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XBoxBoy
ParticipantIn an effort to combat offtopic discussion, and bring Piggington back to real estate, I thought it might be time to revisit some of the recent pain in La Jolla.
Here’s one in the Venezia complex. Actually, I can’t believe they sold it at this price! Only $139k loss. Those places are ticking time bombs. Almost as bad as Unsellable Draper Villas
http://www.sdlookup.com/Property-2F3A56BF-7555_Eads_Ave_7_La_Jolla_CA_92037XBoxBoy
ParticipantIn an effort to combat offtopic discussion, and bring Piggington back to real estate, I thought it might be time to revisit some of the recent pain in La Jolla.
Here’s one in the Venezia complex. Actually, I can’t believe they sold it at this price! Only $139k loss. Those places are ticking time bombs. Almost as bad as Unsellable Draper Villas
http://www.sdlookup.com/Property-2F3A56BF-7555_Eads_Ave_7_La_Jolla_CA_92037XBoxBoy
ParticipantThe value of square foot comps depends a lot on location. In a subdivision where the homes are mostly the same, sq ft comps are very relevant. In an area like La Jolla, where every house is different, and there are significant differences in the desirability of particular areas, the sq ft comps become much less relevant.
Looking at SDLookup.com for La Jolla, sfr’s PPSF varies from $305 to $5995 Obviously a huge varience. I don’t know enough about other areas to pick a good example of a zipcode with most houses being similar, so perhaps someone can provide a good example from Temecula or other area.
XBoxBoy
ParticipantThe value of square foot comps depends a lot on location. In a subdivision where the homes are mostly the same, sq ft comps are very relevant. In an area like La Jolla, where every house is different, and there are significant differences in the desirability of particular areas, the sq ft comps become much less relevant.
Looking at SDLookup.com for La Jolla, sfr’s PPSF varies from $305 to $5995 Obviously a huge varience. I don’t know enough about other areas to pick a good example of a zipcode with most houses being similar, so perhaps someone can provide a good example from Temecula or other area.
XBoxBoy
ParticipantThe value of square foot comps depends a lot on location. In a subdivision where the homes are mostly the same, sq ft comps are very relevant. In an area like La Jolla, where every house is different, and there are significant differences in the desirability of particular areas, the sq ft comps become much less relevant.
Looking at SDLookup.com for La Jolla, sfr’s PPSF varies from $305 to $5995 Obviously a huge varience. I don’t know enough about other areas to pick a good example of a zipcode with most houses being similar, so perhaps someone can provide a good example from Temecula or other area.
XBoxBoy
ParticipantThe value of square foot comps depends a lot on location. In a subdivision where the homes are mostly the same, sq ft comps are very relevant. In an area like La Jolla, where every house is different, and there are significant differences in the desirability of particular areas, the sq ft comps become much less relevant.
Looking at SDLookup.com for La Jolla, sfr’s PPSF varies from $305 to $5995 Obviously a huge varience. I don’t know enough about other areas to pick a good example of a zipcode with most houses being similar, so perhaps someone can provide a good example from Temecula or other area.
XBoxBoy
ParticipantThe value of square foot comps depends a lot on location. In a subdivision where the homes are mostly the same, sq ft comps are very relevant. In an area like La Jolla, where every house is different, and there are significant differences in the desirability of particular areas, the sq ft comps become much less relevant.
Looking at SDLookup.com for La Jolla, sfr’s PPSF varies from $305 to $5995 Obviously a huge varience. I don’t know enough about other areas to pick a good example of a zipcode with most houses being similar, so perhaps someone can provide a good example from Temecula or other area.
XBoxBoy
ParticipantJustLurking, My experiences at the open houses in La Jolla are similar to yours. Most the realtors are just not willing to admit that the coast could possibly decline in value. I can’t decide if they sincerely believe that, (ie they are all drinking the koolaid still) or if they know that things are going down but don’t want to admit it.
One thing that I’m really wondering about. If you look at SDLookup’s list of closed sales, and scan for the month of June, there are only 9 single family residences that closed in June for 92037. If that is true, that is terrible for sellers. (Given that there are 224 sfr listed today, that would be about 25 months of inventory at that rate!)
But here’s the thing I really don’t understand. With sales in La Jolla dropping in number, commissions must be way way off. Wouldn’t the realtors start to push sellers to lower prices since that would encourage the number of sales to go up? From a conversation I had with a seller the other day, he indicated that realtors wanted him to not go out at a low price. He really wants to sell, but the realtors were really discouraging him from offering at a price less than two years ago comps. Why would the realtors argue that? Given that sales have dried up so much. Are the realtors convinced that everything is going to bounce back? That all they need to do is convince sellers to not give in, and prices will hold? Can someone explain what the realtors are thinking?
XBoxBoy
ParticipantJustLurking, My experiences at the open houses in La Jolla are similar to yours. Most the realtors are just not willing to admit that the coast could possibly decline in value. I can’t decide if they sincerely believe that, (ie they are all drinking the koolaid still) or if they know that things are going down but don’t want to admit it.
One thing that I’m really wondering about. If you look at SDLookup’s list of closed sales, and scan for the month of June, there are only 9 single family residences that closed in June for 92037. If that is true, that is terrible for sellers. (Given that there are 224 sfr listed today, that would be about 25 months of inventory at that rate!)
But here’s the thing I really don’t understand. With sales in La Jolla dropping in number, commissions must be way way off. Wouldn’t the realtors start to push sellers to lower prices since that would encourage the number of sales to go up? From a conversation I had with a seller the other day, he indicated that realtors wanted him to not go out at a low price. He really wants to sell, but the realtors were really discouraging him from offering at a price less than two years ago comps. Why would the realtors argue that? Given that sales have dried up so much. Are the realtors convinced that everything is going to bounce back? That all they need to do is convince sellers to not give in, and prices will hold? Can someone explain what the realtors are thinking?
XBoxBoy
ParticipantJustLurking, My experiences at the open houses in La Jolla are similar to yours. Most the realtors are just not willing to admit that the coast could possibly decline in value. I can’t decide if they sincerely believe that, (ie they are all drinking the koolaid still) or if they know that things are going down but don’t want to admit it.
One thing that I’m really wondering about. If you look at SDLookup’s list of closed sales, and scan for the month of June, there are only 9 single family residences that closed in June for 92037. If that is true, that is terrible for sellers. (Given that there are 224 sfr listed today, that would be about 25 months of inventory at that rate!)
But here’s the thing I really don’t understand. With sales in La Jolla dropping in number, commissions must be way way off. Wouldn’t the realtors start to push sellers to lower prices since that would encourage the number of sales to go up? From a conversation I had with a seller the other day, he indicated that realtors wanted him to not go out at a low price. He really wants to sell, but the realtors were really discouraging him from offering at a price less than two years ago comps. Why would the realtors argue that? Given that sales have dried up so much. Are the realtors convinced that everything is going to bounce back? That all they need to do is convince sellers to not give in, and prices will hold? Can someone explain what the realtors are thinking?
XBoxBoy
ParticipantJustLurking, My experiences at the open houses in La Jolla are similar to yours. Most the realtors are just not willing to admit that the coast could possibly decline in value. I can’t decide if they sincerely believe that, (ie they are all drinking the koolaid still) or if they know that things are going down but don’t want to admit it.
One thing that I’m really wondering about. If you look at SDLookup’s list of closed sales, and scan for the month of June, there are only 9 single family residences that closed in June for 92037. If that is true, that is terrible for sellers. (Given that there are 224 sfr listed today, that would be about 25 months of inventory at that rate!)
But here’s the thing I really don’t understand. With sales in La Jolla dropping in number, commissions must be way way off. Wouldn’t the realtors start to push sellers to lower prices since that would encourage the number of sales to go up? From a conversation I had with a seller the other day, he indicated that realtors wanted him to not go out at a low price. He really wants to sell, but the realtors were really discouraging him from offering at a price less than two years ago comps. Why would the realtors argue that? Given that sales have dried up so much. Are the realtors convinced that everything is going to bounce back? That all they need to do is convince sellers to not give in, and prices will hold? Can someone explain what the realtors are thinking?
XBoxBoy
ParticipantJustLurking, My experiences at the open houses in La Jolla are similar to yours. Most the realtors are just not willing to admit that the coast could possibly decline in value. I can’t decide if they sincerely believe that, (ie they are all drinking the koolaid still) or if they know that things are going down but don’t want to admit it.
One thing that I’m really wondering about. If you look at SDLookup’s list of closed sales, and scan for the month of June, there are only 9 single family residences that closed in June for 92037. If that is true, that is terrible for sellers. (Given that there are 224 sfr listed today, that would be about 25 months of inventory at that rate!)
But here’s the thing I really don’t understand. With sales in La Jolla dropping in number, commissions must be way way off. Wouldn’t the realtors start to push sellers to lower prices since that would encourage the number of sales to go up? From a conversation I had with a seller the other day, he indicated that realtors wanted him to not go out at a low price. He really wants to sell, but the realtors were really discouraging him from offering at a price less than two years ago comps. Why would the realtors argue that? Given that sales have dried up so much. Are the realtors convinced that everything is going to bounce back? That all they need to do is convince sellers to not give in, and prices will hold? Can someone explain what the realtors are thinking?
XBoxBoy
ParticipantIf this is to be funded by new fees at Freddie and Fannie, then doesn’t that mean that we are making future mortgages more expensive? How in the heck will that fix the housing mess?
ParticipantIf this is to be funded by new fees at Freddie and Fannie, then doesn’t that mean that we are making future mortgages more expensive? How in the heck will that fix the housing mess?
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