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September 2, 2007 at 11:07 PM in reply to: cannot wait anymore, buying a condo now instead of a house at 4S Ranch, and wait to buy a bigger house later? #83094
SD Realtor
Participant4Spotentialbuyer, we could not even get past any negotiations at all. They were more or less verbal in nature with conversations at the sales office. No go on all of them. Recently I had some clients and we submitted a lowball offer to a development in Oceanside 5% below the sales office quite, they came back and countered at full price.
I think that wantobuy should consider offering what will work for them. All I can base my feelings on is the past snootiness of the sales offices in 4S but it never hurts to ask…Go for that 5% or even more cuz all they can say is no.
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SD Realtor
Participantrecordsclerk – She is still asking the same price as when she listed back in May/June 885-925k.
breeze – Definitely no she does not read this site.
herewego – I think the answer is yes. There were two homes that went pending in Scripps recently that found themselves active again. One on Reisling that was in escrow at an lp of 653k and another on Red Cedar at 875k. I cannot say these definitively fell out of escrow due to the crunch. I do believe that it will take a good deal more time before we see the real effects of the crunch. It will be hard to parse poor sales as we try to discern the cause which could be lack of credit or seasonal crapiness as we are in the cyclical downside… again though I do feel the answer is yet. I wouldn’t call Scripps/4S/Carmel Valley primo but yeah the 700k-1M category… I have seen some pretty desireable homes in La Costa Valley go into escrow pretty quick and stay in escrow.
patientlywaiting – good tip! I will need to remember that one.
tg – I rode yesterday so you should be playing hoops til you hurl…
allan – Well hard to comment on your post because it rings so true… Different folks have different opinions but I think Poway will take it hard as well… I even think Scripps will… except the home I buy… that will hold up in a magnificent manner! heheheh…. seriously though, it will be interesting to see if Poway drops %wise as much as Temec/Murrieta…
ParticipantWell I guess we agree to disagree then eh? I am much more confident that our politicians will manage to muddle things up and our country will continue on the path to be the greatest nanny state of all time. After all it is an election year!
“The borrowers have been punished by loss of ownership anyway.”
If you consider that punishment then so be it. I guess they are entitled to not having to lift a finger and continue to rent a home.
So where do you draw the line? If you ask me it is a pretty slippery slope BSR.
“Nothing better than the festering wound of a mountain of REOs on their balance sheets.”
If they price the REO properties properly they will sell. It is all a matter of finding the right price.
SD Realtor
September 2, 2007 at 6:03 PM in reply to: cannot wait anymore, buying a condo now instead of a house at 4S Ranch, and wait to buy a bigger house later? #83046Participantwantobuy one last thing. As you know if you frequent 4S you will see sometimes availability of homes in escrow that dropped out. Sometimes those deals are pretty sweet in comparison to the existing phase they happen to be marketing at the time. Also you may want to ask your realtor to check on nods in 4s that may soon be foreclosures so you can track them. If you are gonna buy, try to get the best deal you can. (I know I am echoing what a few others said)
SD Realtor
Participantrustico –
“For the FED and politicians and those people that influence them I don’t think the “fastest way back” is how they are looking at it…”
Of course not. If we thought they were heavily influenced by PACs and lobbyists before… we ain’t seen nothin yet! Yep affordability will come sooner or later, I would rather it be sooner, I think it would be healthier for the country and the economy in the long run if it were sooner.
Basically I am at heart, a libertarian. I really do not feel that our government should be doing much more then protecting our borders. I put tremendous faith in the free markets, unfortunately there is and will always be fraud in free markets and that sucks. However I do feel that the market will for the most part run efficiently and it will weed out inefficiences in the most timely manner if left to itself. That is my hope. My prediction however is more dour. IMO in the next 18 months we will see all sorts of political influence over this depreciating market. It will not stop it, nor do I think it will have much effect on the San Diego market in general which is all I care about. However it is just something I do not agree with.
BSR your analogy doesn’t hold water to my opinion because a blowout of the tire is a more or less random event. I didn’t go out and buy a new 600k car on 100% financing.
Tell me this… I am a bonehead and I buy a home I completely should have never bought. I financed it 100%, I should have never done it and then it was foreclosed on me. Instead of getting the boot, I get to rent it for about 2k less per month then what I was spending. I don’t have to move, my kids get to stay where they are at, everything is exactly the same except my credit is bad but that doesn’t matter as I am renting now anyways.
How have I learned my lesson?
SD Realtor
September 2, 2007 at 3:35 PM in reply to: cannot wait anymore, buying a condo now instead of a house at 4S Ranch, and wait to buy a bigger house later? #83039Participantwantobuy you got alot of feedback. I am glad you are not going to pursue the condo idea. I agree that there is going to be more depreciation as time goes on. I also agree that 8 weeks is absolutely not enough time to make any substantial difference. In fact if interest rates are only 1/4 point higher in 8 weeks verses now, then the decision to buy now would make more sense. You may be able to catch a slight reduction in pricing between now and 8 weeks but I will be surprised if it is much.
I am glad you reached an agreement with your wife. 2 years would have been preferable to 8 weeks.
SD Realtor
ParticipantHi Rus –
Any and all proposals distress me you are correct.
For sure I agree with you that affordability is coming back. yes yes yes… but don’t you think that the fastest way back would be with NO intervention at all? Whether this modifies the course slightly or not slightly or whatever I just want the market to work itself out…
I have seen some comments bashing the people who made lots of money by selling at the peak. There are even great posters here who sold at the peak. I don’t wish any of them ill will at all. They were smart and took advantage of the market. I can sum it up in one sentence:
Left alone the market will operate in the most efficient manner possible.
That is all I ask.
SD Realtor
ParticipantBSR it is a huge difference. The home still sits with the lender. The lender slowly loses money. Instead of the home getting put on the market (which is what SHOULD happen) it sits and gets rented. There is no bill to taxpayers if the home gets repo’d. This policy only delays the inevitable by holding inventory off the market.
It is far healthier for banks and investors to take a bath now and get it all overwith then for them to drag it out over the long haul.
What is the difference between letting them rent verses just rewriting the loan? In either case you are most likely violating the original agreement when the debt became securitized.
Let me ask you this… How is the debt bubble completely cured? It is now the lender who owns an overvalued property? So when the lender goes under what do you suppose will happen to the home? I really see no logic to the argument at all.
BSR finally what has the original homeowner learned from all this? That it is okay to buy an overpriced asset because he will get his *ss saved and it will convert to a rental for him? Has that homeowner learned anything or suffered any hardship other then a ding on his credit?
Where is the d*mned personal responsibility?
Seriously you have to be kidding if you think that sort of solution should even be considered.
(JWM what the heck is happening to me?)
SD Realtor
ParticipantThe article was okay but I did NOT like the suggestion of allowing the homeowners to stay in the home and the banks become landlords. If anything all that would do is prevent REO properties from hitting the market and bringing prices down which is the natural progression needed to pop the bubble. In fact even though the homeowner essentially loses the home, they in essence get a reprieve because they now get to live in the home. So they lost the home, big deal… what if they financed 100%?
They should move out and go find a rental just like everyone else.
SD Realtor
September 1, 2007 at 10:46 PM in reply to: Nostradumbass Strikes Back….from the Mish Shedlock blog #82979ParticipantJWM there are also investments by county and state governments as well. Don’t forget even money markets although I would hope it is a small fraction of a given money market portfolio.
It does suck.
SD Realtor
ParticipantI agree with you LAR.. I forgot who I saw yesterday on the news but it was either Schummer or Dodd and they were commenting on how happy they were that Bush took a page from the Democratic party but that he took a very small piece of a page and that congress will be working to “make a real difference to help people out”.
SD Realtor
ParticipantGood post. The resale activity in 4S REALLY needs to come to grips with reality. It is only a matter of time.
I took a nice mountain bike ride up to the top of Black Mountain today. (ps this is a very fun ride down and some great single track on the north side) Besides being horribly out of shape it is interesting to take a look at 4S, specially all of the new grading to the south. Anyways it is only a matter of time before it goes down.
SD Realtor
September 1, 2007 at 10:26 PM in reply to: Why is Texas dirt cheap compared to California for real estate? #82976ParticipantConcho you forgot the chupacabra. A lady in San Antonio actually found a dead one. It was in the fishwrap (SD Union Trib) today.
SD Realtor
ParticipantI sure hope so BSR… Unfortunately the Fed essentially responded to the credit crunch like a mom who gives in to a cranky child who is throwing a fit for not getting what he wants. Placating the child in order to stop the screaming rather then letting the child go through the fit and learn to behave better… Keep placating the child simply to stop the fit and the child will continue to behave poorly. What is needed is to change the behavior of the child. I believe a credit crunch would have been a very good first step.
SD Realtor
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