“Cookie cutter tract house with small usable lot…. Even though it’s over 4000 sqfts, it’s still way overpriced.
I won’t look at it until it returns to price below $750s range. ”
Masakayo I do not believe it will ever get there. They already have 3 offers and I know of a 4th being written tonite. I also have heard that there has been alot of traffic.
The home right near it on Mesa Norte which is 5500 is not on the MLS yet as the lender is still pricing it. It will most likely fetch between 1.7-2M. Still a reduction compared to the 2.2+M it sold for.
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meandale – I don’t know who buys a home and leaves it like it is, but again, most flippers do not expose 300k cash unless it belongs to someone else..Back to the age old argument…if you can get someone to loan ya the money without recourse why in the world would you not do that? So I don’t know who did it, but I would bet that it was not a flipper.
Also the home on Mesa Norte that went for 2.2M and change is an REO. He only had 200k into it. From what I have found out about the owner he was definitely not a flipper but that home is very close by to Mesa Norte and it has not even hit the MLS yet and has had substantial activity on it.
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Mr Wrong you have pretty keen insights. I guess my point is that I do not ever claim to understand any behavior of any buyer at all except that they are all different. As you pointed out many are indeed driven by emotion and I would venture to guess more then the 50% number. However as many who post here simply cannot even begin to fathom how people would ever buy in a market like this, many who do buy cannot even begin to fathom ever renting a home. That cost is not an issue for them regardless of the fact that they are not independently wealthy. Am I saying either party is right or wrong? Well not really but for me personally I tend to fall on the side of people here simply because I am not as wealthy as I want to be. Yet I think you touched on an important point that this site is based on hard numbers more and psychology less. There is nothing wrong with that at all except expectation levels of market movement are not adjusted because logic does not account for that. Logic dictates that there should NOT BE 25,000 homes sold if everyone looked at this as only a financial issue. BTW 25K is a piss poor year right?
There is no right or wrong here at all. Yet, I think ….well like you said Mr Wrong, you need patience to wait it out… and in some cases the price levels people think may occur for some homes may indeed not occur.
Please don’t confuse this with an endorsement to buy now or anything like that.
