North park flips… relatistic prices?

[CA renter]

[quote=SD Realtor]I understand but I think the picture you have painted is lacking a bit.

Fundamentally you CAN get the home. You can go get a bridge loan from any one of the zillions of hard money lenders out there. You CAN go to the auctions. You CAN do all the homework that is involved, the title work, the legwork, and the risk. You CHOOSE not to.

Second, the numbers are indeed staggering if you really look at them, again, simply go to the websites and look at what actually even gets SOLD, do that for a month daily and look at the true statistics and you will see. Perception is one thing but real numbers are another. [/quote]

SDR,

We’re not in disagreement on this at all. BTW, you’re emphasizing auction flips while I’m talking more about the regular short sale, REO, and regular sale flips.

BTW, we can’t buy at the auctions because I don’t have the time to go down there and do all the research just to have a sale cancelled/postponed on me at the last minute. If the sales were going through, and we could count on a listed home actually being sold, we would do this.

I totally feel for you on the auctions. What they’re doing by cancelling and postponing the sales is so very wrong.

If you want to do the research and have one of your runners bid for us, we’d certainly be willing to pay you a fee for it! 😉 I just know there aren’t enough homes that actually make it to auction these days to make it worthwhile.

[pemeliza]

“Sure. Off the top of my head, there was one on Babilonia that sold for ~$645K at auction. The flipper sold it with little or no improvements in the $900K-$1MM range.”

I may be mistaken but I think you are talking about the house on Bolero that sold for 910k. At 910k
the ppsf is $198 which sounds about like market value for something in that area with that kind of view (at least at the time it was purchased).

The REO at 2618 Obelisco place sold for 880k and was smaller and probably didn’t have quite as good a view. That house came on at 800k and got bid up to 880k. The demand was strong on that house because I bid 825k all cash and I did not get the house. I serious doubt the end buyer of Obelisco or Bolero was an FHA buyer with 3% down.

I would say the flipper bought the house on Bolero probably for a 1998-1999 nominal price. I believe this because I looked at and seriously considered buying a similar but smaller house in the area that sold for 700k in 2000.

I would say with some degree of confidence that the flippers have had no impact on the market values of houses in La Costa Estates.

BTW, the market is still screaming to the downside in that area as evidenced by the two 1M listings on Babilonia that are dueling it out. You may have lost the battle for Bolero, but you are clearly winning the war as your deflation thesis seems to be gaining traction.

[pemeliza]

“Sure. Off the top of my head, there was one on Babilonia that sold for ~$645K at auction. The flipper sold it with little or no improvements in the $900K-$1MM range.”

I may be mistaken but I think you are talking about the house on Bolero that sold for 910k. At 910k
the ppsf is $198 which sounds about like market value for something in that area with that kind of view (at least at the time it was purchased).

The REO at 2618 Obelisco place sold for 880k and was smaller and probably didn’t have quite as good a view. That house came on at 800k and got bid up to 880k. The demand was strong on that house because I bid 825k all cash and I did not get the house. I serious doubt the end buyer of Obelisco or Bolero was an FHA buyer with 3% down.

I would say the flipper bought the house on Bolero probably for a 1998-1999 nominal price. I believe this because I looked at and seriously considered buying a similar but smaller house in the area that sold for 700k in 2000.

I would say with some degree of confidence that the flippers have had no impact on the market values of houses in La Costa Estates.

BTW, the market is still screaming to the downside in that area as evidenced by the two 1M listings on Babilonia that are dueling it out. You may have lost the battle for Bolero, but you are clearly winning the war as your deflation thesis seems to be gaining traction.

[pemeliza]

“Sure. Off the top of my head, there was one on Babilonia that sold for ~$645K at auction. The flipper sold it with little or no improvements in the $900K-$1MM range.”

I may be mistaken but I think you are talking about the house on Bolero that sold for 910k. At 910k
the ppsf is $198 which sounds about like market value for something in that area with that kind of view (at least at the time it was purchased).

The REO at 2618 Obelisco place sold for 880k and was smaller and probably didn’t have quite as good a view. That house came on at 800k and got bid up to 880k. The demand was strong on that house because I bid 825k all cash and I did not get the house. I serious doubt the end buyer of Obelisco or Bolero was an FHA buyer with 3% down.

I would say the flipper bought the house on Bolero probably for a 1998-1999 nominal price. I believe this because I looked at and seriously considered buying a similar but smaller house in the area that sold for 700k in 2000.

I would say with some degree of confidence that the flippers have had no impact on the market values of houses in La Costa Estates.

BTW, the market is still screaming to the downside in that area as evidenced by the two 1M listings on Babilonia that are dueling it out. You may have lost the battle for Bolero, but you are clearly winning the war as your deflation thesis seems to be gaining traction.

[pemeliza]

“Sure. Off the top of my head, there was one on Babilonia that sold for ~$645K at auction. The flipper sold it with little or no improvements in the $900K-$1MM range.”

I may be mistaken but I think you are talking about the house on Bolero that sold for 910k. At 910k
the ppsf is $198 which sounds about like market value for something in that area with that kind of view (at least at the time it was purchased).

The REO at 2618 Obelisco place sold for 880k and was smaller and probably didn’t have quite as good a view. That house came on at 800k and got bid up to 880k. The demand was strong on that house because I bid 825k all cash and I did not get the house. I serious doubt the end buyer of Obelisco or Bolero was an FHA buyer with 3% down.

I would say the flipper bought the house on Bolero probably for a 1998-1999 nominal price. I believe this because I looked at and seriously considered buying a similar but smaller house in the area that sold for 700k in 2000.

I would say with some degree of confidence that the flippers have had no impact on the market values of houses in La Costa Estates.

BTW, the market is still screaming to the downside in that area as evidenced by the two 1M listings on Babilonia that are dueling it out. You may have lost the battle for Bolero, but you are clearly winning the war as your deflation thesis seems to be gaining traction.

[pemeliza]

“Sure. Off the top of my head, there was one on Babilonia that sold for ~$645K at auction. The flipper sold it with little or no improvements in the $900K-$1MM range.”

I may be mistaken but I think you are talking about the house on Bolero that sold for 910k. At 910k
the ppsf is $198 which sounds about like market value for something in that area with that kind of view (at least at the time it was purchased).

The REO at 2618 Obelisco place sold for 880k and was smaller and probably didn’t have quite as good a view. That house came on at 800k and got bid up to 880k. The demand was strong on that house because I bid 825k all cash and I did not get the house. I serious doubt the end buyer of Obelisco or Bolero was an FHA buyer with 3% down.

I would say the flipper bought the house on Bolero probably for a 1998-1999 nominal price. I believe this because I looked at and seriously considered buying a similar but smaller house in the area that sold for 700k in 2000.

I would say with some degree of confidence that the flippers have had no impact on the market values of houses in La Costa Estates.

BTW, the market is still screaming to the downside in that area as evidenced by the two 1M listings on Babilonia that are dueling it out. You may have lost the battle for Bolero, but you are clearly winning the war as your deflation thesis seems to be gaining traction.

[Arraya]

[quote=SD Realtor]

Similarly Arraya to sit and throw out statements while sitting behind a tube and cutting and pasting articles of how the world is falling apart is one thing, but to make a statement totally contrary to the reality of auctions is another. We PAY our staff to go to the auctions so yes we do know what is going on because reality is a bit different then what you perceive is going on behind your computer screen.[/quote]

Well, I wholeheartedly agree with you there, SDR. Perception certainly isn’t reality. And surely the minute details of RE auction processing rate fluctuations, in a highly controlled and artificial scarcity induced market, that requires naive suckers to blindly follow bad advice just so it does not collapse, is not indicative of anything too important. But as a libertarian, I’m sure you know that.

[Arraya]

[quote=SD Realtor]

Similarly Arraya to sit and throw out statements while sitting behind a tube and cutting and pasting articles of how the world is falling apart is one thing, but to make a statement totally contrary to the reality of auctions is another. We PAY our staff to go to the auctions so yes we do know what is going on because reality is a bit different then what you perceive is going on behind your computer screen.[/quote]

Well, I wholeheartedly agree with you there, SDR. Perception certainly isn’t reality. And surely the minute details of RE auction processing rate fluctuations, in a highly controlled and artificial scarcity induced market, that requires naive suckers to blindly follow bad advice just so it does not collapse, is not indicative of anything too important. But as a libertarian, I’m sure you know that.

[Arraya]

[quote=SD Realtor]

Similarly Arraya to sit and throw out statements while sitting behind a tube and cutting and pasting articles of how the world is falling apart is one thing, but to make a statement totally contrary to the reality of auctions is another. We PAY our staff to go to the auctions so yes we do know what is going on because reality is a bit different then what you perceive is going on behind your computer screen.[/quote]

Well, I wholeheartedly agree with you there, SDR. Perception certainly isn’t reality. And surely the minute details of RE auction processing rate fluctuations, in a highly controlled and artificial scarcity induced market, that requires naive suckers to blindly follow bad advice just so it does not collapse, is not indicative of anything too important. But as a libertarian, I’m sure you know that.

[Arraya]

[quote=SD Realtor]

Similarly Arraya to sit and throw out statements while sitting behind a tube and cutting and pasting articles of how the world is falling apart is one thing, but to make a statement totally contrary to the reality of auctions is another. We PAY our staff to go to the auctions so yes we do know what is going on because reality is a bit different then what you perceive is going on behind your computer screen.[/quote]

Well, I wholeheartedly agree with you there, SDR. Perception certainly isn’t reality. And surely the minute details of RE auction processing rate fluctuations, in a highly controlled and artificial scarcity induced market, that requires naive suckers to blindly follow bad advice just so it does not collapse, is not indicative of anything too important. But as a libertarian, I’m sure you know that.

[Arraya]

[quote=SD Realtor]

Similarly Arraya to sit and throw out statements while sitting behind a tube and cutting and pasting articles of how the world is falling apart is one thing, but to make a statement totally contrary to the reality of auctions is another. We PAY our staff to go to the auctions so yes we do know what is going on because reality is a bit different then what you perceive is going on behind your computer screen.[/quote]

Well, I wholeheartedly agree with you there, SDR. Perception certainly isn’t reality. And surely the minute details of RE auction processing rate fluctuations, in a highly controlled and artificial scarcity induced market, that requires naive suckers to blindly follow bad advice just so it does not collapse, is not indicative of anything too important. But as a libertarian, I’m sure you know that.

[SD Realtor]

Arraya I do understand that totally. Lets make sure we call it like I see it. I give the up to date minute fluctuations based on facts. Never do they pose themselves as a long term prognostication. Once again, the main point was the perception of flippers or flipped homes causing pricing appreciation. We all know that to be incorrect on a few fronts. One front being the percentage of homes flipped is quite low compared to the total, the second being the market is what drives pricing, not the seller. I am not sure of the bad advice you are refering to. Obviously it is not my advice, however our govt and financial complex give us our dose of bad advice daily.

[SD Realtor]

Arraya I do understand that totally. Lets make sure we call it like I see it. I give the up to date minute fluctuations based on facts. Never do they pose themselves as a long term prognostication. Once again, the main point was the perception of flippers or flipped homes causing pricing appreciation. We all know that to be incorrect on a few fronts. One front being the percentage of homes flipped is quite low compared to the total, the second being the market is what drives pricing, not the seller. I am not sure of the bad advice you are refering to. Obviously it is not my advice, however our govt and financial complex give us our dose of bad advice daily.

[SD Realtor]

Arraya I do understand that totally. Lets make sure we call it like I see it. I give the up to date minute fluctuations based on facts. Never do they pose themselves as a long term prognostication. Once again, the main point was the perception of flippers or flipped homes causing pricing appreciation. We all know that to be incorrect on a few fronts. One front being the percentage of homes flipped is quite low compared to the total, the second being the market is what drives pricing, not the seller. I am not sure of the bad advice you are refering to. Obviously it is not my advice, however our govt and financial complex give us our dose of bad advice daily.

[SD Realtor]

Arraya I do understand that totally. Lets make sure we call it like I see it. I give the up to date minute fluctuations based on facts. Never do they pose themselves as a long term prognostication. Once again, the main point was the perception of flippers or flipped homes causing pricing appreciation. We all know that to be incorrect on a few fronts. One front being the percentage of homes flipped is quite low compared to the total, the second being the market is what drives pricing, not the seller. I am not sure of the bad advice you are refering to. Obviously it is not my advice, however our govt and financial complex give us our dose of bad advice daily.

[Author]

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