August 21, 2006 at 11:47 PM #7264DoofratParticipant
My wife and I always grab the flyers in and around the community we live in while biking and noticed something interesting. Grab the flyers you find and compare the price they are asking to the price they paid on Zillow. In many cases, people have wiggle room and are asking $100,000 to $150,000 over what they paid in say 2002 or so. The interesting thing you’ll notice some of the units are priced at what they paid in 2004 or 2005, or are at their 2004-2005 price plus the 6% or so commission they will have to pay. Some of these units have been on the market for months at these prices or are just reduced.
I wonder how these people are feeling about now. I don’t envy them. They probably got bid up in a bidding war in 2004 or 2005 and they can’t seem to sell at these prices now and their neighbors can drop another $100,000 off the price if need be. Ouch!August 22, 2006 at 12:01 AM #32617rankandfileParticipant
What community(ies) are you referring to?August 22, 2006 at 8:05 AM #32625sdrealtorParticipant
pick oneAugust 22, 2006 at 8:48 AM #32632PerryChaseParticipant
doofrat, I don’t grab the flyers but I get automatic email updates from ziprealty.com. Then I look them up on zillow.com or on the tax assessor’s site. Then I look at the highest people paid in that neighborhood.
I’ve noticed the same thing you have. That’s why I say that we already effectively have 10%-15% price decline from the peak. Those houses haven’t sold yet so they don’t refect in the statistics. It’s just a matter of time.August 22, 2006 at 11:05 AM #32656DoofratParticipant
Carmel Valley. I just signed up for ZipRealty, so I’ll have to start using it instead of flyers. Gotta love Zillow too.
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