Business data point in Temecula

[NotCranky]

[quote=Bob][quote=Russell]Bob,
Did you post previously under bob007 or another name? Just curious.[/quote]

No.

[quote]I am looking at it as a reasonable entry point where a person using common sense puts themselves in a likely position to remain satisfied with the situation.[/quote]

Fair enough, but under that definition I should have called the bottom in early 2008 when I purchased in TV. LOL Seriously, when I made the purchase I knew the market was still on a downward slope, but it didn’t matter because I purchased a property that is a positive cash flow situation and got it at a 60% discount from peak. It helped that it was a beautiful property in Red Hawk.

The bottom line here is that predicting bottom, whether it be in the housing market or the overall economy, is a useless endeavor because the “bottom” has different interpretations depending on the person.
[/quote]
Thanks for responding and congratulations on your place. I agree with you BTW. Good question. I made a thread out of it…sort of.

[Bob]

[quote=temeculaguy]Bob, post a link unless you are thinking of buying it. Maybe that 259k bolsters my argument, it can be a low water mark and if things get much worse and you can find it for 175 come summer, then I was wrong. One thing to consider when looking at list prices, it is a strategy of some reo listing agents to list an extremely low price and get the bidding war going.[/quote]

This is getting humorous, but I’ll play along anyway. But first, you have yet to answer my question…which is, what is your definition of bottom ?

And as a side note, hate to break it to you, but listing agents have been throwing out lowball list prices for well over the last year with the hopes of getting a bidding war going. Even during the darkest days of 2007-2008 the turnkey properties were getting multiple offers, often times selling above list price. I made an offer on one property in late 2007 that got 13 offers…even though it seemed as if half the street had “for sale” signs in the front lawns. But as a contrast, a broker friend of mine had a decent REO listed for under $200K last month that didn’t get any offers close to list. The point is, the fact that there are bidding wars doesn’t prove much of anything right now because as I’ve stated, there have been multiple offer bidding wars going on for the last few years. The only difference now is that there is a smaller supply due to the moratoriums. Having said that, if the moratoriums and loan modifications go into full effect at some point in the near future, then yes, price deflation will have been abated…at least in the short term. We will have to wait and see what comes of those programs, as well as what comes from the backlog of foreclosures that supposedly are in the pipeline.

[Bob]

[quote=temeculaguy]Bob, post a link unless you are thinking of buying it. Maybe that 259k bolsters my argument, it can be a low water mark and if things get much worse and you can find it for 175 come summer, then I was wrong. One thing to consider when looking at list prices, it is a strategy of some reo listing agents to list an extremely low price and get the bidding war going.[/quote]

This is getting humorous, but I’ll play along anyway. But first, you have yet to answer my question…which is, what is your definition of bottom ?

And as a side note, hate to break it to you, but listing agents have been throwing out lowball list prices for well over the last year with the hopes of getting a bidding war going. Even during the darkest days of 2007-2008 the turnkey properties were getting multiple offers, often times selling above list price. I made an offer on one property in late 2007 that got 13 offers…even though it seemed as if half the street had “for sale” signs in the front lawns. But as a contrast, a broker friend of mine had a decent REO listed for under $200K last month that didn’t get any offers close to list. The point is, the fact that there are bidding wars doesn’t prove much of anything right now because as I’ve stated, there have been multiple offer bidding wars going on for the last few years. The only difference now is that there is a smaller supply due to the moratoriums. Having said that, if the moratoriums and loan modifications go into full effect at some point in the near future, then yes, price deflation will have been abated…at least in the short term. We will have to wait and see what comes of those programs, as well as what comes from the backlog of foreclosures that supposedly are in the pipeline.

[Bob]

[quote=temeculaguy]Bob, post a link unless you are thinking of buying it. Maybe that 259k bolsters my argument, it can be a low water mark and if things get much worse and you can find it for 175 come summer, then I was wrong. One thing to consider when looking at list prices, it is a strategy of some reo listing agents to list an extremely low price and get the bidding war going.[/quote]

This is getting humorous, but I’ll play along anyway. But first, you have yet to answer my question…which is, what is your definition of bottom ?

And as a side note, hate to break it to you, but listing agents have been throwing out lowball list prices for well over the last year with the hopes of getting a bidding war going. Even during the darkest days of 2007-2008 the turnkey properties were getting multiple offers, often times selling above list price. I made an offer on one property in late 2007 that got 13 offers…even though it seemed as if half the street had “for sale” signs in the front lawns. But as a contrast, a broker friend of mine had a decent REO listed for under $200K last month that didn’t get any offers close to list. The point is, the fact that there are bidding wars doesn’t prove much of anything right now because as I’ve stated, there have been multiple offer bidding wars going on for the last few years. The only difference now is that there is a smaller supply due to the moratoriums. Having said that, if the moratoriums and loan modifications go into full effect at some point in the near future, then yes, price deflation will have been abated…at least in the short term. We will have to wait and see what comes of those programs, as well as what comes from the backlog of foreclosures that supposedly are in the pipeline.

[Bob]

[quote=temeculaguy]Bob, post a link unless you are thinking of buying it. Maybe that 259k bolsters my argument, it can be a low water mark and if things get much worse and you can find it for 175 come summer, then I was wrong. One thing to consider when looking at list prices, it is a strategy of some reo listing agents to list an extremely low price and get the bidding war going.[/quote]

This is getting humorous, but I’ll play along anyway. But first, you have yet to answer my question…which is, what is your definition of bottom ?

And as a side note, hate to break it to you, but listing agents have been throwing out lowball list prices for well over the last year with the hopes of getting a bidding war going. Even during the darkest days of 2007-2008 the turnkey properties were getting multiple offers, often times selling above list price. I made an offer on one property in late 2007 that got 13 offers…even though it seemed as if half the street had “for sale” signs in the front lawns. But as a contrast, a broker friend of mine had a decent REO listed for under $200K last month that didn’t get any offers close to list. The point is, the fact that there are bidding wars doesn’t prove much of anything right now because as I’ve stated, there have been multiple offer bidding wars going on for the last few years. The only difference now is that there is a smaller supply due to the moratoriums. Having said that, if the moratoriums and loan modifications go into full effect at some point in the near future, then yes, price deflation will have been abated…at least in the short term. We will have to wait and see what comes of those programs, as well as what comes from the backlog of foreclosures that supposedly are in the pipeline.

[Bob]

[quote=temeculaguy]Bob, post a link unless you are thinking of buying it. Maybe that 259k bolsters my argument, it can be a low water mark and if things get much worse and you can find it for 175 come summer, then I was wrong. One thing to consider when looking at list prices, it is a strategy of some reo listing agents to list an extremely low price and get the bidding war going.[/quote]

This is getting humorous, but I’ll play along anyway. But first, you have yet to answer my question…which is, what is your definition of bottom ?

And as a side note, hate to break it to you, but listing agents have been throwing out lowball list prices for well over the last year with the hopes of getting a bidding war going. Even during the darkest days of 2007-2008 the turnkey properties were getting multiple offers, often times selling above list price. I made an offer on one property in late 2007 that got 13 offers…even though it seemed as if half the street had “for sale” signs in the front lawns. But as a contrast, a broker friend of mine had a decent REO listed for under $200K last month that didn’t get any offers close to list. The point is, the fact that there are bidding wars doesn’t prove much of anything right now because as I’ve stated, there have been multiple offer bidding wars going on for the last few years. The only difference now is that there is a smaller supply due to the moratoriums. Having said that, if the moratoriums and loan modifications go into full effect at some point in the near future, then yes, price deflation will have been abated…at least in the short term. We will have to wait and see what comes of those programs, as well as what comes from the backlog of foreclosures that supposedly are in the pipeline.

[paramount]

TG: I believe economists would say your explanation falls under the category of “Rational Ignorance”.

And as far as buying a house for a rental, the house next to mine – which is a perfectly nice house – has been vacant for 5 months. And so has the one 3 doors up.

The main factor keeping Temecula going is Camp Pendleton.

[paramount]

TG: I believe economists would say your explanation falls under the category of “Rational Ignorance”.

And as far as buying a house for a rental, the house next to mine – which is a perfectly nice house – has been vacant for 5 months. And so has the one 3 doors up.

The main factor keeping Temecula going is Camp Pendleton.

[paramount]

TG: I believe economists would say your explanation falls under the category of “Rational Ignorance”.

And as far as buying a house for a rental, the house next to mine – which is a perfectly nice house – has been vacant for 5 months. And so has the one 3 doors up.

The main factor keeping Temecula going is Camp Pendleton.

[paramount]

TG: I believe economists would say your explanation falls under the category of “Rational Ignorance”.

And as far as buying a house for a rental, the house next to mine – which is a perfectly nice house – has been vacant for 5 months. And so has the one 3 doors up.

The main factor keeping Temecula going is Camp Pendleton.

[paramount]

TG: I believe economists would say your explanation falls under the category of “Rational Ignorance”.

And as far as buying a house for a rental, the house next to mine – which is a perfectly nice house – has been vacant for 5 months. And so has the one 3 doors up.

The main factor keeping Temecula going is Camp Pendleton.

[Nor-LA-SD-guy]

[quote=paramount]TG: I believe economists would say your explanation falls under the category of “Rational Ignorance”.

And as far as buying a house for a rental, the house next to mine – which is a perfectly nice house – has been vacant for 5 months. And so has the one 3 doors up.

The main factor keeping Temecula going is Camp Pendleton.

[/quote]

I got a buddy from the North L.A. area that has been buying older homes in T.V. fixing and renting them for cash flow, the longest he has had one sitting empty (once it was ready to rent) was two weeks (and he was nervous that it took that long LOL).

Oh and they all cash flow ++

[Nor-LA-SD-guy]

[quote=paramount]TG: I believe economists would say your explanation falls under the category of “Rational Ignorance”.

And as far as buying a house for a rental, the house next to mine – which is a perfectly nice house – has been vacant for 5 months. And so has the one 3 doors up.

The main factor keeping Temecula going is Camp Pendleton.

[/quote]

I got a buddy from the North L.A. area that has been buying older homes in T.V. fixing and renting them for cash flow, the longest he has had one sitting empty (once it was ready to rent) was two weeks (and he was nervous that it took that long LOL).

Oh and they all cash flow ++

[Nor-LA-SD-guy]

[quote=paramount]TG: I believe economists would say your explanation falls under the category of “Rational Ignorance”.

And as far as buying a house for a rental, the house next to mine – which is a perfectly nice house – has been vacant for 5 months. And so has the one 3 doors up.

The main factor keeping Temecula going is Camp Pendleton.

[/quote]

I got a buddy from the North L.A. area that has been buying older homes in T.V. fixing and renting them for cash flow, the longest he has had one sitting empty (once it was ready to rent) was two weeks (and he was nervous that it took that long LOL).

Oh and they all cash flow ++

[Nor-LA-SD-guy]

[quote=paramount]TG: I believe economists would say your explanation falls under the category of “Rational Ignorance”.

And as far as buying a house for a rental, the house next to mine – which is a perfectly nice house – has been vacant for 5 months. And so has the one 3 doors up.

The main factor keeping Temecula going is Camp Pendleton.

[/quote]

I got a buddy from the North L.A. area that has been buying older homes in T.V. fixing and renting them for cash flow, the longest he has had one sitting empty (once it was ready to rent) was two weeks (and he was nervous that it took that long LOL).

Oh and they all cash flow ++

[Author]

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