Real Estate Signs In Escondido

[theplayers]

I had to laugh when I read this today on the Union-Tribune news website. http://www.signonsandiego.com/uniontrib/20060830/news_1mi30real.html

Some quotes in particular stand out:

Real estate agents say that without the ability to post clear signs directing potential buyers to open houses, properties will languish unsold in an already tough real estate market.

Properties seem to be languishing unsold on the market just fine, even with all the "For Sale" signs.

“Even though there are ads in the paper, without signs, people don't know where to go to find the open houses,” said Pamela Wilcoxson of Prudential California Realty.

How about using a map???

Escondido real estate agents and sellers say they saw proof Sunday of how important their signs were, reporting that attendance at open houses was much lighter than usual.

How do you quantify "much lighter" than zero?

Donna Davis of Prudential wondered why only one person showed up for a viewing of a single-family home in north Escondido.

I'm sure it had nothing to do with the fact that she is trying to sell an overpriced home in a crashing market.

 

 

 

[sdappraiser]

How do you know the home is overpriced? Where is the data to backup your analysis?

[sdrealtor]

Based upon the prevalent beliefs we all seem to hold, Aren’t they all overpriced?

[sdappraiser]

There are 211 pending sales in 92027, 92028 and 92026 right now. Are they all overpriced as well?

I fail to see how a realtor complaining about sign restrictions equates to the house being overpriced.

[sdrealtor]

I believe a straw poll of the forum participants would be overwhelmingly that yes they are all over priced.

[sdappraiser]

I believe a straw poll of the form participants would also overwhelmingly indicate most think you are a pompous individual. Does that make it so?

[PerryChase]

I think the sign restrictions are there to preserve the look and feel of the city and thus protect property values. Now the Realtor want to ease the sign ordinances? How would having “For Sale” signs littered everywhere protect property values?

[Bugs]

Change of subject:

The other day I drove by the La Costa Oaks area and saw markers for a new development. They weren’t using a sign or a sign-twirler, but instead were using a PVC upright with about 7 multi-colored baloons attached. There were two of them; one for each side of the intersection on Rancho Santa Fe Road. They both looked kinda like a bunch of grapes. I thought that was an effective alternative to paying some kid $10/hour to stand out in the sun and dance for the traffic.

[PerryChase]

Bugs, what are the local ordinances affecting signage? Can you leave a big unattended sign out on the corner?

If realtors can have temporary signs, could other businesses do the same thing?

[sdappraiser]

There is an agent in Pacific Beach that occasionally places little 12 inch American flags in the grass in front of every house (city property) for blocks. Hundreds of these line the streets, each have her business card taped to the stick.

Looks cool for the first hour until the wind blows them down, people kick them over and dogs have their way with them. The next day it looks like crap and the streets are littered for days. I hope she gets fined big time.

Perry, every city has their own sign ordinances which are easy to find on SDAR’s webpage. It is the real estate agent’s fault for not following the rules.

[PerryChase]

Me too. I think it’s presumptious for that agent to do invade people’s personal property this way and I would never use that agent’s services. Someone did this in my neighborhood and I was pissed.

It’s amazing how people use the flag for business and political purposes. One of my neighbors has a flag over his garage. But he never maintains it. There’s a protocal in properly displaying the flag. Displaying the flag in an ignorant way shows very poor taste.

[North County Jim]

How do you know the home is overpriced?

Maybe the realtors can chime in on this but it seems to me that the attendance at the open house tells you all you need to know. If it were priced closer to what the market will bear, wouldn’t more people have attended?

As someone who has looked at a lot of new and resale homes recently, I can tell you traffic has been greater at those that are more competitively priced.

I can also tell you that Escondido does not lack for Open House signs on the weekend.

BTW, I know it’s nitpicking but Escondido consists of zip codes 92025, 26, 27 and 29. 92028 is Fallbrook.

[JES]

All homes in this county are overpriced. In fact, to flip the issue on you SDappraiser, please present us with a few properties that are not overpriced. I am interested to see what you come up with and might go look at them if they are really good deals.

On a lighter note, I saw an interesting sign flipping strategy this weekend as well. A young kid, flipping a major builder sign, but the sign was mounted on a metal tripod that allowed him to maneuver it around!

[theplayers]

SDAppraiser,

One, if the home was truly a bargain, and not overpriced, I think they would have had more people show up to the open house, despite the loss of their signs.

Two, my post was supposed to be somewhat humorous (I guess I need to work on my sense of humor). But if you do want data, my research shows that the house in question is at 2302 Fair Oak Ct, in Escondido. It is listed at $489,000, and has been on the market for 107 days. It was originally listed at $510,000, was reduced to $485,000 after about 3 weeks, and then increased to $489,000 about two months after that. It last sold on October 12, 2000, for $219,000, appreciating at about 170% in the last 6 years. If this house appreciated approximately at the same rate of inflation (as homes have historically) since 2000, it should currently be worth about $277,000, in my opinion.

My belief that this home (and homes in San Diego County in general) is overpriced is based on fundamentals. Unless we are in a “new era”, or a “new paradigm” where the fundamentals don’t matter anymore, then I feel quite confident that this home and others here in SD are overpriced, and are due for a significant correction.

I now ask you, what data do you have to show that this house is not overpriced?

If you are new here, please take the time to read Piggington’s “Bubble Primer” to learn more about how today’s housing prices are overpriced and detached from the fundamentals. I concur with the conclusions that Piggington has reached based on his data in the Primer.

[sdrealtor]

SDA has been around a while. He knows or should know that the basic premise of this site and the very reason we are all here is that we believe all RE in SD is very overpriced. My guess is that he was just looking for a fight.

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