- This topic has 512 replies, 32 voices, and was last updated 13 years, 7 months ago by
sdrealtor.
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November 23, 2007 at 9:03 AM #103086November 23, 2007 at 9:03 AM #103110
sdrealtor
ParticipantGimme 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
November 23, 2007 at 9:03 AM #103137ParticipantGimme 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
November 23, 2007 at 9:25 AM #103010ocrenter
Participantsdr, thanks for the anonymous leads, perhaps pick a handle so credit is given.
I only focus on this because you are so absolute about this. Look, if there are 3700 sqft REOs in the general area going for $600k, and 4300 sqft homes dropping down to the low 800k, low $400k for these homes as the current market value is not unreasonable. while these are short sales, the fact that they have to keep dropping on their asking price to me indicates where the market truly is.
everywhere around this development has seen 20-30% drops in prices over the last year. low $400k would be in-line with that drop.
November 23, 2007 at 9:25 AM #103092Participantsdr, thanks for the anonymous leads, perhaps pick a handle so credit is given.
I only focus on this because you are so absolute about this. Look, if there are 3700 sqft REOs in the general area going for $600k, and 4300 sqft homes dropping down to the low 800k, low $400k for these homes as the current market value is not unreasonable. while these are short sales, the fact that they have to keep dropping on their asking price to me indicates where the market truly is.
everywhere around this development has seen 20-30% drops in prices over the last year. low $400k would be in-line with that drop.
November 23, 2007 at 9:25 AM #103103Participantsdr, thanks for the anonymous leads, perhaps pick a handle so credit is given.
I only focus on this because you are so absolute about this. Look, if there are 3700 sqft REOs in the general area going for $600k, and 4300 sqft homes dropping down to the low 800k, low $400k for these homes as the current market value is not unreasonable. while these are short sales, the fact that they have to keep dropping on their asking price to me indicates where the market truly is.
everywhere around this development has seen 20-30% drops in prices over the last year. low $400k would be in-line with that drop.
November 23, 2007 at 9:25 AM #103126Participantsdr, thanks for the anonymous leads, perhaps pick a handle so credit is given.
I only focus on this because you are so absolute about this. Look, if there are 3700 sqft REOs in the general area going for $600k, and 4300 sqft homes dropping down to the low 800k, low $400k for these homes as the current market value is not unreasonable. while these are short sales, the fact that they have to keep dropping on their asking price to me indicates where the market truly is.
everywhere around this development has seen 20-30% drops in prices over the last year. low $400k would be in-line with that drop.
November 23, 2007 at 9:25 AM #103152Participantsdr, thanks for the anonymous leads, perhaps pick a handle so credit is given.
I only focus on this because you are so absolute about this. Look, if there are 3700 sqft REOs in the general area going for $600k, and 4300 sqft homes dropping down to the low 800k, low $400k for these homes as the current market value is not unreasonable. while these are short sales, the fact that they have to keep dropping on their asking price to me indicates where the market truly is.
everywhere around this development has seen 20-30% drops in prices over the last year. low $400k would be in-line with that drop.
November 23, 2007 at 9:54 AM #103019Participantocr,
While what you explain seems reasonable on the outside it isnt as reasonable on the inside. It’s all about price compression. There is a minimum price entry point for housing in the area and as newer homes Belleza is above that by a certain margin. Once you reach 600K and 800K for the bigger homes, you start competing with older entry level homes in more desirable locations like Carlsbad/Encinitas. Ultimately this will push down the prices of Belleza but it takes time. patience Grasshoppah!November 23, 2007 at 9:54 AM #103101Participantocr,
While what you explain seems reasonable on the outside it isnt as reasonable on the inside. It’s all about price compression. There is a minimum price entry point for housing in the area and as newer homes Belleza is above that by a certain margin. Once you reach 600K and 800K for the bigger homes, you start competing with older entry level homes in more desirable locations like Carlsbad/Encinitas. Ultimately this will push down the prices of Belleza but it takes time. patience Grasshoppah!November 23, 2007 at 9:54 AM #103113Participantocr,
While what you explain seems reasonable on the outside it isnt as reasonable on the inside. It’s all about price compression. There is a minimum price entry point for housing in the area and as newer homes Belleza is above that by a certain margin. Once you reach 600K and 800K for the bigger homes, you start competing with older entry level homes in more desirable locations like Carlsbad/Encinitas. Ultimately this will push down the prices of Belleza but it takes time. patience Grasshoppah!November 23, 2007 at 9:54 AM #103135Participantocr,
While what you explain seems reasonable on the outside it isnt as reasonable on the inside. It’s all about price compression. There is a minimum price entry point for housing in the area and as newer homes Belleza is above that by a certain margin. Once you reach 600K and 800K for the bigger homes, you start competing with older entry level homes in more desirable locations like Carlsbad/Encinitas. Ultimately this will push down the prices of Belleza but it takes time. patience Grasshoppah!November 23, 2007 at 9:54 AM #103161Participantocr,
While what you explain seems reasonable on the outside it isnt as reasonable on the inside. It’s all about price compression. There is a minimum price entry point for housing in the area and as newer homes Belleza is above that by a certain margin. Once you reach 600K and 800K for the bigger homes, you start competing with older entry level homes in more desirable locations like Carlsbad/Encinitas. Ultimately this will push down the prices of Belleza but it takes time. patience Grasshoppah!November 23, 2007 at 11:24 AM #103034patientlywaiting
ParticipantSeems to me like the Realtors are backward looking, just like an appraiser would be. They look at sold comps to gauge value, today.
ocrenter is more forward looking in that he looks at the direction market by reviewing asking prices.
The asking prices are dropping and dropping, so it’s only a matter of time until we have closed sales confirmation of the downward trend.
One may wish to debate what the market is at, today. Why bother when all the signs point to lower and lower prices.
There was a time when sellers asked for the moon, got it and drove the market higher and higher. We now have opposite situation where sellers need to get ahead of the curve, and take some painful losses if they want to sell. They will drive the market lower and lower.
Patience is what is needed.
November 23, 2007 at 11:24 AM #103116ParticipantSeems to me like the Realtors are backward looking, just like an appraiser would be. They look at sold comps to gauge value, today.
ocrenter is more forward looking in that he looks at the direction market by reviewing asking prices.
The asking prices are dropping and dropping, so it’s only a matter of time until we have closed sales confirmation of the downward trend.
One may wish to debate what the market is at, today. Why bother when all the signs point to lower and lower prices.
There was a time when sellers asked for the moon, got it and drove the market higher and higher. We now have opposite situation where sellers need to get ahead of the curve, and take some painful losses if they want to sell. They will drive the market lower and lower.
Patience is what is needed.
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