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UCGal.
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August 17, 2010 at 4:41 PM #593312August 17, 2010 at 5:35 PM #592275
davelj
ParticipantIf it’s priced right, it moves. It’s as simple as that. I mentioned this previously, but I made an all-cash bid on a foreclosed condo downtown (that looked clearly mispriced) a couple of months back and I was one of 18 offers (I lost). I believe it closed at 12% above list, all cash (I got a little too cute with my bid). REOs of all stripes and at all price points are flying off the shelves… largely because they’re priced competitively (even when they’re not a “steal”).
August 17, 2010 at 5:35 PM #592372ParticipantIf it’s priced right, it moves. It’s as simple as that. I mentioned this previously, but I made an all-cash bid on a foreclosed condo downtown (that looked clearly mispriced) a couple of months back and I was one of 18 offers (I lost). I believe it closed at 12% above list, all cash (I got a little too cute with my bid). REOs of all stripes and at all price points are flying off the shelves… largely because they’re priced competitively (even when they’re not a “steal”).
August 17, 2010 at 5:35 PM #592907ParticipantIf it’s priced right, it moves. It’s as simple as that. I mentioned this previously, but I made an all-cash bid on a foreclosed condo downtown (that looked clearly mispriced) a couple of months back and I was one of 18 offers (I lost). I believe it closed at 12% above list, all cash (I got a little too cute with my bid). REOs of all stripes and at all price points are flying off the shelves… largely because they’re priced competitively (even when they’re not a “steal”).
August 17, 2010 at 5:35 PM #593019ParticipantIf it’s priced right, it moves. It’s as simple as that. I mentioned this previously, but I made an all-cash bid on a foreclosed condo downtown (that looked clearly mispriced) a couple of months back and I was one of 18 offers (I lost). I believe it closed at 12% above list, all cash (I got a little too cute with my bid). REOs of all stripes and at all price points are flying off the shelves… largely because they’re priced competitively (even when they’re not a “steal”).
August 17, 2010 at 5:35 PM #593327ParticipantIf it’s priced right, it moves. It’s as simple as that. I mentioned this previously, but I made an all-cash bid on a foreclosed condo downtown (that looked clearly mispriced) a couple of months back and I was one of 18 offers (I lost). I believe it closed at 12% above list, all cash (I got a little too cute with my bid). REOs of all stripes and at all price points are flying off the shelves… largely because they’re priced competitively (even when they’re not a “steal”).
August 17, 2010 at 5:44 PM #592280andymajumder
Participant[quote=sdrealtor]Alot more than you think. I was blown away by the interest level. I figured 3 to 5 offers. They must have gotten 20 in a weekend. I figure most were at, above or close to asking price. I also figure most if not all were taking loans on $697K or less telling me there are a sh*tload of people walking around with $300K or more looking for a nice house and this one was nice but hardly spectacular or a spectacular deal.[/quote]
Have been a housing bear for the past many years since coming across this website and Rick’s analysis. But, have to agree with sdrealtor on this. There are many people with serious money who are willing to pay for certain parts of San Diego. Coastal areas…NCC and some more nicer parts inland such as Scripps Ranch have good demand and I still 2004 prices being paid on many properties. Housing probably will correct further in San Diego county, but I am slowly getting convinced that the more desirable areas of San Diego probably will not see any serious correction from here unless economy collapses or interest rates shoot up a lot (doesn’t help…since I need a mortgage, interest rate going up significantly will probably reduce my affordability).
August 17, 2010 at 5:44 PM #592377Participant[quote=sdrealtor]Alot more than you think. I was blown away by the interest level. I figured 3 to 5 offers. They must have gotten 20 in a weekend. I figure most were at, above or close to asking price. I also figure most if not all were taking loans on $697K or less telling me there are a sh*tload of people walking around with $300K or more looking for a nice house and this one was nice but hardly spectacular or a spectacular deal.[/quote]
Have been a housing bear for the past many years since coming across this website and Rick’s analysis. But, have to agree with sdrealtor on this. There are many people with serious money who are willing to pay for certain parts of San Diego. Coastal areas…NCC and some more nicer parts inland such as Scripps Ranch have good demand and I still 2004 prices being paid on many properties. Housing probably will correct further in San Diego county, but I am slowly getting convinced that the more desirable areas of San Diego probably will not see any serious correction from here unless economy collapses or interest rates shoot up a lot (doesn’t help…since I need a mortgage, interest rate going up significantly will probably reduce my affordability).
August 17, 2010 at 5:44 PM #592912Participant[quote=sdrealtor]Alot more than you think. I was blown away by the interest level. I figured 3 to 5 offers. They must have gotten 20 in a weekend. I figure most were at, above or close to asking price. I also figure most if not all were taking loans on $697K or less telling me there are a sh*tload of people walking around with $300K or more looking for a nice house and this one was nice but hardly spectacular or a spectacular deal.[/quote]
Have been a housing bear for the past many years since coming across this website and Rick’s analysis. But, have to agree with sdrealtor on this. There are many people with serious money who are willing to pay for certain parts of San Diego. Coastal areas…NCC and some more nicer parts inland such as Scripps Ranch have good demand and I still 2004 prices being paid on many properties. Housing probably will correct further in San Diego county, but I am slowly getting convinced that the more desirable areas of San Diego probably will not see any serious correction from here unless economy collapses or interest rates shoot up a lot (doesn’t help…since I need a mortgage, interest rate going up significantly will probably reduce my affordability).
August 17, 2010 at 5:44 PM #593024Participant[quote=sdrealtor]Alot more than you think. I was blown away by the interest level. I figured 3 to 5 offers. They must have gotten 20 in a weekend. I figure most were at, above or close to asking price. I also figure most if not all were taking loans on $697K or less telling me there are a sh*tload of people walking around with $300K or more looking for a nice house and this one was nice but hardly spectacular or a spectacular deal.[/quote]
Have been a housing bear for the past many years since coming across this website and Rick’s analysis. But, have to agree with sdrealtor on this. There are many people with serious money who are willing to pay for certain parts of San Diego. Coastal areas…NCC and some more nicer parts inland such as Scripps Ranch have good demand and I still 2004 prices being paid on many properties. Housing probably will correct further in San Diego county, but I am slowly getting convinced that the more desirable areas of San Diego probably will not see any serious correction from here unless economy collapses or interest rates shoot up a lot (doesn’t help…since I need a mortgage, interest rate going up significantly will probably reduce my affordability).
August 17, 2010 at 5:44 PM #593332Participant[quote=sdrealtor]Alot more than you think. I was blown away by the interest level. I figured 3 to 5 offers. They must have gotten 20 in a weekend. I figure most were at, above or close to asking price. I also figure most if not all were taking loans on $697K or less telling me there are a sh*tload of people walking around with $300K or more looking for a nice house and this one was nice but hardly spectacular or a spectacular deal.[/quote]
Have been a housing bear for the past many years since coming across this website and Rick’s analysis. But, have to agree with sdrealtor on this. There are many people with serious money who are willing to pay for certain parts of San Diego. Coastal areas…NCC and some more nicer parts inland such as Scripps Ranch have good demand and I still 2004 prices being paid on many properties. Housing probably will correct further in San Diego county, but I am slowly getting convinced that the more desirable areas of San Diego probably will not see any serious correction from here unless economy collapses or interest rates shoot up a lot (doesn’t help…since I need a mortgage, interest rate going up significantly will probably reduce my affordability).
August 17, 2010 at 8:51 PM #592341Anonymous
GuestWell how many of these “multiple offers” are from private individuals/families vs. investors/flippers? Fact is there can’t be very many regular people with this kind of money who don’t already own a house. Income has come down for nearly everybody in the last few years while loans are harder to get.
August 17, 2010 at 8:51 PM #592437GuestWell how many of these “multiple offers” are from private individuals/families vs. investors/flippers? Fact is there can’t be very many regular people with this kind of money who don’t already own a house. Income has come down for nearly everybody in the last few years while loans are harder to get.
August 17, 2010 at 8:51 PM #592972GuestWell how many of these “multiple offers” are from private individuals/families vs. investors/flippers? Fact is there can’t be very many regular people with this kind of money who don’t already own a house. Income has come down for nearly everybody in the last few years while loans are harder to get.
August 17, 2010 at 8:51 PM #593084GuestWell how many of these “multiple offers” are from private individuals/families vs. investors/flippers? Fact is there can’t be very many regular people with this kind of money who don’t already own a house. Income has come down for nearly everybody in the last few years while loans are harder to get.
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