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sdrealtor
ParticipantJust was through this tract and remembered this thread from last Summer. When we last left prices were in the mid 500’s and ocrenter said “So in the next few months there’s going to be 3 homes going thru foreclosure in that tract alone. I can’t imagine prices continuing to hold up following that.” I have to admit that I thought this neighborhood would struggle mightily also and that prices would be down around $500K by now.
Lets see what happened in nearly 1 year in this less than prime cookie cutter tract neighborhood. Since the first of this year there was 1 sale under $500K but it was for the smallest plan which we didnt even see on the market last Spring. The homes that were selling for $550K to $575K last Summer are well…selling for $550K to $575K. In fact, four have closed in 2007. There are also 2 more in escrow and 1 on the market. Kinda shocking to me as I expected an area like this to struggle far more than it has. The impact of the distressed properties/foreclosures has been nil.
SDiablo
ParticipantWell it looks like you cant fight City Hall. He’s back on the market at $499,000. Maybe I’ll hit with a $450K offer. That’ll cheer him up!
ParticipantRock
He was so focused on what he thought was the right course of action I couldnt even get him to listen to what I could offer him. He was convinced his prime property in Encinitas would never go down in price and that it was worth at least $525,000.sdr
ParticipantRents are actually pretty good as is rental demand. Valuations are screwed up on 2 to 4 unit properties, just as much as sfr’s.
ParticipantI think too many conspiracy theorists are out there amongst us these days. As SD R said, the one on leucadia Blvd appears pretty much on the level. The agents on both sides of the transaction are very experienced, reputable folks and I sincerely doubt there is fraud involved. Even if it was financed 100%, which it wasnt, I would give these agents a pass.
Too many of you are so convinced that no one in their right mind would buy RE today so it must be fraud. That just isnt they way it is. For the last 2 months I have gotten a referral for a new client on nearly a weekly basis for a well qualified buyer looking for a nice property. If there was more inventory on the market I would be having a career year. Hopefully, there will be more quality inventory coming at reasonable prices in todays market because right now we are pretty much left with the same crap thats been around for months which would have a hard time selling at any price.
ParticipantSD R,
You understand what Ozzie does not. Price while important is not everything. The terms of the offer can be as or even more important than the price. If a buyer cant perform, your seller has lost valuable market time. This hasnt been more true for quite a while.sdr
ParticipantUuhhhh….why did they all turn out to be just sold?
Uuhhhh…. Could it be that they are all foreclosure and were sold back to the bank?
Uuuhhhhhh….maybe.
Uhhhh….Pass the cheese doodles Beavis.
Uuuhhh….hehhehehe…you said cheese doodles
Uuuhhhh…shut up Butt Head
Many of these properties were previously listed in the MLS with REO agents and they didn’t sell. It looks like the lenders are trying to clear out some inventory quickly. Perhaps so they have room to restock their shelves.
ParticipantIt was discussed a couple weeks back when about 1000 listings disappeared from the MLS almost overnite. The systems limit what we can do and I dont advise using these numbers for anything other than gauging the direction and velocity of the market. I hope that answers your questions.
ParticipantMost of the lenders will be insulated from liability by the layer of mortgage brokers that will go poof in the night. Many already have.
ParticipantSpeaking of the Mod Squad, did you know that Linc and Peggy were married in real life?
ParticipantSD R,
Never heard of the listing agent but the funny thing is that I recognize the buyers agent as an advertiser on bus benches along Mira Mesa Blvd. I also checked the realist information and when I see names I cant pronounce it makes me nervous.ParticipantI have heard the same from reliable sources in the lending industry.
ParticipantQuick update on NC Coastal. Active listings and Pending (in escrow) listings are virtually unchanged form last week. Both are down a couple. This time last year there was already an upward trend. Since January 15th the detached home inventory has been about 450 homes with a very tight range (+/- 10 to 15 homes). Pendings on the other hand have gone from 104 homes to 178 homes and have been as high as 186. Not much in the way of real discernable weakness here.
As an aside, I was at a networking meeting with several dozen agents where we pitch new listings and buyer needs. There were alot more buyer needs than new lsitings coming up. In particular, there is alot of unmet demand for nice single level homes with at least 1800 sq ft and preferably a 3 car garage. If you’ve got one, particulalry of the none tract home variety with a view, you are lucky as they are getting harder and harder to find.
ParticipantSD R,
I wouldnt write it off to fraud so quickly. I have sold houses where the MLS data was accurate as reported and the realist data was wrong (i.e. much more than it sold for). there was no monkey business and I told my client to contact the assessor to make sure they arent being charged RE taxes on the higher amount. This is jsut one example and may not be the case of the one Carlsbadliving brought up. Nonetheless, there are mistakes in the tax records.sdr
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