paramount, how are values still sinking? Post an example of a house that could be had in 2009 for a certain price and can be had for less today. An actual sale, not what you thought it was worth. I can post numerous exact models or even exact houses that could be had for less in 2009 than can be found today. This isn’t me calling you a liar, but what you say is contrary to what I see, especially friends who are looking to buy and are frustrated when it’s actually time to submit an offer and contrary to my recent appraisal. Not list prices or pending short sale prices, but closed prices. For example, something like this.
For example, I’ll use a house I tried to buy as a short but it ended up going as a repo then add the neighboring houses, three houses, same street, same side of the street, all within 6 houses of each other. I apologize for the lack of pictures as the older sales have no pictures but the square footage is identical and you can stand on the sidewalk and throw a rock at all three, it’s a close as you can get.
throw in exhibit D, the only non short sale, non pending home in that tract currenlty listed, it’s smaller than the three model matches on the same view side of the street and it has no view, listed for 395K (overpriced in my opinion, but that’s your only option).
2009 and 2010 were flat, right now things are up, this is what an appraiser lookes at, they look at model matches on the same street with the same view. This is how my house is gone up more than the sum total of all of the payments I’ve made, I’m going up over 2k a month for the last three years, and my evidence is getting out of PMI even though I put 5% down and an the lender’s appraiser says I’m at over 30% equity. Maybe there are circumstances that cause us too see things differently, but the bank agrees with me, despite the redfin chart (which just shows cost per square feet or total cost and doesn’t look at specific location or condition). How is it that my friend cannot buy a house for what I paid, no matter how hard he tries and he is trying, he cannot even get close and it’s getting worse. The new construction is smaller and more expensive
If you look into it, I’ll bet there other factors adn what you thought you could sell for last year may not have been totally accurate, the only way to tell is to actually sell it or look at sold data in a very tight format, same street, same side of the street, same square footage.
Here’s another example of a neighborhood and a model I am very familiar with and livved in at one time.
they sold new in 1998 for 185k, it obviously got heloced to death and repo’d, then sold at auction for 237K in December. Someone put some money into counters and flooring and flipped it, now in escrow for for 324K, after 8 days on the market. That’s someone who did their homework. Ask any realtor, it is possible for two different people in the same zip code to get different results from real estate within that zip code.
For fun I looked at one of the few tracts in paloma I’m familair wiht, having dated a resident in this particular tract in the past. It’s far from paloma’s finest, it’s probably the worst.
excluding pending shorts (which can be misleading) the only listed standard is pending and lasted 8 days on the market
and I found 4 or 5 at the same square footage in the last two years in the 170’s and 180’s. but today the only one in escrow is 225k. I just don’t see what you are seeing. An aside is that I do not reccomed these as rentals, this is monstertruckville, tiny houses, rent on par with cheaper condos, tennant with big dogs choose this because it is the cheapest place they can have and still have their big dogs, the make for bad neighbors, she was pretty cute though.
