is okay. Right now I own a condo in Crown Point that was my very first purchase back in the 90’s and it is now a rental. I also own a small 3/2 in Talmadge that used to be a 3/1 but we added a bathroom. After 2 kids we outgrew it, moved out and now that is a rental as well. Had a third rental in Mission Valley that was purchased strictly to be a rental and sold it to my tenant at about 10% under market last Spring. The market for 1/1’s in Mission Valley has deteriorated since then.

    Have been renting in 3 rentals since we moved from the Talmadge home back in 05. The first was a rental in PQ, then we rented off of Calle Cristobal in Mira Mesa, now we are renting in Scripps. Wife wants to kill me.

    Over the past year I have submitted 5 lowball offers in Scripps but none of them have been accepted. Only one countered and we could not come to terms. I have not submitted any lowball offers on my own behalf for several months now.

    There is a home on my cul de sac that is not occupied. The owner was a guy who started a website for job postings here in San Diego. Two years ago or maybe last year he was bought out by Jobbing. He bought a home (in Scripps) on the south side of Pomerado for 1.1M (give or take) and will put his house on the market in the spring for “I think” the mid – high 700’s. It is in a good location and in good shape but to me overpriced. It does comp out to a recent sale in the cul de sac but again, to me that does not mean much in a declining market. The bad thing is that some dufus will most likely pay it and I will still be stuck renting…. and waiting

    thenSD Realtor

    December 5, 2007 at 10:46 AM #109316
    SD Realtor
    Participant

    Farbet –

    Be inquisitive it is okay. Right now I own a condo in Crown Point that was my very first purchase back in the 90’s and it is now a rental. I also own a small 3/2 in Talmadge that used to be a 3/1 but we added a bathroom. After 2 kids we outgrew it, moved out and now that is a rental as well. Had a third rental in Mission Valley that was purchased strictly to be a rental and sold it to my tenant at about 10% under market last Spring. The market for 1/1’s in Mission Valley has deteriorated since then.

    Have been renting in 3 rentals since we moved from the Talmadge home back in 05. The first was a rental in PQ, then we rented off of Calle Cristobal in Mira Mesa, now we are renting in Scripps. Wife wants to kill me.

    Over the past year I have submitted 5 lowball offers in Scripps but none of them have been accepted. Only one countered and we could not come to terms. I have not submitted any lowball offers on my own behalf for several months now.

    There is a home on my cul de sac that is not occupied. The owner was a guy who started a website for job postings here in San Diego. Two years ago or maybe last year he was bought out by Jobbing. He bought a home (in Scripps) on the south side of Pomerado for 1.1M (give or take) and will put his house on the market in the spring for “I think” the mid – high 700’s. It is in a good location and in good shape but to me overpriced. It does comp out to a recent sale in the cul de sac but again, to me that does not mean much in a declining market. The bad thing is that some dufus will most likely pay it and I will still be stuck renting…. and waiting

    thenSD Realtor

    December 5, 2007 at 10:46 AM #109458
    SD Realtor
    Participant

    Farbet –

    Be inquisitive it is okay. Right now I own a condo in Crown Point that was my very first purchase back in the 90’s and it is now a rental. I also own a small 3/2 in Talmadge that used to be a 3/1 but we added a bathroom. After 2 kids we outgrew it, moved out and now that is a rental as well. Had a third rental in Mission Valley that was purchased strictly to be a rental and sold it to my tenant at about 10% under market last Spring. The market for 1/1’s in Mission Valley has deteriorated since then.

    Have been renting in 3 rentals since we moved from the Talmadge home back in 05. The first was a rental in PQ, then we rented off of Calle Cristobal in Mira Mesa, now we are renting in Scripps. Wife wants to kill me.

    Over the past year I have submitted 5 lowball offers in Scripps but none of them have been accepted. Only one countered and we could not come to terms. I have not submitted any lowball offers on my own behalf for several months now.

    There is a home on my cul de sac that is not occupied. The owner was a guy who started a website for job postings here in San Diego. Two years ago or maybe last year he was bought out by Jobbing. He bought a home (in Scripps) on the south side of Pomerado for 1.1M (give or take) and will put his house on the market in the spring for “I think” the mid – high 700’s. It is in a good location and in good shape but to me overpriced. It does comp out to a recent sale in the cul de sac but again, to me that does not mean much in a declining market. The bad thing is that some dufus will most likely pay it and I will still be stuck renting…. and waiting

    thenSD Realtor

    December 5, 2007 at 10:46 AM #109464
    SD Realtor
    Participant

    Farbet –

    Be inquisitive it is okay. Right now I own a condo in Crown Point that was my very first purchase back in the 90’s and it is now a rental. I also own a small 3/2 in Talmadge that used to be a 3/1 but we added a bathroom. After 2 kids we outgrew it, moved out and now that is a rental as well. Had a third rental in Mission Valley that was purchased strictly to be a rental and sold it to my tenant at about 10% under market last Spring. The market for 1/1’s in Mission Valley has deteriorated since then.

    Have been renting in 3 rentals since we moved from the Talmadge home back in 05. The first was a rental in PQ, then we rented off of Calle Cristobal in Mira Mesa, now we are renting in Scripps. Wife wants to kill me.

    Over the past year I have submitted 5 lowball offers in Scripps but none of them have been accepted. Only one countered and we could not come to terms. I have not submitted any lowball offers on my own behalf for several months now.

    There is a home on my cul de sac that is not occupied. The owner was a guy who started a website for job postings here in San Diego. Two years ago or maybe last year he was bought out by Jobbing. He bought a home (in Scripps) on the south side of Pomerado for 1.1M (give or take) and will put his house on the market in the spring for “I think” the mid – high 700’s. It is in a good location and in good shape but to me overpriced. It does comp out to a recent sale in the cul de sac but again, to me that does not mean much in a declining market. The bad thing is that some dufus will most likely pay it and I will still be stuck renting…. and waiting

    thenSD Realtor

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