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SD Realtor
ParticipantXBox I agree with you. I get that same sick feeling in my gut as well…
SD Realtor
Participanthehehee…
Jimmy astute observation… A listing I had on Granby did just sell for 508k, we closed last week but I like your dividing line. He did have some beefy upgrades in it, a maple hardwood floor, a new AC and furnace… alot of cool things but I was sweating the appraisal all the way til close of escrow. Suffice it to say he got lucky because yeah the new pricing level for those homes is 490 and they will come down.
Even asianautica recently scoped out the Glendover home that currently has a NOD on it but that listing agent is on crack. I spoke to her and she was saying they expect to get something close to the price they are asking.
The red roof homes are a bit larger as you said and they do not border camino santa fe or mira mesa blvd. In general though I agree with your assessment. The large repricing by the sellers is encouraging to see and it would not surprise me if indeed they do get more then 450k.
Like most sellers they are learning the lesson of pricing aggressively to begin with.
SD Realtor
Participantlol… perhaps…
seems like you have quite an array of thoughts.
SD Realtor
Participantduplicate
ParticipantWhen the bottom settles is the key point to your argument. The pricing could darn well hit that low. I just don’t think it will hit it tomorrow or the next day. However if the decline plays out like I think then yeah in a 2-4 year timeframe that is a possible reality.
SD Realtor
ParticipantAlex I find the pattern of your posts quite intriguing. One part of me says your a troll… the other part thinks perhaps you work for one of the sales offices in 4S… then there is another part that thinks maybe your just a person with many different opinions…
Quite hard to figure it out.
SD Realtor
ParticipantHi Jimmy –
We will see what happens with this home. I do not believe that it will sell for under 450k but let’s see what happens.
Whether the bank will take something at that level on a short sale is something we will also find out.
I don’t believe everything is going to push into the 417k band like people say immediately. It will take time. The fact of the matter is that there is financing available, some people choose to pay for it some don’t. Also for properties within a 100k of that conforming limit most people do not get jumbos they get two loans. They then attack the higher rate second loan and knock it down as quick as possible.
Don’t confuse the post with bullishness. However consider it an injection of reality.
SD Realtor
ParticipantIf you are buying and you wish to ask the seller for a credit for recurring and/or non recurring closing costs then there is never any harm in asking. Make sure it is documented properly in the purchase agreement or an addendum so that the lender knows what is going on. I do not believe the lender will be agreeable if the credit is more then 3%. There have been cases where the credit can exceed that amount but that would imply that portions of the credit were for repairs or upgrades. In that case those extra credits may be held back by escrow to be paid directly to the contractor who does the work. Also I have not seen cases where a buyer walks away with cash after the credit. In cases that I have seen where the credit from the buyer exceeds all of the closing costs for the buyer, I have not seen the lender allow the buyer to walk with the excess credit in cash.
I do recall some posts where people said that had seen that occur so go figure.
SD Realtor
August 28, 2007 at 5:09 PM in reply to: San Diego year over year inventories down for third month in a row #82243ParticipantOkay OCR now we are getting somewhere. I added granularity…
MLS Detached – 12976 (-414)
MLS Attached – 6757 (-593)
MLS Land – 1854 (+459)
MFR – 1028 (-220)Something is still not right…
So I then did a search on detached homes and how many went pending, expired, cancelled, or withdrew since 8/27/08 for the county
MLS Detached (pending, cancelled, expired, withdrawn) since 8/27:
pending – 61
expired – 55
cancelled – 77
withdraw – 52Total – 225…That doesn’t cover the discrepancy of 414. I could go back to say 8/26 and that would certainly bump the number up. I think it would help.
Something is still gnawing at me though. When numbers don’t play correctly it means that there is still an underlying assumption we are missing.
I keep going back to the zip codes. The MLS search is 91901 to 92173…Do you think there is any chance zip included some shadow zip codes or anything of that nature?
Something is still not adding up…
August 28, 2007 at 3:15 PM in reply to: San Diego year over year inventories down for third month in a row #82198ParticipantOCR thanks so much for finding that out. This really helps to explain things.
Okay so now lets do a bit more analysis.
From the MLS –
Detached/Attached Homes – 19714
Land Parcels – 1851
Multi-Unit – 1027
Mobile – 668Total – 23,260
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I think this goes a long way to providing an explanation to the differences as opposed to some conspiracy. Again, (for the 3rd time) sdr and Jim had indeed posted about odd events they saw on the MLS a few months back (listings not getting counted or dropping off somehow) but I think that may have been problems with the database, not a planned out effort to hide things.
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OCR I am not doubting what you saw in the OC with the Prudential listings that were not found on zip. As far as I know, there is not any way for Sandicor listings that are on the MLS down here to be shielded or removed from selected 3rd party sites. As a HUGE DISCLAIMER though, it may very well be possible as I am but a scrubbie when it comes to this stuff.
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As far as inventory numbers go, you guys know better then I but I thought in 06 we peaked out at about 23k detached/attached listings on the Sandicor MLS. Perhaps I am mistaken.
SD Realtor
ParticipantOC Scam I guess we have found a good middle ground through some civil discourse.
Good debating with ya.
SD Realtor
ParticipantOC Scam I guess we have found a good middle ground through some civil discourse.
Good debating with ya.
SD Realtor
ParticipantOC Scam I guess we have found a good middle ground through some civil discourse.
Good debating with ya.
SD Realtor
ParticipantOC –
I was under the impression that the bank already owns the home.
Whether or not you choose to pay your rent is up to you. Does it say somewhere in your lease that the owner is obligated to pay the mortgage?
I am not an attorney by any means so if your lawyer believes that you have a case then so be it. Once the property is returned to the lender then I am sure that between your lawyer and the lenders lawyer it will all get figured out.
In no way does it change my views on squatting whatsoever. Nor does it matter to me if there is a victimless crime or not.
SD Realtor
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