[quote=sdrealtor]CAR
Meadowmist was on the market once before and reduced price by 600K over 120 days. It came back on this year and reduced price about 500K over 120 days and sold. This is not an example of someone stubbornly sticking to a bubble price. It is someone aggressively trying to find the market that tried and failed once before. It is the antithesis of your and not a valid example at all.
The Babilona houses are different school district and a very unique market. You know that. Those homes sell to mostly retirees up there and/or as 2nd homes. Those are outliers relative to the area and great values to boot. On the 2nd one 21% above a 2001 price is a 2003 price. Its also a $2M house and that is different than the homes around $1M+
Calle Tres Vista is not $1M+ market it $2M+ market which is completely different. Its also the Amir Elgindy pennystock fraud perpatrator house with a very sordid past.
As for the house on Caminito Ricardo. Have you been there to see it? Its been in and out of escrow because it is a disaster. It needs a wrecking ball. The bill to fix that house starts around $200K and I dont think that would put a dent into the problems associated with it.
You are picking ugly ducklings and outliers to prove a point and it doesnt work. A house left to rot for the last 10 years like Caminito Ricardo should sell for less as far it is into disrepair. Massively overbuilt homes on Babilonia with horrible floorplans also.
Of course, nice homes priced at 2001 prices will sell quickly. You just havent shown me any valid ones because they sell for more than that.
As for the bet, i’ll take it but hell I buy those Margaritas for you now without a bet because I’m thristy and it will take at least a year IMO for it to go REO.[/quote]
How about this one:
Sold for $2.1MM in 2002 and is now listed (and pending) at $1.9MM.
Seriously, there are plenty of examples where houses in the $1MM++ are selling for near 2000/2001 prices. If all the “rich” people are moving here, why are these places not moving like the middle market? My guess is it’s because the mortgage financing is more difficult to get at those higher levels.
What percentage of SFH inventory in 92024 is priced at $1MM+? That market is NOT moving, even if there are onsies and twosies selling here and there (things are always selling in any market, but volume does matter). Our inventory is too top-heavy, and when these “sellers” decide to actually sell, it will start the next leg down, IMHO.
