‘Gravity Is Working Again’ In California
Some housing bubble reports from California. “It’s over. For the past 10 years, the San Fernando Valley’s residential real estate market has been fascinating to watch. Those who jumped in this time last year might be getting jittery. Likewise for anyone holding a teaser rate loan with a mortgage payment that’s going to rise come adjustment day. Gravity is working again and no one knows what toll it will take.”
“Since January, 5,663 previously owned houses changed owners, according to the Van Nuys-based Southland Regional Association of Realtors. That’s a 24.6 percent drop from the same period last year. It’s also the fewest sales since the first seven months of 1993, when there were 4,754 transactions.”
“And this year is the first since 1996 that sales so far have failed to break the 1,000 mark in any month.”
“‘I’ve become a bit more pessimistic,’ said Michael Carney, at California State Polytechnic University. ‘We’ve seen a much bigger decline in sales than we have been seeing for a while. The slowdown has become more strong.’”
From San Luis Obispo. “The recent slowdown in the local housing market has brought some price reductions to homes in the $1 million-plus range. Broker Wes Burk said many people believe that the ‘longer they wait the better a deal they may get. Especially in the million-plus category, there are fewer buyers than there have been in a long time,’ said Burk, noting that there’s about eight months of unsold inventory in the city.”
“But sellers in San Luis Obispo are starting to become more realistic about their asking prices. He’s seen $50,000 price reductions on high-price listings.”
“Shasta County’s real estate bull run is over, according to area housing experts. Investor interest, in part responsible for the north state’s real estate boom the past few years, has waned, which has swelled the number of homes on the market, said (realtor) Josh Barker.”
“The glut of listings has helped shift the housing market as sellers are throwing out incentives to lure buyers. Barker noted that today there are more than 2,000 homes on the market in Shasta County, a level not seen since the mid-1990s.”
“‘I have talked to a couple of Realtors. They have said all of a sudden there are just no shoppers,’ said Wayne Gungl, Redding Building Permit Center supervisor.”
“Mike Van Bockern, foreclosure specialist in Redding, said property values are starting to stagnate, and that has scared investors. Some homes on the auction block also were financed with no-interest, no-down payment and 100-percent-financed loans.”
“Investor bidding has dropped off significantly, maybe down 50 percent from a year ago, Mike Van Bockern said. ‘You’re not having any bidding wars for it,’ he said.”
The Associated Press. “With sales stalled by a spreading slowdown, incentives are on the rise in San Diego and other big cities that saw explosive condo construction during the boom.”
“In real estate, signs of desperation can be counterproductive. Many prospective buyers are shrugging off the enticements. ‘We can wait a while and try to get the most for our money,’ said Andy Albert, who recently sold his home in Carlsbad, after knocking 10 percent off the asking price.”
“‘The only people who are buying right now are the people who really need to,’ said Peter Dennehy of a San Diego consulting firm. ‘There are a lot of people waiting on the sidelines, because they’re under the perception that they’ll get a big deal if they hold off,’ he said.”
“‘This is the first time we’ve experienced a housing recession where the oversupply is in urban units rather than single-family homes,’ said Gary London, president of a San Diego real estate consulting firm.”
“And a raft of new projects are currently under construction, threatening to exacerbate the problem. The city’s Centre City Development Corp. estimated 3,562 new condo units in 34 projects were in the works in July.”
“Developer Maisel Presley is selling condos online by dropping the price by $1,000 a day until a unit sells. A new development in upscale La Jolla is dangling zero money down programs to lure buyers. On a recent Sunday afternoon, two real estate agents sat alone in the Atria sales office. Outside, bright green sandwich boards peppered the sidewalk and a woman twirled a large arrow to grab the attention of passing drivers.”
“About half the 150 units have sold since developers converted the building from rental apartments to condos last year, said Ed Easley, (who) manages the building. ‘We’re in a market that requires incentives, and just about everybody has got some sort of a program for their buyers,’ he said.”
A reader sent in this link:
‘ In yet another
sign of the region’s cooling housing market and rapidly changing real estate landscape, prominent East Bay firm Century 21 Heritage shut at the end of last month.’
Excellent article, it highlights what many here have talked about…namely, the real estate game is changing, traditional offices are at the mercy of the Internet. I love it! Consumers now have information that the agents used to control, good for us, bad for them…
How far down will the prices go. I think that’s the real question. 5%, 10%, 205, 50%.. My guess is the bottom will be around 2003 prices. Another questions…. If inflation rises by 5.0% and a house’s price drops by 5%, is that actually a decrease of 10%?
“‘The only people who are buying right now are the people who really need to,’ said Peter Dennehy of a San Diego consulting firm.”
The obvious implication is that nobody is buying, because with rents at 2/3 the monthly cost of owning before even factoring in the growing risk of asset price depreciation, nobody really needs to buy…
I quote from the Trib to wit: ‘a home-buyer with a $1million, 30 year fixed loan and a 20percent down would pay a $5,768 monthly mortgage, including taxes and insurance. That buyer would need to earn about $16,000 per month’. That’s $192,000 per year. ‘Willie Sutton, where are you?’
‘Willie Sutton, where are you?’
And this is relevant how?
Rob me a bank Willie, I need my 192k
“Developer Maisel Presley is selling condos online by dropping the price by $1,000 a day until a unit sells.”
Dutch auction is the way to sell in a declining market, provided you lower your asking price fast enough so that the market downtrend in price does not run away from you. If they did not start with their list price too unrealistically high, then hopefully $1000/day will get them down to the market price in due time.
This way you don’t have to wait long to feel like a dumb-ass buyer ….
It’ll be tomorrow.
should take about 6 months as least
The San Luis Obispo Tribune is still quoting local real estate shills like Wes Burk and Mike Byrd as well as CAR deputy economist Robert Kleinhenz in their articles today on the RE market. I guess we beat up on Leslie so much she didn’t want to be quoted. The paper has two supplements and two parts on Saturday and two parts and suppliments on Sunday. Advertising lines and listings appear to be triple what they appeared to be last year this time (July-Aug). Pismo has over 12 months of inventory. Come on Bernanke, no more paper cuts. Be a man like Voelker and slam the door on inflation.
Poor Leslie — I have a feeling she has come to her senses and recognized what is going on. But there is no way she can retract the statements she made to the press last year, which seem rather foolish at this stage of the game…
What is additionally sad, is there was NO EVENT the real estate cheerleaders can point to and say “that’s what did it – right there …… that’s what turned the market”.
You know they wanted it ….. much less embarrassing that way.
Instead, in the end, it was the overwhelming shear weight of the ‘Ponzi Scheme of Lies’ that finally cracks the foundation of this housing debacle. They have to live with that, and you can see how they do; One day you’re waving the flag of victory, the next you’re cowering in the dark corner of your big office closet, with the phone you jerked out of the wall setting in your lap ……
I sure hope we discover the UK liquid bomb planning was funded by foreign terrorist and not the NAR …… (wait a minute …..)
(crap! Now I’m really not sure who has done the most damage)
What is additionally sad, is there was NO EVENT the real estate cheerleaders can point to and say “that’s what did it – right there …… that’s what turned the market”.
———————-
Ah, but you are wrong on that one (sarcasm). Anyone can see it was that evil Ben Bernanke who trashed everyone’s housing party. It’s those **awfully high** interest rates that did it.
Had nothing to do with super-inflated housing prices or that we just ran out of people who could affor starter shacks at $500K a pop (with NINA, no-doc, suicide loans) . Has nothing to do with the fact that houses aren’t worth anywhere near what they’ve been selling for if you can’t make an easy $10K a month on price appreciation. Nope, it’s the interest rate hikes, for sure.
[sarcasm off]
I stand corrected …..
Lefontome,CA renter.
I side with you LeFontome “you know there is no event yo point to”!
Well it’s not interest rates and its not Bernake!
1st It was Greenspan that wanted to cool housing last June 2005. Bernake was nominated in October. {Top in by then} The Fed began raisng rates in June of 2004…So Real estate went wild in the FACE of those rising rates. The big shot real estate flipper / investor chose to ignore what the Fed was up to! To point to Bernake’s 1 of his 3 rate increases AFTER the prior 14 by Greenspan did nothing to temper the flippers, does not compute VS.the factual TOP.(June - August)
The Govt. keeps telling us the economy is good, inflation is contained and employment is 4.6% (FULL)
Truth is, there is NO EVENT or macro- economic excuse! It is WHY this down turn in Real Estate is SO SCARY!
The Event was this:
The last possible qualified low interest rate buyer signed on the dotted line, when over 80% US populaiton were now home owners…Even illegals were brought in the big buyer tent….With nobody left outside the homeowners tent looking in yet to buy!!! We are left with only sellers..
Inspired –
I agree with your point. Thus far in the history of Western capitalism, all manias have ultimately self-extinguished. Government intervention can forestall the day of reckoning, but it cannot prevent it. Moreover, efforts to delay the inevitable bust may make the ultimate crash far worse, as the clueless public becomes acclimated to bizarre ideas like the potential to secure a third highly compensated household income source by purchasing an expensive home. The adjustment shock from euphoria to denial to bargaining to acceptance is far more painful in this case.
Inspired,
You missed my “sarcasm” note. Joe Sixpack only knows what is before his own eyes. If the market tanked in spring 2006, and BB raised rates when the market was already turning down, they will blame BB. Most people, unfortunately, do not try to look at the chain of causal events from beginning to end. They just take one point in time and extrapolate from there, IMHO.
If you look at my 2nd paragraph, you’ll see that I said exactly what you did, albeit from a sarcastic perspective.
I read the articles too.
“For million-dollar homes, realty sales remain solid”
http://www.sanluisobispo.com/mld/sanluisobispo/15264248.htm
“$1 million no longer buys ‘one of those special properties’”
http://www.sanluisobispo.com/mld/sanluisobispo/15264246.htm
I’m getting really tired of this shit. People need to snap out of this RE funk and realize it isn’t the listing price but the sales price. It’s only worth what someone is willing to pay for you idiots. Here in SLO there are over 350+ listings. Nothing is moving.
Absolutely right. Inventory is up 100% from January. Some of the recent reductions in price have been upwards of $80,000.
> Some of the recent reductions in price have been upwards of $80,000.
That doesn’t make up for the price increases by a long shot.
Increases by multiple hundreds of thousands were de rigeur and will eventually be echoed on the downside.
To paraphrase and reverse a realtor quote that appeared on this blog a few weeks ago:
“The owner of a million dollar home can now realize the fantasy of downsizing into a $500,000 home, without the hassle of actually having to move.”
One of the best quotes I have ever seen on this board. Priceless!
“From rags to riches and back to rags”
This line was used to describe the plot for the 1979 movie “The Jerk” with Steve Martin and reminds me of our current real estate situation.
“He hates those cans!!” (in response to the sniper while working at the gas station).
Our realtors are crying, “Buyers are spooked by the cost of gas” and other nonsense.
All equally off base.
Apologies to those who haven’t seen/didn’t like The Jerk.
LOL I’m fell off my chair laughing.
“‘The only people who are buying right now are the people who really need to,’ said Peter Dennehy of a San Diego consulting firm. ‘There are a lot of people waiting on the sidelines, because they’re under the perception that they’ll get a big deal if they hold off,’ he said.”
Looks like buyers are sobering up to the fact that the last few years have been a speculative mania and are starting to realize the real risk involved. I hope most of them realize the waiting period for a bottom in prices is years not months.
Definitely years. The longer we wait, the better the deals.
If credit tightens as fast as I think it will, in the face of increasing losses, this might unwind in as little as two years… Even after that it will likely take 15 years to completely deflate, but without continued easy credit, this chicken is in the pot!
“Developer Maisel Presley is selling condos online by dropping the price by $1,000 a day until a unit sells.”
Next, after the sign twirlers wear out, Elvis, er Maisel, will attempt to introduce the “HOSA” (Home Owner Special Assessment).
This will include the usual HOA fee plus a kickback to the developer to compensate for price cuts.
HOSA…you heard it hear first.
‘There are a lot of people waiting on the sidelines, because they’re under the perception that they’ll get a big deal if they hold off,’
This is stage two of the big REIC lie. Stage One was was the “soft landing, leveling out, temporary slowdown” load. Now they want to get the idea printed widely that there is a huge amount of pent up demand, people with cash and good credit waiting on the sidelines. While that describes me, I don’t encounter a lot of people like me. Mainly I see a reaction of incredulity when people find out that I sold in late 04 and rent when I could easily qualify for a ton of mortgage debt, pay 20% down, and not even take a big hit to my lifestyle to have a grossly overpriced house. However, I grew up poor so the idea of just throwing money away on a deflating asset is offensive to me, renting is FAR cheaper than buying at these prices, and I am prepared to wait until 2008-9 before making another move. The lie is that as soon as prices drop a few percent (in reality they have, officially those numbers will start hitting next month in LA), those in the sidelines will rush in and prop up the market! I think anybody who is serious enough to act on the imploding bubble and risk hundreds of thousands of $ as I did, would not qualify as pent up demand ready to rush back in willy nilly like the yahoos who created this mess when next year’s 10% correction happens, or even after the following year’s 15% correction. Most who have actually studied the P/E ratios of homes (and yes, there is such a thing and it makes perfect sense and the market will correct to the trend line and houses ARE a commodity like anything else despite the Realtor-manufactured emotionalism around them and I DO live in my portolio as it pays my monthly living expenses) will simply wait until those ratios reach a sustainable number. I know I will. . . no matter how many articles crafted by a failing industry trying to sell me their products are published to make people feel they are making a mistake by assuming markets reach equilibrium points.
you are smart to do what you did - and you are right - they are still feeding a load of crap to the swarming masses.
IMO, 2010 may be better…..
Big Lie #1 was the bubble didn’t exist.
That is being repudiated.
Big Lie #2 is the pent up demand described above.
It will also be repudiated.
What is big lie #3?
OR is the REIC going to be too depressed and despondent to mount a PR campaign for Big Lie #3?
Big Lie #3? “There’s never been a better time to buy than now!”
Anyone ever get the feeling the REIC is hovering around these blogs? After all, where are they getting this idea of “lots of people” sitting on the sidelines with buckets full of cash? We only know of one other couple who sold-to-rent (heard rumors of some neighbors who sold to rent), but we are certainly NOT in the majority. As Bubble Rubble said, the bubble sitters who were willing to uproot their families and sit in rentals are not looking for 10-20% off. We’re expecting a minimum of 35-50% off. That will take a long, long time, IMHO. We’re not exactly willing to “rush” into any market until we are sure we’re near the bottom.
Everyone with a dog in the RE fight lurks here!
The media, yep.
NAR/CAR, yep.
Federal Reserve, probably.
Lenders and MBS buyers hell yes.
Other bloggers have posted the IP registrations of who is hitting their RE bubble blog and all of them were.
Ben hasn’t shared his list but if a minor RE bubble blog got those hits you better believe the mother of all housing bubble blogs gets visitors from everyone who has a dog in the fight.
Yup. I get government agencies, major banks, media, universities, and lots of lots of ordinary folks too!
This IP keeps showing up:
132.200.33.130
I think the pent-up demand idea is based on the fact that sales have dropped. The argument being that those “sales that would have occurred” if sales hadn’t dropped, represent real buyers waiting to buy.
Of course in reality the sales aberration isn’t today’s “low” sales, it was the high sales rate during the bubble. And all that extra demand from speculators isn’t coming back for a long time.
I’m waiting for my NASDAQ-discount! 75%.
Agree. No hurry at all.
I have also begun seeing this “pent up demand” argument, but the small number of us who are out there will wait until rent is 100 time purchase price. . .$1500 rent = $150,000 house/condo. . .I bought rental property in Calif in the early 1990’s during the housing downturn - I DID pay 110K for a condo, and rented it out for $1000 a month. . .now that condo is 450K and the rent is only $1400. I sold it in 2004. . .
Even if we did buy, which we will not, are numbers would not put a dent in the “pent up demand”
Is no one here anticipating a Spring “dead cat bounce” this time? I notice that “sideline money” does show up on this blog from time to time with questions like “Do I need to wait until next April?” or “Should I offer 20% under asking on a currently offered property?” Seems to me that stressed lenders and the NAR could conceivably finagle one last hurrah, if nothing exceptionally dramatic - i.e. Enron-eclipsing Fannie and Freddie indictments or the like - happens between now and February. Maybe by giving current FBers some kind of trojan horse that will allow them to sell and worry about the gap between sales price and their equity, later? (Hey, how ’bout leased-car type incentives from the builders? We’ll pay off your old mortgage when you buy in our new retirement community for only $799,999!)
I wonder if there might not be a fair amount of “money waiting on the sidelines” that is not be quite so smart, and may be itchy to call a bottom too soon. Would even suggest that it might take some new mania coming into being (precious metals?) before sentiment turns entirely on the waning one.
I could see how someone from the media who is reading this blog could get the misconception that there are a lot of potential buyers waiting on the sidelines.
There are alot of bloggers here (if I read it right) with plenty of cash, some hot, some not so hot. I consider hot money where the CD or treasury has a maturity of less thsn 180 days.Other of Ben’s posters may have a different take on it?
I am a hot bubblesitter…if I do say so myself.
If anyone actually does have money and is waiting on the sidelines come next Spring, they’ll be needing whatever cash they have just to eat…..assuming their over-inflated dollars can still buy groceries.
You may not be able to buy groceries but I’m guessing you will be able to afford a wide selection of luxury cars, jet skis, ATVs and all of the other toys that the “real estate investors” are trying to dump so they can pay their mortgage(s).
i am on rent control and i eat steak lobster drink patron.only the home owner will eat dog food.
ill buy when the last mtge brkr asks me for change at the 7 eleven.was at the bar last and a re estate agent was drinkin his problems away.seems his wife sued for divorce took his house missed 3 car payments and he lost his job friday.hasnt sold a house in 2 months.this is the san fernando valley.its getting ugly real fast.
Let me when you have bought and I will buy after you
Exactly! When we sold out (real estate) in 2004, the “plan” was to wait it out, and possibly buy again in 2007, the earliest. But now, that plan has been revised to late 2009, the earliest…and all bets are off until I see which way the wind blows.
Most, if not all, of the bigger fools have been jacked out of “their” money, and I really believe there is very little “pent up demand”….
I see is a lot of pent-up demand around me, but they are all people who own and want to trade for another house. For instance, the person who purchased a starter condo in 2003 for $120,000 and it is now supposedly “worth” $180,000 and they want to extract that $60,000 and put it on a house they see advertised by the builder at a special discount.
Anyone who was savy enough to cash out in time and rent didn’t do it cause they thought prices were going down a mere $10,000 to $20,000.
Want to know what real pent up demand is? That is when someone who paid $120,000 for a 600 sq ft condo, sees a 1700 sq ft., 3 bed, 2 car garage SFH for sale for $120,000.
On a personal note, sorry for so many posts this weekend. I am on the outs, with my “Mad Max”, style boyfriend. If you regular readers have read my posts and have gotten a sense of my economic outlook, you understand my attraction to the “road warrior”, type.
So with him out of the picture, I just want to say, you people are number one in my book.
jannifl,
Sorry to hear about the difficulty with your bf. This blog seems to have become a special place to vent and discuss what’s going on around us. Nice to be around good, sensible people. Hope you start feeling better soon!
mad max mad dawg type here baby
Hang in there jannifl. Stay true to yourself.
I’ll join the club and apologize for my rants. They’ve been influenced by screenings for MS and a run in with the medical C word! If reincarnation happens I’m signing up for the clueless, no trouble life! Well, at least housing has been put into its proper perspective…not very high on the list when you’re considering your personal future and what will happen to your kids without you.
Upstater,
I’m so sorry to hear about what you’re going through. Please let us know how things are going. We’ll keep you in our prayers.
hrm. Should have refreshed comments before posting; Bubble Rubble (above) nails it.
Check out this article in the LA Times today.
Builders are hiring actors for the “lived in” feel of the house…
http://www.latimes.com/business/la-re-marketing13aug13,1,2496212.story?ctrack=1&cset=true
Desperate Homeowner Wives…
Nice. Just another show I don’t have to watch because I choose to not own a TV. Thank Gore for the Internet! LOL.
the “pent up demand” is far smaller than the hordes of speculators who created the bubble, and far smarter.
… and far more patient.
As a bubble sitter who sold in Oct ‘05 in order to rent, not only am I very, very patient, I’ve discovered that I kind of like renting! It’s a relief not to have it my problem when things go wrong with the brand new but poorly built duplex that I live in, and best of all, it doesn’t make me all mad at the jerk who built/sold it.
You changed your name back.
Agree with the renting. It’s very liberating not to own a house. Since we moved here in mid-2004, our LL has paid at least $15,000 in repair/maintenance costs (most of that due to some serious mold problems from the last tenant). Really nice to know it’s someone else’s problem. Not to mention the fact that I think an earthquake is due soon…
It’s nice to know you can move wherever you want, whenever you want, in case of lost job, bad economy, terrorism/war, bad neighbors, etc.
Renting is the new “in” thing.
Actually I have two computers and I started using the desktop for web surfing so I chose a new name (Ozarkian from California)…now I am traveling and I’m back on the laptop.
I’m in Los Angeles, going to a meeting in Santa Monica. Flew in from Tulsa via Phoenix. I have to admit I looked hard from the sky to see the “for sale” signs in Phoenix but didn’t spot any! But the number of housing developments where some houses are built and there are lots of streets but no houses is kind of scary. Not as scary as the LA area though. I was born and grew up here and LA has become a paved-over hell. All of the beautiful hills have been flattened and turned into housing subdivisions. It’s so depressing.
As another LA native, I agree completely. Many of us who grew up here often comment on how things have changed for the worse in LA (and So Cal as a whole) due to the overcrowding. Very depressing to see your childhood home become some third-world, gang-infested wasteland. What were once nice neighborhoods with well-maintained homes and yards have become dirty, dusty, grafitti-filled and depressing. Sorry for the rant, but it really is sad.
A realtor cold called me the other day … asked if I was looking for condos in Santa Monica. Two summers ago, they would walk around the open houses with their nose in the air - only wanted you to talk to them if you had an offer letter in one hand a pre-approval in the other. Can’t wait until next year - they’ll be on their knees.
No, next year they’ll be asking you if you want to supersize that value meal.
bubble version -not authorized- Hotel California by the Eagles.
…
Welcome to the condo California
What a big surprise
What a big demise
They sucking it up at the condo California
Bring your no-doc ARMs, bring your alibis
Mirrors on the ceiling,
Granite in the kitchen
And we said ‘You are all just prisoners here, of your own device’
And in the master’s chambers,
They gathered for the feast
They slapped it with their crazy prices
But they just can’t sell the beast
Last thing I remember,
They were running for the door
They had to find the passage back
To the place they were before
‘Relax,’ said the realtor,
We are programmed to deceive.
You can buy it any time you like,
but you can never sell!
I like it!
OMG, that’s the funniest thing I’ve read in weeks!!!
one of my favorite songs.
‘It’s a relief not to have it my problem when things go wrong with the brand new but poorly built duplex that I live in, and best of all’
I feel that way too, but mostly I feel like I wouldn’t be able to get to sleep at night if I were still holding CA real estate. I would try counting sheep but they would turn into equity dollars flying out the window… Once the real rate of depreciation starts hitting the mainstream media I predict some heartbreaking stories of suburbanites going postal.
On the bright side, I have noticed some signs of wages finally rising after five years of stagnation. At least around here (Ventura County, CA) I’m finding lots of consulting work as an analyst. Employers seem to be having a hard time recruiting people with analytical skills to move to the land of the $900K fixer for $85K/year jobs. Go figure. Of course wage inflation means interest rates will have to rise more rapidly again after being negative in real terms for so long and this will absolutely KILL housing.
I agree…I couldn’t sleep at night in 2005 until I sold my house. I knew the ridiculous prices couldn’t last, and much of what made the house “valuable” was the terrific schools (which were actually really good because the chinese immigrants were moving in and they know how to make their kids study!).
But you make an interesting point about wage stagnation. I’m a consultant too and my business (which is almost completely from companies on the coasts) is picking up. [I live in MO now but I work at home except for the occasional biz trip.]
i was on a talk radio show the other day the host was the owner of the help u sell in san luis obsipo i asked him if he thought there was a bubble on the central coast… he laughed at me. i gave him all the blogs arguements and he said prices went up 5 percent this year and he told me if i bought last year instead of renting i would have made 5 percent this year if i sold…my response was what about the cost of selling,commission escrow title you now lost money.. i was quicly disconnected… i will buy my next san luis obispo house at the courthouse…..the bubble has come to coastal calif………..
This is the near future of the rest of So Calif. Everybody knew SD was first, but we’ll get there in a few more months: http://www.signonsandiego.com/news/business/20060812-9999-1b12housing.html
1000 a day hmmmmmmm,, wonder what happens at TOL monday meetings ?
I went to the bayarea this last week to visit family, and drove through the ol’ digs in Alameda. The young couple who bought our home in 04′ purchased a new car, which is sitting in the driveway on a weekday. Wonder if the husband works from home now? The yard still looks nice, but the landscape isnt kept up like last year. Funny, when values go down, people loose their motivation to keep their homes looking fresh- no more perinerals….
This is a first - of all the houses for sale in Alameda, THERE ARE NO PENDING SALE SIGNS. I even saw some homes for sale that sold only 2 years ago. Lifetime investment? I think not. I drove to San Leandro to visit my mom, and there are over 300 homes for sale in this town - just 3 months ago there were 200 for sale. Things are alittle different In San Leandro, I saw only TWO pending sale signs. Definitely serious signs of slowing down. Some homes for sale have yards that are NOT fresh and pretty like last year. Its all starting to snowball……even in the bayarea.
Ken Best said:Mirrors on the ceiling,
Granite in the kitchen
And we said ‘You are all just prisoners here, of your own device’
And in the master’s chambers,
They gathered for the feast
They slapped it with their crazy prices
But they just can’t sell the beast
Last thing I remember,
They were running for the door
They had to find the passage back
To the place they were before
‘Relax,’ said the realtor,
We are programmed to deceive.
You can buy it any time you like,
but you can never sell!
LOL, love it!