Forum Replies Created
-
AuthorPosts
-
SD Realtor
Participantjg –
I think in general, the nicer areas will hold up better but by no means are they 100% immune. I believe they will eventually depreciate but not as dramatically as other neighborhoods. I am usually wrong so this may be the case as well. Boneheadedness notwithstanding, if people are not prudent and choose to take all the money out of their homes so that they cannot afford the ensuing payments then they will be pinned no matter how nice a neighborhood they live in. I believe this will happen less in highly desireable areas but stupidy has no zip codes.
SD Realtor
ParticipantRefi would not cause a reassessment.
ParticipantIf the realtor would have posted, “Hot Oral Sex” on the sign it would get equally as noticed, and still the realtor would be sitting inside staring at the paint dry
****
I may have to try that lonestar! heheheheh.. j/k…I was cracking up at that statement though… hey you guys know how desperate us realtors get in dry markets… personally I am thinking of getting different animals and naming them spot a la Cal Worthington…Seriously though I think there was a Realtor in OC or somewhere that had a billboard and she was in a little bikini or something like that… I cannot recall the specifics…
Not sure if that worked for her or not.
****SD Realtor
ParticipantCritter –
The money that an agent actually takes home is far less then what most people think. It is 100% determined by what the broker will pay them. There are the heavy hitter agents that get a high percentage of the commission. The average realtor does not get that much. Again, each broker, or shall I say brokerage has their own policy. Yeah I would say your estimate is valid. Don’t think of it as the agent handing money to the broker though… Go the other way, the broker gets the money and hands a portion of it to the agent. If the agent is a heavy, the broker gives him a big cut, if the agent is a regular player they get less, and if the agent is a newbie they get less still.
SD Realtor
Participantother SD Realtor here not sdrealtor.
IMO it is just the beginning. I think we will plow through any old records and not by just a little bit. I do believe and I know this is broken record time) that there will be wide variations on the price drops based on neighborhoods. Even within neighborhoods there will be severe discrepency. Using my own area Scripps, of which there is new and old Scripps. New Scripps will get pounded pretty hard and indeed the majority of the 95 listings active in that area right now are new Scripps. Old Scripps has continued to have very high demand. I would forecast most all distress sales will happen due to overextended buyers in the new housing including Stonebridge.
I think this will hold true for many neighborhoods. Places that are overbuilt, overbought, but have no redeeming value other then to provide a home for people will get pummelled hardest and will have the highest distress rate. Lump in flipper havens with these as well. These are your Eastlakes, and downtown condo market, even other speculative condo areas. Even nicer neighborhoods may fall into this category like 4S and some Carmel Valley cookie cutters. Other lower income neighborhoods that ran up fast for no reason. Look for these to get socked, Lemon Grove, southeast San Diego, and many many more. Places that have established owners with alot of equity will ride it out pretty well… to the frustration of people like me who want to live there.
but we already knew all of this… Let’s keep our fingers crossed the government keeps their darned nose out of this.
Right now percentage wise REO and shorts are a small percentage of the market. Also the lenders haven’t gotten desperate on pricing yet. Even if the numbers of REO’s gets large what we really need are desperate lenders. Personally I havent seen them get desperate on pricing yet. I cannot wait until they do… that should be fun.
ParticipantYou can go to the county and look up all the recordings for those particular APNs. Any recorded liens would be on record. I don’t know any websites you can get that information from for free but there are plenty of paysites. You can also ask a title rep for that information as well.
SD Realtor
ParticipantI think that you need to look at the entire package. This would include HOA (if any) as well as MR. Also how tight are the homes together, how large are the lots, how big are the backyards…. etc…
SD Realtor
Participant23 –
If you are so torn why don’t you ask the owner to carry 100% of the paper on the home, structure a loan at a fixed rate you both agree to and move ahead in that manner?
You see that the main problem with this home, or with any other home that you are looking at has to do with your financing cost correct? That should be telling you something. The fact that you have to finance 100% of the transaction is going to cost you no matter where you buy or who you buy from if you are going to use conventional means.
Also what that other agent was telling you made sense… FOR NOW… Of course she has no other listings that are at that price. As you have seen on the board here, nobody is doubting that this is a good deal for the here and now. However many of us believe this sort of pricing will be more prevalent in the future.
SD Realtor
Participantmix I am not sure I agree 100%… I think there are some pretty pricey neighborhoods in La Jolla, Mission Hills, even Kensington. Also it goes without saying coastal properties are going to be higher in price simply because of the proximity to the ocean.
I do agree with your points though about paying a high price to pay simply to grind through an hour or 45 minute one way commute. I just don’t buy into that and could not agree more with you on that point.
SD Realtor
ParticipantWhat you mentioned was fraud.
How bout putting the screws on the seller and trying to get them down to 320k? If you did it between yourselves that is about what the seller would net at 340k with realtors on both sides.
SD Realtor
ParticipantThey have alot of activity on the tax roll.
7/26/05 – 150,100 from citibank (most likely a heloc)
12/17/04 – 518,000 from wamu (most likely a refi)
6/22/04 – 337,000 from wamu
5/13/03 – 25,000 from citibankI would say they are pretty extended.
SD Realtor
ParticipantConcho thank you for being the voice of reason!
Once more we have posted and talked about this before. This bailout is about the golden rule, those with the gold rule and shall continue to rule. Even if it means using our tax dollars to accomplish those ends.
The magnitude of the money and businesses involved dwarfs the potential collapse of the market. The entire construction industry, lending industry, real estate industry, Wall Street itself… Either many people can’t fathom or deny the lobbying strength that these industries have. I completely agree that not only will these entities be bailed out with our tax dollars, they will also put as much pressure as they can on all forms of government (local, state, federal) to push more dollars into the kitty to prevent the slide. It is really win win… they win by getting mo mo mo mo money. The politicians win by getting the feel good humanitarian vote.
This is the largest failure of guys like Roubini and such. They make predictions of efficient markets that are allowed to operate unimpeded.
Someone needs to wake them up and remind them that this is not utopia or academia.
Yes I am another bitter renter who is even more bitter of late.
SD Realtor
ParticipantJJ are you talking about thehome on Cantara Lane? Or the pending on Altamira? I am not a total expert on Vista but you called it pretty well. Vista has incredible variations with respect to the housing/community. I have seen some very nice areas in the more rural part of it but to be honest, in terms of the schools I am a bit skeptical. Tough choice and sorry I could not be more specific. Strictly from a personal standpoint, the schools wouldn’t cut it for me out there. I also think there is more room for depreciation in the homes out there.
SD Realtor
ParticipantYeah I guess your right. Forget about personal responsibility. It is not like these same people don’t go out and run up credit card debt or buy cars they can’t afford either.
I guess it is the responsibility of the Fed to make sure that idiots don’t buy things they cannot afford. Let’s tell the Fed to also tell China and other southeast asian countries to stop funding our debt and driving the bond market which is in reality what long term mortgages are driven by. Let’s blame everyone but the person who took out the loan. Obviously someone put a gun to his head.
Or maybe we should be novel and let the person who took out the loan loose his home, and let the lender who originated the loan get stuck with the house.
SD Realtor
-
AuthorPosts
