2018 Jan 9, 10:16am
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Hope the housing market holds up thru Sept. so I can sell my rental in Pasadena, CA.Time to cash out.
If bush hadn't cut taxes, slashed regulations on the financial industry, and raised government spending that wouldn't have happened
Either somebody got a deal, or this is the beginning of severe pricing discounts in San Diego County.This house sold for $205 per foot. It is 70s construction, but it looks like it was somewhat updated. For comparison, I sold for over $400 a foot for $445K last November. My house was under 1,100 square feet. 80s construction, but not even as nice as this house.
Southern California home prices soared to all-time highs in March, pushing values further out of reach for some buyers and causing others to stretch their finances more than expected.Home sales, meanwhile, dipped from year-ago levels due mainly to a persistent lack of inventory.
bob2356 saysIf bush hadn't cut taxes, slashed regulations on the financial industry, and raised government spending that wouldn't have happenedPar for the course. Who signed the repeal of Glass-Steagall?
We'll have to see. A valid sale is hardly anecdotal evidence. If you look, the reason isn't lack of inventory, it is lack of sales at the lower level. This is significant because it shows what the smaller houses are potentially worth. The median price will go up, just like last time, but it is misleading, because it is reflecting discounted larger homes and a drop in the smaller ones. You are also corroborating my observations that sales are down 6-10%. That's actually pretty significant. I can show you pages of larger homes selling between 200-300 per square foot. When smaller homes sell for 200 a foot, like this one did, that is the price they were going for in 2004 in this area. I bought in that area in 2000 and have lived in San Diego since 1990, so I have a general feel for the county's price history. One last thing, I am now seeing multiple open house and for sale signs on corners, we are not hurting for inventory, it is growing.
No one will sell a $545,000 house for $380,000 unless it's a fixer upper, has earthquake damage, structural problems, inter family transactions or some other issue.Find me a genuine deal like this and I will give you a $20,000 finders fee.
Here is a very drastic example of discounting. Large homes are a bargain in my area. Homes like these are keeping median prices up, but the market is continuing to weaken in San Diego County. This house sold for $139 a foot.
--------Dear Malcolm,I hereby raise the finders fee I am willing to pay, to $25,000, to anyone who can find me a deal like the one you mention in post 53. Strategist
If you look at the sales record of my home, it would be over $100k less than the market value at the time since like other have pointed out, it is a family transaction. I'm sure my neighbors hate me for bringing down their comps.
I'm back baby!!!!!
Please post the address or at least zip code of the foreclosure that you win in the auction. I'd like to see the demographics for the zip code at least ,and if possible the price and tax history for the home (via Zillow).
Here is the actual property,
Trulia estimates it at $552, 242 and it was sold in 2019 for $390,000
It is loss of income on houses that are actually not under water and the banks are pulling the plug on the refinance game
Loss of income ? You mean they can't rent the homes at a reasonable and sustainable price ?
Malcolm saysEither somebody got a deal, or this is the beginning of severe pricing discounts in San Diego County.This house sold for $205 per foot. It is 70s construction, but it looks like it was somewhat updated. For comparison, I sold for over $400 a foot for $445K last November. My house was under 1,100 square feet. 80s construction, but not even as nice as this house.Anecdotal evidence is not indicative of anything, least of all the beginning of a housing crash.This is what matter.https://www.ocregister.com/2018/04/23/southern-california-home-prices-hit-record-highs-in-march-amid-slower-sales/ Southern California home prices soared to...
I HAVE CAUGHT ZILLOW DELIBERATELY DELETING BANK SALES FROM ITS SOLD LISTINGS.This is obviously at the request of the Realtor bunch. Now it would seem almost no houses are being sold, since the bank sales were the biggest bunch, however, people will be happy to know that the median price is probably still going up because shedding these sales from the database will make conventional sales appear stellar. If you are curious about a real example, fortunately I had pasted one of them in this thread. It is no longer showing in sales search results, along with numerous others in the same area that I know sold because they used to be there.A lot of people now have a false sense of security.
I've seen a fake sales on the low end too. My neighbors home showed up on Zillow last summer as "sold"... for about $100K below market value. They didn't move and a for sale or sold sign was never placed in their yard. I didn't ask they, because I didn't want to invade their privacy.. but i assume it was either a zillow mistake.. or maybe their parents had originally bought the home in their name..and just sold it to them recently at a lower than market rate and it showed up as a sale. Not sure if you can glean too much evidence from some random sales on zillow.... gotta take the median sales prices.
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