San Marcos Price Reduction

[TheBreeze]

I trust realtors about as far as I can throw them. These guys typically don’t have a clue and are just looking for their next commission. Besides, isn’t sdrealtor the dude who is down like $100K on a recent home purchase? Or is that the other one?

[TheBreeze]

I trust realtors about as far as I can throw them. These guys typically don’t have a clue and are just looking for their next commission. Besides, isn’t sdrealtor the dude who is down like $100K on a recent home purchase? Or is that the other one?

[TheBreeze]

I trust realtors about as far as I can throw them. These guys typically don’t have a clue and are just looking for their next commission. Besides, isn’t sdrealtor the dude who is down like $100K on a recent home purchase? Or is that the other one?

[ocrenter]

for the record, sdrealtor is the realtor in question. SD Realtor has been very supportive of the bear position.

as for those Blueridge estate homes, good grief!

797 JOY CT, San Marcos, CA 92078 (4243 sqft)
–10/31/2006: sold for $1,185,000
–11/19/2007: offered for $824,000 ($361k off, 30% drop in 1 year)

795 JOY COURT, San Marcos, CA 92078 (4226 sqft)
–09/27/2006: sold for $1,095,000
–11/14/2007: offered for $839,900 ($255k off, 23% drop in a little over 1 year)

that’s two foreclosures side by side. meanwhile a homeowner just down the street is entertaining offers between $895,000 – $925,000… looks like it’ll be three REOs on the street in due time.

[ocrenter]

for the record, sdrealtor is the realtor in question. SD Realtor has been very supportive of the bear position.

as for those Blueridge estate homes, good grief!

797 JOY CT, San Marcos, CA 92078 (4243 sqft)
–10/31/2006: sold for $1,185,000
–11/19/2007: offered for $824,000 ($361k off, 30% drop in 1 year)

795 JOY COURT, San Marcos, CA 92078 (4226 sqft)
–09/27/2006: sold for $1,095,000
–11/14/2007: offered for $839,900 ($255k off, 23% drop in a little over 1 year)

that’s two foreclosures side by side. meanwhile a homeowner just down the street is entertaining offers between $895,000 – $925,000… looks like it’ll be three REOs on the street in due time.

[ocrenter]

for the record, sdrealtor is the realtor in question. SD Realtor has been very supportive of the bear position.

as for those Blueridge estate homes, good grief!

797 JOY CT, San Marcos, CA 92078 (4243 sqft)
–10/31/2006: sold for $1,185,000
–11/19/2007: offered for $824,000 ($361k off, 30% drop in 1 year)

795 JOY COURT, San Marcos, CA 92078 (4226 sqft)
–09/27/2006: sold for $1,095,000
–11/14/2007: offered for $839,900 ($255k off, 23% drop in a little over 1 year)

that’s two foreclosures side by side. meanwhile a homeowner just down the street is entertaining offers between $895,000 – $925,000… looks like it’ll be three REOs on the street in due time.

[ocrenter]

for the record, sdrealtor is the realtor in question. SD Realtor has been very supportive of the bear position.

as for those Blueridge estate homes, good grief!

797 JOY CT, San Marcos, CA 92078 (4243 sqft)
–10/31/2006: sold for $1,185,000
–11/19/2007: offered for $824,000 ($361k off, 30% drop in 1 year)

795 JOY COURT, San Marcos, CA 92078 (4226 sqft)
–09/27/2006: sold for $1,095,000
–11/14/2007: offered for $839,900 ($255k off, 23% drop in a little over 1 year)

that’s two foreclosures side by side. meanwhile a homeowner just down the street is entertaining offers between $895,000 – $925,000… looks like it’ll be three REOs on the street in due time.

[ocrenter]

for the record, sdrealtor is the realtor in question. SD Realtor has been very supportive of the bear position.

as for those Blueridge estate homes, good grief!

797 JOY CT, San Marcos, CA 92078 (4243 sqft)
–10/31/2006: sold for $1,185,000
–11/19/2007: offered for $824,000 ($361k off, 30% drop in 1 year)

795 JOY COURT, San Marcos, CA 92078 (4226 sqft)
–09/27/2006: sold for $1,095,000
–11/14/2007: offered for $839,900 ($255k off, 23% drop in a little over 1 year)

that’s two foreclosures side by side. meanwhile a homeowner just down the street is entertaining offers between $895,000 – $925,000… looks like it’ll be three REOs on the street in due time.

[SD Realtor]

farbet, breee and blackbox, both sdrealtor and myself, SD Realtor) are of the opinion that we are in a heavy bear market and that there will be continued depreciation that will be substantial. I am not sure where you guys derived opinions that are otherwise.

Now in this particular thread sdrealtor has taken a different stance regarding some of the particular properties that ocrenter has researched. The argument is not that these properties are at a certain price level (with regards to the past) but has the entire area depreciated to a given level…(ie, is the entire area at 2003 pricing, or are a few homes at 2003 pricing)

Finally the point sdrealtor is also making is that in 2003 there was incredible appreciation, that is pricing in February of 2003 was substantially different then pricing in November of 2003 so taking the year as a whole is quite subjective.

ocrenter continues to find major price reductions and distress sales in the area and like the tide going out, eventually it will be true that the entire area will hit November 03 pricing and then February 03 pricing. Will that happen in a month, or in a year or in two years is anyone’s guess.

Hope I clarified things.

[SD Realtor]

farbet, breee and blackbox, both sdrealtor and myself, SD Realtor) are of the opinion that we are in a heavy bear market and that there will be continued depreciation that will be substantial. I am not sure where you guys derived opinions that are otherwise.

Now in this particular thread sdrealtor has taken a different stance regarding some of the particular properties that ocrenter has researched. The argument is not that these properties are at a certain price level (with regards to the past) but has the entire area depreciated to a given level…(ie, is the entire area at 2003 pricing, or are a few homes at 2003 pricing)

Finally the point sdrealtor is also making is that in 2003 there was incredible appreciation, that is pricing in February of 2003 was substantially different then pricing in November of 2003 so taking the year as a whole is quite subjective.

ocrenter continues to find major price reductions and distress sales in the area and like the tide going out, eventually it will be true that the entire area will hit November 03 pricing and then February 03 pricing. Will that happen in a month, or in a year or in two years is anyone’s guess.

Hope I clarified things.

[SD Realtor]

farbet, breee and blackbox, both sdrealtor and myself, SD Realtor) are of the opinion that we are in a heavy bear market and that there will be continued depreciation that will be substantial. I am not sure where you guys derived opinions that are otherwise.

Now in this particular thread sdrealtor has taken a different stance regarding some of the particular properties that ocrenter has researched. The argument is not that these properties are at a certain price level (with regards to the past) but has the entire area depreciated to a given level…(ie, is the entire area at 2003 pricing, or are a few homes at 2003 pricing)

Finally the point sdrealtor is also making is that in 2003 there was incredible appreciation, that is pricing in February of 2003 was substantially different then pricing in November of 2003 so taking the year as a whole is quite subjective.

ocrenter continues to find major price reductions and distress sales in the area and like the tide going out, eventually it will be true that the entire area will hit November 03 pricing and then February 03 pricing. Will that happen in a month, or in a year or in two years is anyone’s guess.

Hope I clarified things.

[SD Realtor]

farbet, breee and blackbox, both sdrealtor and myself, SD Realtor) are of the opinion that we are in a heavy bear market and that there will be continued depreciation that will be substantial. I am not sure where you guys derived opinions that are otherwise.

Now in this particular thread sdrealtor has taken a different stance regarding some of the particular properties that ocrenter has researched. The argument is not that these properties are at a certain price level (with regards to the past) but has the entire area depreciated to a given level…(ie, is the entire area at 2003 pricing, or are a few homes at 2003 pricing)

Finally the point sdrealtor is also making is that in 2003 there was incredible appreciation, that is pricing in February of 2003 was substantially different then pricing in November of 2003 so taking the year as a whole is quite subjective.

ocrenter continues to find major price reductions and distress sales in the area and like the tide going out, eventually it will be true that the entire area will hit November 03 pricing and then February 03 pricing. Will that happen in a month, or in a year or in two years is anyone’s guess.

Hope I clarified things.

[SD Realtor]

farbet, breee and blackbox, both sdrealtor and myself, SD Realtor) are of the opinion that we are in a heavy bear market and that there will be continued depreciation that will be substantial. I am not sure where you guys derived opinions that are otherwise.

Now in this particular thread sdrealtor has taken a different stance regarding some of the particular properties that ocrenter has researched. The argument is not that these properties are at a certain price level (with regards to the past) but has the entire area depreciated to a given level…(ie, is the entire area at 2003 pricing, or are a few homes at 2003 pricing)

Finally the point sdrealtor is also making is that in 2003 there was incredible appreciation, that is pricing in February of 2003 was substantially different then pricing in November of 2003 so taking the year as a whole is quite subjective.

ocrenter continues to find major price reductions and distress sales in the area and like the tide going out, eventually it will be true that the entire area will hit November 03 pricing and then February 03 pricing. Will that happen in a month, or in a year or in two years is anyone’s guess.

Hope I clarified things.

[sdrealtor]

Gimme Break!

OCR,
The story hasnt just begun! It began about 4 years at the beginning of 2004 when things got completely whacked! I still stand by my comments that you mocked 100% and will be back on 12/31/07 to taunt you in return. There is NO WAY you will see “the 2300 sq ft model that was the basis of this thread from the outset sell at a price close to the low 400’s. End of story!”

I thought you were smart enough to realize that extraordinary low asking prices set on short sales are intended to bring offers to the table so the seller can at least find out what the bank will do?

Breeze,
I own my dream home that I have been in for about a decade with a very low mortgage locked in for 30 yrs well below 6%. Not that I’ll ever sell but it is still worth at least 2X what I paid. I could write a check today and pay it off if I wanted to. I also own 2 other very profitable businesses that provide most of my income completely unrelated to RE. RE commissions are nice but certainly not something I sit around waiting for.

All,
Those Joy Ct homes are ridiculous! Have any of you ever been in one? I have. They are huge McMansions in a lousy location overlooking a busy road, industrial parks and what looks like a swamp or toxic waste. Frankly, I cant believe that anyone ever bought one at any price.

SD R,
Thank you for being the voice of reason. I am as bearish as anyone. The big difference is that I (and you) understand how this plays out on a micro level. Things take time! Most of the folks out here as guilty of greed and impatience as the the FB’s who bought on the way up.

Patience Grasshoppahs! It’s coming….

Lastly, OCR a belated “Your Welcome” as I have provided you leads for some of the best material on your blog without taking credit.

sdr

[sdrealtor]

Gimme Break!

OCR,
The story hasnt just begun! It began about 4 years at the beginning of 2004 when things got completely whacked! I still stand by my comments that you mocked 100% and will be back on 12/31/07 to taunt you in return. There is NO WAY you will see “the 2300 sq ft model that was the basis of this thread from the outset sell at a price close to the low 400’s. End of story!”

I thought you were smart enough to realize that extraordinary low asking prices set on short sales are intended to bring offers to the table so the seller can at least find out what the bank will do?

Breeze,
I own my dream home that I have been in for about a decade with a very low mortgage locked in for 30 yrs well below 6%. Not that I’ll ever sell but it is still worth at least 2X what I paid. I could write a check today and pay it off if I wanted to. I also own 2 other very profitable businesses that provide most of my income completely unrelated to RE. RE commissions are nice but certainly not something I sit around waiting for.

All,
Those Joy Ct homes are ridiculous! Have any of you ever been in one? I have. They are huge McMansions in a lousy location overlooking a busy road, industrial parks and what looks like a swamp or toxic waste. Frankly, I cant believe that anyone ever bought one at any price.

SD R,
Thank you for being the voice of reason. I am as bearish as anyone. The big difference is that I (and you) understand how this plays out on a micro level. Things take time! Most of the folks out here as guilty of greed and impatience as the the FB’s who bought on the way up.

Patience Grasshoppahs! It’s coming….

Lastly, OCR a belated “Your Welcome” as I have provided you leads for some of the best material on your blog without taking credit.

sdr

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