more homes selling for a loss!

[kev374]

I’m coming accross many sellers taking a bath, could this be the start of an ominous trend? 😀

Just 2 examples –

MLS: S458515
24341 MIRA VERDE, Laguna Niguel, CA 92677
3/2 1695sqft DOM: 118 days
Last sale: $651,000, Listed: $629,000
(loss of $59,740 assuming full price offer and 6% transaction costs)

MLS: S461525
27672 FALKIRK #93, Mission Viejo, CA 92691
3/2 1472sqft DOM: 96 days
Last sale: $520,000, Listed: $490,000
(loss of $59,400 assuming full price offer and 6% commissions + closing costs)

[masayako]

Sorry to say, but, happy to see that. 😉

[(former)FormerSanDiegan]

Check this one out …

2443 Burgener Blvd, 92110
sold 10/25/04 for $725K
sold 10/3/05 for $790K

Foreclosure in June 2006.
Countrywide took possesion at a recorded value of value of 670K.
Originally priced at 614K in Fall ’06
Now priced at 584,900.

A 25% drop !!!

[blackbox]

Hey, I heard from a real reliable source that Orange County is definitely running out of land, and they may have just cornered the oxygen market! The local homeowners in a huge reversal of opinion now want Former El Toro Airbase to turn itself into an International Airport! OOPS! Ofcourse residents are suing local officials, airport protest leaders, farm owners, Irvine development corp, Lennar etc……. Because clearly, the implications of hundreds more homes built at the base were never, ever explained in the airport protest rally flyer. Who knew that the OC would run out of $212K a year earners so fast!

[Cow_tipping]

You mean 212K a year wage earners who cannot read … right.
Yea … who’d have thought.
Cool.
Cow_tipping.

[no_such_reality]

I just crossed SFR that I’m going to go look at to see what the scoop is in a good part of Costa Mesa.

Last sold 10/2005 at $689,000, listed $615,000. On the market 176 days and counting…

At full asking price less 6% commission, that’s a harsh $110,900 loss in a year. (It’s was on the market in less than a year)

[blackbox]

In other news, “Real Estate Investment Clubs” all over the United States are turning themselves, seemingly overnight, into “Class Action Litigation Clubs”. Their old slogan used to be:
“We’re geniuses, we’re brilliant, and gosh darn it, people envy us”.

Any suggestions what the new slogan should be?

[PerryChase]

According to the OC Register, more and more homes are selling at a loss.

http://www.ocregister.com/ocregister/homepage/abox/article_1541523.php

[kev374]

more bleeding:

5749 PORTAGE, Yorba Linda, CA 92887
Bedrooms: 3
Full Baths: 2
Partial Baths: 0
Square Feet: 1,152
Lot Size: 6,000 Sq. Ft.
Year Built: 1980
Listing Date: 11/01/06
On Market: 72 days
Type: SFR
Status: ACTIVE
MLS #: P546279

List: $439,000
Last Sale: 4/6/2005 for $450,000

EASY COME, EASY GO!

[Ranjan]

Hi,

I am curious if there is any way I can find out from online sources, the list of “Open Houses” in a given neighborhood or zip code?

would appreciate your response.

[JJGittes]

I have never seen an online up to date compilation of upcoming open houses. In my experience, the best thing to do is look in the newspaper, on Craigslist, and ultimately go drive around the neighborhoods you are interested in on a sunday afternoon and look for the little flags. In any event, the online sites like realtor.com, ziprealty (very good, with days on market info), prudential and coldwell, are all kept pretty up to date with what is in the MLS. You can narrow your search in about 2 seconds using them, and then call the listing agent to see a particular house (might as well bother them since they will definitely get paid when (if) the thing sells).

[kev374]

I shot a question to the realtor about this property:

I may be interested in this property at the 2004 price level, around $375,000. If the seller is willing to negotiate then get back to me, otherwise I’m not interested, no hard feelings 🙂

24466 SUNSHINE DRIVE, Laguna Niguel, CA 92677
Bedrooms: 3
Full Baths: 2
Partial Baths: 1
Square Feet: 1,500
Lot Size: N/A
Year Built: 1996
Listing Date: 09/27/06
On Market: 108 days
Type: SFR
Status: ACTIVE
MLS #: S460226
Asking price: $644,900
Last sold for: $315,000 on 08/23/00

What do you think the seller will do? I feel there is a fair chance prices MAY rollback to pre-2002 levels so this property may end up $320-330k after all is said and done, I thought $375k was the highest I could go without exposing myself to serious risk.

[sdrealtor]

What do you base a price of $375,000 as the 2004 level on? If it was $315,000 in 2000, I’d say the 2004 price was probably well over $500,000 but I have no idea what the comps were. Is $375,000 what the comps were in 2004 or is that what you wish they were. As for what I think the seller will….I think they will laugh in your general direction.

[kev374]

The ZipRealty price appreciation graph:

CLICK HERE

I have not checked actual comps in 2004 but I think it would be fairly easy to check sales histories.

It’s not like I care if the sellers laughs right now because they will be crying pretty soon because I for one believe this deck of cards is going to come crashing down in the next 2-3 yrs 😉 The current home values have all been based on hot air (exotic lending, speculation etc.) and that can only end one way.

[sdrealtor]

Check 29472 Pointe Royale, Laguna Niguel, CA 92677 on Zillow and you will see that the 2003 price for a model match comp was around $480K. 2004 prices were likely in the mid 500’s. I think you could see mid 400’s pricing again but 375 is unlikely IMHO.

[Author]

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