[sdrealtor]

I’m glad we now KNOW that 95% of the people holding Option ARM’s are screwed. Posts like this damage the credibility of an otherwise good post.

More accurate would be “95% of the people that took out Option ARM’s GOT SCREWED by a lender more interested in earning 1 to 3 points on the loan (2 to 10 times what they usually get)instead of doing doing what was in the best interest of their client and many of these people will get slaughtered”.

[sdrealtor]

vrudny, I agree on mid-2004 as the peak and that we are already two years into the decline. This is how I knew it was. In Late Spring 2004, I had an investor client that wanted to submit an offer site unseen on a condo in the La Costa area that just came on the market. We submitted the offer within 24 hours of it going on the market. Noone had seen it yet. when I called the agent to submit the offer he said they stopped accepting offers because they already had 35 OFFERS IN LESS THAN 24 HOURS! Prices have been falling rapidly since this Spring. We are down as much as 20% in some areas maybe more already. Overall I’d say down 10 to 15% already is a good generalization. I think this will be over much quicker than most and expect to hit bottom as early as Nov/Dec 2007 after falling 30% off the peak. If not, the bottom should be hit by the end of 2008.

[sdrealtor]

Genesis?

[sdrealtor]

While timing is very important (maybe most important) dont belittle the value of location. I have a client that unloaded a piece of RE in Summer 2004 which is down at least 10% if not more. He now owns something walking distance to the beach that is up at least 15% (if not 20%) since he bought it in the Summer of 2004. Very few people that bought in 2004 can claim that. He’d say location is pretty darn important also.

With that said, any idiot could have bought any piece of RE in 2000 and made a killing within 4 years. Even a lousy property with a lousy location. Those idiots make a pretty compelling case for timing.

[sdrealtor]

SD R,
Sorry but I’m not seeing it. In my area things ar just plodding along. Personally, my activity has been normal to a bit slower the last few weeks. I’ve got a couple I got in escrow this Summer that will close soon, but other than that I’ve got a few that are seeing less activity than a month ago. On the buyer side, I have about 6 folks waiting for the right house at what they consider a fair price. Most of these are high end buyer’s (1-2M). They are picky and the homes they are interested have sellers standing on ceremony. All are well qualified but patient which I am encouraging. Once we get closer to Winter some will probably get a bit more motivated. I do have one buyer about the pull the trigger on a very high end home ($3M to $6M). I’m having a great year but most people I know are struggling mightily. The funny thing is I have barely been working as I have been devoting most of my time the last 45 days to a couple new business ventures I am involved in(ughhh…business plans and pro formas UGGHHHHH!)

In my office, our listing inventory is very high and sales are slow. I am seeing lots of reductions and wonder what will happen late Fall as many strong agents who havent seen a paycheck in months pound on their clients for price reductions.

[sdrealtor]

SDA has been around a while. He knows or should know that the basic premise of this site and the very reason we are all here is that we believe all RE in SD is very overpriced. My guess is that he was just looking for a fight.

[sdrealtor]

I believe a straw poll of the forum participants would be overwhelmingly that yes they are all over priced.

[sdrealtor]

Based upon the prevalent beliefs we all seem to hold, Aren’t they all overpriced?

[sdrealtor]

There are plenty of us out here. If any one wants information just ask and Im sure one of us with MLS will be happy to oblige.

[sdrealtor]

PS,
RE dual agency?

NEVER HAVE, NEVER WILL!

Sorry but ya got the wrong guy

[sdrealtor]

Arrogant Fear Mongering Powayseller,
I only report on what I am seeing. If things play out as you believe I will be more than fine. I am in a great position, have a handful of business opportunities in development the last few years and see only great success ahead for my family not grey clouds. If there is a cold bucket of water, I will enjoy taking a drink. If they dont play out as you believe I will also be fine.

You have everything at stake at being right while I have little or nothing. You live in a world dominated by fear and make all your decisions that way. You cannot see past it and dont understand that there are many people in this world that dont share your fear based persona. Fortunately, I am not in such an unenviable state. The most successful people I have met in this world (there have been many) do not operate out of fear. They understand how to create wealth in good and bad times. They have confidence in their abilities which you don’t. I hope you one day get past all your fears because life is much better that way. Not being afraid to take chances does not make someone a fool.

I sincerely hope your new endeavor works out well for you. You are obviously very bright, but as they say, that and a buck will get you a cup of coffee. Also remember than when you start you business, the key to its success will be your sales abilities.

Best of Luck

SDR

[sdrealtor]

I’m 1 of the 4,000 that gets surveyed:)

[sdrealtor]

“I’m just too damn honest, and caring. I would feel like each deal someone is losing money for my gain. I could never do it, and I admire your principles.”

Funny how those principles went out the window when selling her property in Lakeside. Not only could she do it, she did.

I believe this is known as Situational Ethics. The arrogance constantly amazes me.

[sdrealtor]

Exactly my point. Because the median is lagging you might see the biggest drops in the median occur in 2007 and 2008. However, in real time the biggest drops are occuring right now and will continue through the end of 2007. I don’t care about the median, I only care about what a specific house can be bought and sold for on a given day. We are arguing the same point

[sdrealtor]

Of course I dont wish a fire on anyone. It is an awful experience and I feel for the pain that you and your family went through. With that said, your arrogance is astounding.

[Author]

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