[ocrenter]

your standard 0 down, 80/20 piggyback loan for $860,900. Probably had an extremely low teaser rate for the first 6 months on that 20% ARM. Figured they can get it sold before the rate adjust.

[ocrenter]

The frog is kinda like this guy: Flipper in Trouble

[ocrenter]

Fools are unique in their stupidity. Why buy the Camary for thousands more when you can buy an Avalon for less?

There are 5 homes with 2172 sqft selling in that community. 4 are priced between $550,000 to $560,000. One is priced at $599,000. It will take a very unique individual to pass up on the 4 to purchase the one for $599,000.

5xx closed late April, meaning it went pending late March. The distress sale at $515,000 and the new listing at $549,000 (both of which 200 sqft larger) came in late April and early May. Do you really think the proud new owners of 5xx are saying to themselves, “these homes are all different and every situation is unique.” More like, “I’ve just caught a falling knife and it hurts like hell!”

[ocrenter]

“No one sale should make or break a neighborhood.”

I do agree with that. But I don’t think this will be limited to just one. The foreclosure property found a buyer when the price went down to $515,000. Are there any more?

Answer is yes.

xx7 CAMINO HERMOSO, San Marcos, CA 92078
same sqft, same model. Not in foreclosure. But obvsiously wants to get out before it is too late. Priced at $549,900 – $579,900

So we now have 2 homes both at 2,358 sqft, one sold at $515,000 and let’s assume the second one find a buyer for $550,000. Can the comp for the rest of 2,358 sqft homes still be in the $600,000’s?

[ocrenter]

very interesting stuff. Goes to show in real estate, its location, location, location. Nice areas appreciate first and depreciate last. In not so hot areas, you have a very small window of opportunity to get rid of your property at the top.

sdrealtor, thanks for putting this up. what’s your thoughts about those San Marcos Via Del Cabello properties now?

[ocrenter]

I’m getting 6.4 month of inventory using the resale SFR/condo figure. Too bad there’s no figures on new home inventories.

[ocrenter]

If you know what you want, and you already got the merchandise picked out, there’s a couple of strategies we and several others used.
#1: we simply contact the ziprealty agent and go from there.
#2: approach the listing agent (in a tight market this will work FOR the buyer as the same priced offer the agent will gain more from you, in a buyer’s market you can offer even less because the agent is no longer sharing the 6% commission)

[ocrenter]

absolutely. some of the less desireable cities now have significant price reductions with still no buyers. I think the word is out and we just need to sit tight and wait.

[ocrenter]

good to see you back powayseller! well, good to have you around at bubbletracking.blogspot too. This forum is worth visiting daily once more.

[ocrenter]

This spring had an unusual amount of cloudy days and this summer may be too hot. Look for sales to pick up during the fall. Yes, that’s it, fall!!

[ocrenter]

thus if the 3xx3 property goes on the market now, it will not command the same price as it did a year ago. 3xx3 is the property with the traffic noise. 6xx7 is selling at a lower price and it doesn’t have the traffic noise. A year ago the market was a lot stronger, the traffic noise issue was most likely ignored, hence the seller got away with the higher price. Would buyers still ignore the traffic noise today and pay that price?

As for the view, here’s the problem with that “premium”. #1, for the noise to be decreased, tall/thick trees would have to be planted on the slope between the rear of the property and Melrose Dr. #2, if there’s noise reducing trees, there goes your 180 degree panoramic view. If there are no trees, the view is saved, but the noise would be deafening.

I don’t think the two properties are apple vs. orange. I think it is more like an apple vs. an apple with a worm.

[ocrenter]

street noise would make a property superior and command a higher price?

that make sense…

[ocrenter]

that sounds awfully like this place we looked at right next to CSUSM. 2200 sqft, was trying to rent for $2200 for 4 months (guy bought it as an investment in 12/05). finally lowered it to $2000 and found a renter in 4/06.

[ocrenter]

Well, we now have price reduction to $515,000-$554,876 on this 2,358 sqft home. The listing states: “Urgent urgent sale. Seller must sell now. Vastly reduced”

Bugs and sdrealtor, if they find a buyer at $515,000, what will it do to the comps of that tract? what about the entire zipcode 92078?

[ocrenter]

but such senarios do exist. maybe not to that extend with your friend. The point is the seller should be happy they build up equity for a nice sized profit so quickly. They should be estatic! Instead, you are praying for them? What is wrong with that picture???

When we sold our condo last year we knew we were possibly leaving some money on the table for getting out sooner then others. But you know what? $100,000 for 2 years ain’t so bad. Now all the same exact condo’s are trying to sell for $20,000 more than we sold, but now there’s 10 condo selling, and all of them are languishing on the MLS. And nobody wants to lower their price. Why is it that we are happy with $100,000 and the sellers now are sad and their realtors praying for them for not being able to sell for $120,000??? Just lower the price down and get that $100,000! Hey, even $80,000 ain’t so bad.

[Author]

Posts