patrick.net

Get a load of this one.

Priced at 1.34m on June 15/2013
Sold to some fool at 1.25m on Aug 8/13
Now fool is trying to find another fool to buy at 1.34m.

The commission alone would make the buyer profitless, so I suspect it is a relator transaction.

http://www.zillow.com/homedetails/16-Castledown-Rd-Pleasanton-CA-94566/25082236_zpid/

I'm a buyer at 700k tops. Wait this fool out is the play here. ;)

egads101 says

somebody started with an overpriced listing.... hardly proves your point. Zillow has the zestimate at $406K, so unless you have some comps showing these selling for $500k recently, it doesn't prove your point...

Denial is more than a river. Down down down down. How low do we go. Nobody knows. We are basically bankrupt as a country, we just don't want to admit it.

Good!

Burn baby burn we need real estate to crash to half of what it is selling today.

It looks like it was listed higher than market because the market is slowly turning south. Soon everything will appear listed "higher than market". A zillow alert in my area recently came to my email: all price cuts...on houses in the range of 400k to 1.2M. All were cut. As a prospective buyer...I say naaiiiice.

SJ says

Burn baby burn we need real estate to crash to half of what it is selling today.

Yes, please. Although that would ruin boomers and gen Xers in debt to their eyeballs. And more importantly, the 0.1%.

Boo hoo.

RentingForHalfTheCost says

http://www.zillow.com/homedetails/16-Castledown-Rd-Pleasanton-CA-94566/25082236_zpid/

I'm a buyer at 700k tops. Wait this fool out is the play here. ;)

yep... 1996 price at $480K adjusted for inflation is about $700K today.

I am still waiting out for 1975.

SJ says:"Burn baby burn we need real estate to crash to half of what it is selling today."

The only offer a buyer should make is 10% of listing price.
I don't care about the seller, agent or an REO holder. They are looking for a Sucker. Stop! Is 10% too high an offer?
Of course every buyer has the right to overpay for an overpriced house.

RentingForHalfTheCost says

I'm a buyer at 700k tops. Wait this fool out is the play here. ;)

Yeah, roughly around 50% of asking is where most open houses I look at become interesting.

Obviously some sellers overshot the market with their lofty list prices. The fact remains that there is demand from a small percentage of people who are end users. And if prices drop much, overseas cash buyers and REITs will snap them up. There is only one way to decrease housing prices significantly: building more, a LOT more. And with stultifying restrictions, bureaucracy, and red tape that is very costly and nearly impossible in many places. So no, don't pay super high prices for homes, but don't expect another crash either. You will still be waiting ten years from now.

Quigley says

And if prices drop much, overseas cash buyers and REITs will snap them up

With many Asian currencies getting hammered this summer, I doubt, the Asian overseas buyers will have the same purchasing power as three months ago.

How does one buy below market or sell above market?

By definition, once the transaction occurs, that's the market price of the asset.

So many people think they always buy below market. News flash: you never have, and you never will.

HydroCabron says

How does one buy below market or sell above market?

By definition, once the transaction occurs, that's the market price of the asset.

So many people think they always buy below market. News flash: you never have, and you never will.

When the selling realtor chooses his 3 comps, that becomes the market value. We know its all bullshit.

treatmentreport says

Quigley says

And if prices drop much, overseas cash buyers and REITs will snap them up

With many Asian currencies getting hammered this summer, I doubt, the Asian overseas buyers will have the same purchasing power as three months ago.

Yes let's not forget china is an even more artificial economy than ours. When reality wipes it out forget about all this overseas buyer shit.

egads101 says

somebody started with an overpriced listing.... hardly proves your point. Zillow has the zestimate at $406K, so unless you have some comps showing these selling for $500k recently, it doesn't prove your point...

You're such a moron, everyone knows that you can't overprice a home in the Bay Area. That place will easily be going for 700k next summer.

dunnross says

I am still waiting out for 1975.

dude none of your predictions came true. what happened to the collapsed dollar?

JH says

SJ says

Burn baby burn we need real estate to crash to half of what it is selling today.

Yes, please. Although that would ruin boomers and gen Xers in debt to their eyeballs. And more importantly, the 0.1%.

Boo hoo.

We need a lot of things. Won't happen.

My wife and I bought at the bottom in Danville about a year and a half ago. It was a house nobody wanted in a place where everyone wants to live. We have absolutely made out like bandits.

Mark D says

dunnross says

I am still waiting out for 1975.

dude none of your predictions came true. what happened to the collapsed dollar?

The strength of our dollar is more about the United States military and our status as a giant among midgets than anything else.

Hey! Welcome back root. How did you get the election so wrong? What happened to all your inside sources??

rootvg says

My advice? Buy guns and ammo if you can find it. Black on white and other
types of violent crime and assaults appear to be on the increase. If something
would happen to Obama and Leroy and his buddies come down our street, I'll be
ready for them. Boy, will I ever be ready!

No thanks. I don't take advice from crackers.

egads101 says

rootvg says

The kids and Third Worlders are driving this thing and all they want is their monthly check. You can't really compete with niggers in large numbers showing up to the polls to get their stipend.

there is another human being as worthless, stupid and disgusting as bap33 on here?

I think you could have just said "racist" Roberta. Lots of people are racist, most of the world, as a point of fact. And they can't all be stupid and worthless. Sure, their views are disgusting, but we don't have to go much beyond narrow minded and bigoted. As an additional reminder, as you hail from Spain, you come from a long legacy of extreme racists and xenophobes. Killing off the central and South American Indians and enslaving the rest, and imposing a caste system where Spanish blood was measured and worth so accorded by its measure of dilution.

Sheez I sure wish that RFHTC and that golden turkey white crane guy would get a room and slug it out for once and all. Real estate is WAY inflated and overpriced here. Thats why as soon as I have my plane, I am buying a place in Sacramento and moving. I will deal with driving/flying into the office once or twice a week so that I can cut my expenses in half and at least have a 3 bedroom home without living in a crappy overpriced 1 bedroom apartment.

Cool I sure hope you are right so that we can call that crane quacker a golden turkey if east bay RE tanks. Still would like to see a live televised broadcast of RFHTC slug it out with the white crane turkey.

So why don't you educate us with some examples of your claimed prices?

RentingForHalfTheCost says

More proof that sellers are chasing. Here is a map of the sellers who have reduced their price in the last 30 days. So much for multiple bids. Hahahahahaha

Yes this is happening in southern CA also. Finally...

tatupu70 says

Hey! Welcome back root. How did you get the election so wrong? What happened to all your inside sources??

I guess he was finally released from Napa State Hospital.