Interesting Oceanside price declines.

[recordsclerk]

Wow, Montemar for 639K. I have a price sheet from July 07. These are the prices from July 07:
Plan 1 798K, 4150sqft
Plan 2 802K, 4250sqft
Plan 3 785K, 4450-4700sqft
These are the starting prices just 5 months ago.
Homes available at the time:
Lot 47 948K plan 1 many upgrades
Lot 50 814K sold
Lot 66 802K Plan 2 no upgrades
Lot 51 864K plan 3 some upgrades
Lot 49 864K Plan 3 some upgrades
Lot 63 785K Plan 3 no upgrades/still in building stages and buyer can still choose upgrades.
The sales person did say that there was some wiggle room, but not much. I think 200K is a lot of wiggle room.
Montemar is a nice house, not a good neighborhood.

[Bugs]

That’s a very undesirable area (to me) to be buying a 3,000+ SqFt house. I wouldn’t do it under any circumsances.

[Bugs]

That’s a very undesirable area (to me) to be buying a 3,000+ SqFt house. I wouldn’t do it under any circumsances.

[Bugs]

That’s a very undesirable area (to me) to be buying a 3,000+ SqFt house. I wouldn’t do it under any circumsances.

[Bugs]

That’s a very undesirable area (to me) to be buying a 3,000+ SqFt house. I wouldn’t do it under any circumsances.

[Bugs]

That’s a very undesirable area (to me) to be buying a 3,000+ SqFt house. I wouldn’t do it under any circumsances.

[Bunny Meadows]

I’ve been watching the Ocean Hills area. I saw this listing for $850K and almost choked:

http://www.redfin.com/stingray/do/printable-listing?listing-id=956121

It’s on a “premium lot” with a sliver view of the ocean…but the house is totally out of date. It even has sky blue carpeting.

Bugs, is this realistic? Or is this seller in DreamLand?

I’d love to know what you think.

Bunny

[Bunny Meadows]

I’ve been watching the Ocean Hills area. I saw this listing for $850K and almost choked:

http://www.redfin.com/stingray/do/printable-listing?listing-id=956121

It’s on a “premium lot” with a sliver view of the ocean…but the house is totally out of date. It even has sky blue carpeting.

Bugs, is this realistic? Or is this seller in DreamLand?

I’d love to know what you think.

Bunny

[Bunny Meadows]

I’ve been watching the Ocean Hills area. I saw this listing for $850K and almost choked:

http://www.redfin.com/stingray/do/printable-listing?listing-id=956121

It’s on a “premium lot” with a sliver view of the ocean…but the house is totally out of date. It even has sky blue carpeting.

Bugs, is this realistic? Or is this seller in DreamLand?

I’d love to know what you think.

Bunny

[Bunny Meadows]

I’ve been watching the Ocean Hills area. I saw this listing for $850K and almost choked:

http://www.redfin.com/stingray/do/printable-listing?listing-id=956121

It’s on a “premium lot” with a sliver view of the ocean…but the house is totally out of date. It even has sky blue carpeting.

Bugs, is this realistic? Or is this seller in DreamLand?

I’d love to know what you think.

Bunny

[Bunny Meadows]

I’ve been watching the Ocean Hills area. I saw this listing for $850K and almost choked:

http://www.redfin.com/stingray/do/printable-listing?listing-id=956121

It’s on a “premium lot” with a sliver view of the ocean…but the house is totally out of date. It even has sky blue carpeting.

Bugs, is this realistic? Or is this seller in DreamLand?

I’d love to know what you think.

Bunny

[Anonymous]

GunDoctor, tell your wife to hold her guns and keep her powder dry. The money she saves by waiting will fund her a nice retirement and college for the kids.

I’m a bankruptcy attorney who first started practice in the 1982 at the bottom of the real estate recession. I rented for a couple of years until the market started to stabilize, then bought a starter home for little money down (the sellers were just happy to find a buyer). I sold “too soon” in 1988, watching two more years of crazy appreciation. I married in 1989 and my wife immediately wanted to buy a home, which would have been at the top of the market in late 1989. But I kept telling my wife to wait because I could see the increase in my practice meant greater inventory and, therefore, lower prices in the future.

By 1993 we could wait no more at we had two young children. But the four year wait got us a much larger home in much better condition than the prices were would have paid in 1989. For the next several years I wistfully watched new listings at lower prices, but the “savings” we would have realized from waiting longer would not have been significant. More importantly (for my wife) none of those lower priced homes were as perfect for us as the one we paid “too much” for: $520,000 in 1993.

I think the advice you see on this site is very sound. A 40% to 50% drop from peak prices is very likely, although it may take the form of a combination of monetary inflaction and home price deflation. In other words, that $400,000 home may only go to $300,000 while your income increases at 8% for a few years. But the more the government attempts to stop or manipulate the process the slower any recovery will be. That is just the reality of a market economy.

So December 2009 would be my choice, but my all means start looking earlier in that year. You will have lots of inventory to view by then because there is still a flood of foreclosures coming (it takes banks a minimum of 12 months to obtain clear title to a home once a loan goes into default (3 months cajoling for payments, 4 months for notice of a trustee’s sale, 3 to 5 months in bankruptcy court). As somebody else stated on this site, we’re probably only in the second inning. But whether you buy in the fourth or ninth inning, the important thing is to find a home that you know you can live in for many years. If you can’t, or your employment is not stable for several years into the future, keep renting until the picture changes.

[Anonymous]

GunDoctor, tell your wife to hold her guns and keep her powder dry. The money she saves by waiting will fund her a nice retirement and college for the kids.

I’m a bankruptcy attorney who first started practice in the 1982 at the bottom of the real estate recession. I rented for a couple of years until the market started to stabilize, then bought a starter home for little money down (the sellers were just happy to find a buyer). I sold “too soon” in 1988, watching two more years of crazy appreciation. I married in 1989 and my wife immediately wanted to buy a home, which would have been at the top of the market in late 1989. But I kept telling my wife to wait because I could see the increase in my practice meant greater inventory and, therefore, lower prices in the future.

By 1993 we could wait no more at we had two young children. But the four year wait got us a much larger home in much better condition than the prices were would have paid in 1989. For the next several years I wistfully watched new listings at lower prices, but the “savings” we would have realized from waiting longer would not have been significant. More importantly (for my wife) none of those lower priced homes were as perfect for us as the one we paid “too much” for: $520,000 in 1993.

I think the advice you see on this site is very sound. A 40% to 50% drop from peak prices is very likely, although it may take the form of a combination of monetary inflaction and home price deflation. In other words, that $400,000 home may only go to $300,000 while your income increases at 8% for a few years. But the more the government attempts to stop or manipulate the process the slower any recovery will be. That is just the reality of a market economy.

So December 2009 would be my choice, but my all means start looking earlier in that year. You will have lots of inventory to view by then because there is still a flood of foreclosures coming (it takes banks a minimum of 12 months to obtain clear title to a home once a loan goes into default (3 months cajoling for payments, 4 months for notice of a trustee’s sale, 3 to 5 months in bankruptcy court). As somebody else stated on this site, we’re probably only in the second inning. But whether you buy in the fourth or ninth inning, the important thing is to find a home that you know you can live in for many years. If you can’t, or your employment is not stable for several years into the future, keep renting until the picture changes.

[Anonymous]

GunDoctor, tell your wife to hold her guns and keep her powder dry. The money she saves by waiting will fund her a nice retirement and college for the kids.

I’m a bankruptcy attorney who first started practice in the 1982 at the bottom of the real estate recession. I rented for a couple of years until the market started to stabilize, then bought a starter home for little money down (the sellers were just happy to find a buyer). I sold “too soon” in 1988, watching two more years of crazy appreciation. I married in 1989 and my wife immediately wanted to buy a home, which would have been at the top of the market in late 1989. But I kept telling my wife to wait because I could see the increase in my practice meant greater inventory and, therefore, lower prices in the future.

By 1993 we could wait no more at we had two young children. But the four year wait got us a much larger home in much better condition than the prices were would have paid in 1989. For the next several years I wistfully watched new listings at lower prices, but the “savings” we would have realized from waiting longer would not have been significant. More importantly (for my wife) none of those lower priced homes were as perfect for us as the one we paid “too much” for: $520,000 in 1993.

I think the advice you see on this site is very sound. A 40% to 50% drop from peak prices is very likely, although it may take the form of a combination of monetary inflaction and home price deflation. In other words, that $400,000 home may only go to $300,000 while your income increases at 8% for a few years. But the more the government attempts to stop or manipulate the process the slower any recovery will be. That is just the reality of a market economy.

So December 2009 would be my choice, but my all means start looking earlier in that year. You will have lots of inventory to view by then because there is still a flood of foreclosures coming (it takes banks a minimum of 12 months to obtain clear title to a home once a loan goes into default (3 months cajoling for payments, 4 months for notice of a trustee’s sale, 3 to 5 months in bankruptcy court). As somebody else stated on this site, we’re probably only in the second inning. But whether you buy in the fourth or ninth inning, the important thing is to find a home that you know you can live in for many years. If you can’t, or your employment is not stable for several years into the future, keep renting until the picture changes.

[Anonymous]

GunDoctor, tell your wife to hold her guns and keep her powder dry. The money she saves by waiting will fund her a nice retirement and college for the kids.

I’m a bankruptcy attorney who first started practice in the 1982 at the bottom of the real estate recession. I rented for a couple of years until the market started to stabilize, then bought a starter home for little money down (the sellers were just happy to find a buyer). I sold “too soon” in 1988, watching two more years of crazy appreciation. I married in 1989 and my wife immediately wanted to buy a home, which would have been at the top of the market in late 1989. But I kept telling my wife to wait because I could see the increase in my practice meant greater inventory and, therefore, lower prices in the future.

By 1993 we could wait no more at we had two young children. But the four year wait got us a much larger home in much better condition than the prices were would have paid in 1989. For the next several years I wistfully watched new listings at lower prices, but the “savings” we would have realized from waiting longer would not have been significant. More importantly (for my wife) none of those lower priced homes were as perfect for us as the one we paid “too much” for: $520,000 in 1993.

I think the advice you see on this site is very sound. A 40% to 50% drop from peak prices is very likely, although it may take the form of a combination of monetary inflaction and home price deflation. In other words, that $400,000 home may only go to $300,000 while your income increases at 8% for a few years. But the more the government attempts to stop or manipulate the process the slower any recovery will be. That is just the reality of a market economy.

So December 2009 would be my choice, but my all means start looking earlier in that year. You will have lots of inventory to view by then because there is still a flood of foreclosures coming (it takes banks a minimum of 12 months to obtain clear title to a home once a loan goes into default (3 months cajoling for payments, 4 months for notice of a trustee’s sale, 3 to 5 months in bankruptcy court). As somebody else stated on this site, we’re probably only in the second inning. But whether you buy in the fourth or ninth inning, the important thing is to find a home that you know you can live in for many years. If you can’t, or your employment is not stable for several years into the future, keep renting until the picture changes.

[Author]

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