Repos and Resales, mind the gap

[djc]

I see we are looking in the same area.

I went to look at the Vineyards at Morgan Valley. Big houses, new, final phase. ~500s.

Around the corner, 2-4 year old houses, 600-800k.

[pizzaman]

Makes no sense..
This repo is on a canyon view lot and is listed for $445,000
http://www.redfin.com/stingray/do/printable-listing?listing-id=1315798

Model match across the street on an interior lot listed for $619,000 reduced from $635,000.
http://www.redfin.com/stingray/do/printable-listing?listing-id=1162064
I understand that some of these sellers are listing for what they must get in order to get out because they have no cash to bring to closing and/or to show the bank that they are making an attempt to sell in order to lay the groundwork for a short sale but what possibly logic could there be for reducing the price $16,000 when you are hundreds of thousands over the market.?

And by the way the repo at $445,000 is overpriced as this one came on recently at $354,000.
http://www.redfin.com/stingray/do/printable-listing?listing-id=1330404
Its about 500 sq ft smaller than the other two (2588 sq ft – not 3224 as listed vs 3165) but its on a canyon view lot. This one might actually sell.

[pizzaman]

Makes no sense..
This repo is on a canyon view lot and is listed for $445,000
http://www.redfin.com/stingray/do/printable-listing?listing-id=1315798

Model match across the street on an interior lot listed for $619,000 reduced from $635,000.
http://www.redfin.com/stingray/do/printable-listing?listing-id=1162064
I understand that some of these sellers are listing for what they must get in order to get out because they have no cash to bring to closing and/or to show the bank that they are making an attempt to sell in order to lay the groundwork for a short sale but what possibly logic could there be for reducing the price $16,000 when you are hundreds of thousands over the market.?

And by the way the repo at $445,000 is overpriced as this one came on recently at $354,000.
http://www.redfin.com/stingray/do/printable-listing?listing-id=1330404
Its about 500 sq ft smaller than the other two (2588 sq ft – not 3224 as listed vs 3165) but its on a canyon view lot. This one might actually sell.

[pizzaman]

Makes no sense..
This repo is on a canyon view lot and is listed for $445,000
http://www.redfin.com/stingray/do/printable-listing?listing-id=1315798

Model match across the street on an interior lot listed for $619,000 reduced from $635,000.
http://www.redfin.com/stingray/do/printable-listing?listing-id=1162064
I understand that some of these sellers are listing for what they must get in order to get out because they have no cash to bring to closing and/or to show the bank that they are making an attempt to sell in order to lay the groundwork for a short sale but what possibly logic could there be for reducing the price $16,000 when you are hundreds of thousands over the market.?

And by the way the repo at $445,000 is overpriced as this one came on recently at $354,000.
http://www.redfin.com/stingray/do/printable-listing?listing-id=1330404
Its about 500 sq ft smaller than the other two (2588 sq ft – not 3224 as listed vs 3165) but its on a canyon view lot. This one might actually sell.

[pizzaman]

Makes no sense..
This repo is on a canyon view lot and is listed for $445,000
http://www.redfin.com/stingray/do/printable-listing?listing-id=1315798

Model match across the street on an interior lot listed for $619,000 reduced from $635,000.
http://www.redfin.com/stingray/do/printable-listing?listing-id=1162064
I understand that some of these sellers are listing for what they must get in order to get out because they have no cash to bring to closing and/or to show the bank that they are making an attempt to sell in order to lay the groundwork for a short sale but what possibly logic could there be for reducing the price $16,000 when you are hundreds of thousands over the market.?

And by the way the repo at $445,000 is overpriced as this one came on recently at $354,000.
http://www.redfin.com/stingray/do/printable-listing?listing-id=1330404
Its about 500 sq ft smaller than the other two (2588 sq ft – not 3224 as listed vs 3165) but its on a canyon view lot. This one might actually sell.

[pizzaman]

Makes no sense..
This repo is on a canyon view lot and is listed for $445,000
http://www.redfin.com/stingray/do/printable-listing?listing-id=1315798

Model match across the street on an interior lot listed for $619,000 reduced from $635,000.
http://www.redfin.com/stingray/do/printable-listing?listing-id=1162064
I understand that some of these sellers are listing for what they must get in order to get out because they have no cash to bring to closing and/or to show the bank that they are making an attempt to sell in order to lay the groundwork for a short sale but what possibly logic could there be for reducing the price $16,000 when you are hundreds of thousands over the market.?

And by the way the repo at $445,000 is overpriced as this one came on recently at $354,000.
http://www.redfin.com/stingray/do/printable-listing?listing-id=1330404
Its about 500 sq ft smaller than the other two (2588 sq ft – not 3224 as listed vs 3165) but its on a canyon view lot. This one might actually sell.

[temeculaguy]

I think it’s a race to the bottom for those who have to sell. I know many have written that it takes years to reach the bottom but I think the internet is going to change this crash, buyers are too smart and not at the mercy of realtors and newspapers for data. In the last down cycle I don’t remember houses in the same tract going for half the price of others. That third one is $110 a square and only 70k off it’s 2001 price, those are the only ones selling and setting new comps. There has been a debate here for a while about a slow decline or big chunks, I think we are seeing big chunks as evidenced by pizza’s links and my original post. I wonder how the new law eliminating tax liability for short sales will boost the big chunks and set lower comps as we move forward.

[temeculaguy]

I think it’s a race to the bottom for those who have to sell. I know many have written that it takes years to reach the bottom but I think the internet is going to change this crash, buyers are too smart and not at the mercy of realtors and newspapers for data. In the last down cycle I don’t remember houses in the same tract going for half the price of others. That third one is $110 a square and only 70k off it’s 2001 price, those are the only ones selling and setting new comps. There has been a debate here for a while about a slow decline or big chunks, I think we are seeing big chunks as evidenced by pizza’s links and my original post. I wonder how the new law eliminating tax liability for short sales will boost the big chunks and set lower comps as we move forward.

[temeculaguy]

I think it’s a race to the bottom for those who have to sell. I know many have written that it takes years to reach the bottom but I think the internet is going to change this crash, buyers are too smart and not at the mercy of realtors and newspapers for data. In the last down cycle I don’t remember houses in the same tract going for half the price of others. That third one is $110 a square and only 70k off it’s 2001 price, those are the only ones selling and setting new comps. There has been a debate here for a while about a slow decline or big chunks, I think we are seeing big chunks as evidenced by pizza’s links and my original post. I wonder how the new law eliminating tax liability for short sales will boost the big chunks and set lower comps as we move forward.

[temeculaguy]

I think it’s a race to the bottom for those who have to sell. I know many have written that it takes years to reach the bottom but I think the internet is going to change this crash, buyers are too smart and not at the mercy of realtors and newspapers for data. In the last down cycle I don’t remember houses in the same tract going for half the price of others. That third one is $110 a square and only 70k off it’s 2001 price, those are the only ones selling and setting new comps. There has been a debate here for a while about a slow decline or big chunks, I think we are seeing big chunks as evidenced by pizza’s links and my original post. I wonder how the new law eliminating tax liability for short sales will boost the big chunks and set lower comps as we move forward.

[temeculaguy]

I think it’s a race to the bottom for those who have to sell. I know many have written that it takes years to reach the bottom but I think the internet is going to change this crash, buyers are too smart and not at the mercy of realtors and newspapers for data. In the last down cycle I don’t remember houses in the same tract going for half the price of others. That third one is $110 a square and only 70k off it’s 2001 price, those are the only ones selling and setting new comps. There has been a debate here for a while about a slow decline or big chunks, I think we are seeing big chunks as evidenced by pizza’s links and my original post. I wonder how the new law eliminating tax liability for short sales will boost the big chunks and set lower comps as we move forward.

[Navydoc]

“I wonder how the new law eliminating tax liability for short sales will boost the big chunks and set lower comps as we move forward.”

I have to believe this is removing yet another block to people just walking away, which is why I’ve always supported the concept of removing the tax punishment, as it favors speeding the collapse, and subsequent recovery. In my mind this is the ONLY government intervention that makes any sense at all. Perhaps it makes the banks the bagholders in the end, but so be it.

I’m admittedly not economically savvy enough to know which is better or the economy as a whole, a slow decline or a rapid crash, but I know which is better for me. I’ll take the crash please….

[Navydoc]

“I wonder how the new law eliminating tax liability for short sales will boost the big chunks and set lower comps as we move forward.”

I have to believe this is removing yet another block to people just walking away, which is why I’ve always supported the concept of removing the tax punishment, as it favors speeding the collapse, and subsequent recovery. In my mind this is the ONLY government intervention that makes any sense at all. Perhaps it makes the banks the bagholders in the end, but so be it.

I’m admittedly not economically savvy enough to know which is better or the economy as a whole, a slow decline or a rapid crash, but I know which is better for me. I’ll take the crash please….

[Navydoc]

“I wonder how the new law eliminating tax liability for short sales will boost the big chunks and set lower comps as we move forward.”

I have to believe this is removing yet another block to people just walking away, which is why I’ve always supported the concept of removing the tax punishment, as it favors speeding the collapse, and subsequent recovery. In my mind this is the ONLY government intervention that makes any sense at all. Perhaps it makes the banks the bagholders in the end, but so be it.

I’m admittedly not economically savvy enough to know which is better or the economy as a whole, a slow decline or a rapid crash, but I know which is better for me. I’ll take the crash please….

[Navydoc]

“I wonder how the new law eliminating tax liability for short sales will boost the big chunks and set lower comps as we move forward.”

I have to believe this is removing yet another block to people just walking away, which is why I’ve always supported the concept of removing the tax punishment, as it favors speeding the collapse, and subsequent recovery. In my mind this is the ONLY government intervention that makes any sense at all. Perhaps it makes the banks the bagholders in the end, but so be it.

I’m admittedly not economically savvy enough to know which is better or the economy as a whole, a slow decline or a rapid crash, but I know which is better for me. I’ll take the crash please….

[Author]

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