patrick.net

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

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/?p=1211265

It's still sitting there unsold:

http://1140middle.com/Welcome.html

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

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.

FWIW, Piedmont Ca is pretty hot right now.

OK, it's still sitting there without a "Pending" sign or anything. Just "For sale".

rooemoore says

FWIW, Piedmont Ca is pretty hot right now.

I can't even afford to drive through Piedmont.

In Atherton, when the police see someone in any car other than a Jaguar, they pull them over to do a credit check.

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.

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.

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.

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.

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?

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.

http://www.youtube.com/embed/URuwU5ZzEGI

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.

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.

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.

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.

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.

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.

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!"

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.

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.

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.