Point Loma reducing a little

[sdrealtor]

Two of the biggest bear friends I have just bought back into the market in the last 2 weeks. Both bought homes over $1M with over 50% down. Both were very picky over what they wanted like you and both got exactly what they wanted because they both kept looking while bubblesitting for 4+ years and knew how hard it was to find something they truly wanted.

[jpinpb]

sdr – why do you continually taunt CAR? It seems a little incredible to me that in all of that ZIP code and the direction the market is heading that CAR will not find a home that suits her at a price that makes sense. The high end is just now starting to see declines as in 92103 and 92106. Anyway, I’d like this thread to be more about the reductions seen in these ZIPs rather than you antagonizing CAR.

[jpinpb]

sdr – why do you continually taunt CAR? It seems a little incredible to me that in all of that ZIP code and the direction the market is heading that CAR will not find a home that suits her at a price that makes sense. The high end is just now starting to see declines as in 92103 and 92106. Anyway, I’d like this thread to be more about the reductions seen in these ZIPs rather than you antagonizing CAR.

[jpinpb]

sdr – why do you continually taunt CAR? It seems a little incredible to me that in all of that ZIP code and the direction the market is heading that CAR will not find a home that suits her at a price that makes sense. The high end is just now starting to see declines as in 92103 and 92106. Anyway, I’d like this thread to be more about the reductions seen in these ZIPs rather than you antagonizing CAR.

[jpinpb]

sdr – why do you continually taunt CAR? It seems a little incredible to me that in all of that ZIP code and the direction the market is heading that CAR will not find a home that suits her at a price that makes sense. The high end is just now starting to see declines as in 92103 and 92106. Anyway, I’d like this thread to be more about the reductions seen in these ZIPs rather than you antagonizing CAR.

[jpinpb]

sdr – why do you continually taunt CAR? It seems a little incredible to me that in all of that ZIP code and the direction the market is heading that CAR will not find a home that suits her at a price that makes sense. The high end is just now starting to see declines as in 92103 and 92106. Anyway, I’d like this thread to be more about the reductions seen in these ZIPs rather than you antagonizing CAR.

[sdrealtor]

[quote=CA renter][quote=sdrealtor]The super low interest rates appear to be gone and how many homes have you found as perfect for you as the one you passed on? By the way the person who bought it after you probably paid more than you had it in escrow for (you can confirm or contradict that). Oh yeah…they paid all cash. By now I’m sure you know how hard it is to find a great house even when price isnt so much the issue.[/quote]

Yes, there were multiple offers (at least 7, IIRC) on the house, and *at least* two of them were all-cash. The people who bought it paid $10K more than we offered, so I’m happy for the seller on that one.

Admittedly, it’s not easy to find the “exact right” house, but the optimistic sellers certainly don’t make it any easier. We could find plenty of places that would suit us, but we’d have to do a lot of modifications and/or repairs…and prices just don’t reflect that, yet. Again, I understand that other people are willing to pay the price in today’s market; it’s tomorrow’s market that I am looking forward to.[/quote]

I’d say they were pessimistic sellers if they priced it low enough that they got 7 offers. But there are at least 5 other buyers that lost out on that house who are right there with you and counting. The more prices fall the more that number of buyers will rise. It doesnt get easier tomorrow.

[sdrealtor]

[quote=CA renter][quote=sdrealtor]The super low interest rates appear to be gone and how many homes have you found as perfect for you as the one you passed on? By the way the person who bought it after you probably paid more than you had it in escrow for (you can confirm or contradict that). Oh yeah…they paid all cash. By now I’m sure you know how hard it is to find a great house even when price isnt so much the issue.[/quote]

Yes, there were multiple offers (at least 7, IIRC) on the house, and *at least* two of them were all-cash. The people who bought it paid $10K more than we offered, so I’m happy for the seller on that one.

Admittedly, it’s not easy to find the “exact right” house, but the optimistic sellers certainly don’t make it any easier. We could find plenty of places that would suit us, but we’d have to do a lot of modifications and/or repairs…and prices just don’t reflect that, yet. Again, I understand that other people are willing to pay the price in today’s market; it’s tomorrow’s market that I am looking forward to.[/quote]

I’d say they were pessimistic sellers if they priced it low enough that they got 7 offers. But there are at least 5 other buyers that lost out on that house who are right there with you and counting. The more prices fall the more that number of buyers will rise. It doesnt get easier tomorrow.

[sdrealtor]

[quote=CA renter][quote=sdrealtor]The super low interest rates appear to be gone and how many homes have you found as perfect for you as the one you passed on? By the way the person who bought it after you probably paid more than you had it in escrow for (you can confirm or contradict that). Oh yeah…they paid all cash. By now I’m sure you know how hard it is to find a great house even when price isnt so much the issue.[/quote]

Yes, there were multiple offers (at least 7, IIRC) on the house, and *at least* two of them were all-cash. The people who bought it paid $10K more than we offered, so I’m happy for the seller on that one.

Admittedly, it’s not easy to find the “exact right” house, but the optimistic sellers certainly don’t make it any easier. We could find plenty of places that would suit us, but we’d have to do a lot of modifications and/or repairs…and prices just don’t reflect that, yet. Again, I understand that other people are willing to pay the price in today’s market; it’s tomorrow’s market that I am looking forward to.[/quote]

I’d say they were pessimistic sellers if they priced it low enough that they got 7 offers. But there are at least 5 other buyers that lost out on that house who are right there with you and counting. The more prices fall the more that number of buyers will rise. It doesnt get easier tomorrow.

[sdrealtor]

[quote=CA renter][quote=sdrealtor]The super low interest rates appear to be gone and how many homes have you found as perfect for you as the one you passed on? By the way the person who bought it after you probably paid more than you had it in escrow for (you can confirm or contradict that). Oh yeah…they paid all cash. By now I’m sure you know how hard it is to find a great house even when price isnt so much the issue.[/quote]

Yes, there were multiple offers (at least 7, IIRC) on the house, and *at least* two of them were all-cash. The people who bought it paid $10K more than we offered, so I’m happy for the seller on that one.

Admittedly, it’s not easy to find the “exact right” house, but the optimistic sellers certainly don’t make it any easier. We could find plenty of places that would suit us, but we’d have to do a lot of modifications and/or repairs…and prices just don’t reflect that, yet. Again, I understand that other people are willing to pay the price in today’s market; it’s tomorrow’s market that I am looking forward to.[/quote]

I’d say they were pessimistic sellers if they priced it low enough that they got 7 offers. But there are at least 5 other buyers that lost out on that house who are right there with you and counting. The more prices fall the more that number of buyers will rise. It doesnt get easier tomorrow.

[sdrealtor]

[quote=CA renter][quote=sdrealtor]The super low interest rates appear to be gone and how many homes have you found as perfect for you as the one you passed on? By the way the person who bought it after you probably paid more than you had it in escrow for (you can confirm or contradict that). Oh yeah…they paid all cash. By now I’m sure you know how hard it is to find a great house even when price isnt so much the issue.[/quote]

Yes, there were multiple offers (at least 7, IIRC) on the house, and *at least* two of them were all-cash. The people who bought it paid $10K more than we offered, so I’m happy for the seller on that one.

Admittedly, it’s not easy to find the “exact right” house, but the optimistic sellers certainly don’t make it any easier. We could find plenty of places that would suit us, but we’d have to do a lot of modifications and/or repairs…and prices just don’t reflect that, yet. Again, I understand that other people are willing to pay the price in today’s market; it’s tomorrow’s market that I am looking forward to.[/quote]

I’d say they were pessimistic sellers if they priced it low enough that they got 7 offers. But there are at least 5 other buyers that lost out on that house who are right there with you and counting. The more prices fall the more that number of buyers will rise. It doesnt get easier tomorrow.

[bearishgurl]

This thread caused me to take another look at 92106/92107 active SFRs (and some solds) today. I was shocked at what people paid in the last ten years for some of those properties and then invested in the permitting process/expense and often $100K to over $200K in repairs, upgrading and/or remodeling, only to dump the property back on the market in 2010 and often sell the property +=-10% of their original purchase price – before any work was done! Even properties with 180-degree or greater views!

A good portion of these listings had photos showing playsets in the yard, kids rooms, etc. I guess many families are having a difficult time holding on. And very few of them were short-sales/REO’s. They were obviously sellers attempting to get out before their situation worsened to those levels. Several had more than three price reductions since the end of summer.

The price/size ranges I was looking at were $550K to $1M and 1400 sf to about 3000 sf. There are a proliferation of very good listings in the $775K to $950K range.

I SO agree with hammer, except to also add Fleetridge, Roseville, Sunset Cliffs and Pt Loma Woods (if you don’t mind an HOA and are more concerned with a large flat lot than “view”) to the list. It’s a great time to make a deal in these two zips on the property of your dreams, if you are able to do so. You may find that you really don’t need to set aside any $$ for rehab or remodel as a previous owner (likely your seller) has already done the work!

And Piggs, don’t forget that SDGE is working burying fibre optic and other lines, currently in 92103 and the SFR portions of southern 92110. It is only a matter of time before they get to the western zip codes. I would venture that La Playa will be free of SDGE easements in about 5 years. So the vision of all your (my!) fav streets with the sit-down views of the harbor or whitewater/MB/LJ marred by SDGE poles/lines will be nothing but a dim memory in another 5-10 years. I have no doubt the elimination of these easements (which frequently appear on title) will increase the property values in these areas SUBSTANTIALLY in the future. As hammer said, there is no other place within the US which offers what Pt Loma does, for any price.

I don’t see these buying opportunities lasting much longer in this particular “niche” market – just enough time to take the “speculators” out of the game and retire all those pesky 2nds, HELOCs and NINA mortgages. Then it will go back to a “regular” market.

What an incredible era we are living in today, both frustrating and full of fantastic opportunities at the same time!!

[bearishgurl]

This thread caused me to take another look at 92106/92107 active SFRs (and some solds) today. I was shocked at what people paid in the last ten years for some of those properties and then invested in the permitting process/expense and often $100K to over $200K in repairs, upgrading and/or remodeling, only to dump the property back on the market in 2010 and often sell the property +=-10% of their original purchase price – before any work was done! Even properties with 180-degree or greater views!

A good portion of these listings had photos showing playsets in the yard, kids rooms, etc. I guess many families are having a difficult time holding on. And very few of them were short-sales/REO’s. They were obviously sellers attempting to get out before their situation worsened to those levels. Several had more than three price reductions since the end of summer.

The price/size ranges I was looking at were $550K to $1M and 1400 sf to about 3000 sf. There are a proliferation of very good listings in the $775K to $950K range.

I SO agree with hammer, except to also add Fleetridge, Roseville, Sunset Cliffs and Pt Loma Woods (if you don’t mind an HOA and are more concerned with a large flat lot than “view”) to the list. It’s a great time to make a deal in these two zips on the property of your dreams, if you are able to do so. You may find that you really don’t need to set aside any $$ for rehab or remodel as a previous owner (likely your seller) has already done the work!

And Piggs, don’t forget that SDGE is working burying fibre optic and other lines, currently in 92103 and the SFR portions of southern 92110. It is only a matter of time before they get to the western zip codes. I would venture that La Playa will be free of SDGE easements in about 5 years. So the vision of all your (my!) fav streets with the sit-down views of the harbor or whitewater/MB/LJ marred by SDGE poles/lines will be nothing but a dim memory in another 5-10 years. I have no doubt the elimination of these easements (which frequently appear on title) will increase the property values in these areas SUBSTANTIALLY in the future. As hammer said, there is no other place within the US which offers what Pt Loma does, for any price.

I don’t see these buying opportunities lasting much longer in this particular “niche” market – just enough time to take the “speculators” out of the game and retire all those pesky 2nds, HELOCs and NINA mortgages. Then it will go back to a “regular” market.

What an incredible era we are living in today, both frustrating and full of fantastic opportunities at the same time!!

[bearishgurl]

This thread caused me to take another look at 92106/92107 active SFRs (and some solds) today. I was shocked at what people paid in the last ten years for some of those properties and then invested in the permitting process/expense and often $100K to over $200K in repairs, upgrading and/or remodeling, only to dump the property back on the market in 2010 and often sell the property +=-10% of their original purchase price – before any work was done! Even properties with 180-degree or greater views!

A good portion of these listings had photos showing playsets in the yard, kids rooms, etc. I guess many families are having a difficult time holding on. And very few of them were short-sales/REO’s. They were obviously sellers attempting to get out before their situation worsened to those levels. Several had more than three price reductions since the end of summer.

The price/size ranges I was looking at were $550K to $1M and 1400 sf to about 3000 sf. There are a proliferation of very good listings in the $775K to $950K range.

I SO agree with hammer, except to also add Fleetridge, Roseville, Sunset Cliffs and Pt Loma Woods (if you don’t mind an HOA and are more concerned with a large flat lot than “view”) to the list. It’s a great time to make a deal in these two zips on the property of your dreams, if you are able to do so. You may find that you really don’t need to set aside any $$ for rehab or remodel as a previous owner (likely your seller) has already done the work!

And Piggs, don’t forget that SDGE is working burying fibre optic and other lines, currently in 92103 and the SFR portions of southern 92110. It is only a matter of time before they get to the western zip codes. I would venture that La Playa will be free of SDGE easements in about 5 years. So the vision of all your (my!) fav streets with the sit-down views of the harbor or whitewater/MB/LJ marred by SDGE poles/lines will be nothing but a dim memory in another 5-10 years. I have no doubt the elimination of these easements (which frequently appear on title) will increase the property values in these areas SUBSTANTIALLY in the future. As hammer said, there is no other place within the US which offers what Pt Loma does, for any price.

I don’t see these buying opportunities lasting much longer in this particular “niche” market – just enough time to take the “speculators” out of the game and retire all those pesky 2nds, HELOCs and NINA mortgages. Then it will go back to a “regular” market.

What an incredible era we are living in today, both frustrating and full of fantastic opportunities at the same time!!

[bearishgurl]

This thread caused me to take another look at 92106/92107 active SFRs (and some solds) today. I was shocked at what people paid in the last ten years for some of those properties and then invested in the permitting process/expense and often $100K to over $200K in repairs, upgrading and/or remodeling, only to dump the property back on the market in 2010 and often sell the property +=-10% of their original purchase price – before any work was done! Even properties with 180-degree or greater views!

A good portion of these listings had photos showing playsets in the yard, kids rooms, etc. I guess many families are having a difficult time holding on. And very few of them were short-sales/REO’s. They were obviously sellers attempting to get out before their situation worsened to those levels. Several had more than three price reductions since the end of summer.

The price/size ranges I was looking at were $550K to $1M and 1400 sf to about 3000 sf. There are a proliferation of very good listings in the $775K to $950K range.

I SO agree with hammer, except to also add Fleetridge, Roseville, Sunset Cliffs and Pt Loma Woods (if you don’t mind an HOA and are more concerned with a large flat lot than “view”) to the list. It’s a great time to make a deal in these two zips on the property of your dreams, if you are able to do so. You may find that you really don’t need to set aside any $$ for rehab or remodel as a previous owner (likely your seller) has already done the work!

And Piggs, don’t forget that SDGE is working burying fibre optic and other lines, currently in 92103 and the SFR portions of southern 92110. It is only a matter of time before they get to the western zip codes. I would venture that La Playa will be free of SDGE easements in about 5 years. So the vision of all your (my!) fav streets with the sit-down views of the harbor or whitewater/MB/LJ marred by SDGE poles/lines will be nothing but a dim memory in another 5-10 years. I have no doubt the elimination of these easements (which frequently appear on title) will increase the property values in these areas SUBSTANTIALLY in the future. As hammer said, there is no other place within the US which offers what Pt Loma does, for any price.

I don’t see these buying opportunities lasting much longer in this particular “niche” market – just enough time to take the “speculators” out of the game and retire all those pesky 2nds, HELOCs and NINA mortgages. Then it will go back to a “regular” market.

What an incredible era we are living in today, both frustrating and full of fantastic opportunities at the same time!!

[Author]

Posts