My Fiancee and I love to go to open houses. Last weekend we went to a handful of open houses in South Pasadena. We saw two townhouses right next door to each other, and two single family houses also in the same neighborhood.
I tried to post the following on your site, but it wouldn’t let me (so I’m posting it here).
I checked out the 511 Martos listing and it looks like a nice enough place, but are you serious that it’s not overpriced as well? Seems like a lot of money, but being from San Diego, I have no idea what things go for in Pasadena. I think you’re just saying that you think it will sell at that price and that seems fair enough to me.
If you bought it though, wouldn’t you be worried that it might drop another $100K or so over the next year or two?
You may be right. As much as I agree that we are in the midst of a housing bubble in the process of collapsing like most others here, it is possible that the escalated prices has affected perspective. Part of my reaction was that I was surprised that it was not priced higher. It is much nicer than the pictures on ZipRealty. Of course, in the midst of a 20-30% overall decline, this would also drop. Another 100k? Yea, that’s probably pretty fair. But that would make it currently only 10% overpriced, versus 20-30% for most. I think those townhouses are 30-40% over.
Yeah, I know what you mean and that’s why I asked. A house is not overpriced if that’s what someone is willing to pay for it and these kinds of places (i.e. properly priced) do stand out right now. And that’s why houses continue to sell albeit at a much slower pace.
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