Pacific Beach Question

[jonnycsd]

A Mexican stand off – that makes sense and would explain why there is so much REO in 92109. From the other postings it looks like the exact dynamic you propose has now started in Mira Mesa:

http://piggington.com/1st_2001_price_in_mira_mesa

Any view regarding the tipping point allowing the first major off-peak sale to occur? What causes the REO manager at a bank to green light such a sale? What causes them to wait and let it build? Seems to be major first mover advantage if you know that sooner or later someone is going to acquiesce.

[kewp]

I have no idea. It may just be lag; foreclosures typically take 6-8 months before they hit the auction block. With the historically high default rate this will probably get worse.

[kewp]

I have no idea. It may just be lag; foreclosures typically take 6-8 months before they hit the auction block. With the historically high default rate this will probably get worse.

[kewp]

I have no idea. It may just be lag; foreclosures typically take 6-8 months before they hit the auction block. With the historically high default rate this will probably get worse.

[kewp]

I have no idea. It may just be lag; foreclosures typically take 6-8 months before they hit the auction block. With the historically high default rate this will probably get worse.

[kewp]

I have no idea. It may just be lag; foreclosures typically take 6-8 months before they hit the auction block. With the historically high default rate this will probably get worse.

[SD Realtor]

I would say this guys… the more you anticipate steep price drops the longer they will appear to take. I have two different price shoppers in Mira Mesa and one of them is very astute. Together we have witnessed first hand the effect of the lowest priced REO sales going into pending status very quickly. The most successful REOs have been those that have been priced aggressively and found a demand which has been not altogether surprising to me. What is good is that in the long run these will all form the new comps for homes that hit the market a few months from now. The bad thing is that both my Mira Mesa clients will need to remain patient for the price range they are shopping in.

As for PB I think that it will lose footing but it will take awhile. The seeds of denial are sown deep in PB. Also I would not take much stock in Realtytrac. One of the problems is that NODs and NOTs that are cured never seem to be reported by Realtytrac for a LONG time. Also short sales that are NODs and have offers on them that are into the lender already are not considered either.

Don’t mistake this post for insinuating that PB is a sanctuary to the depreciation cycle because it is not. It will just take awhile.

SD Realtor

[SD Realtor]

I would say this guys… the more you anticipate steep price drops the longer they will appear to take. I have two different price shoppers in Mira Mesa and one of them is very astute. Together we have witnessed first hand the effect of the lowest priced REO sales going into pending status very quickly. The most successful REOs have been those that have been priced aggressively and found a demand which has been not altogether surprising to me. What is good is that in the long run these will all form the new comps for homes that hit the market a few months from now. The bad thing is that both my Mira Mesa clients will need to remain patient for the price range they are shopping in.

As for PB I think that it will lose footing but it will take awhile. The seeds of denial are sown deep in PB. Also I would not take much stock in Realtytrac. One of the problems is that NODs and NOTs that are cured never seem to be reported by Realtytrac for a LONG time. Also short sales that are NODs and have offers on them that are into the lender already are not considered either.

Don’t mistake this post for insinuating that PB is a sanctuary to the depreciation cycle because it is not. It will just take awhile.

SD Realtor

[SD Realtor]

I would say this guys… the more you anticipate steep price drops the longer they will appear to take. I have two different price shoppers in Mira Mesa and one of them is very astute. Together we have witnessed first hand the effect of the lowest priced REO sales going into pending status very quickly. The most successful REOs have been those that have been priced aggressively and found a demand which has been not altogether surprising to me. What is good is that in the long run these will all form the new comps for homes that hit the market a few months from now. The bad thing is that both my Mira Mesa clients will need to remain patient for the price range they are shopping in.

As for PB I think that it will lose footing but it will take awhile. The seeds of denial are sown deep in PB. Also I would not take much stock in Realtytrac. One of the problems is that NODs and NOTs that are cured never seem to be reported by Realtytrac for a LONG time. Also short sales that are NODs and have offers on them that are into the lender already are not considered either.

Don’t mistake this post for insinuating that PB is a sanctuary to the depreciation cycle because it is not. It will just take awhile.

SD Realtor

[SD Realtor]

I would say this guys… the more you anticipate steep price drops the longer they will appear to take. I have two different price shoppers in Mira Mesa and one of them is very astute. Together we have witnessed first hand the effect of the lowest priced REO sales going into pending status very quickly. The most successful REOs have been those that have been priced aggressively and found a demand which has been not altogether surprising to me. What is good is that in the long run these will all form the new comps for homes that hit the market a few months from now. The bad thing is that both my Mira Mesa clients will need to remain patient for the price range they are shopping in.

As for PB I think that it will lose footing but it will take awhile. The seeds of denial are sown deep in PB. Also I would not take much stock in Realtytrac. One of the problems is that NODs and NOTs that are cured never seem to be reported by Realtytrac for a LONG time. Also short sales that are NODs and have offers on them that are into the lender already are not considered either.

Don’t mistake this post for insinuating that PB is a sanctuary to the depreciation cycle because it is not. It will just take awhile.

SD Realtor

[SD Realtor]

I would say this guys… the more you anticipate steep price drops the longer they will appear to take. I have two different price shoppers in Mira Mesa and one of them is very astute. Together we have witnessed first hand the effect of the lowest priced REO sales going into pending status very quickly. The most successful REOs have been those that have been priced aggressively and found a demand which has been not altogether surprising to me. What is good is that in the long run these will all form the new comps for homes that hit the market a few months from now. The bad thing is that both my Mira Mesa clients will need to remain patient for the price range they are shopping in.

As for PB I think that it will lose footing but it will take awhile. The seeds of denial are sown deep in PB. Also I would not take much stock in Realtytrac. One of the problems is that NODs and NOTs that are cured never seem to be reported by Realtytrac for a LONG time. Also short sales that are NODs and have offers on them that are into the lender already are not considered either.

Don’t mistake this post for insinuating that PB is a sanctuary to the depreciation cycle because it is not. It will just take awhile.

SD Realtor

[jpinpb]

I would only say that people are still buying in PB but I don’t think PB is immune and eventually the prices will decline there as well. As SDR said it will just take a little longer to hit the coast.

[jpinpb]

I would only say that people are still buying in PB but I don’t think PB is immune and eventually the prices will decline there as well. As SDR said it will just take a little longer to hit the coast.

[jpinpb]

I would only say that people are still buying in PB but I don’t think PB is immune and eventually the prices will decline there as well. As SDR said it will just take a little longer to hit the coast.

[jpinpb]

I would only say that people are still buying in PB but I don’t think PB is immune and eventually the prices will decline there as well. As SDR said it will just take a little longer to hit the coast.

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