patrick.net

CrazyMan says

Uh, and now you're being delusional. The data is pretty clear that they are.

Perhaps in CA, but not nationwide. Last month showed YOY price gains.

Ceffer says

I see occasional listings in Santa Cruz close to the beach going into foreclosure for the second time, once when an investor caught the falling knife around 2008 and bought the first foreclosure, and then again when the price dropped another 100-200k after that, foreclosure #2.

I see the same pattern in my area. There were quite a few coming up on my radar. Basically,all of them foreclosed post 2008 and and are now listed below the original sold price. I am not sure what the deal is though,investment/rental going back to market or first or second time owner defaulting?

thomas.wong1986 says

rowemoore says

WTF? Ignore. Goodbye!

Dunnross is right! and the truth hurts...

You're right of course. No wealthy people live in the bay area. What was I thinking to suggest there are super wealthy communities in the bay area? By national standards cities like Woodside, Palo Alto, Hillsborough, Piedmont and Kentfield are lower middle class at best.

JohnJohn24 says

$950,000 to $499,000? The seller isn't too subtle. This is definitely a California thing. In other states you will see small adjustments of $1,000 or so until the price finds a critical market. Going from nearly one million dollars to half a million dollars is just hoping you hit the real estate lottery.

I've seen a lot of that here certainly. Someone speculates heavily into land and than lives there in a trailer for years hoping to hit a jack pot.

I've never heard any success stories, and usually end up seeing same people living in trailers for years and years so I don't think they are successful.

bgamall4 says

It isn't like Pasadena is like Beverly Hills or Pacific Palisades.

Gary Anderson strategicdefaultbooks.com

Or San Marino which is right next door to Pasadena. Good luck waiting for prices to drop 40% in San Marino...

rowemoore says

What was I thinking to suggest there are super wealthy communities in the bay area?

Yes.. its called Marin.. if your tired of driving your car.. jump into your yacht thats parked in your back yard. Take a spin across the bay if you want.

bgamall4 says

Is that where Pinky and Blue Boy are? Big art museum there. Nice mansions too.

Yes, the Huntington Museum and Gardens are in San Marino and border Pasadena. www.huntington.org

robertoaribas says

now you've got only 27 months

27 months is plenty of time for you to lose your shirt. And, lose it, you most certainly will. And your boxer shorts, as well.

David9 says

AlexG says

Patience, patience friends - this WILL happen

I so hope you are right. The new available properties in my LA area today are all 'flips', some investor somehow got a good deal, went to Home Depot, and is now asking 50K more. It is sickening to me.

Where I am looking in Santa Cruz and the East Bay, Home Depot flippers are looking for $200K more than they paid. Those properties are just sitting on the market though. A little bit of hope that things will cool down.

rufita11 says

for $200K more than they paid.

Yes, that too, must have been the Redfin email of the day as most investors are adding on more than that when attempting to sell their investment properties.

Repeating myself, I feel this is discrimination against anyone who does not have boat loads of cash. And this is not exclusive to 'Home Depot Flippers'. At auction.com, many properties are 'cash only'. But, way of the world I suppose, doesn't mean I'm going to be a fool.

robertoaribas says

yawn...

Please don't post a pic of yourself without your boxer shorts, 2 years from now. With a cheap $2 soda, or without.

dunnross says

My prediction - 40% haircut in 3 years or less for BA fortress.

Nope.