My 3 neighbors are chasing the market down

[Chrispy]

I’ve got to be contrarian with the granite countertops and stainless steel appliances advice. That combination has been done to death and the tide is now turning against it – you might want to consider putting money in other areas, or offering a credit towards new countertops, new cabinets, new carpet or whatever else needs to be updated so the potential buyer has a customization option.

[powayseller]

I found out why neighbor #1 is no longer on the MLS. She went pending. Her last list price shows up as $439K – $456K.

It looks to me like Poway is still going strong! Here are the townhouse sales in my neighborhood

#1 pending, 1579 sq ft, $439K – $456K
#2 listed 2/06, 1875 sq ft, was $540K, now $499
#3 listed 8/06, 1875 sq ft, $540K
#4 closed August 06, 1288 sq ft, $420K

[PerryChase]

Yeah, looks like Poway is still going strong.

Buyers are not yet fully aware of the state of the market so they are still thinking they can get buy on a small dip. The fact that real estate is way down won’t become widespread knowledge until November when we have YOY mean reported. November 2005 was the all time median high at $518k.

I expect to see the Spring 2007 inventory skyrocket and prices to plunge accordingly.

[Author]

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