I have been a side line reader for some time and finally decided to join the group. If, not merily to be in the company of sane people. Our family realtor called my brother and began a long drawn out dialogue about the condition of real estate. Mind you we are talking top realtor, big office space 6500sqft, top floor office suites, 20 agents, a mortgage company and escrow division this guy is BIG!!!
He told my brother, walk outside, look left, look right and if it is not either one of those houses in foreclosure, then look at your own, becasue 1 in 3 are headed in to foreclosure. He brings up a property Chula Vista in the woods golf course, tells of a guy who bought it for 1.8mil put 500K in upgrades Stunning does not even begin to describe it. Guy gets in some sort of trouble, puts it on the market at 2.2mil nothing………….nothing…..lowered it to 1.8mil letting go of the 500K cash equity…nothing..bank took it over and flipped it back on to the market at 1.2mil, a locust field of buyers rushed in and the ending # was 1.4mil Mind you just a breath away worth this thing was worth 2.2mil..The realtor I mentioned before lived on the same street and was calling my brother to talk him out of using the ticket he bought to the Coronado bridge… This thing is going to unravel in a way that even a shark in the business will feel sorry for the casualties…wait, wait, and if you forget think about the agent he is still alive, but the comps in his area because of the sale of the stunning house~ just took a tank..he had paid 1.4 with a lot less sq footage and half the luxury a mere 8 month ago… The adage is true Remember stupid money always follows smart money.
