32 offers or more in 3 days on a single property

[yojimbo]

I’m not really sure how people are defining “Pent up demand”. I agree with AN – there is plain old demand for a trashed home in 92113 at the right price. It’s not “pent up”, it’s just a buyer that will pay a certain price albeit a low one in Logan Heights.

I would think “pent up demand” would be comprised of buyers who want to buy at the current price but cannot for some reason such as the current credit tightening. The demand is there but cannot express itself due to some non-price related constraint.

Demand that occurs for a home in RP is just plain old demand at a certain price point. It’s not pent up or restrained in any way. The buyers are looking at the market and making what they believe are rational economic decisions to buy or wait. Those decisions will be made by buyers the entire time the market is moving down or up.

I think the pent up demand mantra has been pushed by the real estate industry to imply that the market “could” turn around quickly. “With all this Pent Up Demand you buyers better be ready to jump on something or you may be sorry!”

So, personally I don’t believe there is any pent up demand. Just plain old boring demand at certain price levels.

Obviously there was quite a bit of demand for the subject property in this thread at its original price until most buyers saw the inside of the home or found out it had a cracked slab and would most likely have to be purchased all cash and then a lot of that demand probably disappeared. No different in North County then South or Central County. It’s just a matter of price.

[sdrealtor]

yo,
you are over analyzing this. pent up demand infers that there is demand waiting for something to happen. The lack of pent demand is apparent in places like detroit where you literally cannot give a property away at any price. In our case the demand is pent up because of a very real constraint-prices are too high. When prices fall some of that demand is released into the market.

Regarding the cracked slab, that is well and good but irrelvant to point. If the house was habitable (which is is not) there is huge demand for a home like that at that price level. Lower prices release demand that is sitting on the sidelines right now in SD. How much demand is pent up is impossible to assess but cases like this home reveal that it could be pretty substantial in some areas.

[sdrealtor]

yo,
you are over analyzing this. pent up demand infers that there is demand waiting for something to happen. The lack of pent demand is apparent in places like detroit where you literally cannot give a property away at any price. In our case the demand is pent up because of a very real constraint-prices are too high. When prices fall some of that demand is released into the market.

Regarding the cracked slab, that is well and good but irrelvant to point. If the house was habitable (which is is not) there is huge demand for a home like that at that price level. Lower prices release demand that is sitting on the sidelines right now in SD. How much demand is pent up is impossible to assess but cases like this home reveal that it could be pretty substantial in some areas.

[sdrealtor]

yo,
you are over analyzing this. pent up demand infers that there is demand waiting for something to happen. The lack of pent demand is apparent in places like detroit where you literally cannot give a property away at any price. In our case the demand is pent up because of a very real constraint-prices are too high. When prices fall some of that demand is released into the market.

Regarding the cracked slab, that is well and good but irrelvant to point. If the house was habitable (which is is not) there is huge demand for a home like that at that price level. Lower prices release demand that is sitting on the sidelines right now in SD. How much demand is pent up is impossible to assess but cases like this home reveal that it could be pretty substantial in some areas.

[sdrealtor]

yo,
you are over analyzing this. pent up demand infers that there is demand waiting for something to happen. The lack of pent demand is apparent in places like detroit where you literally cannot give a property away at any price. In our case the demand is pent up because of a very real constraint-prices are too high. When prices fall some of that demand is released into the market.

Regarding the cracked slab, that is well and good but irrelvant to point. If the house was habitable (which is is not) there is huge demand for a home like that at that price level. Lower prices release demand that is sitting on the sidelines right now in SD. How much demand is pent up is impossible to assess but cases like this home reveal that it could be pretty substantial in some areas.

[sdrealtor]

yo,
you are over analyzing this. pent up demand infers that there is demand waiting for something to happen. The lack of pent demand is apparent in places like detroit where you literally cannot give a property away at any price. In our case the demand is pent up because of a very real constraint-prices are too high. When prices fall some of that demand is released into the market.

Regarding the cracked slab, that is well and good but irrelvant to point. If the house was habitable (which is is not) there is huge demand for a home like that at that price level. Lower prices release demand that is sitting on the sidelines right now in SD. How much demand is pent up is impossible to assess but cases like this home reveal that it could be pretty substantial in some areas.

[Anonymous]

I was the first one accepted i believe. We found out pretty soon after the best & final and did our inspection the next day which caught the issues.

And as for the lawsuit concerns – the cracked slab & roof leaks are now listed in the MLS so I figured it was okay to say something.

They have dropped the price again by the way to $328K.

[Anonymous]

I was the first one accepted i believe. We found out pretty soon after the best & final and did our inspection the next day which caught the issues.

And as for the lawsuit concerns – the cracked slab & roof leaks are now listed in the MLS so I figured it was okay to say something.

They have dropped the price again by the way to $328K.

[Anonymous]

I was the first one accepted i believe. We found out pretty soon after the best & final and did our inspection the next day which caught the issues.

And as for the lawsuit concerns – the cracked slab & roof leaks are now listed in the MLS so I figured it was okay to say something.

They have dropped the price again by the way to $328K.

[Anonymous]

I was the first one accepted i believe. We found out pretty soon after the best & final and did our inspection the next day which caught the issues.

And as for the lawsuit concerns – the cracked slab & roof leaks are now listed in the MLS so I figured it was okay to say something.

They have dropped the price again by the way to $328K.

[Anonymous]

I was the first one accepted i believe. We found out pretty soon after the best & final and did our inspection the next day which caught the issues.

And as for the lawsuit concerns – the cracked slab & roof leaks are now listed in the MLS so I figured it was okay to say something.

They have dropped the price again by the way to $328K.

[Raybyrnes]

With a cracked slab that house is garbage. Tough to get a loan on, tough to insure , tough to resell. A contractor with cash who is looking to rent that out over the long term would be the best client for that type of unit.

[Raybyrnes]

With a cracked slab that house is garbage. Tough to get a loan on, tough to insure , tough to resell. A contractor with cash who is looking to rent that out over the long term would be the best client for that type of unit.

[Raybyrnes]

With a cracked slab that house is garbage. Tough to get a loan on, tough to insure , tough to resell. A contractor with cash who is looking to rent that out over the long term would be the best client for that type of unit.

[Raybyrnes]

With a cracked slab that house is garbage. Tough to get a loan on, tough to insure , tough to resell. A contractor with cash who is looking to rent that out over the long term would be the best client for that type of unit.

[Author]

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