[raptorduck]

I echo what xboxboy said. His points apply to RSF as well from what I can tell. RSF is not immune to the downturn. Homes have sat on the market for quite a while longer than last in recent years and many are selling for below asking. Inventory is very high RSF currently has 17 months inventory.

But, while many homes have seen price drops by as much as $1 million, many sellers will not lower their prices one penny. What I have encountered is many sellers who can afford to wait. I have seen homes that have been empty for quite some time or that are vacation homes in RSF (4th or 5th homes) with sellers who can afford to hang on to them. Many sellers are just not that motivated and take forever to get back to you on a question. I have found a few selling agents frustrated by unmotivated sellers.

But I have also seen sellers indicate they will not budge on price, only to see the price drop considerably after a few months. So it does pay to wait. Somebody eventually blinks.

Time and time again, I do hear from selling agents that RSF is “immune” from the downturn. This is just not so. Prices have come down considerably in Fairbanks Ranch, Cielo, and other parts of RSF, but there is indeed a great variety of homes and if you find the one you want, the seller may not budge on price and you will just have to pass and wait for another one where the seller will be more motivated.

A high inventory of a lot of different houses is very different from a high inventory of houses that are close substitutes for eachother.

The same thing is happening in high end markets up here in the Bay Area, like Los Altos Hills. Many sellers stick to their prices and don’t mind 400 days on market. After all, I will not be selling my current house in this market. I will be renting it out.

So I am playing a waiting game with the sellers. Who can wait the longest? My wife wants to be moved into a new home by Thanksgiving of 2008. I want to wait until 2009. Sellers may want me to wait longer. There is nothing in the current inventory in my price range that gets me all excited so I can wait. Time will tell.

[raptorduck]

I echo what xboxboy said. His points apply to RSF as well from what I can tell. RSF is not immune to the downturn. Homes have sat on the market for quite a while longer than last in recent years and many are selling for below asking. Inventory is very high RSF currently has 17 months inventory.

But, while many homes have seen price drops by as much as $1 million, many sellers will not lower their prices one penny. What I have encountered is many sellers who can afford to wait. I have seen homes that have been empty for quite some time or that are vacation homes in RSF (4th or 5th homes) with sellers who can afford to hang on to them. Many sellers are just not that motivated and take forever to get back to you on a question. I have found a few selling agents frustrated by unmotivated sellers.

But I have also seen sellers indicate they will not budge on price, only to see the price drop considerably after a few months. So it does pay to wait. Somebody eventually blinks.

Time and time again, I do hear from selling agents that RSF is “immune” from the downturn. This is just not so. Prices have come down considerably in Fairbanks Ranch, Cielo, and other parts of RSF, but there is indeed a great variety of homes and if you find the one you want, the seller may not budge on price and you will just have to pass and wait for another one where the seller will be more motivated.

A high inventory of a lot of different houses is very different from a high inventory of houses that are close substitutes for eachother.

The same thing is happening in high end markets up here in the Bay Area, like Los Altos Hills. Many sellers stick to their prices and don’t mind 400 days on market. After all, I will not be selling my current house in this market. I will be renting it out.

So I am playing a waiting game with the sellers. Who can wait the longest? My wife wants to be moved into a new home by Thanksgiving of 2008. I want to wait until 2009. Sellers may want me to wait longer. There is nothing in the current inventory in my price range that gets me all excited so I can wait. Time will tell.

[raptorduck]

I echo what xboxboy said. His points apply to RSF as well from what I can tell. RSF is not immune to the downturn. Homes have sat on the market for quite a while longer than last in recent years and many are selling for below asking. Inventory is very high RSF currently has 17 months inventory.

But, while many homes have seen price drops by as much as $1 million, many sellers will not lower their prices one penny. What I have encountered is many sellers who can afford to wait. I have seen homes that have been empty for quite some time or that are vacation homes in RSF (4th or 5th homes) with sellers who can afford to hang on to them. Many sellers are just not that motivated and take forever to get back to you on a question. I have found a few selling agents frustrated by unmotivated sellers.

But I have also seen sellers indicate they will not budge on price, only to see the price drop considerably after a few months. So it does pay to wait. Somebody eventually blinks.

Time and time again, I do hear from selling agents that RSF is “immune” from the downturn. This is just not so. Prices have come down considerably in Fairbanks Ranch, Cielo, and other parts of RSF, but there is indeed a great variety of homes and if you find the one you want, the seller may not budge on price and you will just have to pass and wait for another one where the seller will be more motivated.

A high inventory of a lot of different houses is very different from a high inventory of houses that are close substitutes for eachother.

The same thing is happening in high end markets up here in the Bay Area, like Los Altos Hills. Many sellers stick to their prices and don’t mind 400 days on market. After all, I will not be selling my current house in this market. I will be renting it out.

So I am playing a waiting game with the sellers. Who can wait the longest? My wife wants to be moved into a new home by Thanksgiving of 2008. I want to wait until 2009. Sellers may want me to wait longer. There is nothing in the current inventory in my price range that gets me all excited so I can wait. Time will tell.

[raptorduck]

I echo what xboxboy said. His points apply to RSF as well from what I can tell. RSF is not immune to the downturn. Homes have sat on the market for quite a while longer than last in recent years and many are selling for below asking. Inventory is very high RSF currently has 17 months inventory.

But, while many homes have seen price drops by as much as $1 million, many sellers will not lower their prices one penny. What I have encountered is many sellers who can afford to wait. I have seen homes that have been empty for quite some time or that are vacation homes in RSF (4th or 5th homes) with sellers who can afford to hang on to them. Many sellers are just not that motivated and take forever to get back to you on a question. I have found a few selling agents frustrated by unmotivated sellers.

But I have also seen sellers indicate they will not budge on price, only to see the price drop considerably after a few months. So it does pay to wait. Somebody eventually blinks.

Time and time again, I do hear from selling agents that RSF is “immune” from the downturn. This is just not so. Prices have come down considerably in Fairbanks Ranch, Cielo, and other parts of RSF, but there is indeed a great variety of homes and if you find the one you want, the seller may not budge on price and you will just have to pass and wait for another one where the seller will be more motivated.

A high inventory of a lot of different houses is very different from a high inventory of houses that are close substitutes for eachother.

The same thing is happening in high end markets up here in the Bay Area, like Los Altos Hills. Many sellers stick to their prices and don’t mind 400 days on market. After all, I will not be selling my current house in this market. I will be renting it out.

So I am playing a waiting game with the sellers. Who can wait the longest? My wife wants to be moved into a new home by Thanksgiving of 2008. I want to wait until 2009. Sellers may want me to wait longer. There is nothing in the current inventory in my price range that gets me all excited so I can wait. Time will tell.

[raptorduck]

Maybe this will make you feel better. Up here in the Bay Area, $1 million will get you 2,500 sf 4BR tract house on 4k sf lot in San Jose, or 1,200 sf 60 yr old ranch home on 6k sf lot in Mountain View, or nothing in Los Altos, not even a bare 4k sf vacant lot. And we are in a “down” market here as well.

[raptorduck]

Maybe this will make you feel better. Up here in the Bay Area, $1 million will get you 2,500 sf 4BR tract house on 4k sf lot in San Jose, or 1,200 sf 60 yr old ranch home on 6k sf lot in Mountain View, or nothing in Los Altos, not even a bare 4k sf vacant lot. And we are in a “down” market here as well.

[raptorduck]

Maybe this will make you feel better. Up here in the Bay Area, $1 million will get you 2,500 sf 4BR tract house on 4k sf lot in San Jose, or 1,200 sf 60 yr old ranch home on 6k sf lot in Mountain View, or nothing in Los Altos, not even a bare 4k sf vacant lot. And we are in a “down” market here as well.

[raptorduck]

Maybe this will make you feel better. Up here in the Bay Area, $1 million will get you 2,500 sf 4BR tract house on 4k sf lot in San Jose, or 1,200 sf 60 yr old ranch home on 6k sf lot in Mountain View, or nothing in Los Altos, not even a bare 4k sf vacant lot. And we are in a “down” market here as well.

[raptorduck]

I did hear about this house, but did not view it. Although it has a good size lot and is in a nice area (Del Mar Country Club), it is less than 1/2 the size I am looking for and not my style. I did look at a house just up the street on the golf course, so know the area is quite nice.

I don’t recall what I heard about this house. It was something interesting, but I won’t try to guess what it was as I might get it wrong.

Seller does not have to accept an auction bid, so setting the starting bid so low does not tell you much. It is a way to test the market though. Up here in the bay area, a house recently went on auction in Los Altos. It was a 5br 3,800 sf home on a 15k sf lot. Original listing was $2.6 million. Problem is that it is on a busy street. While nice homes on nice streets are still selling for asking in that area, any home that is on a busy street or needs updating is sitting longer and not selling for asking. It went on auction and the highest bid was $2.2 million. Seller did not accept it and it went back on the market. It recently sold for that exact same amount, $2.2 million.

One thing I like about being on the market so long as a buyer, is that I have gotten to see what homes I viewed sold for and how long they were on the market. I have learned so much, every day it makes me a more informed buyer and better tuned into appropriate pricing. I figure after another year of this, I should be ready to buy. I don’t plan on writing any new offers before the spring or summer of 2008. But I am looking at the market every day and checking in with my agent every two weeks or so.

[raptorduck]

I did hear about this house, but did not view it. Although it has a good size lot and is in a nice area (Del Mar Country Club), it is less than 1/2 the size I am looking for and not my style. I did look at a house just up the street on the golf course, so know the area is quite nice.

I don’t recall what I heard about this house. It was something interesting, but I won’t try to guess what it was as I might get it wrong.

Seller does not have to accept an auction bid, so setting the starting bid so low does not tell you much. It is a way to test the market though. Up here in the bay area, a house recently went on auction in Los Altos. It was a 5br 3,800 sf home on a 15k sf lot. Original listing was $2.6 million. Problem is that it is on a busy street. While nice homes on nice streets are still selling for asking in that area, any home that is on a busy street or needs updating is sitting longer and not selling for asking. It went on auction and the highest bid was $2.2 million. Seller did not accept it and it went back on the market. It recently sold for that exact same amount, $2.2 million.

One thing I like about being on the market so long as a buyer, is that I have gotten to see what homes I viewed sold for and how long they were on the market. I have learned so much, every day it makes me a more informed buyer and better tuned into appropriate pricing. I figure after another year of this, I should be ready to buy. I don’t plan on writing any new offers before the spring or summer of 2008. But I am looking at the market every day and checking in with my agent every two weeks or so.

[raptorduck]

I did hear about this house, but did not view it. Although it has a good size lot and is in a nice area (Del Mar Country Club), it is less than 1/2 the size I am looking for and not my style. I did look at a house just up the street on the golf course, so know the area is quite nice.

I don’t recall what I heard about this house. It was something interesting, but I won’t try to guess what it was as I might get it wrong.

Seller does not have to accept an auction bid, so setting the starting bid so low does not tell you much. It is a way to test the market though. Up here in the bay area, a house recently went on auction in Los Altos. It was a 5br 3,800 sf home on a 15k sf lot. Original listing was $2.6 million. Problem is that it is on a busy street. While nice homes on nice streets are still selling for asking in that area, any home that is on a busy street or needs updating is sitting longer and not selling for asking. It went on auction and the highest bid was $2.2 million. Seller did not accept it and it went back on the market. It recently sold for that exact same amount, $2.2 million.

One thing I like about being on the market so long as a buyer, is that I have gotten to see what homes I viewed sold for and how long they were on the market. I have learned so much, every day it makes me a more informed buyer and better tuned into appropriate pricing. I figure after another year of this, I should be ready to buy. I don’t plan on writing any new offers before the spring or summer of 2008. But I am looking at the market every day and checking in with my agent every two weeks or so.

[raptorduck]

I did hear about this house, but did not view it. Although it has a good size lot and is in a nice area (Del Mar Country Club), it is less than 1/2 the size I am looking for and not my style. I did look at a house just up the street on the golf course, so know the area is quite nice.

I don’t recall what I heard about this house. It was something interesting, but I won’t try to guess what it was as I might get it wrong.

Seller does not have to accept an auction bid, so setting the starting bid so low does not tell you much. It is a way to test the market though. Up here in the bay area, a house recently went on auction in Los Altos. It was a 5br 3,800 sf home on a 15k sf lot. Original listing was $2.6 million. Problem is that it is on a busy street. While nice homes on nice streets are still selling for asking in that area, any home that is on a busy street or needs updating is sitting longer and not selling for asking. It went on auction and the highest bid was $2.2 million. Seller did not accept it and it went back on the market. It recently sold for that exact same amount, $2.2 million.

One thing I like about being on the market so long as a buyer, is that I have gotten to see what homes I viewed sold for and how long they were on the market. I have learned so much, every day it makes me a more informed buyer and better tuned into appropriate pricing. I figure after another year of this, I should be ready to buy. I don’t plan on writing any new offers before the spring or summer of 2008. But I am looking at the market every day and checking in with my agent every two weeks or so.

[raptorduck]

That Marine layer does indeed cover the coast a lot during a certain part of the year. I remember it well when I lived in Del Mar on 10th street, 50 yards from the beach.

It was the best place I have ever lived. If I could find the kind of house/land sf I need in that same neighborhood, I would be all over it. But I can’t so I will just have to visit. Interestingly, the house I lived in, was owned by folks who lived in RSF. Once their kids were out of the house, they sold the RSF house and moved in (and booted me and my roomate out).

I moved to CV after that. Nice, but not nearly as nice as I had before. Of course still nice enough for me to skip around singing “I live in San Diego, I live in San Diego, I live in San Diego.”

[raptorduck]

That Marine layer does indeed cover the coast a lot during a certain part of the year. I remember it well when I lived in Del Mar on 10th street, 50 yards from the beach.

It was the best place I have ever lived. If I could find the kind of house/land sf I need in that same neighborhood, I would be all over it. But I can’t so I will just have to visit. Interestingly, the house I lived in, was owned by folks who lived in RSF. Once their kids were out of the house, they sold the RSF house and moved in (and booted me and my roomate out).

I moved to CV after that. Nice, but not nearly as nice as I had before. Of course still nice enough for me to skip around singing “I live in San Diego, I live in San Diego, I live in San Diego.”

[raptorduck]

That Marine layer does indeed cover the coast a lot during a certain part of the year. I remember it well when I lived in Del Mar on 10th street, 50 yards from the beach.

It was the best place I have ever lived. If I could find the kind of house/land sf I need in that same neighborhood, I would be all over it. But I can’t so I will just have to visit. Interestingly, the house I lived in, was owned by folks who lived in RSF. Once their kids were out of the house, they sold the RSF house and moved in (and booted me and my roomate out).

I moved to CV after that. Nice, but not nearly as nice as I had before. Of course still nice enough for me to skip around singing “I live in San Diego, I live in San Diego, I live in San Diego.”

[Author]

Posts