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pemeliza
Participant“Wow, you mean they would rather “pay” $8,000 instead of lowering the price by $8,000?”
“This is such a messed up market. There is so much manipulation and fraud out there, it makes me not want to participate at all.”
– I agree there is a tremendous amount of fraud in the market but I don’t see this as an example. Homebuilders do this kind of thing all the time to protect the price of their unbuilt inventory. Given the laws in California, the banks could essentially own any house with a loan on it at any time worth pennies on the dollar. Who cares what they do with their collateral they paid for it a couple of times over anyway. In any case they may have won a few battles but they are losing the war. Prices are still dropping and in prime areas.
– My mother rents a farm in Indiana. When she took bids for rent she asked for sealed bids. Why? The reason is that several farmers in the area gave bids that were essentially something like “I’ll pay 1$ an acre more than the highest bid”. She did not think that was fair and she was also afraid that if word got out that nobody would bid if they know the game was rigged. It turns out the bids for the most part were fairly close together and yes the highest bidder got to rent the land and was happy to so it at the price he offered. Some people were disappointed that they didn’t get the winning bid but they said they would bid again in the future. If a seller has something that many buyers would like to have this is a reasonable way to do business.
Participant“Wow, you mean they would rather “pay” $8,000 instead of lowering the price by $8,000?”
“This is such a messed up market. There is so much manipulation and fraud out there, it makes me not want to participate at all.”
– I agree there is a tremendous amount of fraud in the market but I don’t see this as an example. Homebuilders do this kind of thing all the time to protect the price of their unbuilt inventory. Given the laws in California, the banks could essentially own any house with a loan on it at any time worth pennies on the dollar. Who cares what they do with their collateral they paid for it a couple of times over anyway. In any case they may have won a few battles but they are losing the war. Prices are still dropping and in prime areas.
– My mother rents a farm in Indiana. When she took bids for rent she asked for sealed bids. Why? The reason is that several farmers in the area gave bids that were essentially something like “I’ll pay 1$ an acre more than the highest bid”. She did not think that was fair and she was also afraid that if word got out that nobody would bid if they know the game was rigged. It turns out the bids for the most part were fairly close together and yes the highest bidder got to rent the land and was happy to so it at the price he offered. Some people were disappointed that they didn’t get the winning bid but they said they would bid again in the future. If a seller has something that many buyers would like to have this is a reasonable way to do business.
ParticipantSorry to hear that sdc.
I would not worry too much, I don’t know if it is a trend for the rest of the county but the REOs seem to be back in full force in mission hills. This one just came on priced around 19% higher than the nominal 1998 price and is priced at just $262 a sq. ft. for a very nice looking property. Looks like the banks are expecting another major round of price drops and might be starting to unload. You may have dodged a bullet.
http://www.sdlookup.com/MLS-100032223-1301_Sassafras_St_San_Diego_CA_92103
ParticipantSorry to hear that sdc.
I would not worry too much, I don’t know if it is a trend for the rest of the county but the REOs seem to be back in full force in mission hills. This one just came on priced around 19% higher than the nominal 1998 price and is priced at just $262 a sq. ft. for a very nice looking property. Looks like the banks are expecting another major round of price drops and might be starting to unload. You may have dodged a bullet.
http://www.sdlookup.com/MLS-100032223-1301_Sassafras_St_San_Diego_CA_92103
ParticipantSorry to hear that sdc.
I would not worry too much, I don’t know if it is a trend for the rest of the county but the REOs seem to be back in full force in mission hills. This one just came on priced around 19% higher than the nominal 1998 price and is priced at just $262 a sq. ft. for a very nice looking property. Looks like the banks are expecting another major round of price drops and might be starting to unload. You may have dodged a bullet.
http://www.sdlookup.com/MLS-100032223-1301_Sassafras_St_San_Diego_CA_92103
ParticipantSorry to hear that sdc.
I would not worry too much, I don’t know if it is a trend for the rest of the county but the REOs seem to be back in full force in mission hills. This one just came on priced around 19% higher than the nominal 1998 price and is priced at just $262 a sq. ft. for a very nice looking property. Looks like the banks are expecting another major round of price drops and might be starting to unload. You may have dodged a bullet.
http://www.sdlookup.com/MLS-100032223-1301_Sassafras_St_San_Diego_CA_92103
ParticipantSorry to hear that sdc.
I would not worry too much, I don’t know if it is a trend for the rest of the county but the REOs seem to be back in full force in mission hills. This one just came on priced around 19% higher than the nominal 1998 price and is priced at just $262 a sq. ft. for a very nice looking property. Looks like the banks are expecting another major round of price drops and might be starting to unload. You may have dodged a bullet.
http://www.sdlookup.com/MLS-100032223-1301_Sassafras_St_San_Diego_CA_92103
Participant“For those with more experience, has a decent neighborhood in central San Diego always been a tough market for 1st time buyers?”
What zip codes? Some areas in central SD have absolutely cratered and others have not. Schools tend to be a big negative in many but not all areas. In a lot of areas you should not have much trouble finding a house at rent parity but it will probably not be anything special and it will probably need some work.
Participant“For those with more experience, has a decent neighborhood in central San Diego always been a tough market for 1st time buyers?”
What zip codes? Some areas in central SD have absolutely cratered and others have not. Schools tend to be a big negative in many but not all areas. In a lot of areas you should not have much trouble finding a house at rent parity but it will probably not be anything special and it will probably need some work.
Participant“For those with more experience, has a decent neighborhood in central San Diego always been a tough market for 1st time buyers?”
What zip codes? Some areas in central SD have absolutely cratered and others have not. Schools tend to be a big negative in many but not all areas. In a lot of areas you should not have much trouble finding a house at rent parity but it will probably not be anything special and it will probably need some work.
Participant“For those with more experience, has a decent neighborhood in central San Diego always been a tough market for 1st time buyers?”
What zip codes? Some areas in central SD have absolutely cratered and others have not. Schools tend to be a big negative in many but not all areas. In a lot of areas you should not have much trouble finding a house at rent parity but it will probably not be anything special and it will probably need some work.
Participant“For those with more experience, has a decent neighborhood in central San Diego always been a tough market for 1st time buyers?”
What zip codes? Some areas in central SD have absolutely cratered and others have not. Schools tend to be a big negative in many but not all areas. In a lot of areas you should not have much trouble finding a house at rent parity but it will probably not be anything special and it will probably need some work.
Participant“Agree very much with you, AN. It’s easy to throw away someone else’s “few thousand.” For many people, that can represent many months or years of savings. It’s a BIG deal.”
If you bid what you perceive based on your research and that of your agent to be fair market value than you have not thrown anything away. Now if you want to buy your dream house under fair market value than that is another issue.
“These changes come in tiny increments. There are houses now being listed in the high-$600-$800K range that would have listed for $800K-$1MM+ a few years ago.”
Yes this is the challenge with purchasing in this environment. Things are changing so quickly that fair market value is a moving target. In my case things changed so quickly during my search that I went from looking inland to buying on the coast since prices moved down so much during the two years that I was searching.
Participant“Agree very much with you, AN. It’s easy to throw away someone else’s “few thousand.” For many people, that can represent many months or years of savings. It’s a BIG deal.”
If you bid what you perceive based on your research and that of your agent to be fair market value than you have not thrown anything away. Now if you want to buy your dream house under fair market value than that is another issue.
“These changes come in tiny increments. There are houses now being listed in the high-$600-$800K range that would have listed for $800K-$1MM+ a few years ago.”
Yes this is the challenge with purchasing in this environment. Things are changing so quickly that fair market value is a moving target. In my case things changed so quickly during my search that I went from looking inland to buying on the coast since prices moved down so much during the two years that I was searching.
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