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Huge increase in high end inventory

By jaz5   Follow   Thu, 17 May 2012, 3:00pm   5,534 views   23 comments
In Newport Beach CA 92660   Watch (1)   Share   Quote   Permalink   Like   Dislike  

What I've noticed recently is that the inventory of the sub $500,000 homes in Los Angeles and Orange County has literally vanished, however loads of homes $500,000-1 million have magically come back on the market.

I guess sellers with fool valuations of their homes that had pulled their listings waiting for a better day are back on the market in full force. LMAO!

do you notice this in your local market as well?

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1. toothfairy Follow Befriend 40 threads 856 comments Oakland, CA

   1   3:19pm Thu 17 May 2012   Share   Quote   Permalink   Like   Dislike   I think you may be witnessing this http://www.bloomberg.com/news/2012-05-17/luxury-homes-spur-bidding-wars-in-l-a-as-market-rebounds.html

2. Patrick Follow Befriend (54) 5,185 threads 6,157 comments 46 male Menlo Park, CA Premium

   2   4:40pm Thu 17 May 2012   Share   Quote   Permalink   Like   Dislike   Protected   I think it's definitely true that low-end inventory is moving more quickly, while the high end seems to just be sitting there. It's just an anecdote, but I reviewed this place near me on April 14th: http://patrick.net/forum/?p=1211265 It's still sitting there unsold: http://1140middle.com/Welcome.html

3. CL Follow Befriend (12) 140 threads 1,355 comments Emeryville, CA

   3   5:15pm Thu 17 May 2012   Share   Quote   Permalink   Like   Dislike   I wonder if higher priced homes have special circumstances: Non-conforming loans, no assistance from the Gov Higher Income, so above any hardship limits Believed they could stick-it-out until a turnaround that never came HELOCs kept in bank's portfolio, so more painful to dump Houseowner has more equity from rolling former houses, or large downpayments Banks hoping to recoup more after a manufactured uptick Whatever it is, it's what I see (anecdotally) in the Oakland Hills and environs

4. bubblesitter Follow Befriend (5) 10 threads 2,329 comments

   4   7:56pm Thu 17 May 2012   Share   Quote   Permalink   Like (1)   Dislike   Patrick says I think it's definitely true that low-end inventory is moving more quickly, while the high end seems to just be sitting there. Everything other then low-end is a risk to anybody who gets a hand on it. In my zip code there are plenty 600K+ now popping up since their post 2009 purchase and guess what? they are listed lower then their last bought price.

5. rooemoore Follow Befriend 41 threads 905 comments Ross, CA

   5   8:34pm Thu 17 May 2012   Share   Quote   Permalink   Like   Dislike   FWIW, Piedmont Ca is pretty hot right now.

6. Patrick Follow Befriend (54) 5,185 threads 6,157 comments 46 male Menlo Park, CA Premium

   6   8:58am Fri 18 May 2012   Share   Quote   Permalink   Like   Dislike   Protected   OK, it's still sitting there without a "Pending" sign or anything. Just "For sale".

7. CL Follow Befriend (12) 140 threads 1,355 comments Emeryville, CA

   7   10:17am Fri 18 May 2012   Share   Quote   Permalink   Like   Dislike   rooemoore says FWIW, Piedmont Ca is pretty hot right now. I can't even afford to drive through Piedmont.

8. Patrick Follow Befriend (54) 5,185 threads 6,157 comments 46 male Menlo Park, CA Premium

   8   12:02pm Fri 18 May 2012   Share   Quote   Permalink   Like (2)   Dislike   Protected   In Atherton, when the police see someone in any car other than a Jaguar, they pull them over to do a credit check.

9. RentingForHalfTheCost Follow Befriend (8) 38 threads 2,001 comments Pleasanton, CA Premium

   9   12:50pm Fri 18 May 2012   Share   Quote   Permalink   Like   Dislike   Protected   Back in eastern Canada, even the welfare recipients that get free housing, would have complained about the lack of character in this house. The value of that place to me is in the 300-400K range. Nothing more.

10. RentingForHalfTheCost Follow Befriend (8) 38 threads 2,001 comments Pleasanton, CA Premium

    10   12:52pm Fri 18 May 2012   Share   Quote   Permalink   Like   Dislike   Protected   ptiemann says Escrow is supposed to close 05/22/2012. So.. with 28 days escrow, it is NOT a cash buyer. Glad it is not my money. Easy come easy go.

11. FortWayne Follow Befriend (13) 102 threads 3,762 comments

    11   1:31pm Fri 18 May 2012   Share   Quote   Permalink   Like   Dislike   CL says I wonder if higher priced homes have special circumstances: Non-conforming loans, no assistance from the Gov Higher Income, so above any hardship limits Believed they could stick-it-out until a turnaround that never came HELOCs kept in bank's portfolio, so more painful to dump Houseowner has more equity from rolling former houses, or large downpayments Banks hoping to recoup more after a manufactured uptick Whatever it is, it's what I see (anecdotally) in the Oakland Hills and environs Government is only bailing out up to certain limit, 600,000 something like that.... so high end housing isn't on that list.

12. CL Follow Befriend (12) 140 threads 1,355 comments Emeryville, CA

    12   3:40pm Fri 18 May 2012   Share   Quote   Permalink   Like   Dislike   FortWayne says Government is only bailing out up to certain limit, 600,000 something like that.... so high end housing isn't on that list. I think the highend areas are still 729K or so. It seems like it's a different market with different factors. That shoe is slower to drop.

13. RealEstateCafe Follow Befriend 2 comments Cambridge, MA RealEstateCafe's website

    13   3:49am Sat 19 May 2012   Share   Quote   Permalink   Like   Dislike   Here are two perspectives on the luxury housing market in Boston, the first bullish; and the second (our own), bearish. Although our comments about seasonality were among the industry perspectives presented in the Boston Business Journal’s “premium content," it did not make this video by CBS NEWS Luxury Home Sales Rise (05/14/12) http://boston.cbslocal.com/2012/05/14/luxury-home-sales-rise/ Here’s are more compelling stats and a graph from our ongoing research into “Million Dollar Markdowns” (M$M) and other trends in the luxury housing market across Massachusetts: Luxury home sales: Mixed signals, spin invite satire, monitoring. http://bit.ly/LuxRESpin Any other housing markets seeing "million dollar markdowns" (M$M) initiated by sellers / listing agents, or M$M price concessions negotiated by buyers / buyer agents?

14. ArtimusMaxtor Follow Befriend (3) 803 comments

    14   10:43am Sat 19 May 2012   Share   Quote   Permalink   Like   Dislike (1)   Luxury homes can always be bought a a deep, deep discount no matter if everything is up or down its an indicator of nothing and a really good fucking way to get soaked. Now for some real horseshit. Jerusalem the unoffical anthem of England. The "unoffical" tale goes Jesus sent the Jews to England after the Romans invaded. Joseph the "tin smith" actually sailed there supposedly. Mary was supposed to be there to in some legends. More people believe this than you would expect. Especially Hebrews. A lot of people in England believe it to. It's all bullshit of course since there was no "Jesus". Just a bunch of skeevy usuors with some clever ways. It wouldn't be so sad however people believed this crap for centuries. They still do today.

15. John77777 Follow Befriend 1 comments

    15   1:55pm Sat 19 May 2012   Share   Quote   Permalink   Like   Dislike   I'm sitting here in an upper-end home, but it's not for sale. Still, according to Zillow (for whatever that's worth), it's worth less today than a few years ago. Do I care? No. The house is paid for and it's all relative.

16. Malkovich Follow Befriend (4) 20 threads 108 comments San Francisco, CA Malkovich's website

    16   8:45pm Sat 19 May 2012   Share   Quote   Permalink   Like   Dislike   CL says rooemoore says FWIW, Piedmont Ca is pretty hot right now. I can't even afford to drive through Piedmont. Tell me about it: My and my GF were looking for some cheap breakfast a couple weekends ago. We stopped in a charming little place called Camino on Grand. Turned out to be a $60 brunch.

17. Mick Russom Follow Befriend (2) 7 threads 530 comments Belmont, CA

    17   11:50pm Sat 19 May 2012   Share   Quote   Permalink   Like   Dislike   Nobody actually makes enough money to sustain the taxes, upkeep and cost of owning 500K+ homes for very long. not even at 4%. not ever in california. Its a new bubble, not as big as the last, but its a bubble forming again, it it will end the same way. Mortgaging the future with uncertain income (most of all of us not buying a house outright or with more than 65% equity have uncertain futures and incomes) is a definite way to end up in the tank. Again. yes, the same as last time. Interest rates could even be slightly negative and it still wont save this ponzi.

18. Mick Russom Follow Befriend (2) 7 threads 530 comments Belmont, CA

    18   11:52pm Sat 19 May 2012   Share   Quote   Permalink   Like   Dislike   Patrick says t's still sitting there unsold: http://1140middle.com/Welcome.html A rusty 60 year old mold infested absestos dump! I want one! Only 1.2 million ask!? Chump change. Ill just need to get three more jobs to my existing two! No sweat.

19. Mick Russom Follow Befriend (2) 7 threads 530 comments Belmont, CA

    19   11:53pm Sat 19 May 2012   Share   Quote   Permalink   Like   Dislike   Patrick says In Atherton, when the police see someone in any car other than a Jaguar, they pull them over to do a credit check. Yeah, its so they know how much they can write the ticket for? A pickup truck full of day workers? Catch and release. A middle class guy with kids? Stick it to them. hard.

20. CL Follow Befriend (12) 140 threads 1,355 comments Emeryville, CA

    20   10:28am Sun 20 May 2012   Share   Quote   Permalink   Like   Dislike   Malkovich says CL says rooemoore says FWIW, Piedmont Ca is pretty hot right now. I can't even afford to drive through Piedmont. Tell me about it: My and my GF were looking for some cheap breakfast a couple weekends ago. We stopped in a charming little place called Camino on Grand. Turned out to be a $60 brunch. I think that's Oakland, no? Piedmont has some beautiful early 1900s mansions...really beautiful. "The city of millionaires!"

21. rooemoore Follow Befriend 41 threads 905 comments Ross, CA

    21   11:20am Sun 20 May 2012   Share   Quote   Permalink   Like   Dislike   CL says Malkovich says CL says rooemoore says FWIW, Piedmont Ca is pretty hot right now. I can't even afford to drive through Piedmont. Tell me about it: My and my GF were looking for some cheap breakfast a couple weekends ago. We stopped in a charming little place called Camino on Grand. Turned out to be a $60 brunch. I think that's Oakland, no? Piedmont has some beautiful early 1900s mansions...really beautiful. "The city of millionaires!" Nice homes, priced well, are getting 15 -20 offers with some getting as much as 30% over asking. It's nuts.

22. rooemoore Follow Befriend 41 threads 905 comments Ross, CA

    22   6:34pm Wed 23 May 2012   Share   Quote   Permalink   Like   Dislike   Larry Is A Liar says rooemoore says Nice homes, priced well, are getting 15 -20 offers with some getting as much as 30% over asking. It's nuts. Which eventually turns into 15-20 houses with no interest after 30% price reductions. It always happens. Not in anytime soon in Piedmont. Maybe where you live though. In case you hadn't noticed, the top 1% of the 1% are doing pretty well these days. The rest of us are fucked.

23. rufita11 Follow Befriend (3) 10 threads 164 comments San Ramon, CA

    23   9:50pm Wed 23 May 2012   Share   Quote   Permalink   Like   Dislike   CL says rooemoore says FWIW, Piedmont Ca is pretty hot right now. I can't even afford to drive through Piedmont. I rented in Piedmont. It is a unique place. A little unreal at times, but lovely, with mostly friendly neighbors. Fact remains that you can still hear gunshots at night from down the hill in Oakland.