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SD Realtor
ParticipantJJ – I heard him today. I am an avid Bob fan and Marketimer subscriber. I tried to call in today but could not get through. I wanted to lay some lumber on him but I most likely would have used an alias so he couldn’t send the men in black after me!
SD Realtor
ParticipantThat is not a good enough answer. I agree the politicians are all puppets for the lobbyist. However there are some politicians out there that are not in favor of any bailout.
SD Realtor
ParticipantI didn’t do an extensive analysis but there was no mention of credits back in the confidential remarks. The place was only on the market a few days before going into escrow. It should be noted that it is VERY RARE for realtors to put in conmments in the remarks about credits agreed upon in escrow so that is no surprise here if indeed there were credits given.
Participanthehehehe…
I DEFINITELY believe they would not… They are as slippery as eels… However, in the contract they will give a broad overview of builders defects. It may fall upon you the buyer to PROVE it is a builders defect when something happens. This could/would involve attorneys if the builder didn’t agree it was due to their faulty construction.
SD Realtor
ParticipantSomeone can correct me if I am wrong… as that is always a high probability. Recently at 4s one of the salespeople told me that the followings warranties apply:
1 – Appliances are a 1 year waranty issued by the manufacturer of the appliance.
2 – Electrical and plumbing were “I believe” either a 2 or 4 year warranty.
3 – 10 years builders defect for major stuff.
As always that is going from memory last week.
SD Realtor
ParticipantAndy it is not the size of the bailout that counts. It is the fact that govt officials are even considering this makes it so crazy. It should not be done at all. It should not cost any taxpayers money. It should not even be on the table.
SD Realtor
ParticipantFarbet I very much agree on that point. In order to get the incentive you HAVE to use the preferred lender. What I don’t know is how competitive the rates of the preferred lender are. None of my clients who I have represented for buying new homes ever does the homework. They simply have ended up using the preferred lender. Is this legal or not? I am not sure but I don’t see why it is illegal.
This is only speculative by me but I wonder if most of the preferred lenders that are used were involved in helping to underwrite the original project development. Bugs or Surveyor would know more on that then I would.
SD Realtor
ParticipantI believe it was her.
SD Realtor
ParticipantThe MLS simply gives data for listings put on the MLS itself. So if there are new homes on the MLS then that particular home that closes on the MLS will count as an MLS sale. However, if there are 20 other homes in the development that sold that month but they were not on the MLS then they will not be counted. As for the differences between the MLS and Jims number it all depends. Also make sure you check to see if the number is a total of ALL TYPES of homes or not, (attached, detached, multifamily) as Jim may parse things out in a more granular manner.
SD Realtor
ParticipantAgreed with Bugs entirely. Also I have personally seen the reluctance of the sales agents at the developers to give the upgrade sheets or the URL to the websites that have the pricing on them. You cannot even get to the design centers unless you pop down a deposit to reserve a home and in some cases have to be under contract. I would urge most people to price shop for the same upgrades so you can get some semblance of accuracy. The advantage I see in using the builders overinflated upgrades is that you get to finance it in the loan you get for the home (at least the incentive portion)… (which for some reason to me seems fraudulent)
SD Realtor
ParticipantAll I can do is shake my head… The guy does make a TON of money though as he has a ton of volume. Also don’t calculate his hourly rate as he does not personally do most of the work for the listings, his agents do that. I am not justifying the commission as I have already said my piece on high commissions over and over.
SD Realtor
May 2, 2007 at 6:12 PM in reply to: Do you think the Major Builders like Pulte are biased against minorities? #51655ParticipantFarbet the sales lady may or may not have been a Realtor. Remember all sales agents have a license to sell real estate in CA but not all sales agents are Realtors. I have never worked for a developer however I do not believe the sales agents earn the same commission as any other sales agent who works with resale properties. IMO working for a developer would be pretty sweet, the buyers all come to you, you negotiate based on what the developer gives you leeway to negotiate to… all in all it does not seem difficult. The hard part is the cattle call, when the sales office is packed with people and you are the only agent in there.
Sounds like this sales agent may have acted in a discriminatory manner.
SD Realtor
ParticipantOn the MLS for 92067 there are several active listings that are lower price then Cielo. The lowest price detached home that is fee simple ownership is on the west side in Senterra. It is a 3k sf home listed at 1.399-1.475. Personally I like the west side better simply for convenience. Then there are several other listings in the 1.5M and up range in Del Rayo Downs. Also Hacienda Santa Fe out near Crosby has one less then Cielo. These are also on the east side. So yeah the east side (with the one exception seems to dominate the cheaper homes in RSF)
So there are a few scatterings of listings in 92067 that are less then Cielo.
SD Realtor
ParticipantCamino De La Dora are some stubborn sellers! They have been on the market since 7/7/06. Now they tried to get 2.3M back then and have moved the price down to what you see today. They are the 3rd cheapest home in Cielo besides Amancer and Amatista.
On a price per sq foot it is a much better deal as it is 1000 sq feet bigger.
Now, what would a fair price be? hehehehe… well the other two sales on the street, 7879 and 7992 were for 1.85M and 1.85M respectively. Get this though, 7879 sold for 1.85 back in 7/31/06 and is 3719 sq ft. 7992 sold for 1.85 back on 4/16/07 and was 4535 sq ft!! So you can see the value on a sq ft basis has gone way down. It is arguable that 7819 does compare with 7992. Now without really doing a more thorough analysis and going out to look at the property, you could give them a lowball offer at 1.55-1.6 to see if they would respond.
Now I am sure everyone here will tell you how they wouldn’t pay nearly this or that for these homes. My advice is based on the reality of the situation… if you do really want this home and you are a serious buyer then you need to tread lightly, you want to get a good deal but not piss them off. Also it is not know how motivated they are. We would need to study more about how long they have been there and such. Actually they should be motivated as they bought in 05 for 1.8M. They have refinanced and are pretty much up to their nose in debt. A first mtg for 1.44M and a second for 180k back in 2/4/05. Then a refi on 10/18/05 for 1.65M then a second for 200k on 3/20/06.
Unless they have cash to come in at closing this will be a short sale. So they may not even be able to negotiate under a certain level as they will need authorization from the lender to sell short… Since they don’t have much equity in the home, they may be content to let it foreclose.
gn if you want to put your email on the post I will send you more info about this place.
SD Realtor
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