- This topic has 44 replies, 18 voices, and was last updated 17 years, 11 months ago by socalarm.
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October 2, 2006 at 3:51 PM #7663October 2, 2006 at 3:58 PM #37047VCJIMParticipant
I remember your situation and appreciate the update!
October 2, 2006 at 4:15 PM #37049DanielParticipantThanks for posting your experience, socalarm. Much appreciated.
A bit off-topic (but still in the “trying to move a house” category), here is an e-mail I received today from the sales office at Del Sur (that’s a new place NE of Carmel Valley that’s been mentioned here before):
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Great news from Cassero @ Del Sur!
If you are non contingent and able to close escrow by November 24, 2006, we have some fantastic values for you. In addition to our price adjustments we are including flooring (up to $25,000) as well as a lender incentive of $15,000. The lender incentive can be used to buy down the interest rates, closing costs or some options like epoxy flooring. Our homes have lots of upgrades already included in the prices.These are some of the exceptional values we are offering for our paired Cassero homes.
Homesite 173-4 Plan 2 Spanish Exterior – Was priced at $781,900 New Price $630,900!
Homesite 174-5 Plan 1 Prairie Exterior – Was priced at $767,900 New Price $594,900! Extra large Yard!
Homesite 175-8 Plan 1 Monterrey Exterior – Was priced at $749,900 New Price $581,900!
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I’d say that they’re pretty aggressive.October 2, 2006 at 4:26 PM #37050lendingbubblecontinuesParticipantInteresting Daniel…
Very agressive indeed. Still, though, paying $581K for a “paired” home is absolutely ridiculous!!! You’d better hope you like the guy who buys nexts door to you, and hope he doesn’t resort to starting a meth lab in his bathtub to pay his bills when the ARM adjusts.
They should probably rename the development from “Cassero” to “Problemo”….same number of syllables, same POS over-priced houses….
October 2, 2006 at 4:28 PM #37051waiting hawkParticipantGood luck. Thanks for the update.
October 2, 2006 at 5:30 PM #37060socalarmParticipantthe strategy is a little poker-like right now, and not something i’m keen on. lowball man sent in the offer friday, just before my second, well-publicized open house. his agent is known to be a very aggressive person from beverly hills and has (correctly) advised him to come in really low.
i’m humble and not stupid enough to avoid feeling “insulted”. it’s a game in many ways.
my initial gamble was to list the house low – consensus opinion – and anticipate the drop. but price of course, is relative and if i’d priced it even a 100k lower i suspect his approach would’ve been the same. damned if you do…
in the current round, if i counter at a high price (just 5k lower than listing) i can try to “insult” him. he will probably walk. but if i counter low, he will have figured his hunch was correct and he will never raise. my only basis for this idea is that he came back with his offer today and has removed the 24 hr clause.
i feel like i’m bluffing and i’m not too pleased with the concept, but my hunch is to head this way. guinea pig update…October 2, 2006 at 6:34 PM #37067sdcellarParticipantDaniel– The Casseros are the same ones I posted about here this morning.
I’m curious why some of these builders aren’t listing their better prices on the MLS? It’s like they need to sell these places so they need to price them more agressively, but they don’t want people to find out? The more I learn about builders, the more I think “weird”.
socalalarm– I don’t mean to highjack your thread because I’m very interested in your dealings. I’m sorry to say I don’t have any advice for you, but I do think you’re handling things reasonably. I’ve been through the process myself and it’s just real hard to say how things will work out when it comes to dealing with individuals. Good luck.
October 2, 2006 at 6:38 PM #37068desmoJParticipantRe: Cassero & Del Sur………..MelloRoos
October 2, 2006 at 8:02 PM #37080PerryChaseParticipantsocalalarm, much of the discussion here is about the San Diego market. LA and Orange County don’t seem to have dropped as much as San Diego yet. So you may still get lucky and get the price that you want to your house near Hollywood.
Please let us know what happens as time goes by.
October 2, 2006 at 9:08 PM #37089lindismithParticipantYeah, I love the play by play, Socalalarm. Definitely keep us posted!
October 2, 2006 at 9:17 PM #37093BugsParticipantSoCalAlarm,
If you really are priced well you can probably get your price, but it may take some patience. I hope it works out for you.
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Those price cuts in Del Sur are pretty big, like on the order of 20%+. Considering it hasn’t even been a year yet since that area peaked the rate of decline is pretty steep. They probably aren’t advertising it in the MLS yet because they don’t want to get lynched by their prior buyers; or their pending sales either. A PO’d owner in that neighborhood can do a lot of damage by posting a couple signs of protest in their front yard.
October 21, 2006 at 11:57 AM #38137socalarmParticipantSo the poker move helped it seems…
As I’d posted earlier, I dropped the price by $5000, though the buyer’s offer had come in $100k lower than our listing.
If I’d matched his offer he would’ve felt his aggressiveness was well-founded. I’m sure he would’ve then gone on to demand all kinds of credits (repairs, maintenance).
I guess my resistance to drop the price more than a token was well-taken by him. My house has been fastiduously well-maintained and is still the nicest house in the neighborhood.
He signed the offer recently. His inspections are in and he’s satisfied enough to remove contingencies.
Now I hope the appraisal comes in ok.
I’m also selling him my furniture. I want to leave with a couch and all my books. It’s time to sketch, write and travel.
I signed a rental lease with an artist loft.Absurd thought for the day: It struck me people buy cars all the time. That’s a known depreciating asset but the majority of the population buys a depreciating asset. Despite subscribing to most of the doom and gloom here, I hate to roll up the blinds, but unless the pivotal idea of ownership changes in a society, people will always buy something of value…it’s not all a scam
October 21, 2006 at 12:16 PM #38139ChrispyParticipantComparing a car to a house – cars get a lot more use and abuse than a house – hence their depreciation.
October 22, 2006 at 4:08 PM #38226socalarmParticipanti agree. just being tongue in cheek about buyer psychology. having gone through a stressful month of selling, waiting, negotiating, listening to my agent, that single factor emerged the strongest.
i hope to close this week.
October 22, 2006 at 6:09 PM #38233Diego MamaniParticipantI think socalarm has a very interesting point here (the car vs house comparison). It is true that cars have lots of wear and tear. However, people don’t just buy them for transportation. If that were that case, people would buy a car, take good care of it, and keep it for over 150,000 miles or over 12 years. Most people change cars more often than that though. And that’s really dumb, from a financial perspective. We change cars more often than necessary, which means we are buying expensive, depreciating assets more often than what usual wear and tear would justify.
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