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sdrealtor
ParticipantUpdate time!
Short sales 2,749,up from 2,601 last week! Increases seemed to step up a little last week.
Countywide we are at 18,393 up from 18,112 last week.
The NC Coastal submarket is hanging tough. The detached inventory is about 25% lower than last year while the attached inventory is about 35% lower than last year. Pendings are more or less where they were last year. ALl this continues to point toward a slow decline along the coast.
ParticipantUpdate time!
Short sales 2,749,up from 2,601 last week! Increases seemed to step up a little last week.
Countywide we are at 18,393 up from 18,112 last week.
The NC Coastal submarket is hanging tough. The detached inventory is about 25% lower than last year while the attached inventory is about 35% lower than last year. Pendings are more or less where they were last year. ALl this continues to point toward a slow decline along the coast.
ParticipantI cant even imagine what something like that would be worth in a prime SD location. The value would be in the zoning and I would guess it would be worth at least $10M if you could get 60 oceanview units on it perhaps alot more. The truth is I dont really know and its just a wild assed guess.
ParticipantI cant even imagine what something like that would be worth in a prime SD location. The value would be in the zoning and I would guess it would be worth at least $10M if you could get 60 oceanview units on it perhaps alot more. The truth is I dont really know and its just a wild assed guess.
ParticipantYes it sounds about right. People are always changing their mind about selling, taking a break for a week or two when family comes to visit, swapping agents or relisting after the typical 90 to 180 day listing period.
ParticipantYes it sounds about right. People are always changing their mind about selling, taking a break for a week or two when family comes to visit, swapping agents or relisting after the typical 90 to 180 day listing period.
ParticipantIt all depends upon what you can do with the land. If he can build 10 units on it makes a big difference as opposed to whether he can build one house on it.
A good comp might be the pumpkin patch owned by the SRF or even the agricultural land they own off Summit. I know someone that has done some analysis for them (even though publically they say they will never sell it). It might take some time but I’ll see what I can find out.
ParticipantIt all depends upon what you can do with the land. If he can build 10 units on it makes a big difference as opposed to whether he can build one house on it.
A good comp might be the pumpkin patch owned by the SRF or even the agricultural land they own off Summit. I know someone that has done some analysis for them (even though publically they say they will never sell it). It might take some time but I’ll see what I can find out.
ParticipantTo answer your question “That said, what got better about this house, area, schools, etc. in less than a year’s time.”
What got better is the market and buyer sentiment.
When the house sold in 2006 there were 282 homes on the market in 92024 and not much was selling. It was the end of the Summer and the sellers jumped at an offer near the bottom of the the range they set after 21 days.
When the house sold in 2007 there were 164 homes on the market (a 42% reduction in the inventory). Homes were selling better and it was the beginning of Spring. The buyers got the house 20,000 below the low end of the asking range as it had been overpriced on the current market for 2 months.
BTW, that area has lots of mature trees and I wouldnt be surprised if thye werent visible from this property. I’ll check it out when i grab my slurpee at 7-11.
Also last year buyers in this area were frozen more than my slurpee with be.
ParticipantTo answer your question “That said, what got better about this house, area, schools, etc. in less than a year’s time.”
What got better is the market and buyer sentiment.
When the house sold in 2006 there were 282 homes on the market in 92024 and not much was selling. It was the end of the Summer and the sellers jumped at an offer near the bottom of the the range they set after 21 days.
When the house sold in 2007 there were 164 homes on the market (a 42% reduction in the inventory). Homes were selling better and it was the beginning of Spring. The buyers got the house 20,000 below the low end of the asking range as it had been overpriced on the current market for 2 months.
BTW, that area has lots of mature trees and I wouldnt be surprised if thye werent visible from this property. I’ll check it out when i grab my slurpee at 7-11.
Also last year buyers in this area were frozen more than my slurpee with be.
ParticipantQuick math lesson LK:
5% x 600,000 = 30,000
30,000 does not equal 40K
5% x 700,000 = 35,000
35,000 does not equal 40K
Also, the money does not go to the agent it goes to the broker. What goes to the agents (which is what he mentioned) is 21,000 to 24,500 (which isnt 40k either)
The money that the broker keeps supports the overhead associated with running the system.
My point was simply, that everyone does a quick back of the envelop calculation and thinks Realtors are making a killing. The truth is far from that. Very few actually earn a decent living. The real money in this bubble was made in the lending industry.
ParticipantQuick math lesson LK:
5% x 600,000 = 30,000
30,000 does not equal 40K
5% x 700,000 = 35,000
35,000 does not equal 40K
Also, the money does not go to the agent it goes to the broker. What goes to the agents (which is what he mentioned) is 21,000 to 24,500 (which isnt 40k either)
The money that the broker keeps supports the overhead associated with running the system.
My point was simply, that everyone does a quick back of the envelop calculation and thinks Realtors are making a killing. The truth is far from that. Very few actually earn a decent living. The real money in this bubble was made in the lending industry.
ParticipantStevenO
Thats great. I commend you for what you have accomplished. You are essentially an agent working without a license. The knowledge and experience you have ammassed is not typical of the layperson. Its out there for anyone that wants it and you clearly did. If I were you i would keep doing it because its obviously working for you.sdr
ParticipantStevenO
Thats great. I commend you for what you have accomplished. You are essentially an agent working without a license. The knowledge and experience you have ammassed is not typical of the layperson. Its out there for anyone that wants it and you clearly did. If I were you i would keep doing it because its obviously working for you.sdr
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