Point Loma reducing a little

[sdrealtor]

[quote=CA renter][quote=jpinpb]I abhore when it’s an inside job and sells the day of list or before it’s even listed. If it’s on the market for a while and someone contacts the LA and makes an lowball offer that gets accepted, good for them.[/quote]

Exactly.

As long as all buyers have the same chance, then it’s a legitimate transaction. This is why all buyers should feel free to “lowball.” It’s the only way you’ll know whether or not something can sell for your price (which just might be “market price,” in the land of delusional sellers).[/quote]

The problem isnt that buyers wont lowball its that they arent even looking at homes that far above their price range. You can talk about the way you think things should be all you like. Its what you have been doing for the last 5 years. I’m out here in the trenches and see things the way they are.

[sdrealtor]

[quote=CA renter]If the house goes on the market already “pending,” then other legitimate buyers don’t have a chance to make offers (that will be accepted).

If a house sits on the market for months or years, we shouldn’t be looking at the list price as a benchmark, as 20-30% off of list might still be 10-20%+ higher than market price. Too many people are listing their homes for prices that have nothing to do with what’s going on in the current market. Smart buyers know where the values are, and they should certainly know that list prices are just that — what the sellers hope to get for their homes. It has nothing to do with market price — past, or present. I’ve seen list prices that are much higher than what the sales price was at the peak of the bubble!

Buyers should be looking at historical sales data, and they should be making offers at around levels seen in 2000-2002.

While everyone here knows how much I hate shady deals that seek to exclude other buyers, I’ve seen plenty of deals where someone had the intelligence and wherewithal to make offers well below list price…and they’ve managed to get the house. I don’t begrudge these people, I applaud them. There is nothing wrong with offering what the buyers feels is a fair price, as long as all buyers are able to make those same low offers, and they should get the house if they present the best offer.[/quote]

But this was a short sale and should have been done in an open market bidding system that is transparent to all buyers. You been on that diatribe many times. This was as far from transparent as a deal could be. Change of heart?

If you saw a 1.15M short sale in contingent status would you bother to go look at it if you were looking to spend 900K? I’m guessing you arent running around looking at short sales in contingent status with accepted offers at asking prices $250K more than you are willing to spend. I cant imagine that the percentage of buyers who would do that even approaches 1%.

[sdrealtor]

[quote=CA renter]If the house goes on the market already “pending,” then other legitimate buyers don’t have a chance to make offers (that will be accepted).

If a house sits on the market for months or years, we shouldn’t be looking at the list price as a benchmark, as 20-30% off of list might still be 10-20%+ higher than market price. Too many people are listing their homes for prices that have nothing to do with what’s going on in the current market. Smart buyers know where the values are, and they should certainly know that list prices are just that — what the sellers hope to get for their homes. It has nothing to do with market price — past, or present. I’ve seen list prices that are much higher than what the sales price was at the peak of the bubble!

Buyers should be looking at historical sales data, and they should be making offers at around levels seen in 2000-2002.

While everyone here knows how much I hate shady deals that seek to exclude other buyers, I’ve seen plenty of deals where someone had the intelligence and wherewithal to make offers well below list price…and they’ve managed to get the house. I don’t begrudge these people, I applaud them. There is nothing wrong with offering what the buyers feels is a fair price, as long as all buyers are able to make those same low offers, and they should get the house if they present the best offer.[/quote]

But this was a short sale and should have been done in an open market bidding system that is transparent to all buyers. You been on that diatribe many times. This was as far from transparent as a deal could be. Change of heart?

If you saw a 1.15M short sale in contingent status would you bother to go look at it if you were looking to spend 900K? I’m guessing you arent running around looking at short sales in contingent status with accepted offers at asking prices $250K more than you are willing to spend. I cant imagine that the percentage of buyers who would do that even approaches 1%.

[sdrealtor]

[quote=CA renter]If the house goes on the market already “pending,” then other legitimate buyers don’t have a chance to make offers (that will be accepted).

If a house sits on the market for months or years, we shouldn’t be looking at the list price as a benchmark, as 20-30% off of list might still be 10-20%+ higher than market price. Too many people are listing their homes for prices that have nothing to do with what’s going on in the current market. Smart buyers know where the values are, and they should certainly know that list prices are just that — what the sellers hope to get for their homes. It has nothing to do with market price — past, or present. I’ve seen list prices that are much higher than what the sales price was at the peak of the bubble!

Buyers should be looking at historical sales data, and they should be making offers at around levels seen in 2000-2002.

While everyone here knows how much I hate shady deals that seek to exclude other buyers, I’ve seen plenty of deals where someone had the intelligence and wherewithal to make offers well below list price…and they’ve managed to get the house. I don’t begrudge these people, I applaud them. There is nothing wrong with offering what the buyers feels is a fair price, as long as all buyers are able to make those same low offers, and they should get the house if they present the best offer.[/quote]

But this was a short sale and should have been done in an open market bidding system that is transparent to all buyers. You been on that diatribe many times. This was as far from transparent as a deal could be. Change of heart?

If you saw a 1.15M short sale in contingent status would you bother to go look at it if you were looking to spend 900K? I’m guessing you arent running around looking at short sales in contingent status with accepted offers at asking prices $250K more than you are willing to spend. I cant imagine that the percentage of buyers who would do that even approaches 1%.

[sdrealtor]

[quote=CA renter]If the house goes on the market already “pending,” then other legitimate buyers don’t have a chance to make offers (that will be accepted).

If a house sits on the market for months or years, we shouldn’t be looking at the list price as a benchmark, as 20-30% off of list might still be 10-20%+ higher than market price. Too many people are listing their homes for prices that have nothing to do with what’s going on in the current market. Smart buyers know where the values are, and they should certainly know that list prices are just that — what the sellers hope to get for their homes. It has nothing to do with market price — past, or present. I’ve seen list prices that are much higher than what the sales price was at the peak of the bubble!

Buyers should be looking at historical sales data, and they should be making offers at around levels seen in 2000-2002.

While everyone here knows how much I hate shady deals that seek to exclude other buyers, I’ve seen plenty of deals where someone had the intelligence and wherewithal to make offers well below list price…and they’ve managed to get the house. I don’t begrudge these people, I applaud them. There is nothing wrong with offering what the buyers feels is a fair price, as long as all buyers are able to make those same low offers, and they should get the house if they present the best offer.[/quote]

But this was a short sale and should have been done in an open market bidding system that is transparent to all buyers. You been on that diatribe many times. This was as far from transparent as a deal could be. Change of heart?

If you saw a 1.15M short sale in contingent status would you bother to go look at it if you were looking to spend 900K? I’m guessing you arent running around looking at short sales in contingent status with accepted offers at asking prices $250K more than you are willing to spend. I cant imagine that the percentage of buyers who would do that even approaches 1%.

[sdrealtor]

[quote=CA renter]If the house goes on the market already “pending,” then other legitimate buyers don’t have a chance to make offers (that will be accepted).

If a house sits on the market for months or years, we shouldn’t be looking at the list price as a benchmark, as 20-30% off of list might still be 10-20%+ higher than market price. Too many people are listing their homes for prices that have nothing to do with what’s going on in the current market. Smart buyers know where the values are, and they should certainly know that list prices are just that — what the sellers hope to get for their homes. It has nothing to do with market price — past, or present. I’ve seen list prices that are much higher than what the sales price was at the peak of the bubble!

Buyers should be looking at historical sales data, and they should be making offers at around levels seen in 2000-2002.

While everyone here knows how much I hate shady deals that seek to exclude other buyers, I’ve seen plenty of deals where someone had the intelligence and wherewithal to make offers well below list price…and they’ve managed to get the house. I don’t begrudge these people, I applaud them. There is nothing wrong with offering what the buyers feels is a fair price, as long as all buyers are able to make those same low offers, and they should get the house if they present the best offer.[/quote]

But this was a short sale and should have been done in an open market bidding system that is transparent to all buyers. You been on that diatribe many times. This was as far from transparent as a deal could be. Change of heart?

If you saw a 1.15M short sale in contingent status would you bother to go look at it if you were looking to spend 900K? I’m guessing you arent running around looking at short sales in contingent status with accepted offers at asking prices $250K more than you are willing to spend. I cant imagine that the percentage of buyers who would do that even approaches 1%.

[UCGal]

[quote=sdrealtor]

But this was a short sale and should have been done in an open market bidding system that is transparent to all buyers. You been on that diatribe many times. This was as far from transparent as a deal could be. Change of heart?

If you saw a 1.15M short sale in contingent status would you bother to go look at it if you were looking to spend 900K? I’m guessing you arent running around looking at short sales in contingent status with accepted offers at asking prices $250K more than you are willing to spend. I cant imagine that the percentage of buyers who would do that even approaches 1%.[/quote]

Ok… I’m confused.
How was this not transparent.

Looking at the listing history on redfin.
http://www.redfin.com/CA/San-Diego/3345-Lucinda-St-92106/home/5742637

It was first listed in Jan 2009, delisted the next day – then put back on with a new MLS in Feb 09. rinse and repeat – list/delist… but basically on the market the whole time… until Jan 2010 when it’s marked contingent. That must not have worked – because in Aug 2010 it’s relisted.
Later that month – it’s listed again (7th MLS since Jan 09) at $1,050,000. A couple price changes upward… then it’s contingent in Oct and then Dec 09. It’s relisted Feb 16, 11, with a price change to 1,130,000. 2 days later it’s marked contingent.

It seems like anyone who wanted to make an offer on this could. And that at least 3 offers had occurred previously (3 contingents before the final one.)

How was this not transparent?

[UCGal]

[quote=sdrealtor]

But this was a short sale and should have been done in an open market bidding system that is transparent to all buyers. You been on that diatribe many times. This was as far from transparent as a deal could be. Change of heart?

If you saw a 1.15M short sale in contingent status would you bother to go look at it if you were looking to spend 900K? I’m guessing you arent running around looking at short sales in contingent status with accepted offers at asking prices $250K more than you are willing to spend. I cant imagine that the percentage of buyers who would do that even approaches 1%.[/quote]

Ok… I’m confused.
How was this not transparent.

Looking at the listing history on redfin.
http://www.redfin.com/CA/San-Diego/3345-Lucinda-St-92106/home/5742637

It was first listed in Jan 2009, delisted the next day – then put back on with a new MLS in Feb 09. rinse and repeat – list/delist… but basically on the market the whole time… until Jan 2010 when it’s marked contingent. That must not have worked – because in Aug 2010 it’s relisted.
Later that month – it’s listed again (7th MLS since Jan 09) at $1,050,000. A couple price changes upward… then it’s contingent in Oct and then Dec 09. It’s relisted Feb 16, 11, with a price change to 1,130,000. 2 days later it’s marked contingent.

It seems like anyone who wanted to make an offer on this could. And that at least 3 offers had occurred previously (3 contingents before the final one.)

How was this not transparent?

[UCGal]

[quote=sdrealtor]

But this was a short sale and should have been done in an open market bidding system that is transparent to all buyers. You been on that diatribe many times. This was as far from transparent as a deal could be. Change of heart?

If you saw a 1.15M short sale in contingent status would you bother to go look at it if you were looking to spend 900K? I’m guessing you arent running around looking at short sales in contingent status with accepted offers at asking prices $250K more than you are willing to spend. I cant imagine that the percentage of buyers who would do that even approaches 1%.[/quote]

Ok… I’m confused.
How was this not transparent.

Looking at the listing history on redfin.
http://www.redfin.com/CA/San-Diego/3345-Lucinda-St-92106/home/5742637

It was first listed in Jan 2009, delisted the next day – then put back on with a new MLS in Feb 09. rinse and repeat – list/delist… but basically on the market the whole time… until Jan 2010 when it’s marked contingent. That must not have worked – because in Aug 2010 it’s relisted.
Later that month – it’s listed again (7th MLS since Jan 09) at $1,050,000. A couple price changes upward… then it’s contingent in Oct and then Dec 09. It’s relisted Feb 16, 11, with a price change to 1,130,000. 2 days later it’s marked contingent.

It seems like anyone who wanted to make an offer on this could. And that at least 3 offers had occurred previously (3 contingents before the final one.)

How was this not transparent?

[UCGal]

[quote=sdrealtor]

But this was a short sale and should have been done in an open market bidding system that is transparent to all buyers. You been on that diatribe many times. This was as far from transparent as a deal could be. Change of heart?

If you saw a 1.15M short sale in contingent status would you bother to go look at it if you were looking to spend 900K? I’m guessing you arent running around looking at short sales in contingent status with accepted offers at asking prices $250K more than you are willing to spend. I cant imagine that the percentage of buyers who would do that even approaches 1%.[/quote]

Ok… I’m confused.
How was this not transparent.

Looking at the listing history on redfin.
http://www.redfin.com/CA/San-Diego/3345-Lucinda-St-92106/home/5742637

It was first listed in Jan 2009, delisted the next day – then put back on with a new MLS in Feb 09. rinse and repeat – list/delist… but basically on the market the whole time… until Jan 2010 when it’s marked contingent. That must not have worked – because in Aug 2010 it’s relisted.
Later that month – it’s listed again (7th MLS since Jan 09) at $1,050,000. A couple price changes upward… then it’s contingent in Oct and then Dec 09. It’s relisted Feb 16, 11, with a price change to 1,130,000. 2 days later it’s marked contingent.

It seems like anyone who wanted to make an offer on this could. And that at least 3 offers had occurred previously (3 contingents before the final one.)

How was this not transparent?

[UCGal]

[quote=sdrealtor]

But this was a short sale and should have been done in an open market bidding system that is transparent to all buyers. You been on that diatribe many times. This was as far from transparent as a deal could be. Change of heart?

If you saw a 1.15M short sale in contingent status would you bother to go look at it if you were looking to spend 900K? I’m guessing you arent running around looking at short sales in contingent status with accepted offers at asking prices $250K more than you are willing to spend. I cant imagine that the percentage of buyers who would do that even approaches 1%.[/quote]

Ok… I’m confused.
How was this not transparent.

Looking at the listing history on redfin.
http://www.redfin.com/CA/San-Diego/3345-Lucinda-St-92106/home/5742637

It was first listed in Jan 2009, delisted the next day – then put back on with a new MLS in Feb 09. rinse and repeat – list/delist… but basically on the market the whole time… until Jan 2010 when it’s marked contingent. That must not have worked – because in Aug 2010 it’s relisted.
Later that month – it’s listed again (7th MLS since Jan 09) at $1,050,000. A couple price changes upward… then it’s contingent in Oct and then Dec 09. It’s relisted Feb 16, 11, with a price change to 1,130,000. 2 days later it’s marked contingent.

It seems like anyone who wanted to make an offer on this could. And that at least 3 offers had occurred previously (3 contingents before the final one.)

How was this not transparent?

[bearishgurl]

[quote=AN]It’s the same reason why most people don’t know or want to barter for stuff. You can barter almost everywhere including department stores, yet most don’t. The smart shoppers will while the rest will pay market price…[/quote]

slight hijack re: bartering in America

I have bartered repeatedly and successfully in the past at several stores including the former Robinson-May, Macys and Lowes on discontinued household appls, furniture and rugs (usually imperfect and/or display pieces). Often I don’t get my price right away and am always willing to walk but not before leaving my name and number with the highest dept sales associate/mgr on duty. After the “clearance weekend” or whatever is over and it is still sitting there, the mgr will call me and make a deal. This process takes 3 days to two weeks and usually requires 3 visits, one to leave my name and number, the second to come in and pay my agreed upon price with the mgr, and the third with a truck to pick up the item.

I once had a store mgr call me after 9 months about a (US-made) Legacy Int’l soft-leather corner sectional (display) telling me that they would accept my earlier offer of $1400 if I was still interested. Retail was $4800. They had been authorized to remove it from the floor and were ready to deal and still had my number. They even threw in free delivery. Upon inspection, it was a little dusty, but perfect otherwise :=]

This strategy also works well if you already own a companion item and are looking to expand it. A few years ago I bought two solid oak dining chairs I just “happened” to run across for my (then discontinued) 7-pc solid oak pedestal set w/2 leaves (retail $1860), making it a 9 pc set (extras handy to have for holidays). I ending up paying $77 for both. What else would the store do with them??

Finds in last 12 mos include a 24″ x 48″ powder-finish bronze sofa table (ret. $179) with beveled glass top for $15 and an $85 heavy bronze candelabra (for the table) for $6. These were from retail stores, NOT garage sales.

San Diego is NOT Tijuana but nonetheless, we are living in a free country and nothing is ever set in stone. My “shopping motto” is to never be in a hurry and always be willing to walk, but not before leaving your name and number and an offer if you see something you’re in the market for.

For example, you have gutted an old kitchen and are in the process of installing new cabinets. In the case of a cooktop or range you have made an offer on and will hear back within the week, keep using your hot plate and toaster oven until you have resolved the item you made an offer on. If you get into too much of a hurry and keep shopping, you could easily end up overpaying by hundreds, even thousands.

[bearishgurl]

[quote=AN]It’s the same reason why most people don’t know or want to barter for stuff. You can barter almost everywhere including department stores, yet most don’t. The smart shoppers will while the rest will pay market price…[/quote]

slight hijack re: bartering in America

I have bartered repeatedly and successfully in the past at several stores including the former Robinson-May, Macys and Lowes on discontinued household appls, furniture and rugs (usually imperfect and/or display pieces). Often I don’t get my price right away and am always willing to walk but not before leaving my name and number with the highest dept sales associate/mgr on duty. After the “clearance weekend” or whatever is over and it is still sitting there, the mgr will call me and make a deal. This process takes 3 days to two weeks and usually requires 3 visits, one to leave my name and number, the second to come in and pay my agreed upon price with the mgr, and the third with a truck to pick up the item.

I once had a store mgr call me after 9 months about a (US-made) Legacy Int’l soft-leather corner sectional (display) telling me that they would accept my earlier offer of $1400 if I was still interested. Retail was $4800. They had been authorized to remove it from the floor and were ready to deal and still had my number. They even threw in free delivery. Upon inspection, it was a little dusty, but perfect otherwise :=]

This strategy also works well if you already own a companion item and are looking to expand it. A few years ago I bought two solid oak dining chairs I just “happened” to run across for my (then discontinued) 7-pc solid oak pedestal set w/2 leaves (retail $1860), making it a 9 pc set (extras handy to have for holidays). I ending up paying $77 for both. What else would the store do with them??

Finds in last 12 mos include a 24″ x 48″ powder-finish bronze sofa table (ret. $179) with beveled glass top for $15 and an $85 heavy bronze candelabra (for the table) for $6. These were from retail stores, NOT garage sales.

San Diego is NOT Tijuana but nonetheless, we are living in a free country and nothing is ever set in stone. My “shopping motto” is to never be in a hurry and always be willing to walk, but not before leaving your name and number and an offer if you see something you’re in the market for.

For example, you have gutted an old kitchen and are in the process of installing new cabinets. In the case of a cooktop or range you have made an offer on and will hear back within the week, keep using your hot plate and toaster oven until you have resolved the item you made an offer on. If you get into too much of a hurry and keep shopping, you could easily end up overpaying by hundreds, even thousands.

[bearishgurl]

[quote=AN]It’s the same reason why most people don’t know or want to barter for stuff. You can barter almost everywhere including department stores, yet most don’t. The smart shoppers will while the rest will pay market price…[/quote]

slight hijack re: bartering in America

I have bartered repeatedly and successfully in the past at several stores including the former Robinson-May, Macys and Lowes on discontinued household appls, furniture and rugs (usually imperfect and/or display pieces). Often I don’t get my price right away and am always willing to walk but not before leaving my name and number with the highest dept sales associate/mgr on duty. After the “clearance weekend” or whatever is over and it is still sitting there, the mgr will call me and make a deal. This process takes 3 days to two weeks and usually requires 3 visits, one to leave my name and number, the second to come in and pay my agreed upon price with the mgr, and the third with a truck to pick up the item.

I once had a store mgr call me after 9 months about a (US-made) Legacy Int’l soft-leather corner sectional (display) telling me that they would accept my earlier offer of $1400 if I was still interested. Retail was $4800. They had been authorized to remove it from the floor and were ready to deal and still had my number. They even threw in free delivery. Upon inspection, it was a little dusty, but perfect otherwise :=]

This strategy also works well if you already own a companion item and are looking to expand it. A few years ago I bought two solid oak dining chairs I just “happened” to run across for my (then discontinued) 7-pc solid oak pedestal set w/2 leaves (retail $1860), making it a 9 pc set (extras handy to have for holidays). I ending up paying $77 for both. What else would the store do with them??

Finds in last 12 mos include a 24″ x 48″ powder-finish bronze sofa table (ret. $179) with beveled glass top for $15 and an $85 heavy bronze candelabra (for the table) for $6. These were from retail stores, NOT garage sales.

San Diego is NOT Tijuana but nonetheless, we are living in a free country and nothing is ever set in stone. My “shopping motto” is to never be in a hurry and always be willing to walk, but not before leaving your name and number and an offer if you see something you’re in the market for.

For example, you have gutted an old kitchen and are in the process of installing new cabinets. In the case of a cooktop or range you have made an offer on and will hear back within the week, keep using your hot plate and toaster oven until you have resolved the item you made an offer on. If you get into too much of a hurry and keep shopping, you could easily end up overpaying by hundreds, even thousands.

[bearishgurl]

[quote=AN]It’s the same reason why most people don’t know or want to barter for stuff. You can barter almost everywhere including department stores, yet most don’t. The smart shoppers will while the rest will pay market price…[/quote]

slight hijack re: bartering in America

I have bartered repeatedly and successfully in the past at several stores including the former Robinson-May, Macys and Lowes on discontinued household appls, furniture and rugs (usually imperfect and/or display pieces). Often I don’t get my price right away and am always willing to walk but not before leaving my name and number with the highest dept sales associate/mgr on duty. After the “clearance weekend” or whatever is over and it is still sitting there, the mgr will call me and make a deal. This process takes 3 days to two weeks and usually requires 3 visits, one to leave my name and number, the second to come in and pay my agreed upon price with the mgr, and the third with a truck to pick up the item.

I once had a store mgr call me after 9 months about a (US-made) Legacy Int’l soft-leather corner sectional (display) telling me that they would accept my earlier offer of $1400 if I was still interested. Retail was $4800. They had been authorized to remove it from the floor and were ready to deal and still had my number. They even threw in free delivery. Upon inspection, it was a little dusty, but perfect otherwise :=]

This strategy also works well if you already own a companion item and are looking to expand it. A few years ago I bought two solid oak dining chairs I just “happened” to run across for my (then discontinued) 7-pc solid oak pedestal set w/2 leaves (retail $1860), making it a 9 pc set (extras handy to have for holidays). I ending up paying $77 for both. What else would the store do with them??

Finds in last 12 mos include a 24″ x 48″ powder-finish bronze sofa table (ret. $179) with beveled glass top for $15 and an $85 heavy bronze candelabra (for the table) for $6. These were from retail stores, NOT garage sales.

San Diego is NOT Tijuana but nonetheless, we are living in a free country and nothing is ever set in stone. My “shopping motto” is to never be in a hurry and always be willing to walk, but not before leaving your name and number and an offer if you see something you’re in the market for.

For example, you have gutted an old kitchen and are in the process of installing new cabinets. In the case of a cooktop or range you have made an offer on and will hear back within the week, keep using your hot plate and toaster oven until you have resolved the item you made an offer on. If you get into too much of a hurry and keep shopping, you could easily end up overpaying by hundreds, even thousands.

[Author]

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