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  • January 2, 2008 at 11:43 PM #11389
    temeculaguy
    Participant

    I thought I would have to wait a few months into the new year to see the banks get agressive. I often customize my search on Redfin to look for new listings in the last two days and today two cases of bank slashing popped up.

    Case #1 repo listed for 81 days at 399k, no backyard to speak of, barely enough room for a table, the worst lost in the tract and an 06 sales price of 600k. Seems reasonable in a neigborhood of 500-600k homes a repo would price out at 400k for a bad one.

    http://www.redfin.com/stingray/do/printable-listing?listing-id=1210753

    Then today another bank repo model match but this one is on the Redhawk golf course fairway, something that was always worth something and this one is mid fairway, not just views from upstairs bedrooms but from any part of the yard and kitchen. And they list for 349k. Talk about a F-U price, this is the stuff of riots, six months ago, nothing was this side of 500k on that side of the street.

    http://www.redfin.com/stingray/do/printable-listing?listing-id=1368970

    Case #2 Wolf creek, the 2100 sq 1 story, all of last year, prices were about 400-450 for this model. A short popped up at 340k but the bank probably won’t take it and I don’t like to count short sale list prices as real, it’s a made up number. This one has been sitting at 459k, obviously the market has passed this person by as evidenced by 160 d.o.m.

    http://www.redfin.com/stingray/do/printable-listing?listing-id=980346

    Today a bank throws up this F.U. price, 314k for a model match.

    http://www.redfin.com/stingray/do/printable-listing?listing-id=1369455

    I think the first business day of 2008 has been good for bears. I think the question about what the banks will do has been answered. The N.A.R. thinks prices will go down 3% this year, case-shiller says 11%, TG says 20% in a day, BAM……I believe Navin Johnson said it best “Things are going to start happening to me now.”

    January 3, 2008 at 12:02 AM #128297
    Anonymous
    Guest

    I’m intrigued by the second house. I don’t ever remember seeing a floorplan like that. It looks just like a big “L”. I’m wondering if that driveway is as long as it really looks. With the views, I’d say it would feel like a very prestigious house to live in. I tend to like brand new homes, but I’d give this one some thought if I could buy now.

    Thing is, how much cheaper will it go. Or will these kind of homes in Temecula get snatched up right away?

    January 3, 2008 at 12:02 AM #128462
    Anonymous
    Guest

    I’m intrigued by the second house. I don’t ever remember seeing a floorplan like that. It looks just like a big “L”. I’m wondering if that driveway is as long as it really looks. With the views, I’d say it would feel like a very prestigious house to live in. I tend to like brand new homes, but I’d give this one some thought if I could buy now.

    Thing is, how much cheaper will it go. Or will these kind of homes in Temecula get snatched up right away?

    January 3, 2008 at 12:02 AM #128472
    Anonymous
    Guest

    I’m intrigued by the second house. I don’t ever remember seeing a floorplan like that. It looks just like a big “L”. I’m wondering if that driveway is as long as it really looks. With the views, I’d say it would feel like a very prestigious house to live in. I tend to like brand new homes, but I’d give this one some thought if I could buy now.

    Thing is, how much cheaper will it go. Or will these kind of homes in Temecula get snatched up right away?

    January 3, 2008 at 12:02 AM #128540
    Anonymous
    Guest

    I’m intrigued by the second house. I don’t ever remember seeing a floorplan like that. It looks just like a big “L”. I’m wondering if that driveway is as long as it really looks. With the views, I’d say it would feel like a very prestigious house to live in. I tend to like brand new homes, but I’d give this one some thought if I could buy now.

    Thing is, how much cheaper will it go. Or will these kind of homes in Temecula get snatched up right away?

    January 3, 2008 at 12:02 AM #128568
    Anonymous
    Guest

    I’m intrigued by the second house. I don’t ever remember seeing a floorplan like that. It looks just like a big “L”. I’m wondering if that driveway is as long as it really looks. With the views, I’d say it would feel like a very prestigious house to live in. I tend to like brand new homes, but I’d give this one some thought if I could buy now.

    Thing is, how much cheaper will it go. Or will these kind of homes in Temecula get snatched up right away?

    January 3, 2008 at 12:53 AM #128324
    temeculaguy
    Participant

    The driveways are that big, you can park 8 cars on them, the problem is that sideways garages look pretty from the street until you live in one. It’s a big trend but I’ve had sideways garages and they suck for anything but bicycle storage. If you put a car in it, it takes three turns to get it out, marks the hell out of the driveway and nobody can park anywhere on the driveway or nobody can get out. But it looks good, creates shade and the kids have a ready made hocky rink without being in the street.

    That one will get snatched up, I posted one for 329K a few weeks ago around the corner from this one in a far worse location and it was gone in two days. The point is, that is all that is selling and that is the comps that are being set. That bank set their price at 350k after looking at a bunch of 500k closed sales in the past twelve months, but still they saw the lowest price home of 400k hadn’t sold so 350k it is. They will be right, it will go. Next month when the next repo comes up the bank will only have the 350k to look at as the most recent sale, and they will know that things didn’t go up in price, so lower it will go. Or if it is not a golf course model, they will have to go sub 300. I firmly believe this. And if this happens in the absolute premier part of the most expensive area of Temecula, what will happen to the rest of the valley? It’s all related, it’s not a blip, it’s a trend.

    look at the 1999 price that it sold for new at 250k, they aren’t that far off that now, there properties out there that want 3x their 1999 price. Whoever priced this place is a genuis, 40% mark up since 1999, 4% a year for 9 years, holy crap that is a fundamentally sound price. He or she will be beaten and quartered by their co-workers.

    January 3, 2008 at 12:53 AM #128488
    temeculaguy
    Participant

    The driveways are that big, you can park 8 cars on them, the problem is that sideways garages look pretty from the street until you live in one. It’s a big trend but I’ve had sideways garages and they suck for anything but bicycle storage. If you put a car in it, it takes three turns to get it out, marks the hell out of the driveway and nobody can park anywhere on the driveway or nobody can get out. But it looks good, creates shade and the kids have a ready made hocky rink without being in the street.

    That one will get snatched up, I posted one for 329K a few weeks ago around the corner from this one in a far worse location and it was gone in two days. The point is, that is all that is selling and that is the comps that are being set. That bank set their price at 350k after looking at a bunch of 500k closed sales in the past twelve months, but still they saw the lowest price home of 400k hadn’t sold so 350k it is. They will be right, it will go. Next month when the next repo comes up the bank will only have the 350k to look at as the most recent sale, and they will know that things didn’t go up in price, so lower it will go. Or if it is not a golf course model, they will have to go sub 300. I firmly believe this. And if this happens in the absolute premier part of the most expensive area of Temecula, what will happen to the rest of the valley? It’s all related, it’s not a blip, it’s a trend.

    look at the 1999 price that it sold for new at 250k, they aren’t that far off that now, there properties out there that want 3x their 1999 price. Whoever priced this place is a genuis, 40% mark up since 1999, 4% a year for 9 years, holy crap that is a fundamentally sound price. He or she will be beaten and quartered by their co-workers.

    January 3, 2008 at 12:53 AM #128497
    temeculaguy
    Participant

    The driveways are that big, you can park 8 cars on them, the problem is that sideways garages look pretty from the street until you live in one. It’s a big trend but I’ve had sideways garages and they suck for anything but bicycle storage. If you put a car in it, it takes three turns to get it out, marks the hell out of the driveway and nobody can park anywhere on the driveway or nobody can get out. But it looks good, creates shade and the kids have a ready made hocky rink without being in the street.

    That one will get snatched up, I posted one for 329K a few weeks ago around the corner from this one in a far worse location and it was gone in two days. The point is, that is all that is selling and that is the comps that are being set. That bank set their price at 350k after looking at a bunch of 500k closed sales in the past twelve months, but still they saw the lowest price home of 400k hadn’t sold so 350k it is. They will be right, it will go. Next month when the next repo comes up the bank will only have the 350k to look at as the most recent sale, and they will know that things didn’t go up in price, so lower it will go. Or if it is not a golf course model, they will have to go sub 300. I firmly believe this. And if this happens in the absolute premier part of the most expensive area of Temecula, what will happen to the rest of the valley? It’s all related, it’s not a blip, it’s a trend.

    look at the 1999 price that it sold for new at 250k, they aren’t that far off that now, there properties out there that want 3x their 1999 price. Whoever priced this place is a genuis, 40% mark up since 1999, 4% a year for 9 years, holy crap that is a fundamentally sound price. He or she will be beaten and quartered by their co-workers.

    January 3, 2008 at 12:53 AM #128565
    temeculaguy
    Participant

    The driveways are that big, you can park 8 cars on them, the problem is that sideways garages look pretty from the street until you live in one. It’s a big trend but I’ve had sideways garages and they suck for anything but bicycle storage. If you put a car in it, it takes three turns to get it out, marks the hell out of the driveway and nobody can park anywhere on the driveway or nobody can get out. But it looks good, creates shade and the kids have a ready made hocky rink without being in the street.

    That one will get snatched up, I posted one for 329K a few weeks ago around the corner from this one in a far worse location and it was gone in two days. The point is, that is all that is selling and that is the comps that are being set. That bank set their price at 350k after looking at a bunch of 500k closed sales in the past twelve months, but still they saw the lowest price home of 400k hadn’t sold so 350k it is. They will be right, it will go. Next month when the next repo comes up the bank will only have the 350k to look at as the most recent sale, and they will know that things didn’t go up in price, so lower it will go. Or if it is not a golf course model, they will have to go sub 300. I firmly believe this. And if this happens in the absolute premier part of the most expensive area of Temecula, what will happen to the rest of the valley? It’s all related, it’s not a blip, it’s a trend.

    look at the 1999 price that it sold for new at 250k, they aren’t that far off that now, there properties out there that want 3x their 1999 price. Whoever priced this place is a genuis, 40% mark up since 1999, 4% a year for 9 years, holy crap that is a fundamentally sound price. He or she will be beaten and quartered by their co-workers.

    January 3, 2008 at 12:53 AM #128593
    temeculaguy
    Participant

    The driveways are that big, you can park 8 cars on them, the problem is that sideways garages look pretty from the street until you live in one. It’s a big trend but I’ve had sideways garages and they suck for anything but bicycle storage. If you put a car in it, it takes three turns to get it out, marks the hell out of the driveway and nobody can park anywhere on the driveway or nobody can get out. But it looks good, creates shade and the kids have a ready made hocky rink without being in the street.

    That one will get snatched up, I posted one for 329K a few weeks ago around the corner from this one in a far worse location and it was gone in two days. The point is, that is all that is selling and that is the comps that are being set. That bank set their price at 350k after looking at a bunch of 500k closed sales in the past twelve months, but still they saw the lowest price home of 400k hadn’t sold so 350k it is. They will be right, it will go. Next month when the next repo comes up the bank will only have the 350k to look at as the most recent sale, and they will know that things didn’t go up in price, so lower it will go. Or if it is not a golf course model, they will have to go sub 300. I firmly believe this. And if this happens in the absolute premier part of the most expensive area of Temecula, what will happen to the rest of the valley? It’s all related, it’s not a blip, it’s a trend.

    look at the 1999 price that it sold for new at 250k, they aren’t that far off that now, there properties out there that want 3x their 1999 price. Whoever priced this place is a genuis, 40% mark up since 1999, 4% a year for 9 years, holy crap that is a fundamentally sound price. He or she will be beaten and quartered by their co-workers.

    January 3, 2008 at 7:49 AM #128373
    Allan from Fallbrook
    Participant

    TG: Much like the old Realtor’s mantra of location, location, location, there will be the new banker’s mantra of inventory, inventory, inventory.

    The banks do not have a choice. At present, they are only putting out less than 30% of their REO inventory. The rationale was that by so doing they would keep prices from cratering and thereby recoup as much value as possible.

    It now appears (post 1Jan08) that they are going to get whatever price they can, and clear the books. This pressure is only going to increase, so it will be very interesting to see what happens next.

    January 3, 2008 at 7:49 AM #128538
    Allan from Fallbrook
    Participant

    TG: Much like the old Realtor’s mantra of location, location, location, there will be the new banker’s mantra of inventory, inventory, inventory.

    The banks do not have a choice. At present, they are only putting out less than 30% of their REO inventory. The rationale was that by so doing they would keep prices from cratering and thereby recoup as much value as possible.

    It now appears (post 1Jan08) that they are going to get whatever price they can, and clear the books. This pressure is only going to increase, so it will be very interesting to see what happens next.

    January 3, 2008 at 7:49 AM #128547
    Allan from Fallbrook
    Participant

    TG: Much like the old Realtor’s mantra of location, location, location, there will be the new banker’s mantra of inventory, inventory, inventory.

    The banks do not have a choice. At present, they are only putting out less than 30% of their REO inventory. The rationale was that by so doing they would keep prices from cratering and thereby recoup as much value as possible.

    It now appears (post 1Jan08) that they are going to get whatever price they can, and clear the books. This pressure is only going to increase, so it will be very interesting to see what happens next.

    January 3, 2008 at 7:49 AM #128615
    Allan from Fallbrook
    Participant

    TG: Much like the old Realtor’s mantra of location, location, location, there will be the new banker’s mantra of inventory, inventory, inventory.

    The banks do not have a choice. At present, they are only putting out less than 30% of their REO inventory. The rationale was that by so doing they would keep prices from cratering and thereby recoup as much value as possible.

    It now appears (post 1Jan08) that they are going to get whatever price they can, and clear the books. This pressure is only going to increase, so it will be very interesting to see what happens next.

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