Forum Replies Created
-
AuthorPosts
-
pemeliza
Participant“Housing is and should be 2 to 3 times more expensive than places like Phoenix, it always was in the past and will be in the future, but 5 to 10 times?”
I call major BS on this one. A friend of mine bought a house in Vista for 265k that was practically brand new on a 1/2 acre lot and over 2000 sq. ft. Are you saying that this kind of house is 25k-50k in Phoenix? If you are pointing out that La Jolla is 5-10 times the price of Phoenix than I’ll give you that but your post implied all of San Diego. I see posts like this all the time these days and if you read between the lines what I’m thinking is that there are a large number of people who think they should be able to get prime coastal real estate in the best parts of SD for 2 to 3 times the price of a comparable house in ground zero areas like Phoenix and Riverside and they think that the only reason this isn’t happening is because of the federal government.
“”resilient” is not a reasonable word to use in describing the housing market. insane, fake, propped up, pretend, frightening, duct-taped-together, all right, but resilient?”
Another example of this mentality. Sure are there a handful of pockets of strength left in this beaten down and torched shell of a real estate market. But I for one would be very frightened if there wasn’t.
Participant“Housing is and should be 2 to 3 times more expensive than places like Phoenix, it always was in the past and will be in the future, but 5 to 10 times?”
I call major BS on this one. A friend of mine bought a house in Vista for 265k that was practically brand new on a 1/2 acre lot and over 2000 sq. ft. Are you saying that this kind of house is 25k-50k in Phoenix? If you are pointing out that La Jolla is 5-10 times the price of Phoenix than I’ll give you that but your post implied all of San Diego. I see posts like this all the time these days and if you read between the lines what I’m thinking is that there are a large number of people who think they should be able to get prime coastal real estate in the best parts of SD for 2 to 3 times the price of a comparable house in ground zero areas like Phoenix and Riverside and they think that the only reason this isn’t happening is because of the federal government.
“”resilient” is not a reasonable word to use in describing the housing market. insane, fake, propped up, pretend, frightening, duct-taped-together, all right, but resilient?”
Another example of this mentality. Sure are there a handful of pockets of strength left in this beaten down and torched shell of a real estate market. But I for one would be very frightened if there wasn’t.
ParticipantMy observations in my area are the same as the OP. The bank properties are mostly overpriced and are sitting. Motivated sellers are starting to undercut the banks and the recent comps. Inventory seems to be spiking at exactly the time when buyer interest is waning. I feel like certain sellers are starting to pick up on this trend and are making their way to the exits hoping to get out before the herd panics.
ParticipantMy observations in my area are the same as the OP. The bank properties are mostly overpriced and are sitting. Motivated sellers are starting to undercut the banks and the recent comps. Inventory seems to be spiking at exactly the time when buyer interest is waning. I feel like certain sellers are starting to pick up on this trend and are making their way to the exits hoping to get out before the herd panics.
ParticipantMy observations in my area are the same as the OP. The bank properties are mostly overpriced and are sitting. Motivated sellers are starting to undercut the banks and the recent comps. Inventory seems to be spiking at exactly the time when buyer interest is waning. I feel like certain sellers are starting to pick up on this trend and are making their way to the exits hoping to get out before the herd panics.
ParticipantMy observations in my area are the same as the OP. The bank properties are mostly overpriced and are sitting. Motivated sellers are starting to undercut the banks and the recent comps. Inventory seems to be spiking at exactly the time when buyer interest is waning. I feel like certain sellers are starting to pick up on this trend and are making their way to the exits hoping to get out before the herd panics.
ParticipantMy observations in my area are the same as the OP. The bank properties are mostly overpriced and are sitting. Motivated sellers are starting to undercut the banks and the recent comps. Inventory seems to be spiking at exactly the time when buyer interest is waning. I feel like certain sellers are starting to pick up on this trend and are making their way to the exits hoping to get out before the herd panics.
ParticipantI can’t tell you what to do but if it were me I would look for something else. If that place dropped in price 40k then everything else similar probably did to.
ParticipantI can’t tell you what to do but if it were me I would look for something else. If that place dropped in price 40k then everything else similar probably did to.
ParticipantI can’t tell you what to do but if it were me I would look for something else. If that place dropped in price 40k then everything else similar probably did to.
ParticipantI can’t tell you what to do but if it were me I would look for something else. If that place dropped in price 40k then everything else similar probably did to.
ParticipantI can’t tell you what to do but if it were me I would look for something else. If that place dropped in price 40k then everything else similar probably did to.
Participant“Can anyone have any experience with bank owned property? What is a good rule of thumb while making an offer on such property”
Don’t go crazy. Today’s buyer is not responding to REOs like they used to. Many of them are now listed higher than market unlike in 2008 and 2009 when they were almost always listed under market. There are now several REOs listed in my area and it is like someone dropped a stink bomb on them. They are sitting. Right now you can probably get just as good a deal if not better from a regular motivated seller. REOs are apparently also automatically red flagged by the county assessor’s department and you could end up paying higher taxes than you expect. Definitely try to buy something where the current assessed value is lower than your purchase price.
Participant“Can anyone have any experience with bank owned property? What is a good rule of thumb while making an offer on such property”
Don’t go crazy. Today’s buyer is not responding to REOs like they used to. Many of them are now listed higher than market unlike in 2008 and 2009 when they were almost always listed under market. There are now several REOs listed in my area and it is like someone dropped a stink bomb on them. They are sitting. Right now you can probably get just as good a deal if not better from a regular motivated seller. REOs are apparently also automatically red flagged by the county assessor’s department and you could end up paying higher taxes than you expect. Definitely try to buy something where the current assessed value is lower than your purchase price.
-
AuthorPosts
