DZ
Didnt want to quote your quote of my post so here is yours:
“CAR, my bet that Case Shiller drops 10% is still on the table but I don’t think anybody here is willing to take that. I’m not going to bet on a single property becuase who knows what type of extenuating circumstances are involved. If it is being sold at 2000/2001 prices I would have to think something shady is going on.
My original point remains the same, a point that the RE hacks can’t get their brains around. If the general baseline pricing across the board is going down, then common sense dictates that there will be better deals all around.”
In response there is nothing shady going on. Its called exploiting a fabulous opportunity. The appraisal just came back and it was 6 figures higher than the purchase price. The appraiser admitted he came in low because it was hard to find comps and could have valued it another $150K higher.
Lastly, the general pricing level is irrelevant in my eyes from this point forward. I beleive we are within 10% of any price bottom and now the key is finding that great long term property at a price that affords you 10% (or more) of downside price protection. I know it is possible. Common sense dictating better deals being around does not consider that finding the right house is hard. It also does not consider that the lower prices get the higher competition becomes for the special ones.
