Deutsche Bank Short Sale

[drunkle]

patient:

if i actually did some research on it, my posting would fall out of the “nothing useful” category. besides, he didn’t post an address, i don’t have historical price data at my fingertips and i’m going on median prices circa 2000.

asia:

taking year 2000 median (200k) and making assumptions about escondido condo values relative to the median, 190k seems high, neglecting inflation… and interest rates. 1000/mo @ 5.25 seems generous… are rates really that low for the average buyer without 800+ credit score? add the ancillary costs/tax benefits, how does it compare? finally… it’s still escondido.

bottom line, my question was merely posed to the op: he isn’t concerned if prices fall to 190 from 210, but how would he feel about a much larger fall. this snowball is only now picking up steam, the rate of decline is increasing and prices a mere 6 months from now may be astounding. although, i do think a decent bump will be had this spring and summer from people like the op who really want to buy and are will to take what they imagine will be only a small bit of a hit.

[takilma]

Takilma

I have looked at the sales history. 1996-98 price + 40% would be about $180k. This unit is almost 1700 sf, in a reasonably good area. Yes, I know – it IS Escondido, and I do agree with the generally negative opinions about it, but I’m pretty well stuck here.

Units this size were selling in late 2002 for $225-$250. The high was actually ~$475k, in ’06. Last sale in the complex closed on Dec. 27, a smaller unit, at $310k, and two in Nov., one at $297k (sf unknown), and a very small one (988sf)at $208K. Ridiculous? You betcha!!

[takilma]

Takilma

I have looked at the sales history. 1996-98 price + 40% would be about $180k. This unit is almost 1700 sf, in a reasonably good area. Yes, I know – it IS Escondido, and I do agree with the generally negative opinions about it, but I’m pretty well stuck here.

Units this size were selling in late 2002 for $225-$250. The high was actually ~$475k, in ’06. Last sale in the complex closed on Dec. 27, a smaller unit, at $310k, and two in Nov., one at $297k (sf unknown), and a very small one (988sf)at $208K. Ridiculous? You betcha!!

[takilma]

Takilma

I have looked at the sales history. 1996-98 price + 40% would be about $180k. This unit is almost 1700 sf, in a reasonably good area. Yes, I know – it IS Escondido, and I do agree with the generally negative opinions about it, but I’m pretty well stuck here.

Units this size were selling in late 2002 for $225-$250. The high was actually ~$475k, in ’06. Last sale in the complex closed on Dec. 27, a smaller unit, at $310k, and two in Nov., one at $297k (sf unknown), and a very small one (988sf)at $208K. Ridiculous? You betcha!!

[takilma]

Takilma

I have looked at the sales history. 1996-98 price + 40% would be about $180k. This unit is almost 1700 sf, in a reasonably good area. Yes, I know – it IS Escondido, and I do agree with the generally negative opinions about it, but I’m pretty well stuck here.

Units this size were selling in late 2002 for $225-$250. The high was actually ~$475k, in ’06. Last sale in the complex closed on Dec. 27, a smaller unit, at $310k, and two in Nov., one at $297k (sf unknown), and a very small one (988sf)at $208K. Ridiculous? You betcha!!

[takilma]

Takilma

I have looked at the sales history. 1996-98 price + 40% would be about $180k. This unit is almost 1700 sf, in a reasonably good area. Yes, I know – it IS Escondido, and I do agree with the generally negative opinions about it, but I’m pretty well stuck here.

Units this size were selling in late 2002 for $225-$250. The high was actually ~$475k, in ’06. Last sale in the complex closed on Dec. 27, a smaller unit, at $310k, and two in Nov., one at $297k (sf unknown), and a very small one (988sf)at $208K. Ridiculous? You betcha!!

[patientrenter]

takilma, it sounds like you’ve got it about right at $220K. Sure, you could offer more if you thought nothing better was likely to come up. But if you believe the fall in prices is going to be big, and prolonged (and most posters here do) then the bank will be the loser if they don’t accept your offer. It doesn’t sound like they have any other bidders. There’ll be lots more like it soon enough.

If you’re a little desperate, as many are after years of waiting for reasonable prices, then go for it. (I turned down a decent $299k condo, 40% off 2006 prices, here in OC just a few weeks ago. I didn’t worry because I am confident that I’ll have lots more like it soon.)

Patient renter in OC

[patientrenter]

takilma, it sounds like you’ve got it about right at $220K. Sure, you could offer more if you thought nothing better was likely to come up. But if you believe the fall in prices is going to be big, and prolonged (and most posters here do) then the bank will be the loser if they don’t accept your offer. It doesn’t sound like they have any other bidders. There’ll be lots more like it soon enough.

If you’re a little desperate, as many are after years of waiting for reasonable prices, then go for it. (I turned down a decent $299k condo, 40% off 2006 prices, here in OC just a few weeks ago. I didn’t worry because I am confident that I’ll have lots more like it soon.)

Patient renter in OC

[patientrenter]

takilma, it sounds like you’ve got it about right at $220K. Sure, you could offer more if you thought nothing better was likely to come up. But if you believe the fall in prices is going to be big, and prolonged (and most posters here do) then the bank will be the loser if they don’t accept your offer. It doesn’t sound like they have any other bidders. There’ll be lots more like it soon enough.

If you’re a little desperate, as many are after years of waiting for reasonable prices, then go for it. (I turned down a decent $299k condo, 40% off 2006 prices, here in OC just a few weeks ago. I didn’t worry because I am confident that I’ll have lots more like it soon.)

Patient renter in OC

[patientrenter]

takilma, it sounds like you’ve got it about right at $220K. Sure, you could offer more if you thought nothing better was likely to come up. But if you believe the fall in prices is going to be big, and prolonged (and most posters here do) then the bank will be the loser if they don’t accept your offer. It doesn’t sound like they have any other bidders. There’ll be lots more like it soon enough.

If you’re a little desperate, as many are after years of waiting for reasonable prices, then go for it. (I turned down a decent $299k condo, 40% off 2006 prices, here in OC just a few weeks ago. I didn’t worry because I am confident that I’ll have lots more like it soon.)

Patient renter in OC

[patientrenter]

takilma, it sounds like you’ve got it about right at $220K. Sure, you could offer more if you thought nothing better was likely to come up. But if you believe the fall in prices is going to be big, and prolonged (and most posters here do) then the bank will be the loser if they don’t accept your offer. It doesn’t sound like they have any other bidders. There’ll be lots more like it soon enough.

If you’re a little desperate, as many are after years of waiting for reasonable prices, then go for it. (I turned down a decent $299k condo, 40% off 2006 prices, here in OC just a few weeks ago. I didn’t worry because I am confident that I’ll have lots more like it soon.)

Patient renter in OC

[takilma]

That’s the odd thing in this – to my knowledge, I made the only offer, and they didn’t accept it. I’m inclined to stick with my original offer, just to see what they do. But, they own another unit in the same complex, started out at $322 in August, just reduced for the 4th time, down to $264k. Meanwhile, across the street, an identical unit, another reo, was just listed last week at $210k. Maybe Deutsche just isn’t in as bad a shape as the others?

[takilma]

That’s the odd thing in this – to my knowledge, I made the only offer, and they didn’t accept it. I’m inclined to stick with my original offer, just to see what they do. But, they own another unit in the same complex, started out at $322 in August, just reduced for the 4th time, down to $264k. Meanwhile, across the street, an identical unit, another reo, was just listed last week at $210k. Maybe Deutsche just isn’t in as bad a shape as the others?

[takilma]

That’s the odd thing in this – to my knowledge, I made the only offer, and they didn’t accept it. I’m inclined to stick with my original offer, just to see what they do. But, they own another unit in the same complex, started out at $322 in August, just reduced for the 4th time, down to $264k. Meanwhile, across the street, an identical unit, another reo, was just listed last week at $210k. Maybe Deutsche just isn’t in as bad a shape as the others?

[takilma]

That’s the odd thing in this – to my knowledge, I made the only offer, and they didn’t accept it. I’m inclined to stick with my original offer, just to see what they do. But, they own another unit in the same complex, started out at $322 in August, just reduced for the 4th time, down to $264k. Meanwhile, across the street, an identical unit, another reo, was just listed last week at $210k. Maybe Deutsche just isn’t in as bad a shape as the others?

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