Even areas like Dallas that didn't experience big bubbles, the property prices are still worth much less than the asking prices. Some stubborn owners are getting a rude wake up call. In mid-March 2010 I went to look at a few investment properties. I saw one in Plano, Texas which is a nice fairly affluent Northern suburb of Dallas.
I visited 4476 Sandy Water Lane Plano, TX 75024 and the next day I made an offer. They were asking $337,000 at the time. I made a CASH offer at $300,000 and they rejected it and counter offered at $327,000. I told them that it was too high. Their realtor mentioned that they rejected offers at $310,000 and $318,000 as well (although those offers were with financing).
I told them the prices were going to continue to deteriorate.
I just got an email with the realtor that I made the offer with. The listing agent has since dropped down to $284,125. I'm sure the property will go fast at that price but the seller probably feels a bit foolish not accepting those higher offers. We still have a way to fall.
On the other side of the coin, I was looking at properties near Del Mar near San Diego and the market there has really done well in good areas. Before we arrived I sent my realtor there about 5 properties that I wanted to see and they were all sold by the time I arrived just a month later. Even while we were there we looked at some houses and one that we saw on the first day it listed sold on day #6. (5449 Sonoma Place San Diego, CA 92130).
I was only looking at newer homes or properties that already had been renovated and most of them are sold quickly. I believe prices should continue to fall into the next year but properties that are renovated in good areas near San Diego seem to be moving along.
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Even areas like Dallas that didn't experience big bubbles, the property prices are still worth much less than the asking prices. Some stubborn owners are getting a rude wake up call. In mid-March 2010 I went to look at a few investment properties. I saw one in Plano, Texas which is a nice fairly affluent Northern suburb of Dallas.
I visited 4476 Sandy Water Lane Plano, TX 75024 and the next day I made an offer. They were asking $337,000 at the time. I made a CASH offer at $300,000 and they rejected it and counter offered at $327,000. I told them that it was too high. Their realtor mentioned that they rejected offers at $310,000 and $318,000 as well (although those offers were with financing).
I told them the prices were going to continue to deteriorate.
I just got an email with the realtor that I made the offer with. The listing agent has since dropped down to $284,125. I'm sure the property will go fast at that price but the seller probably feels a bit foolish not accepting those higher offers. We still have a way to fall.
On the other side of the coin, I was looking at properties near Del Mar near San Diego and the market there has really done well in good areas. Before we arrived I sent my realtor there about 5 properties that I wanted to see and they were all sold by the time I arrived just a month later. Even while we were there we looked at some houses and one that we saw on the first day it listed sold on day #6. (5449 Sonoma Place San Diego, CA 92130).
I was only looking at newer homes or properties that already had been renovated and most of them are sold quickly. I believe prices should continue to fall into the next year but properties that are renovated in good areas near San Diego seem to be moving along.
#housing