Anecdotal but interesting

[CardiffBaseball]

I subscribe to Zip Realty which emails me Cardiff and Encinitas homes (been on the uptick recently).. Anyway the Zip realty rep calls every now and then. This time she said there was a lot of Short Sale and Forclosure activity going on. I didn’t have time to press for specifics, but I found that kind of interesting.

Is anyone seeing activity in those communities?

[Cow_tipping]

Here is another anecdote.
There is a region of charlotte NC – in the south called Ballantyne. Its characterised by over priced tract built homes and seriously conjested town houses on tiny lots and the commute from hell (as close as hell gets in charlotte) as well as being 2-4 miles from trailer city South carolina. The houses there are 400K and up in a town where you can buy a similar sized house similar distance from the center of the city for under 150 anyday of the week.
There is 5 of my co workers that live there (prolly many more, but 5 in calling distance) and 4 out of the 5 intend to sell their house in 2-3 years you know, after it appreciates 20% YOY. I was telling them about bad designs (roof that will collect water in 1 Orleans house and a similar design in a Toll house as well as other issues and they all go, yea I’ll be out of here by the time trouble hits. Of course charlotte has switched the high $$ to the north side now as usual, where 485 is about to come through.
Am I crazy or are these clowns flippers who got in in 2007 and 06.
Cool.
Cow_tipping.

[sdrealtor]

CB,
There is some but not alot. Mostly condos with 100% financing.
SDR

[Bugs]

In February 2007, 13 out of the 113 SFR/Condo properties that sold through the MLS in Oceanside had some reference to “bank owned” , “subject to short sale approval” or similar language in their MLS listings. That doesn’t include the probate sales, the divorce sales, the “second home, must sell” sales etc. That also doesn’t include the properties that might have been forced sales but were not marketed that way. A number of the 113 were new homes or condos that wouldn’t have even been marketed in the MLS prior to 01/2006.

In Vista it was 4 sales out of 54; in San Marcos it was 6 out of 72; in Carlsbad it was 4 out of 82. I didn’t look in Encinitas, but I imagine the trend there would be similar to Carlsbad.

Needless to say, “must sell” is where the action on pricing is; and the more that segment grows right now the more action there’ll be.

[CardiffBaseball]

Because of Park Place a big chunk of the Cardiff market are not SFH, so it’s likely that she is seeing activity there and in parts of Encinitas where you see a lot of twin homes. Those show up as condos in the MLS correct?

[ibjames]

With all the short sales and other activity, I can’t see how people see a 20% decline in overall price and 20% in inflation. It just seems like it would be more of an overall price decline that is going to happen more than inflation, thoughts?

[sdrealtor]

MLS separates into detached and attached homes. Some detached homes are actually condos and some attached homes are actually not condos. Condo describes ownership of the land/structure not the type of dwelling. Condo owners share an undivided interest with others.

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