San Diego RE market slowing? Inventory increasing?

[CA renter]

That’s very interesting.

We’ve been watching a short sale that’s been on the market for quite a few months.

We asked the agent if they would accept $XXX, and she said they already had a “good” offer that was just below the (very inflated) list price — even though it’s not marked contingent.

She said, “even if this offer doesn’t work out, the bank will NOT lower their price, as they would rather sit on it.”

This seems to be something new — not even trying to negotiate or see if the bank would be willing to consider offers that are below list price.

I wonder if there’s some kind of new deal where the banks are giving agents bonuses if they get a bid over $XXX amount, and maybe penalize them if they go below a certain amount.

Just thought it was interesting that the bank would want to “sit” on even more inventory. It’s like they’re waiting for the Magic Appreciation Fairy to show up.

[sdcellar]

Hard to say, as most of the places we see have never seemed to leave much trace regarding traffic, but I did notice that two of only three properties we even considered considering have both gone unsold and are now listed on craigslist as rentals.

One of them wasn’t that surprising, but the other was a nice clean normal house, so I guess that must mean it’s still too expensive and/or some of these deep pockets are maybe starting to dry up?

I also follow a couple of new developments and I can tell you one that was supposedly hot almost didn’t sell everything in the last release (although I had my doubts going in and wasn’t surprised).

I’m going to the Monteluz/Andelusia release in 4S tomorrow, so we’ll see how that goes. This’ll be the fourth phase and so far every release has been very well attended (and sold out). Fairly attractive pricing, big houses and larger lots have driven demand so far (beyond the usual low interest rates and handouts). We’ll see if that streak continues.

They raised the prices fairly significantly in Monteluz, IMO. These will be pretty much the best lots they’ve got, but the premium they’re asking reminds me of the days of headier times for developers. That said, I’d do exactly the same thing if I were them.

In general, I’d say these two developments provide a pretty good bellwether for what the rest of 4S can fetch.

[sdcellar]

Hard to say, as most of the places we see have never seemed to leave much trace regarding traffic, but I did notice that two of only three properties we even considered considering have both gone unsold and are now listed on craigslist as rentals.

One of them wasn’t that surprising, but the other was a nice clean normal house, so I guess that must mean it’s still too expensive and/or some of these deep pockets are maybe starting to dry up?

I also follow a couple of new developments and I can tell you one that was supposedly hot almost didn’t sell everything in the last release (although I had my doubts going in and wasn’t surprised).

I’m going to the Monteluz/Andelusia release in 4S tomorrow, so we’ll see how that goes. This’ll be the fourth phase and so far every release has been very well attended (and sold out). Fairly attractive pricing, big houses and larger lots have driven demand so far (beyond the usual low interest rates and handouts). We’ll see if that streak continues.

They raised the prices fairly significantly in Monteluz, IMO. These will be pretty much the best lots they’ve got, but the premium they’re asking reminds me of the days of headier times for developers. That said, I’d do exactly the same thing if I were them.

In general, I’d say these two developments provide a pretty good bellwether for what the rest of 4S can fetch.

[sdcellar]

Hard to say, as most of the places we see have never seemed to leave much trace regarding traffic, but I did notice that two of only three properties we even considered considering have both gone unsold and are now listed on craigslist as rentals.

One of them wasn’t that surprising, but the other was a nice clean normal house, so I guess that must mean it’s still too expensive and/or some of these deep pockets are maybe starting to dry up?

I also follow a couple of new developments and I can tell you one that was supposedly hot almost didn’t sell everything in the last release (although I had my doubts going in and wasn’t surprised).

I’m going to the Monteluz/Andelusia release in 4S tomorrow, so we’ll see how that goes. This’ll be the fourth phase and so far every release has been very well attended (and sold out). Fairly attractive pricing, big houses and larger lots have driven demand so far (beyond the usual low interest rates and handouts). We’ll see if that streak continues.

They raised the prices fairly significantly in Monteluz, IMO. These will be pretty much the best lots they’ve got, but the premium they’re asking reminds me of the days of headier times for developers. That said, I’d do exactly the same thing if I were them.

In general, I’d say these two developments provide a pretty good bellwether for what the rest of 4S can fetch.

[sdcellar]

Hard to say, as most of the places we see have never seemed to leave much trace regarding traffic, but I did notice that two of only three properties we even considered considering have both gone unsold and are now listed on craigslist as rentals.

One of them wasn’t that surprising, but the other was a nice clean normal house, so I guess that must mean it’s still too expensive and/or some of these deep pockets are maybe starting to dry up?

I also follow a couple of new developments and I can tell you one that was supposedly hot almost didn’t sell everything in the last release (although I had my doubts going in and wasn’t surprised).

I’m going to the Monteluz/Andelusia release in 4S tomorrow, so we’ll see how that goes. This’ll be the fourth phase and so far every release has been very well attended (and sold out). Fairly attractive pricing, big houses and larger lots have driven demand so far (beyond the usual low interest rates and handouts). We’ll see if that streak continues.

They raised the prices fairly significantly in Monteluz, IMO. These will be pretty much the best lots they’ve got, but the premium they’re asking reminds me of the days of headier times for developers. That said, I’d do exactly the same thing if I were them.

In general, I’d say these two developments provide a pretty good bellwether for what the rest of 4S can fetch.

[sdcellar]

Hard to say, as most of the places we see have never seemed to leave much trace regarding traffic, but I did notice that two of only three properties we even considered considering have both gone unsold and are now listed on craigslist as rentals.

One of them wasn’t that surprising, but the other was a nice clean normal house, so I guess that must mean it’s still too expensive and/or some of these deep pockets are maybe starting to dry up?

I also follow a couple of new developments and I can tell you one that was supposedly hot almost didn’t sell everything in the last release (although I had my doubts going in and wasn’t surprised).

I’m going to the Monteluz/Andelusia release in 4S tomorrow, so we’ll see how that goes. This’ll be the fourth phase and so far every release has been very well attended (and sold out). Fairly attractive pricing, big houses and larger lots have driven demand so far (beyond the usual low interest rates and handouts). We’ll see if that streak continues.

They raised the prices fairly significantly in Monteluz, IMO. These will be pretty much the best lots they’ve got, but the premium they’re asking reminds me of the days of headier times for developers. That said, I’d do exactly the same thing if I were them.

In general, I’d say these two developments provide a pretty good bellwether for what the rest of 4S can fetch.

[newcomer]

[quote=jpinpb]
I called the realtor and asked if the bank would consider YYY. The realtor said the bank would not reduce the price and if they listed it for YYY, they would have 10 offers in 3 days.

Well, WTH. Then list it for YYY and get the damn thing sold! [/quote]

jpinpb, which zip code – would you mind to share?

[newcomer]

[quote=jpinpb]
I called the realtor and asked if the bank would consider YYY. The realtor said the bank would not reduce the price and if they listed it for YYY, they would have 10 offers in 3 days.

Well, WTH. Then list it for YYY and get the damn thing sold! [/quote]

jpinpb, which zip code – would you mind to share?

[newcomer]

[quote=jpinpb]
I called the realtor and asked if the bank would consider YYY. The realtor said the bank would not reduce the price and if they listed it for YYY, they would have 10 offers in 3 days.

Well, WTH. Then list it for YYY and get the damn thing sold! [/quote]

jpinpb, which zip code – would you mind to share?

[newcomer]

[quote=jpinpb]
I called the realtor and asked if the bank would consider YYY. The realtor said the bank would not reduce the price and if they listed it for YYY, they would have 10 offers in 3 days.

Well, WTH. Then list it for YYY and get the damn thing sold! [/quote]

jpinpb, which zip code – would you mind to share?

[newcomer]

[quote=jpinpb]
I called the realtor and asked if the bank would consider YYY. The realtor said the bank would not reduce the price and if they listed it for YYY, they would have 10 offers in 3 days.

Well, WTH. Then list it for YYY and get the damn thing sold! [/quote]

jpinpb, which zip code – would you mind to share?

[jpinpb]

[quote=CA renter]
She said, “even if this offer doesn’t work out, the bank will NOT lower their price, as they would rather sit on it.”

This seems to be something new — not even trying to negotiate or see if the bank would be willing to consider offers that are below list price.

I wonder if there’s some kind of new deal where the banks are giving agents bonuses if they get a bid over $XXX amount, and maybe penalize them if they go below a certain amount.

Just thought it was interesting that the bank would want to “sit” on even more inventory. It’s like they’re waiting for the Magic Appreciation Fairy to show up.[/quote]

LOL. Appreciation Fairy. Good one. Well, I’m glad to hear I’m not the only one w/this experience. But it is baffling. Why sit on it if it’s not moving – and in my case, not even appraising? Sell the damn thing, take the loss and move on.

[quote=newcomer]
jpinpb, which zip code – would you mind to share?[/quote]

That particular example was 92117. But there are so many I’m seeing that aren’t moving at the LP. Usually I would see properties get reduced, certainly w/in 30 days. But for some reason, lately they are NOT budging. I mean, there’s not even that 8k tax credit incentive.

Oh, and on the example I gave you, the rents don’t come even close to justifying the LP. One more reason, I imagine, that it’s not selling. Maybe they’re hoping for a summer shopping fool that doesn’t know how to do math and is ignorant of comps. Maybe by fall they’ll reconsider.

In any case, frustrating to watch this. Like watching molasses.

UCGal – that is a good point. I wonder if there’s some kind of bonus to agent for trying to sell at LP. You’d think the realtor would want to sell at whatever price and get the commission. Heck, when approached by the buyer, the whole 6% is theirs, even if the offer is less, bird in hand. I don’t understand.

[jpinpb]

[quote=CA renter]
She said, “even if this offer doesn’t work out, the bank will NOT lower their price, as they would rather sit on it.”

This seems to be something new — not even trying to negotiate or see if the bank would be willing to consider offers that are below list price.

I wonder if there’s some kind of new deal where the banks are giving agents bonuses if they get a bid over $XXX amount, and maybe penalize them if they go below a certain amount.

Just thought it was interesting that the bank would want to “sit” on even more inventory. It’s like they’re waiting for the Magic Appreciation Fairy to show up.[/quote]

LOL. Appreciation Fairy. Good one. Well, I’m glad to hear I’m not the only one w/this experience. But it is baffling. Why sit on it if it’s not moving – and in my case, not even appraising? Sell the damn thing, take the loss and move on.

[quote=newcomer]
jpinpb, which zip code – would you mind to share?[/quote]

That particular example was 92117. But there are so many I’m seeing that aren’t moving at the LP. Usually I would see properties get reduced, certainly w/in 30 days. But for some reason, lately they are NOT budging. I mean, there’s not even that 8k tax credit incentive.

Oh, and on the example I gave you, the rents don’t come even close to justifying the LP. One more reason, I imagine, that it’s not selling. Maybe they’re hoping for a summer shopping fool that doesn’t know how to do math and is ignorant of comps. Maybe by fall they’ll reconsider.

In any case, frustrating to watch this. Like watching molasses.

UCGal – that is a good point. I wonder if there’s some kind of bonus to agent for trying to sell at LP. You’d think the realtor would want to sell at whatever price and get the commission. Heck, when approached by the buyer, the whole 6% is theirs, even if the offer is less, bird in hand. I don’t understand.

[jpinpb]

[quote=CA renter]
She said, “even if this offer doesn’t work out, the bank will NOT lower their price, as they would rather sit on it.”

This seems to be something new — not even trying to negotiate or see if the bank would be willing to consider offers that are below list price.

I wonder if there’s some kind of new deal where the banks are giving agents bonuses if they get a bid over $XXX amount, and maybe penalize them if they go below a certain amount.

Just thought it was interesting that the bank would want to “sit” on even more inventory. It’s like they’re waiting for the Magic Appreciation Fairy to show up.[/quote]

LOL. Appreciation Fairy. Good one. Well, I’m glad to hear I’m not the only one w/this experience. But it is baffling. Why sit on it if it’s not moving – and in my case, not even appraising? Sell the damn thing, take the loss and move on.

[quote=newcomer]
jpinpb, which zip code – would you mind to share?[/quote]

That particular example was 92117. But there are so many I’m seeing that aren’t moving at the LP. Usually I would see properties get reduced, certainly w/in 30 days. But for some reason, lately they are NOT budging. I mean, there’s not even that 8k tax credit incentive.

Oh, and on the example I gave you, the rents don’t come even close to justifying the LP. One more reason, I imagine, that it’s not selling. Maybe they’re hoping for a summer shopping fool that doesn’t know how to do math and is ignorant of comps. Maybe by fall they’ll reconsider.

In any case, frustrating to watch this. Like watching molasses.

UCGal – that is a good point. I wonder if there’s some kind of bonus to agent for trying to sell at LP. You’d think the realtor would want to sell at whatever price and get the commission. Heck, when approached by the buyer, the whole 6% is theirs, even if the offer is less, bird in hand. I don’t understand.

[jpinpb]

[quote=CA renter]
She said, “even if this offer doesn’t work out, the bank will NOT lower their price, as they would rather sit on it.”

This seems to be something new — not even trying to negotiate or see if the bank would be willing to consider offers that are below list price.

I wonder if there’s some kind of new deal where the banks are giving agents bonuses if they get a bid over $XXX amount, and maybe penalize them if they go below a certain amount.

Just thought it was interesting that the bank would want to “sit” on even more inventory. It’s like they’re waiting for the Magic Appreciation Fairy to show up.[/quote]

LOL. Appreciation Fairy. Good one. Well, I’m glad to hear I’m not the only one w/this experience. But it is baffling. Why sit on it if it’s not moving – and in my case, not even appraising? Sell the damn thing, take the loss and move on.

[quote=newcomer]
jpinpb, which zip code – would you mind to share?[/quote]

That particular example was 92117. But there are so many I’m seeing that aren’t moving at the LP. Usually I would see properties get reduced, certainly w/in 30 days. But for some reason, lately they are NOT budging. I mean, there’s not even that 8k tax credit incentive.

Oh, and on the example I gave you, the rents don’t come even close to justifying the LP. One more reason, I imagine, that it’s not selling. Maybe they’re hoping for a summer shopping fool that doesn’t know how to do math and is ignorant of comps. Maybe by fall they’ll reconsider.

In any case, frustrating to watch this. Like watching molasses.

UCGal – that is a good point. I wonder if there’s some kind of bonus to agent for trying to sell at LP. You’d think the realtor would want to sell at whatever price and get the commission. Heck, when approached by the buyer, the whole 6% is theirs, even if the offer is less, bird in hand. I don’t understand.

[Author]

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