North County Coastal Market-Why so sticky?

[sdduuuude]

[quote=sdcellar][quote=sdrealtor]Tell me again we dont have a large amount of pent up demand building.[/quote]I don’t think anybody denies that pent up demand is out there. Heck, Piggington’s alone is chock full of it. I just question if the number is as high as you’ve put forth. I’ll certainly give you credit for throwing a number at it though![/quote]

Remember, in the first-order, demand is a fuction of price. You can’t say there is or is not pent-up demand unless you specify a price.

As was mentioned earlier, there is pent-up demand for beach houses at $400K, but not at $3M.

I’m sure there is pent-up demand because lots of people are sick of renting or they want to move to the nice neighborhood. But is there pent-up demand at prices much higher than they are today or are people just going to bid at or near the asking price but leave it be if they aren’t the highest bidder ?

i.e. is there really any price pressure or just a bunch of people maybe already aiming higher than they really should be aiming ? I think the stories you provided, though interesting, don’t tell us either way.

I wonder if the end of Fed mortgage purchases at the end of March will A) happen and B) have an effect.

[sdrealtor]

This is what I see and what other agents I speak with see. Lots of demand at current prices but not above. I dont think there is price pressure. A nice property priced at market gets piles of offers at, just above or just below the ask. Prices dont get driven up with bidding wars. Smart agents avoid that as it could create an appraisal issue. We look for a very strong offer from a committed buyer at a fair market price. Eventually something has to give and the demand should increase prices in theory but I dont see that happening anytime soon.

The answer to A) is a resounding NO. Hence B.) is not relevant.

[sdrealtor]

This is what I see and what other agents I speak with see. Lots of demand at current prices but not above. I dont think there is price pressure. A nice property priced at market gets piles of offers at, just above or just below the ask. Prices dont get driven up with bidding wars. Smart agents avoid that as it could create an appraisal issue. We look for a very strong offer from a committed buyer at a fair market price. Eventually something has to give and the demand should increase prices in theory but I dont see that happening anytime soon.

The answer to A) is a resounding NO. Hence B.) is not relevant.

[sdrealtor]

This is what I see and what other agents I speak with see. Lots of demand at current prices but not above. I dont think there is price pressure. A nice property priced at market gets piles of offers at, just above or just below the ask. Prices dont get driven up with bidding wars. Smart agents avoid that as it could create an appraisal issue. We look for a very strong offer from a committed buyer at a fair market price. Eventually something has to give and the demand should increase prices in theory but I dont see that happening anytime soon.

The answer to A) is a resounding NO. Hence B.) is not relevant.

[sdrealtor]

This is what I see and what other agents I speak with see. Lots of demand at current prices but not above. I dont think there is price pressure. A nice property priced at market gets piles of offers at, just above or just below the ask. Prices dont get driven up with bidding wars. Smart agents avoid that as it could create an appraisal issue. We look for a very strong offer from a committed buyer at a fair market price. Eventually something has to give and the demand should increase prices in theory but I dont see that happening anytime soon.

The answer to A) is a resounding NO. Hence B.) is not relevant.

[sdrealtor]

This is what I see and what other agents I speak with see. Lots of demand at current prices but not above. I dont think there is price pressure. A nice property priced at market gets piles of offers at, just above or just below the ask. Prices dont get driven up with bidding wars. Smart agents avoid that as it could create an appraisal issue. We look for a very strong offer from a committed buyer at a fair market price. Eventually something has to give and the demand should increase prices in theory but I dont see that happening anytime soon.

The answer to A) is a resounding NO. Hence B.) is not relevant.

[Nor-LA-SD-guy]

[quote=sdduuuude]
Remember, in the first-order, demand is a fuction of price. You can’t say there is or is not pent-up demand unless you specify a price.

As was mentioned earlier, there is pent-up demand for beach houses at $400K, but not at $3M.

I’m sure there is pent-up demand because lots of people are sick of renting or they want to move to the nice neighborhood. But is there pent-up demand at prices much higher than they are today or are people just going to bid at or near the asking price but leave it be if they aren’t the highest bidder ?

i.e. is there really any price pressure or just a bunch of people maybe already aiming higher than they really should be aiming ? I think the stories you provided, though interesting, don’t tell us either way.

I wonder if the end of Fed mortgage purchases at the end of March will A) happen and B) have an effect.[/quote]

Duuude I am so there at 400K !!

[Nor-LA-SD-guy]

[quote=sdduuuude]
Remember, in the first-order, demand is a fuction of price. You can’t say there is or is not pent-up demand unless you specify a price.

As was mentioned earlier, there is pent-up demand for beach houses at $400K, but not at $3M.

I’m sure there is pent-up demand because lots of people are sick of renting or they want to move to the nice neighborhood. But is there pent-up demand at prices much higher than they are today or are people just going to bid at or near the asking price but leave it be if they aren’t the highest bidder ?

i.e. is there really any price pressure or just a bunch of people maybe already aiming higher than they really should be aiming ? I think the stories you provided, though interesting, don’t tell us either way.

I wonder if the end of Fed mortgage purchases at the end of March will A) happen and B) have an effect.[/quote]

Duuude I am so there at 400K !!

[Nor-LA-SD-guy]

[quote=sdduuuude]
Remember, in the first-order, demand is a fuction of price. You can’t say there is or is not pent-up demand unless you specify a price.

As was mentioned earlier, there is pent-up demand for beach houses at $400K, but not at $3M.

I’m sure there is pent-up demand because lots of people are sick of renting or they want to move to the nice neighborhood. But is there pent-up demand at prices much higher than they are today or are people just going to bid at or near the asking price but leave it be if they aren’t the highest bidder ?

i.e. is there really any price pressure or just a bunch of people maybe already aiming higher than they really should be aiming ? I think the stories you provided, though interesting, don’t tell us either way.

I wonder if the end of Fed mortgage purchases at the end of March will A) happen and B) have an effect.[/quote]

Duuude I am so there at 400K !!

[Nor-LA-SD-guy]

[quote=sdduuuude]
Remember, in the first-order, demand is a fuction of price. You can’t say there is or is not pent-up demand unless you specify a price.

As was mentioned earlier, there is pent-up demand for beach houses at $400K, but not at $3M.

I’m sure there is pent-up demand because lots of people are sick of renting or they want to move to the nice neighborhood. But is there pent-up demand at prices much higher than they are today or are people just going to bid at or near the asking price but leave it be if they aren’t the highest bidder ?

i.e. is there really any price pressure or just a bunch of people maybe already aiming higher than they really should be aiming ? I think the stories you provided, though interesting, don’t tell us either way.

I wonder if the end of Fed mortgage purchases at the end of March will A) happen and B) have an effect.[/quote]

Duuude I am so there at 400K !!

[Nor-LA-SD-guy]

[quote=sdduuuude]
Remember, in the first-order, demand is a fuction of price. You can’t say there is or is not pent-up demand unless you specify a price.

As was mentioned earlier, there is pent-up demand for beach houses at $400K, but not at $3M.

I’m sure there is pent-up demand because lots of people are sick of renting or they want to move to the nice neighborhood. But is there pent-up demand at prices much higher than they are today or are people just going to bid at or near the asking price but leave it be if they aren’t the highest bidder ?

i.e. is there really any price pressure or just a bunch of people maybe already aiming higher than they really should be aiming ? I think the stories you provided, though interesting, don’t tell us either way.

I wonder if the end of Fed mortgage purchases at the end of March will A) happen and B) have an effect.[/quote]

Duuude I am so there at 400K !!

[sdrealtor]

An example of undervalued. When I moved here in 1996 I almost bought a shack at the corner of La Veta and Sylvia 2 blocks form Moonlight Beach. It was a 10,000 sq ft lot, two blocks from one of the nicest beaches in SD for $250,000. Best of all the lot was splitable. A liveable but shacklike beach cottage on a nice corner lot plus a buildable lot for $250K. That was a steal! It still haunts me.

I’m pretty sure the buyer split the lot and sold the back portion for what he paid for the whole thing a year or two later. A house built on the back portion sold for 600K in 1999. That owner tried to sell in 2005 between 1.5 and 2M but never did. He (the 1999 backlot home buyer) is still there. A couple years ago, the original buyer on the corner tore down the shack and built a beautiful beach house.

[sdrealtor]

An example of undervalued. When I moved here in 1996 I almost bought a shack at the corner of La Veta and Sylvia 2 blocks form Moonlight Beach. It was a 10,000 sq ft lot, two blocks from one of the nicest beaches in SD for $250,000. Best of all the lot was splitable. A liveable but shacklike beach cottage on a nice corner lot plus a buildable lot for $250K. That was a steal! It still haunts me.

I’m pretty sure the buyer split the lot and sold the back portion for what he paid for the whole thing a year or two later. A house built on the back portion sold for 600K in 1999. That owner tried to sell in 2005 between 1.5 and 2M but never did. He (the 1999 backlot home buyer) is still there. A couple years ago, the original buyer on the corner tore down the shack and built a beautiful beach house.

[sdrealtor]

An example of undervalued. When I moved here in 1996 I almost bought a shack at the corner of La Veta and Sylvia 2 blocks form Moonlight Beach. It was a 10,000 sq ft lot, two blocks from one of the nicest beaches in SD for $250,000. Best of all the lot was splitable. A liveable but shacklike beach cottage on a nice corner lot plus a buildable lot for $250K. That was a steal! It still haunts me.

I’m pretty sure the buyer split the lot and sold the back portion for what he paid for the whole thing a year or two later. A house built on the back portion sold for 600K in 1999. That owner tried to sell in 2005 between 1.5 and 2M but never did. He (the 1999 backlot home buyer) is still there. A couple years ago, the original buyer on the corner tore down the shack and built a beautiful beach house.

[sdrealtor]

An example of undervalued. When I moved here in 1996 I almost bought a shack at the corner of La Veta and Sylvia 2 blocks form Moonlight Beach. It was a 10,000 sq ft lot, two blocks from one of the nicest beaches in SD for $250,000. Best of all the lot was splitable. A liveable but shacklike beach cottage on a nice corner lot plus a buildable lot for $250K. That was a steal! It still haunts me.

I’m pretty sure the buyer split the lot and sold the back portion for what he paid for the whole thing a year or two later. A house built on the back portion sold for 600K in 1999. That owner tried to sell in 2005 between 1.5 and 2M but never did. He (the 1999 backlot home buyer) is still there. A couple years ago, the original buyer on the corner tore down the shack and built a beautiful beach house.

[Author]

Posts