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  • February 11, 2008 at 3:41 PM #151984
    sdrealtor
    Participant

    I think occurences like this are hard for real estate bears to comprehend. There is lots of pent up demand at various price ranges which prevent a free fall in prices anywhere that is desireable and well located. Declines take time because there are folks waiting and watching every step of the way the down. How many there are is anyone’s guess. But what likely ended up being 50 offers on a single property in the face of an awful market is wake up call for anyone expecting massive declines soon in relatively desiareable areas.

    February 11, 2008 at 4:05 PM #151639
    jpinpb
    Participant

    In the face of everybody admitting calamity in real estate, I wouldn’t call myself a bear, but a realist. 5 months on the market and counting for that one particular condo. And it’s somewhat nice in a good area. If there is such pent up demand, that should have been sold long ago, wouldn’t you think? I wouldn’t expect free fall prices overnight. I’m just thinking as a business person. Keep some place sitting empty that is making me no money or reduce the price, write off the loss, take the money and move on. There is no emotion involved.

    February 11, 2008 at 4:05 PM #151905
    jpinpb
    Participant

    In the face of everybody admitting calamity in real estate, I wouldn’t call myself a bear, but a realist. 5 months on the market and counting for that one particular condo. And it’s somewhat nice in a good area. If there is such pent up demand, that should have been sold long ago, wouldn’t you think? I wouldn’t expect free fall prices overnight. I’m just thinking as a business person. Keep some place sitting empty that is making me no money or reduce the price, write off the loss, take the money and move on. There is no emotion involved.

    February 11, 2008 at 4:05 PM #151907
    jpinpb
    Participant

    In the face of everybody admitting calamity in real estate, I wouldn’t call myself a bear, but a realist. 5 months on the market and counting for that one particular condo. And it’s somewhat nice in a good area. If there is such pent up demand, that should have been sold long ago, wouldn’t you think? I wouldn’t expect free fall prices overnight. I’m just thinking as a business person. Keep some place sitting empty that is making me no money or reduce the price, write off the loss, take the money and move on. There is no emotion involved.

    February 11, 2008 at 4:05 PM #151928
    jpinpb
    Participant

    In the face of everybody admitting calamity in real estate, I wouldn’t call myself a bear, but a realist. 5 months on the market and counting for that one particular condo. And it’s somewhat nice in a good area. If there is such pent up demand, that should have been sold long ago, wouldn’t you think? I wouldn’t expect free fall prices overnight. I’m just thinking as a business person. Keep some place sitting empty that is making me no money or reduce the price, write off the loss, take the money and move on. There is no emotion involved.

    February 11, 2008 at 4:05 PM #151999
    jpinpb
    Participant

    In the face of everybody admitting calamity in real estate, I wouldn’t call myself a bear, but a realist. 5 months on the market and counting for that one particular condo. And it’s somewhat nice in a good area. If there is such pent up demand, that should have been sold long ago, wouldn’t you think? I wouldn’t expect free fall prices overnight. I’m just thinking as a business person. Keep some place sitting empty that is making me no money or reduce the price, write off the loss, take the money and move on. There is no emotion involved.

    February 11, 2008 at 4:16 PM #151644
    kewp
    Participant

    If there is all this ‘pent-up’ demand then there will be a soft landing and prices won’t fall much beyond what they have already. I guess time will tell.

    I do think there is a small population of smart folks that sold in 2005, are renting and eager to buy back into the market. They made so much money they don’t really care if they take a 20% loss if it means not having to rent for another year or two.

    February 11, 2008 at 4:16 PM #151910
    kewp
    Participant

    If there is all this ‘pent-up’ demand then there will be a soft landing and prices won’t fall much beyond what they have already. I guess time will tell.

    I do think there is a small population of smart folks that sold in 2005, are renting and eager to buy back into the market. They made so much money they don’t really care if they take a 20% loss if it means not having to rent for another year or two.

    February 11, 2008 at 4:16 PM #151912
    kewp
    Participant

    If there is all this ‘pent-up’ demand then there will be a soft landing and prices won’t fall much beyond what they have already. I guess time will tell.

    I do think there is a small population of smart folks that sold in 2005, are renting and eager to buy back into the market. They made so much money they don’t really care if they take a 20% loss if it means not having to rent for another year or two.

    February 11, 2008 at 4:16 PM #151933
    kewp
    Participant

    If there is all this ‘pent-up’ demand then there will be a soft landing and prices won’t fall much beyond what they have already. I guess time will tell.

    I do think there is a small population of smart folks that sold in 2005, are renting and eager to buy back into the market. They made so much money they don’t really care if they take a 20% loss if it means not having to rent for another year or two.

    February 11, 2008 at 4:16 PM #152005
    kewp
    Participant

    If there is all this ‘pent-up’ demand then there will be a soft landing and prices won’t fall much beyond what they have already. I guess time will tell.

    I do think there is a small population of smart folks that sold in 2005, are renting and eager to buy back into the market. They made so much money they don’t really care if they take a 20% loss if it means not having to rent for another year or two.

    February 11, 2008 at 4:17 PM #151649
    SD Realtor
    Participant

    jp the pent up demand varies not only between zip codes but within zip codes as well. You cannot compare a wateridge condo to a detached home in pq. That is not an apples to apples comparison. There were 2 offers at 380k and the trustee sale may have already happened as the sales agent was not sure because the asset manager did not call her back. The 380k offers came in quite quickly but the lender took their sweet time processing them… big surprise eh?

    The point that sdrealtor was making is that pent up demand is indeed present for certain homes in certain neighborhoods. This pq listing was a perfect example. Several other listings have been on the market in that area and have sat and sat forever. So this Cal Property Investments comes in and slams everyone with close to a 30% undermarket listing and gets SWARMED ON.

    Anyways is there pent up demand for sfh in PQ? Yes there is. Is there pent up demand for sfh in Logan Heights? No there is not. Nor is there pent up demand for a wateridge condo until it pencils out as a rental.

    I have seen many listings come on the market in Mira Mesa with some pretty crazy pricings… SFH homes in the low to mid 300s and they all seem to have offers on them as well.

    I could not agree more with your point about price it correctly to sell and forget about the loss… Some banks seem to get it, some don’t. Depends alot on who does the BPO for them.

    SD Realtor

    February 11, 2008 at 4:17 PM #151915
    SD Realtor
    Participant

    jp the pent up demand varies not only between zip codes but within zip codes as well. You cannot compare a wateridge condo to a detached home in pq. That is not an apples to apples comparison. There were 2 offers at 380k and the trustee sale may have already happened as the sales agent was not sure because the asset manager did not call her back. The 380k offers came in quite quickly but the lender took their sweet time processing them… big surprise eh?

    The point that sdrealtor was making is that pent up demand is indeed present for certain homes in certain neighborhoods. This pq listing was a perfect example. Several other listings have been on the market in that area and have sat and sat forever. So this Cal Property Investments comes in and slams everyone with close to a 30% undermarket listing and gets SWARMED ON.

    Anyways is there pent up demand for sfh in PQ? Yes there is. Is there pent up demand for sfh in Logan Heights? No there is not. Nor is there pent up demand for a wateridge condo until it pencils out as a rental.

    I have seen many listings come on the market in Mira Mesa with some pretty crazy pricings… SFH homes in the low to mid 300s and they all seem to have offers on them as well.

    I could not agree more with your point about price it correctly to sell and forget about the loss… Some banks seem to get it, some don’t. Depends alot on who does the BPO for them.

    SD Realtor

    February 11, 2008 at 4:17 PM #151917
    SD Realtor
    Participant

    jp the pent up demand varies not only between zip codes but within zip codes as well. You cannot compare a wateridge condo to a detached home in pq. That is not an apples to apples comparison. There were 2 offers at 380k and the trustee sale may have already happened as the sales agent was not sure because the asset manager did not call her back. The 380k offers came in quite quickly but the lender took their sweet time processing them… big surprise eh?

    The point that sdrealtor was making is that pent up demand is indeed present for certain homes in certain neighborhoods. This pq listing was a perfect example. Several other listings have been on the market in that area and have sat and sat forever. So this Cal Property Investments comes in and slams everyone with close to a 30% undermarket listing and gets SWARMED ON.

    Anyways is there pent up demand for sfh in PQ? Yes there is. Is there pent up demand for sfh in Logan Heights? No there is not. Nor is there pent up demand for a wateridge condo until it pencils out as a rental.

    I have seen many listings come on the market in Mira Mesa with some pretty crazy pricings… SFH homes in the low to mid 300s and they all seem to have offers on them as well.

    I could not agree more with your point about price it correctly to sell and forget about the loss… Some banks seem to get it, some don’t. Depends alot on who does the BPO for them.

    SD Realtor

    February 11, 2008 at 4:17 PM #151938
    SD Realtor
    Participant

    jp the pent up demand varies not only between zip codes but within zip codes as well. You cannot compare a wateridge condo to a detached home in pq. That is not an apples to apples comparison. There were 2 offers at 380k and the trustee sale may have already happened as the sales agent was not sure because the asset manager did not call her back. The 380k offers came in quite quickly but the lender took their sweet time processing them… big surprise eh?

    The point that sdrealtor was making is that pent up demand is indeed present for certain homes in certain neighborhoods. This pq listing was a perfect example. Several other listings have been on the market in that area and have sat and sat forever. So this Cal Property Investments comes in and slams everyone with close to a 30% undermarket listing and gets SWARMED ON.

    Anyways is there pent up demand for sfh in PQ? Yes there is. Is there pent up demand for sfh in Logan Heights? No there is not. Nor is there pent up demand for a wateridge condo until it pencils out as a rental.

    I have seen many listings come on the market in Mira Mesa with some pretty crazy pricings… SFH homes in the low to mid 300s and they all seem to have offers on them as well.

    I could not agree more with your point about price it correctly to sell and forget about the loss… Some banks seem to get it, some don’t. Depends alot on who does the BPO for them.

    SD Realtor

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