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sdrealtor
ParticipantQuack! I live in the same area and fully expect prices to fall at least another $100,000 in the areas you described within the next 12- 24 months. And I might add, I havent been wrong about the direction of prices or the magnitude of the change in the last 5 years. Quack!
The market is only getting better in those areas because sellers are allowing the prices to float with the market (downward) and agents that formerly had huge market share and tried to keep prices up failed miserably. Many sellers wised up and are now using agents that understand how to get things done!
ParticipantTed Kaczinski is that you?
ParticipantJust closed for $581,000
February 27, 2007 at 6:48 PM in reply to: Question for Realtors on Carmel Valley Price Decline #46438ParticipantNot much activity in that area but here’s one recent one that should help:
3985 Cypress Del Mar
same floorplan
currently in escrow with range price of $800K to $830K.Does that answer your question?
ParticipantShort sales 1,398 up from 1363 last week.
Total SD County Listings 15,868 up from 15,717 last week and still relatively flat for the year.
While it isnt showing up in the numbers yet, I am starting to see more coming on the market. Not sure what is happening to counter the uptick in listings that I’m sensing. The truth is, I havent had much time for RE lately with my other businesses taking lots of my time. The funny thing is I seem to get 1 to 2 new clients every week looking for properties that I just dont have the time to deal with right now. Overall, i’m pusihing them to be patient to see hwat the market reaps the next couple months.
I also just spent a week back East and had some interesting thoughts/observations I hope to get to soon. Oh yeah, It was cold, it snowed and I’m glad to be back home.
ParticipantBugs,
I can name a dozen easy, two of which are neighbors of mine, though I think I skip putting their names in print.
SDRParticipantmasayako,
Here goes, I’ll explain it to you like you are a 5 year old. Couple rent in neighborhood they like and want to raise their children. One year later they find house for sale around the block that they fall in love with that has huge yard by neighborhood standards (actually on a double sized lot) and buy it. One year later couple get divorced and wife (whose actually the breadwinner and I believe pays alimony to her husband) ends up with the house. She soon realizes that she cannot carry it herself and is forced to sell. Current market prices do not support what she paid for the house and she decided to try a short sale. Once sale goes through, she intends to rent in the same neighborhood and continue raising children there until she can recover from here financial situation.You were right about one thing “Some people DO deserve to get burned for their ignorance.”. Unfortuantely, it was you this time who deserved to get burned for their ignorance.
SDR
ParticipantShort sales 1,363 up from 1328 (2.6%) from last week.
Total SD County Listings 15,717 up from 15,695 still relatively flat for the year.
Market continues to w relative strength. I thought I was begining to see inventory increase and then that rally fizzled. I just dont know when it will start piling on if at all.
ParticipantDitto everything Perry said except the part about SEH being Low Brow. I say Mid Brow is more accurate.
Participant4plex,
Most but not all. One of the small businesses I recently started generated a HUGE net profit in its first week. I may not own it any more in 4 years as I could well be retired at its current pace. The world is full of opportunity for those that are willing to take the risk to follow their dreams. BTW, I’m heading out of town on vacation in couple days.ParticipantHe actually put $150K down on that one. I guess he figured he deserved to buy a $1.4M pimp palace after all his handiwork up the road.
ParticipantTry Entreprenuer magazine. they have a good online site also. I have a good deal of knowledge about franchising and you are essentially buying a job not a business. Most franchises are designed so the avg owner makes $40 to 50K if moderately successful as an owner operator. Thats no better than the avg job on the street. The real money in franchising comes with multi-unit ownership and area franchise development.
I’ve got to say I wouldnt touch one knowing what I do. CB, you live in an area ripe with young families that earn lots of money, wealthy retirees and high earning singles. My wife and I stayed up nights trying to figure out ways to capitalize on it and came up with many ideas. I would start my own business focusing on the target markets that are out for the taking. Start small, keep overhead low and build. It’s really not that difficult.
ParticipantJJ,
I dont think the compensation system is perfect either and would love to work on an hourly basis but your post shows alot of naivity.“For that amount of money, you could hire the best law firm in San Diego to handle the paperwork, and a chunk of the resulting litigation if something went horribly wrong.”
How about you walk into that law firm and tell them, you’d like to handle all the paperwork on the houses you are interested in. You would like to lowball several to see what happens. You tell them they get paid nothing until one is accepted and actually closes. Then of course you only get paid on that one.
A more realistic comparison would be the contingency fees lawyer get on lawsuits. i think that runs about 10 to 33% of the settlement in most cases. You must not be a sales guy. Sales guys get paid on performance not effort. Good ones get paid lots and poor ones get little. RE is no different.
Here’s some real numbers. A typical agent that represents someone selling their home and buying another (lets say the total is $1.5M) generates gross commissions of about $37,500 (2.5% comm is market avg now). Assuming they are very experienced and a top producer they walk away with about $27,000. A good solid agent should do about 4 to 5 times that volume a year and more is defintely the top 1 or 2% of agents. So they generate net commission of $108,000 to $135,000. As an independent contractor they pay all their own expenses, both sides of Social Security, benefits, marketing costs and misc realtor fees. They also put their entire income at risk and could earn nothing. For an experienced Sales Guy thats hardly impressive. Would you take that job?
And yes there are lots of idiots running around out there with RE licenses but no real skills or experience
ParticipantA little off topic but about 10 years ago I passed through Columbia while driving cross country. I had a friend who graduated from Mizzou and asked him where I should stop for lunch. He sent me to a greasy burger joint/bar & grill in the college area that was legendary. It was great. ANyone know the name of the place?
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