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pemeliza
ParticipantCAR, I hope you don’t think I was trying to make it personal with my post because I certainly wasn’t trying to do that.
I believe that the vast majority of real estate in this country is currently affordable to average families so your ideal largely holds true.
ParticipantCAR, I hope you don’t think I was trying to make it personal with my post because I certainly wasn’t trying to do that.
I believe that the vast majority of real estate in this country is currently affordable to average families so your ideal largely holds true.
ParticipantCAR, I agree with some of what you say here although I certainly would not classify a house within 10 miles of the Pacific ocean as a basic need.
The need of shelter can be satisfied in many ways and if given a preference 99% of families would choose a california beach house preferably with an ocean view, no road noise, and a top school district.
ParticipantCAR, I agree with some of what you say here although I certainly would not classify a house within 10 miles of the Pacific ocean as a basic need.
The need of shelter can be satisfied in many ways and if given a preference 99% of families would choose a california beach house preferably with an ocean view, no road noise, and a top school district.
ParticipantCAR, I agree with some of what you say here although I certainly would not classify a house within 10 miles of the Pacific ocean as a basic need.
The need of shelter can be satisfied in many ways and if given a preference 99% of families would choose a california beach house preferably with an ocean view, no road noise, and a top school district.
ParticipantCAR, I agree with some of what you say here although I certainly would not classify a house within 10 miles of the Pacific ocean as a basic need.
The need of shelter can be satisfied in many ways and if given a preference 99% of families would choose a california beach house preferably with an ocean view, no road noise, and a top school district.
ParticipantCAR, I agree with some of what you say here although I certainly would not classify a house within 10 miles of the Pacific ocean as a basic need.
The need of shelter can be satisfied in many ways and if given a preference 99% of families would choose a california beach house preferably with an ocean view, no road noise, and a top school district.
Participant“That is the thing though, yes it does suck, for many more people then just you and CAR. I can tell you I have had many many buyers who have been outbid like you guys. Same story.”
At some point I think there is a little over-dramatization going on here. The market is a hundred times better for long-term buyers now that in was 5 years ago considering current prices and interest rates. There are certainly great deals out there even for a typical organic transaction. I think the problem is when you compare the deals that the flipper is getting at the TS sale (probably mid to late 90’s nominal pricing in most cases), then the great deals that are out there for the general public look pretty lousy.
I remember looking at houses in mission hills back in 2001. With the current prices, available selection, lack of buyer competition, and ultra-low interest rates, I am reasonable confident that buyers are better off with today’s market than the market of 2001 if they plan on holding for the long term, have a steady job, and have the savings to pull the trigger.
Here is an example of a house I put a bid in back in 2001http://www.sdlookup.com/Property-8A014915-1845_Sheridan_Ave_San_Diego_CA_92103
The house was in turnkey condition and on a prime street. But the reality is that the place I just bought last year for a similar price blows this one out of the water in all aspects except condition of house.
I realize that for certain price points and certain school districts prices have stayed high but for most buyers in SD it has been a bonanza and conditions are only getting better for buyers.
Participant“That is the thing though, yes it does suck, for many more people then just you and CAR. I can tell you I have had many many buyers who have been outbid like you guys. Same story.”
At some point I think there is a little over-dramatization going on here. The market is a hundred times better for long-term buyers now that in was 5 years ago considering current prices and interest rates. There are certainly great deals out there even for a typical organic transaction. I think the problem is when you compare the deals that the flipper is getting at the TS sale (probably mid to late 90’s nominal pricing in most cases), then the great deals that are out there for the general public look pretty lousy.
I remember looking at houses in mission hills back in 2001. With the current prices, available selection, lack of buyer competition, and ultra-low interest rates, I am reasonable confident that buyers are better off with today’s market than the market of 2001 if they plan on holding for the long term, have a steady job, and have the savings to pull the trigger.
Here is an example of a house I put a bid in back in 2001http://www.sdlookup.com/Property-8A014915-1845_Sheridan_Ave_San_Diego_CA_92103
The house was in turnkey condition and on a prime street. But the reality is that the place I just bought last year for a similar price blows this one out of the water in all aspects except condition of house.
I realize that for certain price points and certain school districts prices have stayed high but for most buyers in SD it has been a bonanza and conditions are only getting better for buyers.
Participant“That is the thing though, yes it does suck, for many more people then just you and CAR. I can tell you I have had many many buyers who have been outbid like you guys. Same story.”
At some point I think there is a little over-dramatization going on here. The market is a hundred times better for long-term buyers now that in was 5 years ago considering current prices and interest rates. There are certainly great deals out there even for a typical organic transaction. I think the problem is when you compare the deals that the flipper is getting at the TS sale (probably mid to late 90’s nominal pricing in most cases), then the great deals that are out there for the general public look pretty lousy.
I remember looking at houses in mission hills back in 2001. With the current prices, available selection, lack of buyer competition, and ultra-low interest rates, I am reasonable confident that buyers are better off with today’s market than the market of 2001 if they plan on holding for the long term, have a steady job, and have the savings to pull the trigger.
Here is an example of a house I put a bid in back in 2001http://www.sdlookup.com/Property-8A014915-1845_Sheridan_Ave_San_Diego_CA_92103
The house was in turnkey condition and on a prime street. But the reality is that the place I just bought last year for a similar price blows this one out of the water in all aspects except condition of house.
I realize that for certain price points and certain school districts prices have stayed high but for most buyers in SD it has been a bonanza and conditions are only getting better for buyers.
Participant“That is the thing though, yes it does suck, for many more people then just you and CAR. I can tell you I have had many many buyers who have been outbid like you guys. Same story.”
At some point I think there is a little over-dramatization going on here. The market is a hundred times better for long-term buyers now that in was 5 years ago considering current prices and interest rates. There are certainly great deals out there even for a typical organic transaction. I think the problem is when you compare the deals that the flipper is getting at the TS sale (probably mid to late 90’s nominal pricing in most cases), then the great deals that are out there for the general public look pretty lousy.
I remember looking at houses in mission hills back in 2001. With the current prices, available selection, lack of buyer competition, and ultra-low interest rates, I am reasonable confident that buyers are better off with today’s market than the market of 2001 if they plan on holding for the long term, have a steady job, and have the savings to pull the trigger.
Here is an example of a house I put a bid in back in 2001http://www.sdlookup.com/Property-8A014915-1845_Sheridan_Ave_San_Diego_CA_92103
The house was in turnkey condition and on a prime street. But the reality is that the place I just bought last year for a similar price blows this one out of the water in all aspects except condition of house.
I realize that for certain price points and certain school districts prices have stayed high but for most buyers in SD it has been a bonanza and conditions are only getting better for buyers.
Participant“That is the thing though, yes it does suck, for many more people then just you and CAR. I can tell you I have had many many buyers who have been outbid like you guys. Same story.”
At some point I think there is a little over-dramatization going on here. The market is a hundred times better for long-term buyers now that in was 5 years ago considering current prices and interest rates. There are certainly great deals out there even for a typical organic transaction. I think the problem is when you compare the deals that the flipper is getting at the TS sale (probably mid to late 90’s nominal pricing in most cases), then the great deals that are out there for the general public look pretty lousy.
I remember looking at houses in mission hills back in 2001. With the current prices, available selection, lack of buyer competition, and ultra-low interest rates, I am reasonable confident that buyers are better off with today’s market than the market of 2001 if they plan on holding for the long term, have a steady job, and have the savings to pull the trigger.
Here is an example of a house I put a bid in back in 2001http://www.sdlookup.com/Property-8A014915-1845_Sheridan_Ave_San_Diego_CA_92103
The house was in turnkey condition and on a prime street. But the reality is that the place I just bought last year for a similar price blows this one out of the water in all aspects except condition of house.
I realize that for certain price points and certain school districts prices have stayed high but for most buyers in SD it has been a bonanza and conditions are only getting better for buyers.
Participant” I’m referring to homes that are short sales, REOs, and regular sales that are close to tempting, but not low enough for buyers who intend to make their own improvements and live in the home for the duration.”
This is illuminating. CAR, it is likely that you would not have bought the house that I bought at the price I paid even though our intents are exactly the same. Me and DW basically bought the cheapest house on a great street that was original condition. We plan to do just as you suggest which is to make improvements (slowly over time!) and live in the home for the duration. I plan to be carried out in a pine box.
It occurred to me that you and I have a wildly different view of what a fair price is for a top notch location in San Diego. This got me to thinking that most buyers probably have a wildly different view of fair pricing in SD. I think all buyers myself included have a certain strike price. Right now your strike price is clearly much lower than the buyers that are currently buying right now but I don’t think those that are buying at today’s prices are necessarily less savvy. Maybe they just are not that good at timing the market so they just buy once they see something they like and can afford.
The best analogy I can come up with is the stock market. When it was in free-fall mode last year there are probably buyers that jumped in at DOW 10000 thinking wow what a deal. Then were buyers at 9000, 8000, 7000, etc. Each buyer had a price that they wanted in at. During the free-fall I got a call from a friend that thought the market was going to 3000. He never got in. Right now I would say the real estate market in SD is probably about like DOW 8000. I probably got in a little early and will probably have a 10-20% paper loss before this is all over. However, since we bought I have not seen a house come on the market that I would rather have than ours. Thus, I feel like our 2 year trek was successful even though we clearly did not time the bottom.
You and JP stuck it out and are poised to do even better then we did. Hang in there.
Participant” I’m referring to homes that are short sales, REOs, and regular sales that are close to tempting, but not low enough for buyers who intend to make their own improvements and live in the home for the duration.”
This is illuminating. CAR, it is likely that you would not have bought the house that I bought at the price I paid even though our intents are exactly the same. Me and DW basically bought the cheapest house on a great street that was original condition. We plan to do just as you suggest which is to make improvements (slowly over time!) and live in the home for the duration. I plan to be carried out in a pine box.
It occurred to me that you and I have a wildly different view of what a fair price is for a top notch location in San Diego. This got me to thinking that most buyers probably have a wildly different view of fair pricing in SD. I think all buyers myself included have a certain strike price. Right now your strike price is clearly much lower than the buyers that are currently buying right now but I don’t think those that are buying at today’s prices are necessarily less savvy. Maybe they just are not that good at timing the market so they just buy once they see something they like and can afford.
The best analogy I can come up with is the stock market. When it was in free-fall mode last year there are probably buyers that jumped in at DOW 10000 thinking wow what a deal. Then were buyers at 9000, 8000, 7000, etc. Each buyer had a price that they wanted in at. During the free-fall I got a call from a friend that thought the market was going to 3000. He never got in. Right now I would say the real estate market in SD is probably about like DOW 8000. I probably got in a little early and will probably have a 10-20% paper loss before this is all over. However, since we bought I have not seen a house come on the market that I would rather have than ours. Thus, I feel like our 2 year trek was successful even though we clearly did not time the bottom.
You and JP stuck it out and are poised to do even better then we did. Hang in there.
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