This is from the “We are richer when house prices go down discussion from one of the Temecula watchers, TG:’18 days on the market, reduced 17% in those 18 days, when first listed it was the cheapest house on the street, waiting saved the future buyer 50k
This beauty came on the market today, 4000 sq ft, amost 100 a square, if you bought yesterday you would miss this record setter at more than 50% off it’s price in 2005 and now it is 47 cents on the dollar and the former model in one of the nicest subdivisions in my area, it’s presence just cost every house in the development 100k
It’s neighbor two doors away is a repo, wasn’t a model, is smaller and has a smaller lot. Despite the bank cutting 80k off it three weeks ago, they will need to chop another 100k to be in line with the one that just came up, why miss the fireworks and buy today or yesterday?
And finally this is a classic case of what almost every lising looks like that has been on the market for a few months. At each point you claim the bottom and at each point you would have thrown money in the toilet. This is what the market is doing, nothing indicates that it is slowing down. Below the map is the listing price history, for this one I’ll post it bt on the others, just scroll down.
Oct 02, 2007 $580,000
Oct 17, 2007 $575,000
Oct 30, 2007 $565,000
Nov 05, 2007 $545,000
Nov 09, 2007 $535,000
Nov 19, 2007 $500,000
Dec 11, 2007 $450,000
Jan 02, 2008 $435,000
Jan 11, 2008 $420,000
Jan 16, 2008 $390,000
Jan 25, 2008 $380,000
Feb 25, 2008 $350,000
Fundamentally this is a 2k a month rental so the 125x multiplier is 250k, at that point I will buy it, the 150x is 300k, at that point I’ll think about it, but anyone can say “now is a great time to buy,” prove it to me.
Submitted by temeculaguy on February 29, 2008 – 10:05pm.
Oh yeah i forgot this one, 30% decline in eight months
Orignal price Sep 17, 2004 $503,500
Resale price Jun 15, 2006 $790,000
Repo to bank May 09, 2007 $670,306
Bank want’s their money back so they list at about what they were owed, it doesn’t sell and they lower until they find the market, guess what, they haven’t found it. At any price except the last one, if you were a buyer, you lost money and it is my belief that even the last price is incorrect, time will tell but I will bet that I will find reductions in March, not increases. In fact, in 8 months, it has gone down 227k, about a 30k monthly decline, which is more than 5% a month, what makes anyone believe that March/April it won’t go down to 420k, what is so confusing about this pattern that is repeated on every street, every day, what is it about this pattern that would make anyone think “O.K. that’s enough, it will all sell now.”
Jun 15, 2007 $667,500
Aug 21, 2007 $634,900
Sep 22, 2007 $595,000
Oct 23, 2007 $550,000
Nov 26, 2007 $523,900
Dec 31, 2007 $514,900
Feb 29, 2008 $450,000′”
