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SD Realtor
Participantjp the pent up demand varies not only between zip codes but within zip codes as well. You cannot compare a wateridge condo to a detached home in pq. That is not an apples to apples comparison. There were 2 offers at 380k and the trustee sale may have already happened as the sales agent was not sure because the asset manager did not call her back. The 380k offers came in quite quickly but the lender took their sweet time processing them… big surprise eh?
The point that sdrealtor was making is that pent up demand is indeed present for certain homes in certain neighborhoods. This pq listing was a perfect example. Several other listings have been on the market in that area and have sat and sat forever. So this Cal Property Investments comes in and slams everyone with close to a 30% undermarket listing and gets SWARMED ON.
Anyways is there pent up demand for sfh in PQ? Yes there is. Is there pent up demand for sfh in Logan Heights? No there is not. Nor is there pent up demand for a wateridge condo until it pencils out as a rental.
I have seen many listings come on the market in Mira Mesa with some pretty crazy pricings… SFH homes in the low to mid 300s and they all seem to have offers on them as well.
I could not agree more with your point about price it correctly to sell and forget about the loss… Some banks seem to get it, some don’t. Depends alot on who does the BPO for them.
SD Realtor
Participantjp the pent up demand varies not only between zip codes but within zip codes as well. You cannot compare a wateridge condo to a detached home in pq. That is not an apples to apples comparison. There were 2 offers at 380k and the trustee sale may have already happened as the sales agent was not sure because the asset manager did not call her back. The 380k offers came in quite quickly but the lender took their sweet time processing them… big surprise eh?
The point that sdrealtor was making is that pent up demand is indeed present for certain homes in certain neighborhoods. This pq listing was a perfect example. Several other listings have been on the market in that area and have sat and sat forever. So this Cal Property Investments comes in and slams everyone with close to a 30% undermarket listing and gets SWARMED ON.
Anyways is there pent up demand for sfh in PQ? Yes there is. Is there pent up demand for sfh in Logan Heights? No there is not. Nor is there pent up demand for a wateridge condo until it pencils out as a rental.
I have seen many listings come on the market in Mira Mesa with some pretty crazy pricings… SFH homes in the low to mid 300s and they all seem to have offers on them as well.
I could not agree more with your point about price it correctly to sell and forget about the loss… Some banks seem to get it, some don’t. Depends alot on who does the BPO for them.
SD Realtor
Participantjp the pent up demand varies not only between zip codes but within zip codes as well. You cannot compare a wateridge condo to a detached home in pq. That is not an apples to apples comparison. There were 2 offers at 380k and the trustee sale may have already happened as the sales agent was not sure because the asset manager did not call her back. The 380k offers came in quite quickly but the lender took their sweet time processing them… big surprise eh?
The point that sdrealtor was making is that pent up demand is indeed present for certain homes in certain neighborhoods. This pq listing was a perfect example. Several other listings have been on the market in that area and have sat and sat forever. So this Cal Property Investments comes in and slams everyone with close to a 30% undermarket listing and gets SWARMED ON.
Anyways is there pent up demand for sfh in PQ? Yes there is. Is there pent up demand for sfh in Logan Heights? No there is not. Nor is there pent up demand for a wateridge condo until it pencils out as a rental.
I have seen many listings come on the market in Mira Mesa with some pretty crazy pricings… SFH homes in the low to mid 300s and they all seem to have offers on them as well.
I could not agree more with your point about price it correctly to sell and forget about the loss… Some banks seem to get it, some don’t. Depends alot on who does the BPO for them.
SD Realtor
ParticipantNot sure how they will handle it pr. Still though, it seems logical that pushing them through the mill one by one with scrutiny is an absolute must. Pushing them through in a boiler room manner like you are implying is what got them in trouble in the first place. It would seem to me that allowing loans to be rewritten (which translates to a hit to the return for the investors) would imply that the investors would demand that in exchange for giving up that return, that a comprehensive wunderwriting process is completed for those same rewritten loans. Just my guess…
The loan workout package is pretty much identical to the short sale package. When my most recent clients tried to get a loan workout done, and the lender in the end refused to rewrite the loan, they did not need to resubmit a short sale package because the entire file was simply forwarded to the asset manager.
SD Realtor
ParticipantNot sure how they will handle it pr. Still though, it seems logical that pushing them through the mill one by one with scrutiny is an absolute must. Pushing them through in a boiler room manner like you are implying is what got them in trouble in the first place. It would seem to me that allowing loans to be rewritten (which translates to a hit to the return for the investors) would imply that the investors would demand that in exchange for giving up that return, that a comprehensive wunderwriting process is completed for those same rewritten loans. Just my guess…
The loan workout package is pretty much identical to the short sale package. When my most recent clients tried to get a loan workout done, and the lender in the end refused to rewrite the loan, they did not need to resubmit a short sale package because the entire file was simply forwarded to the asset manager.
SD Realtor
ParticipantNot sure how they will handle it pr. Still though, it seems logical that pushing them through the mill one by one with scrutiny is an absolute must. Pushing them through in a boiler room manner like you are implying is what got them in trouble in the first place. It would seem to me that allowing loans to be rewritten (which translates to a hit to the return for the investors) would imply that the investors would demand that in exchange for giving up that return, that a comprehensive wunderwriting process is completed for those same rewritten loans. Just my guess…
The loan workout package is pretty much identical to the short sale package. When my most recent clients tried to get a loan workout done, and the lender in the end refused to rewrite the loan, they did not need to resubmit a short sale package because the entire file was simply forwarded to the asset manager.
SD Realtor
ParticipantNot sure how they will handle it pr. Still though, it seems logical that pushing them through the mill one by one with scrutiny is an absolute must. Pushing them through in a boiler room manner like you are implying is what got them in trouble in the first place. It would seem to me that allowing loans to be rewritten (which translates to a hit to the return for the investors) would imply that the investors would demand that in exchange for giving up that return, that a comprehensive wunderwriting process is completed for those same rewritten loans. Just my guess…
The loan workout package is pretty much identical to the short sale package. When my most recent clients tried to get a loan workout done, and the lender in the end refused to rewrite the loan, they did not need to resubmit a short sale package because the entire file was simply forwarded to the asset manager.
SD Realtor
ParticipantNot sure how they will handle it pr. Still though, it seems logical that pushing them through the mill one by one with scrutiny is an absolute must. Pushing them through in a boiler room manner like you are implying is what got them in trouble in the first place. It would seem to me that allowing loans to be rewritten (which translates to a hit to the return for the investors) would imply that the investors would demand that in exchange for giving up that return, that a comprehensive wunderwriting process is completed for those same rewritten loans. Just my guess…
The loan workout package is pretty much identical to the short sale package. When my most recent clients tried to get a loan workout done, and the lender in the end refused to rewrite the loan, they did not need to resubmit a short sale package because the entire file was simply forwarded to the asset manager.
SD Realtor
ParticipantMake no mistake it is a comp killer, even at 500k it will be a comp killer. The same floorplan on Entreken (which I have been in) has been very well taken care of. The problem is that it backs up to Carmel Mountain. Like AN said (and you most likely know if you have a client who is searching there) most places in that part of town at that approximate sf pricing starts at the mid 500’s.
As I am a scrooge according to most people who have listing appts with me these days my pricing recommendation would make them crabby. I think even if they started priced at the 475k – 500k even they would have most likely moved the house inside a week or two.
SD Realtor
ParticipantMake no mistake it is a comp killer, even at 500k it will be a comp killer. The same floorplan on Entreken (which I have been in) has been very well taken care of. The problem is that it backs up to Carmel Mountain. Like AN said (and you most likely know if you have a client who is searching there) most places in that part of town at that approximate sf pricing starts at the mid 500’s.
As I am a scrooge according to most people who have listing appts with me these days my pricing recommendation would make them crabby. I think even if they started priced at the 475k – 500k even they would have most likely moved the house inside a week or two.
SD Realtor
ParticipantMake no mistake it is a comp killer, even at 500k it will be a comp killer. The same floorplan on Entreken (which I have been in) has been very well taken care of. The problem is that it backs up to Carmel Mountain. Like AN said (and you most likely know if you have a client who is searching there) most places in that part of town at that approximate sf pricing starts at the mid 500’s.
As I am a scrooge according to most people who have listing appts with me these days my pricing recommendation would make them crabby. I think even if they started priced at the 475k – 500k even they would have most likely moved the house inside a week or two.
SD Realtor
ParticipantMake no mistake it is a comp killer, even at 500k it will be a comp killer. The same floorplan on Entreken (which I have been in) has been very well taken care of. The problem is that it backs up to Carmel Mountain. Like AN said (and you most likely know if you have a client who is searching there) most places in that part of town at that approximate sf pricing starts at the mid 500’s.
As I am a scrooge according to most people who have listing appts with me these days my pricing recommendation would make them crabby. I think even if they started priced at the 475k – 500k even they would have most likely moved the house inside a week or two.
SD Realtor
ParticipantMake no mistake it is a comp killer, even at 500k it will be a comp killer. The same floorplan on Entreken (which I have been in) has been very well taken care of. The problem is that it backs up to Carmel Mountain. Like AN said (and you most likely know if you have a client who is searching there) most places in that part of town at that approximate sf pricing starts at the mid 500’s.
As I am a scrooge according to most people who have listing appts with me these days my pricing recommendation would make them crabby. I think even if they started priced at the 475k – 500k even they would have most likely moved the house inside a week or two.
SD Realtor
Participantheheheheh –
Yeah I did have a client who put an offer on this home as well. Those guys at Cal Prop Investments are a**holes. Half of the time they don’t answer the phone and when they do they are all haired out. They did not counter anyone and simply went with the highest and best. I would imagine the home will go for at least 475k and won’t be surprised if it touches 500k. They went pending Friday morning last I checked….
I have several clients who are getting quite frustrated at the situation where they find a good looking deal only to find it has many offers on it and the listing agent is simply collecting offers. Many, seriously, many many of the short sales listed at what looks like reasonable pricing are all sitting with offers at the lender under review.
The good news is that in the long run these will bring the comps down.
SD Realtor
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