If you were looking at this 2400 sq ft house on 1/2 acre in Poway, and you noted a price reduction every 2 – 4 days, how long would you wait before you made an offer? (And these people are not in default)
Price Reduced: 03/06/06 — $975,000 to $965,000
Price Reduced: 03/08/06 — $965,000 to $949,900
Price Reduced: 03/10/06 — $949,900 to $939,900
Price Reduced: 03/14/06 — $939,900 to $899,900
14042 Woodland Parkway, 92064
In my area, 74/258 houses for sale on realtytrac.com have price reductions.
In short, if I were a buyer, I’d just wait it out and see how many price reductions will keep coming my way.
This is probably the same house mentioned in the second page of the forum topic “I dropped in on an open house just for fun” from Jan. 28…it’s quite remarkable what a little pushback from a “bubblehead” can cause a nervous owner/agent to do. I’ll bet the neighbors will want to slay her for destroying the comps (if she isn’t undercut herself and I suspect that might just happen)
I’d look this place up at zillow and decide whther these owners were in too deep (ie – purchased the place too hight/recently). They’ll never come down to reality – so why bother….
This place was purchased not long ago for $700k or so. The 10yr trend suggests the house is worth more like 5-600k (if that). May take years for prices to get down that far – but should happen.
However, if the owners were long-time owners (or even having owned 4+ years, I’d make a LOOOOOOW-ball offer and see what happens. They’ve got equity and if they actually NEED to sell, a good deal could happen
Really – who would buy a house like this besides a family in the thick of child-rearing? Money is tight, and average incomes are not high in San Diego. Even with a couple hundredK down, the mortgage is a lot for a family making the average wages. Also, it isnt like paychecks have been going UP recently!
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