North park flips… relatistic prices?

[jpinpb]

pemeliza – I assure you I’m competing w/investor flippers in many ZIPs. I cannot escape them. Another example: 1979 Beryl. I contacted them the minute it was listed. Seriously. The LA said he just listed it. He was leaving for the weekend and would call me on Monday when he returned. I did not have a chance. They received three all cash offers. One was Esajian from FTH. I fully expect to see this back on the market soon spruced up w/a higher price tag, propping up future comps.

I hope CAR and I get as lucky as you and find a suitable place. The search continues. Some days more frustrating than others.

[pemeliza]

” I’m referring to homes that are short sales, REOs, and regular sales that are close to tempting, but not low enough for buyers who intend to make their own improvements and live in the home for the duration.”

This is illuminating. CAR, it is likely that you would not have bought the house that I bought at the price I paid even though our intents are exactly the same. Me and DW basically bought the cheapest house on a great street that was original condition. We plan to do just as you suggest which is to make improvements (slowly over time!) and live in the home for the duration. I plan to be carried out in a pine box.

It occurred to me that you and I have a wildly different view of what a fair price is for a top notch location in San Diego. This got me to thinking that most buyers probably have a wildly different view of fair pricing in SD. I think all buyers myself included have a certain strike price. Right now your strike price is clearly much lower than the buyers that are currently buying right now but I don’t think those that are buying at today’s prices are necessarily less savvy. Maybe they just are not that good at timing the market so they just buy once they see something they like and can afford.

The best analogy I can come up with is the stock market. When it was in free-fall mode last year there are probably buyers that jumped in at DOW 10000 thinking wow what a deal. Then were buyers at 9000, 8000, 7000, etc. Each buyer had a price that they wanted in at. During the free-fall I got a call from a friend that thought the market was going to 3000. He never got in. Right now I would say the real estate market in SD is probably about like DOW 8000. I probably got in a little early and will probably have a 10-20% paper loss before this is all over. However, since we bought I have not seen a house come on the market that I would rather have than ours. Thus, I feel like our 2 year trek was successful even though we clearly did not time the bottom.

You and JP stuck it out and are poised to do even better then we did. Hang in there.

[pemeliza]

” I’m referring to homes that are short sales, REOs, and regular sales that are close to tempting, but not low enough for buyers who intend to make their own improvements and live in the home for the duration.”

This is illuminating. CAR, it is likely that you would not have bought the house that I bought at the price I paid even though our intents are exactly the same. Me and DW basically bought the cheapest house on a great street that was original condition. We plan to do just as you suggest which is to make improvements (slowly over time!) and live in the home for the duration. I plan to be carried out in a pine box.

It occurred to me that you and I have a wildly different view of what a fair price is for a top notch location in San Diego. This got me to thinking that most buyers probably have a wildly different view of fair pricing in SD. I think all buyers myself included have a certain strike price. Right now your strike price is clearly much lower than the buyers that are currently buying right now but I don’t think those that are buying at today’s prices are necessarily less savvy. Maybe they just are not that good at timing the market so they just buy once they see something they like and can afford.

The best analogy I can come up with is the stock market. When it was in free-fall mode last year there are probably buyers that jumped in at DOW 10000 thinking wow what a deal. Then were buyers at 9000, 8000, 7000, etc. Each buyer had a price that they wanted in at. During the free-fall I got a call from a friend that thought the market was going to 3000. He never got in. Right now I would say the real estate market in SD is probably about like DOW 8000. I probably got in a little early and will probably have a 10-20% paper loss before this is all over. However, since we bought I have not seen a house come on the market that I would rather have than ours. Thus, I feel like our 2 year trek was successful even though we clearly did not time the bottom.

You and JP stuck it out and are poised to do even better then we did. Hang in there.

[pemeliza]

” I’m referring to homes that are short sales, REOs, and regular sales that are close to tempting, but not low enough for buyers who intend to make their own improvements and live in the home for the duration.”

This is illuminating. CAR, it is likely that you would not have bought the house that I bought at the price I paid even though our intents are exactly the same. Me and DW basically bought the cheapest house on a great street that was original condition. We plan to do just as you suggest which is to make improvements (slowly over time!) and live in the home for the duration. I plan to be carried out in a pine box.

It occurred to me that you and I have a wildly different view of what a fair price is for a top notch location in San Diego. This got me to thinking that most buyers probably have a wildly different view of fair pricing in SD. I think all buyers myself included have a certain strike price. Right now your strike price is clearly much lower than the buyers that are currently buying right now but I don’t think those that are buying at today’s prices are necessarily less savvy. Maybe they just are not that good at timing the market so they just buy once they see something they like and can afford.

The best analogy I can come up with is the stock market. When it was in free-fall mode last year there are probably buyers that jumped in at DOW 10000 thinking wow what a deal. Then were buyers at 9000, 8000, 7000, etc. Each buyer had a price that they wanted in at. During the free-fall I got a call from a friend that thought the market was going to 3000. He never got in. Right now I would say the real estate market in SD is probably about like DOW 8000. I probably got in a little early and will probably have a 10-20% paper loss before this is all over. However, since we bought I have not seen a house come on the market that I would rather have than ours. Thus, I feel like our 2 year trek was successful even though we clearly did not time the bottom.

You and JP stuck it out and are poised to do even better then we did. Hang in there.

[pemeliza]

” I’m referring to homes that are short sales, REOs, and regular sales that are close to tempting, but not low enough for buyers who intend to make their own improvements and live in the home for the duration.”

This is illuminating. CAR, it is likely that you would not have bought the house that I bought at the price I paid even though our intents are exactly the same. Me and DW basically bought the cheapest house on a great street that was original condition. We plan to do just as you suggest which is to make improvements (slowly over time!) and live in the home for the duration. I plan to be carried out in a pine box.

It occurred to me that you and I have a wildly different view of what a fair price is for a top notch location in San Diego. This got me to thinking that most buyers probably have a wildly different view of fair pricing in SD. I think all buyers myself included have a certain strike price. Right now your strike price is clearly much lower than the buyers that are currently buying right now but I don’t think those that are buying at today’s prices are necessarily less savvy. Maybe they just are not that good at timing the market so they just buy once they see something they like and can afford.

The best analogy I can come up with is the stock market. When it was in free-fall mode last year there are probably buyers that jumped in at DOW 10000 thinking wow what a deal. Then were buyers at 9000, 8000, 7000, etc. Each buyer had a price that they wanted in at. During the free-fall I got a call from a friend that thought the market was going to 3000. He never got in. Right now I would say the real estate market in SD is probably about like DOW 8000. I probably got in a little early and will probably have a 10-20% paper loss before this is all over. However, since we bought I have not seen a house come on the market that I would rather have than ours. Thus, I feel like our 2 year trek was successful even though we clearly did not time the bottom.

You and JP stuck it out and are poised to do even better then we did. Hang in there.

[pemeliza]

” I’m referring to homes that are short sales, REOs, and regular sales that are close to tempting, but not low enough for buyers who intend to make their own improvements and live in the home for the duration.”

This is illuminating. CAR, it is likely that you would not have bought the house that I bought at the price I paid even though our intents are exactly the same. Me and DW basically bought the cheapest house on a great street that was original condition. We plan to do just as you suggest which is to make improvements (slowly over time!) and live in the home for the duration. I plan to be carried out in a pine box.

It occurred to me that you and I have a wildly different view of what a fair price is for a top notch location in San Diego. This got me to thinking that most buyers probably have a wildly different view of fair pricing in SD. I think all buyers myself included have a certain strike price. Right now your strike price is clearly much lower than the buyers that are currently buying right now but I don’t think those that are buying at today’s prices are necessarily less savvy. Maybe they just are not that good at timing the market so they just buy once they see something they like and can afford.

The best analogy I can come up with is the stock market. When it was in free-fall mode last year there are probably buyers that jumped in at DOW 10000 thinking wow what a deal. Then were buyers at 9000, 8000, 7000, etc. Each buyer had a price that they wanted in at. During the free-fall I got a call from a friend that thought the market was going to 3000. He never got in. Right now I would say the real estate market in SD is probably about like DOW 8000. I probably got in a little early and will probably have a 10-20% paper loss before this is all over. However, since we bought I have not seen a house come on the market that I would rather have than ours. Thus, I feel like our 2 year trek was successful even though we clearly did not time the bottom.

You and JP stuck it out and are poised to do even better then we did. Hang in there.

[sdrealtor]

Well that was a flying leap of claiming I said something which I did not. I never claimed you are clueless or crazy. You both have a very good idea of what is going on at least as good as one can have without being on the inside. What you see and what actually happens can be very different. You are judging books by their cover but we get to see whats underneath.

JP’s Driscoll house was a perfect example. Her take on the situation was not reality but rather what she pereived it to be through very jaded eyes. The house is on the market and she could bid on it. The flipper didnt really cahnge anything that I could see and it will sell at the market. The flipper went to the auction and paid cash for it on the steps. JP could have done that also if she had the cash but does not. The courthouse steps are the wholesale market. Every product has a wholesale market and real estate is one of the rare ones that a layperson can buy at wholesale with cash. Can you buy a car or a laptop at wholesale? Can you buy your food at wholesale?

While you are “upset as buyers” there are plenty of buyers who are not upset. Plenty who see value where you do not. You can call them stupid or uninformed and some but not all. You refuse to see any potential for success but the market keeps proving otherwise. Sure its a heavily manipulated market but thats what it is and it is unlikely to change IMO. You dont have to be a participant and can keep renting which is fine too. You live in a nice home, in a nice area. There is absolutely nothing wrong with that.

[sdrealtor]

Well that was a flying leap of claiming I said something which I did not. I never claimed you are clueless or crazy. You both have a very good idea of what is going on at least as good as one can have without being on the inside. What you see and what actually happens can be very different. You are judging books by their cover but we get to see whats underneath.

JP’s Driscoll house was a perfect example. Her take on the situation was not reality but rather what she pereived it to be through very jaded eyes. The house is on the market and she could bid on it. The flipper didnt really cahnge anything that I could see and it will sell at the market. The flipper went to the auction and paid cash for it on the steps. JP could have done that also if she had the cash but does not. The courthouse steps are the wholesale market. Every product has a wholesale market and real estate is one of the rare ones that a layperson can buy at wholesale with cash. Can you buy a car or a laptop at wholesale? Can you buy your food at wholesale?

While you are “upset as buyers” there are plenty of buyers who are not upset. Plenty who see value where you do not. You can call them stupid or uninformed and some but not all. You refuse to see any potential for success but the market keeps proving otherwise. Sure its a heavily manipulated market but thats what it is and it is unlikely to change IMO. You dont have to be a participant and can keep renting which is fine too. You live in a nice home, in a nice area. There is absolutely nothing wrong with that.

[sdrealtor]

Well that was a flying leap of claiming I said something which I did not. I never claimed you are clueless or crazy. You both have a very good idea of what is going on at least as good as one can have without being on the inside. What you see and what actually happens can be very different. You are judging books by their cover but we get to see whats underneath.

JP’s Driscoll house was a perfect example. Her take on the situation was not reality but rather what she pereived it to be through very jaded eyes. The house is on the market and she could bid on it. The flipper didnt really cahnge anything that I could see and it will sell at the market. The flipper went to the auction and paid cash for it on the steps. JP could have done that also if she had the cash but does not. The courthouse steps are the wholesale market. Every product has a wholesale market and real estate is one of the rare ones that a layperson can buy at wholesale with cash. Can you buy a car or a laptop at wholesale? Can you buy your food at wholesale?

While you are “upset as buyers” there are plenty of buyers who are not upset. Plenty who see value where you do not. You can call them stupid or uninformed and some but not all. You refuse to see any potential for success but the market keeps proving otherwise. Sure its a heavily manipulated market but thats what it is and it is unlikely to change IMO. You dont have to be a participant and can keep renting which is fine too. You live in a nice home, in a nice area. There is absolutely nothing wrong with that.

[sdrealtor]

Well that was a flying leap of claiming I said something which I did not. I never claimed you are clueless or crazy. You both have a very good idea of what is going on at least as good as one can have without being on the inside. What you see and what actually happens can be very different. You are judging books by their cover but we get to see whats underneath.

JP’s Driscoll house was a perfect example. Her take on the situation was not reality but rather what she pereived it to be through very jaded eyes. The house is on the market and she could bid on it. The flipper didnt really cahnge anything that I could see and it will sell at the market. The flipper went to the auction and paid cash for it on the steps. JP could have done that also if she had the cash but does not. The courthouse steps are the wholesale market. Every product has a wholesale market and real estate is one of the rare ones that a layperson can buy at wholesale with cash. Can you buy a car or a laptop at wholesale? Can you buy your food at wholesale?

While you are “upset as buyers” there are plenty of buyers who are not upset. Plenty who see value where you do not. You can call them stupid or uninformed and some but not all. You refuse to see any potential for success but the market keeps proving otherwise. Sure its a heavily manipulated market but thats what it is and it is unlikely to change IMO. You dont have to be a participant and can keep renting which is fine too. You live in a nice home, in a nice area. There is absolutely nothing wrong with that.

[sdrealtor]

Well that was a flying leap of claiming I said something which I did not. I never claimed you are clueless or crazy. You both have a very good idea of what is going on at least as good as one can have without being on the inside. What you see and what actually happens can be very different. You are judging books by their cover but we get to see whats underneath.

JP’s Driscoll house was a perfect example. Her take on the situation was not reality but rather what she pereived it to be through very jaded eyes. The house is on the market and she could bid on it. The flipper didnt really cahnge anything that I could see and it will sell at the market. The flipper went to the auction and paid cash for it on the steps. JP could have done that also if she had the cash but does not. The courthouse steps are the wholesale market. Every product has a wholesale market and real estate is one of the rare ones that a layperson can buy at wholesale with cash. Can you buy a car or a laptop at wholesale? Can you buy your food at wholesale?

While you are “upset as buyers” there are plenty of buyers who are not upset. Plenty who see value where you do not. You can call them stupid or uninformed and some but not all. You refuse to see any potential for success but the market keeps proving otherwise. Sure its a heavily manipulated market but thats what it is and it is unlikely to change IMO. You dont have to be a participant and can keep renting which is fine too. You live in a nice home, in a nice area. There is absolutely nothing wrong with that.

[jpinpb]

[quote=pemeliza]” Me and DW basically bought the cheapest house on a great street that was original condition. We plan to do just as you suggest which is to make improvements (slowly over time!) and live in the home for the duration. I plan to be carried out in a pine box. [/quote]

That’s what I’m trying to do, too.

I just came across another one. 3331 Canon St. Info I have it sold 11/02/2009 for 469k. I can’t confirm it was back to bank or third party, but it listed shortly thereafter for about 610k and nothing done to improve the place. It just sold for 524k. Of course taking advantage of the 18k in credits.

[jpinpb]

[quote=pemeliza]” Me and DW basically bought the cheapest house on a great street that was original condition. We plan to do just as you suggest which is to make improvements (slowly over time!) and live in the home for the duration. I plan to be carried out in a pine box. [/quote]

That’s what I’m trying to do, too.

I just came across another one. 3331 Canon St. Info I have it sold 11/02/2009 for 469k. I can’t confirm it was back to bank or third party, but it listed shortly thereafter for about 610k and nothing done to improve the place. It just sold for 524k. Of course taking advantage of the 18k in credits.

[jpinpb]

[quote=pemeliza]” Me and DW basically bought the cheapest house on a great street that was original condition. We plan to do just as you suggest which is to make improvements (slowly over time!) and live in the home for the duration. I plan to be carried out in a pine box. [/quote]

That’s what I’m trying to do, too.

I just came across another one. 3331 Canon St. Info I have it sold 11/02/2009 for 469k. I can’t confirm it was back to bank or third party, but it listed shortly thereafter for about 610k and nothing done to improve the place. It just sold for 524k. Of course taking advantage of the 18k in credits.

[jpinpb]

[quote=pemeliza]” Me and DW basically bought the cheapest house on a great street that was original condition. We plan to do just as you suggest which is to make improvements (slowly over time!) and live in the home for the duration. I plan to be carried out in a pine box. [/quote]

That’s what I’m trying to do, too.

I just came across another one. 3331 Canon St. Info I have it sold 11/02/2009 for 469k. I can’t confirm it was back to bank or third party, but it listed shortly thereafter for about 610k and nothing done to improve the place. It just sold for 524k. Of course taking advantage of the 18k in credits.

[Author]

Posts