[permabear]

[quote=CA renter]
What’s funny is that I think the Democrats have done more for Wall Street than the Republicans have over the past year or so.

Two sides of the same coin, and both work for the elite, IMHO.[/quote]

+1

My Dad is a diehard Dem, and my uncle a diehard Repub. They argue like rabid dogs. I try to tell them that their respective parties have sold them down the river long ago (with backing materials), and both say, “No that’s just the spin from the other party!!!”

It’s all smoke, mirrors, and a celebrity-style sideshow to keep the public distracted from what’s really going on.

[permabear]

[quote=CA renter]
What’s funny is that I think the Democrats have done more for Wall Street than the Republicans have over the past year or so.

Two sides of the same coin, and both work for the elite, IMHO.[/quote]

+1

My Dad is a diehard Dem, and my uncle a diehard Repub. They argue like rabid dogs. I try to tell them that their respective parties have sold them down the river long ago (with backing materials), and both say, “No that’s just the spin from the other party!!!”

It’s all smoke, mirrors, and a celebrity-style sideshow to keep the public distracted from what’s really going on.

[permabear]

[quote=CA renter]
What’s funny is that I think the Democrats have done more for Wall Street than the Republicans have over the past year or so.

Two sides of the same coin, and both work for the elite, IMHO.[/quote]

+1

My Dad is a diehard Dem, and my uncle a diehard Repub. They argue like rabid dogs. I try to tell them that their respective parties have sold them down the river long ago (with backing materials), and both say, “No that’s just the spin from the other party!!!”

It’s all smoke, mirrors, and a celebrity-style sideshow to keep the public distracted from what’s really going on.

[permabear]

[quote=toddt]Bumping to get current conditions.[/quote]

I just drove through there today, looking at a wide range of homes, from $895k – $2.5M.

The area is awesome and has a great community feel. The rigorous CC&R’s have created a consistent, desert hacienda feel. Great vibe. People waved and smiled as we roamed around.

But, the number of high-end homes for sale is truly frightening. There are a handful in the $1-1.5M range, but dozens in the $2M+ plus TONS of empty lots. When I asked some realtors why the $2M+ owners were selling, it was to “move back to La Jolla”. That’s not good. That means the fad is over.

So I’d be very hesitant to buy in there, personally speaking. Seems like way too much risk and way too many fees for such an uncertain future.

But maybe that’s just me, and perhaps others have a feel that the area is getting better. It seems quite scary and stagnant right now.

[permabear]

[quote=toddt]Bumping to get current conditions.[/quote]

I just drove through there today, looking at a wide range of homes, from $895k – $2.5M.

The area is awesome and has a great community feel. The rigorous CC&R’s have created a consistent, desert hacienda feel. Great vibe. People waved and smiled as we roamed around.

But, the number of high-end homes for sale is truly frightening. There are a handful in the $1-1.5M range, but dozens in the $2M+ plus TONS of empty lots. When I asked some realtors why the $2M+ owners were selling, it was to “move back to La Jolla”. That’s not good. That means the fad is over.

So I’d be very hesitant to buy in there, personally speaking. Seems like way too much risk and way too many fees for such an uncertain future.

But maybe that’s just me, and perhaps others have a feel that the area is getting better. It seems quite scary and stagnant right now.

[permabear]

[quote=toddt]Bumping to get current conditions.[/quote]

I just drove through there today, looking at a wide range of homes, from $895k – $2.5M.

The area is awesome and has a great community feel. The rigorous CC&R’s have created a consistent, desert hacienda feel. Great vibe. People waved and smiled as we roamed around.

But, the number of high-end homes for sale is truly frightening. There are a handful in the $1-1.5M range, but dozens in the $2M+ plus TONS of empty lots. When I asked some realtors why the $2M+ owners were selling, it was to “move back to La Jolla”. That’s not good. That means the fad is over.

So I’d be very hesitant to buy in there, personally speaking. Seems like way too much risk and way too many fees for such an uncertain future.

But maybe that’s just me, and perhaps others have a feel that the area is getting better. It seems quite scary and stagnant right now.

[permabear]

[quote=toddt]Bumping to get current conditions.[/quote]

I just drove through there today, looking at a wide range of homes, from $895k – $2.5M.

The area is awesome and has a great community feel. The rigorous CC&R’s have created a consistent, desert hacienda feel. Great vibe. People waved and smiled as we roamed around.

But, the number of high-end homes for sale is truly frightening. There are a handful in the $1-1.5M range, but dozens in the $2M+ plus TONS of empty lots. When I asked some realtors why the $2M+ owners were selling, it was to “move back to La Jolla”. That’s not good. That means the fad is over.

So I’d be very hesitant to buy in there, personally speaking. Seems like way too much risk and way too many fees for such an uncertain future.

But maybe that’s just me, and perhaps others have a feel that the area is getting better. It seems quite scary and stagnant right now.

[permabear]

[quote=toddt]Bumping to get current conditions.[/quote]

I just drove through there today, looking at a wide range of homes, from $895k – $2.5M.

The area is awesome and has a great community feel. The rigorous CC&R’s have created a consistent, desert hacienda feel. Great vibe. People waved and smiled as we roamed around.

But, the number of high-end homes for sale is truly frightening. There are a handful in the $1-1.5M range, but dozens in the $2M+ plus TONS of empty lots. When I asked some realtors why the $2M+ owners were selling, it was to “move back to La Jolla”. That’s not good. That means the fad is over.

So I’d be very hesitant to buy in there, personally speaking. Seems like way too much risk and way too many fees for such an uncertain future.

But maybe that’s just me, and perhaps others have a feel that the area is getting better. It seems quite scary and stagnant right now.

[permabear]

[quote=sdrealtor]There were 24 offers and my point was not that if its a good price it’ll move. My point is that there were 24 BUYERS WHO SUBMITTED OFFERS IN ONE WEEKEND! [/quote]

There is demand there for good VALUE. I am basically agreeing with you.

But smart, well-to-do people (I will arrogantly include myself in this demographic) don’t throw their money away. Innumerable studies have shown that the wealthy are actually stingier with their money than the average person (which is why they have it).

So yes, there is pent-up demand, and it will come out for good VALUE purchases.

But, I could paste several URL’s of listings that are already cheap, and still have no offers. They need updating, or a new roof, etc. I’m not going to paste the URL’s because I am actively negotiating them, but two of them have been sitting idle for 6+ months with NO offers.

[permabear]

[quote=sdrealtor]There were 24 offers and my point was not that if its a good price it’ll move. My point is that there were 24 BUYERS WHO SUBMITTED OFFERS IN ONE WEEKEND! [/quote]

There is demand there for good VALUE. I am basically agreeing with you.

But smart, well-to-do people (I will arrogantly include myself in this demographic) don’t throw their money away. Innumerable studies have shown that the wealthy are actually stingier with their money than the average person (which is why they have it).

So yes, there is pent-up demand, and it will come out for good VALUE purchases.

But, I could paste several URL’s of listings that are already cheap, and still have no offers. They need updating, or a new roof, etc. I’m not going to paste the URL’s because I am actively negotiating them, but two of them have been sitting idle for 6+ months with NO offers.

[permabear]

[quote=sdrealtor]There were 24 offers and my point was not that if its a good price it’ll move. My point is that there were 24 BUYERS WHO SUBMITTED OFFERS IN ONE WEEKEND! [/quote]

There is demand there for good VALUE. I am basically agreeing with you.

But smart, well-to-do people (I will arrogantly include myself in this demographic) don’t throw their money away. Innumerable studies have shown that the wealthy are actually stingier with their money than the average person (which is why they have it).

So yes, there is pent-up demand, and it will come out for good VALUE purchases.

But, I could paste several URL’s of listings that are already cheap, and still have no offers. They need updating, or a new roof, etc. I’m not going to paste the URL’s because I am actively negotiating them, but two of them have been sitting idle for 6+ months with NO offers.

[permabear]

[quote=sdrealtor]There were 24 offers and my point was not that if its a good price it’ll move. My point is that there were 24 BUYERS WHO SUBMITTED OFFERS IN ONE WEEKEND! [/quote]

There is demand there for good VALUE. I am basically agreeing with you.

But smart, well-to-do people (I will arrogantly include myself in this demographic) don’t throw their money away. Innumerable studies have shown that the wealthy are actually stingier with their money than the average person (which is why they have it).

So yes, there is pent-up demand, and it will come out for good VALUE purchases.

But, I could paste several URL’s of listings that are already cheap, and still have no offers. They need updating, or a new roof, etc. I’m not going to paste the URL’s because I am actively negotiating them, but two of them have been sitting idle for 6+ months with NO offers.

[permabear]

[quote=sdrealtor]There were 24 offers and my point was not that if its a good price it’ll move. My point is that there were 24 BUYERS WHO SUBMITTED OFFERS IN ONE WEEKEND! [/quote]

There is demand there for good VALUE. I am basically agreeing with you.

But smart, well-to-do people (I will arrogantly include myself in this demographic) don’t throw their money away. Innumerable studies have shown that the wealthy are actually stingier with their money than the average person (which is why they have it).

So yes, there is pent-up demand, and it will come out for good VALUE purchases.

But, I could paste several URL’s of listings that are already cheap, and still have no offers. They need updating, or a new roof, etc. I’m not going to paste the URL’s because I am actively negotiating them, but two of them have been sitting idle for 6+ months with NO offers.

[permabear]

I read through this whole thread, but IMO what was missed is: it’s always about price.

[quote=sdrealtor]Just thought I’d share an experience from the field. An REO popped up in my submarket at $1M. My estimate of value on it is somewhere between $1M and $1.2M. One of my clients submitted an offer on it. I just spoke to the listing agent and we were the 16TH offer in.[/quote]

I know that property. It was a short sale in Olivenhain for 6+ months, finally foreclosed. One reason there were 16+ offers was the listing agent did a great job of building buzz. He listed it at 999k (cheap for the area) and put up flyers saying “house will be sold to highest bidder in 14 days.” It worked, apparently.

I’m one of the people mentioned in this thread that makes over 200k and has 300k cash down, so I’ve been in all those areas. I’ve found several properties in nice areas (Del Mar, Solana Beach, RSF) that have been sitting on the market for 150+ days. Each of them is worth about 20% less than listed (due to condition, etc), so they’re ripe for lower offers. Many have not received a single offer.

The problem with many of these is that they’re carrying a ton of paper. Some have been refi’ed by the trustees; eg, Mom and Dad left the kids a nice home by the beach, and they used it as an ATM. So they can’t “afford” a lower offer, because they would have to bring cash to the table (which they don’t have). My guess is they’ll become REO’s in the near future.

But if it’s a good price, it’ll move, which was sdr’s original point.

[permabear]

I read through this whole thread, but IMO what was missed is: it’s always about price.

[quote=sdrealtor]Just thought I’d share an experience from the field. An REO popped up in my submarket at $1M. My estimate of value on it is somewhere between $1M and $1.2M. One of my clients submitted an offer on it. I just spoke to the listing agent and we were the 16TH offer in.[/quote]

I know that property. It was a short sale in Olivenhain for 6+ months, finally foreclosed. One reason there were 16+ offers was the listing agent did a great job of building buzz. He listed it at 999k (cheap for the area) and put up flyers saying “house will be sold to highest bidder in 14 days.” It worked, apparently.

I’m one of the people mentioned in this thread that makes over 200k and has 300k cash down, so I’ve been in all those areas. I’ve found several properties in nice areas (Del Mar, Solana Beach, RSF) that have been sitting on the market for 150+ days. Each of them is worth about 20% less than listed (due to condition, etc), so they’re ripe for lower offers. Many have not received a single offer.

The problem with many of these is that they’re carrying a ton of paper. Some have been refi’ed by the trustees; eg, Mom and Dad left the kids a nice home by the beach, and they used it as an ATM. So they can’t “afford” a lower offer, because they would have to bring cash to the table (which they don’t have). My guess is they’ll become REO’s in the near future.

But if it’s a good price, it’ll move, which was sdr’s original point.

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