See Anything ‘Irresistable’ In Your Housing Market?
What do you see in your housing market this weekend? Motivated sellers? Builder incentives? Here are some from the topics thread. “There is a radio ad running in San Diego promising to help you ‘find a mate’ It goes on to explain how knowing your credit score can help you get a new car or boat. After describing a few loan products, the salesman says ‘a new condo could make you IRRESISTABLE!’”
One reader posted a link: “The times they are a changing. ‘A Washington, D.C. area seller writes that he has ‘drastically lowered’ his price, and is ‘very realistic about the market,’ but that he’s turned down two contingent contracts with unrealistic buyers.’”
“In further discussion, both buyers, according to this seller, are very unrealistic about the value of their own homes, and want to put them on the market way overpriced.”
From the Naples News. “Free upgrades, special financing, great incentives. Those stories and others of people getting great deals on a spec home someone had under contract but walked away from are everywhere. Fliers touting additional commissions and more incentives are flooding every real estate agent’s office.”
“Most builders won’t admit to having problems with speculators walking away from contracts. But by many estimates in the overheated market of last year, there was up to 40 percent investor and speculative buying. A majority of those properties have now either been put back on the market by the investor or by the builder.”
“Get it off the books, said (realtor) Joseph Ballerino. ‘Builders and developers are probably leveraged. They built their communities thinking they were going to keep selling at last year’s pace,’ he said. The Realtor incentives are what he has a problem with, Ballerino said.”
“‘When a Realtor takes a client to a particular property it should be because the home meets the client’s needs,’ he said. ‘Not because the Realtor is benefiting. If an agent is being offered special incentives, we will always disclose it to our clients.’ Often they even share it with their clients, he said.”
“The need to sell is also showing up in the resale market. Many offer to cover closing costs or provide seller-financing. Toni Stout and her partner are offering to pay up to $10,000 in closing costs on one home they’re selling, Stout said. ‘It is a way of saying ‘pick me,’ because there is just so much out there,’ Stout said.”
Right now, I am listening to one of these paid-for radio shows covering the Phoenix real estate market. I am not sure why I annoy myself like this…spouting off about how the extra inventory means more time to pick out your $250K house that will be worth $325K or $350K soon…paying off housing debt is stupid…it’s “relatively risk free,” etc. It is on Saturdays from 12 noon to 2pm Arizona time (same as California right now). If you enjoy nonsense, check it out.
http://www.kknt960.com/
A broker took out this ad in a local newspaper:
”Investors/Builder’s Goldmine..Appraised 9/9/04 at $2,320,000. This property is listed for quick sale. Total of 6,502 sq ft, 3br, 2.75 ba, plus workshop, hobby studio and more. For only $1,670,000.’
Median prices in that town went up 60% in the first half of 2005.
Here’s the sad tale of an “investor” who is up the creek without a paddle in Tucson. Incredibly, he closed LAST MONTH, and now realizes he made a mistake.
http://www.websitetoolbox.com/tool/post/sdcia/vpost?id=1205179
By the way, one “expert” appears to be recommending fraud in order to get out.
Sorry, reading further I see TxChic has already left her mark.
she’s a bitter worthless ben jones groupie… they live for stories like this. im sure someone else posted it on jones’ site so they can all point and say “i told you”
If this was already posted, sorry. I wish I could edit or delete comments!
Lou,
Did you see the link from the Houston Chronicle in my last post yesterday, regarding the number of homes built there in the last year?
I sure did. They are sprouting like weeds. Fields of $125k houses. I’ve seen the bandit signs from your photo section. That’s nothing. I’ll have to post some photos from the west side. When builders have thin margins like they do here, they tend not to advertise using legit methods (newspapers, radio, etc.) Instead they blanket the area with cheap bandit signs.
Re: Houston sprawl = Lou M
Same thing happening in San Antonio - lots of us asking “who is moving here anyway?”
How did that jerk flipper get 100% loan when he wasn’t going to owner occupy . I think he should give up going to the lender asking for a short sale when the jerk was a flipper that lied on his loan application .
Wiz-
You can get 100% non-occ fairly easy without lying on the app. The program comes and goes but it’s available with a high enough fico
Really ….dumb loan . Anyway , another example of crazy new age underwriting .
I love what TxChick posted and how the losers
reacted.
They are cheerleading that dude right to financial disaster.
The poster was right about one thing. I do enjoy saying, “I told you so.” After being called a “bitter renter” by these destructive assholes for more than a year, it’s kinda fun.
Oh my. I just read the thread again. I see it goes on and on.
It pisses me off when I see some jackass saying, “I know the market is overpriced but I won’t rent. I wouldn’t do that to my family.”
DO WHAT? Keep them out of financial harm’s way? Have extra money to do fun stuff because you’re not paying some ridiculous mortgage payment? Have the flexibility to move or downsize if you want to because you’re not tethered to some ball and chain in a declining buyer’s market?
Give me a freaking break.
I see my nemesis John V weighed in too. Since you’re still around, John, did you ever get rid of all your SoFla places? Looks like you waited too long yourself, bud.
i went to rhodes homes open house today in golden valley. quote from realtor at the open house “you better put a $2000.00 deposit on the lot that you like because the demand is so great that rhodes is going to raise prices on the model that you like” they are priced from 186,900 to 350,950. like the kingmanites have that kind of income, i make $9.00 per hour and that is good pay here. my grand daughter makes 5.50 per hr at wendys.
You go TX girl! Excuse my French, but what a bunch of friggin losers on that blog. They all think that they are savvy investors.
They better bend over and get the Vaseline out, b/c BB is going to stick it to them where the sun doesn’t shine.
All these Re geniuses will be toast and BK, very soon.
What comes around goes around!
Kudos to TxChic for posting. She has posted so many times, perhaps more eloquently, on this blog. I have to confess to an immediate, somewhat violent though not realistic, reaction after reading Ron Starr’s post on the SD site.
Some of us have heart. I’ll play the game with you for who gets the best price on Microsoft. It’s a choice. If I’m not competent, I shouldn’t play. I still play, with less success than others but way above the risk-free rate of return.
I don’t think most of us on this blog get emotional about commercial real estate. I’m sorry that some LV projects backed by nice people didn’t pencil out. Do I really care? No.
Do I feel sorry when greedy specuvestors have driven prices to the point where young people can no longer afford to live in, contribute to, and enjoy my neighborhood? Yes, I really do!
Denial,
I spoke with a friend in Naples this morning, she went on how a unit similiar to hers is on the market for $333,999, she paid $159,000 two years ago and claims that the Naples market was very undervalued!
http://www.realtor.com/FindHome/HomeListing.asp?snum=202&mlsttl=&frm=byzip&pgnum=21&mls=xmls&js=on&target=&ct=&st=&sbint=&sbls=&sblo=&stype=&zp=34112&areaid=34113&lid=Enter+MLS+ID&ss_aywr=&mnsqft=0&fid=so&vtsort=&exft=0&exft=0&exft=0&exft=0&mnprice=250000&mxprice=350000&mnbed=0&mnbath=0&typ=2&poe=realtor&x=11&y=10&sid=06DF736112FBC&snumxlid=1055062501&lnksrc=00002
Collier County records show they paid $159k in 06/04 and now asking $333,999.
06 / 2004
3576 - 799
$ 159,000.00
05 / 2001
2831 - 1381
$ 0.00
03 / 1992
1697 - 2268
$ 79,900.00
Nice carport. Betcha you get a whole one space — no need to search or share.
I assume this is the cynical hour at HBB. A house I have been watching for over a year has been listed at 239k the whole time. Today, for the first time, reduced to 232k. What is that? A three percent reduction after a year? Wow, I better jump off my sofa and give them a call before somebody else snatches up the deal of the century. Not.
all of naples is for sale but not selling, South florida has hit a brick wall in sales, Tampa south is not selling,
I did check out my friends condo complex in Naples after I spoke with her this morning, the same 15 units that have been on the market for the past four months are still on the market. In her zip code and the old zip code in which I lived which abutt eachother (about 5 miles total distance) there are 1100 condo’s for sale.
1100? Wholly krap.
“Naples condos for everyone”?
I left Naples in 2001 after only living there one year. I moved there because a decent 2/2 condo could be had for under $100,000, I found that other than being a servant for the well to do working for peanuts and the fact the health care system was about par with a third world country, Naples really had nothing to offer. It was like living in a Disney attraction but I couldn’t afford a ticket to get on a ride!
so true
You have to say “woohoo” when you say “Naples condos for everyone.” Let me give you an example: “Woohoo! Naples condos for everyone!”
I’m looking in Tampa - and Tampa is not selling either, even though it actually has an economy of sorts, unlike south of Tampa - looks like a standoff right now - inventory rising precipitously, sales down, asking prices just starting to lower in areas like Pasco where loads of new construction built recently and new construction still going up - expect the rest of Tampa area to follow suit soon - I am waiting for prices overall to get back to $100/sq ft like it was a few years ago - think it will happen soon as I’ve seen the same listings for months and months with no change, very few going off the list - new ones on list every day - I think maybe many homes aren’t really for sale - only for sale to GF, if they happen along.
Tampa is not selling either, even though it actually has an economy of sorts, unlike south of Tampa
This is so true, south of Tampa is based on construction and Medical, with the building slowing and the pricing out most retirees, mercantile has to have the jobs from the two just to servive.This will cause unenployment like we have never seen, Naples just increased the impact fees and had a rush of permits from builders locking in . Next month it will show that starts are up. the NAR will be doing the happy dance with the new fake numbers,
Buddhaman — you might want to put a couple of blank contracts in a 2-gallon Zip-Lok bag and keep them in your car. If a big storm blows through there, you could get lucky. Alternatively, if you are determined to buy in the near future, you could begin offering at $100 a sq. foot for properties you like. It costs only about $3 for the forms and you never know, perhaps you could hit the jackpot with a desperate seller.
In 1848, 2 major hurricanes struck Tampa Bay within 30 days I think its way past due for a storm,
wierd, in 1990-95 SW fl kept perkin along at 2-3% a year
it is different this time
Here in L.A. I heard a lender commercial for refinancing - something along the lines of “Interest rates are going up and home values are going down!” - Wow!
Irresistable? Absolutely not. Perhaps after I hibernate for 2yrs.
In SFBA (San Jose), I’m seeing identical condos going for the same as mid-late summer 2005. So, even if I hadn’t been hot-onto this bubble for 14 mos now, just a single hour of research would tell me that there’s no rush to buy.
“There is a radio ad running in San Diego promising to help you ‘find a mate’ It goes on to explain how knowing your credit score can help you get a new car or boat. After describing a few loan products, the salesman says ‘a new condo could make you IRRESISTABLE!’”
Yeah, accepting half the debt burden by saying “I do” to some idiot F’d-B– irresistable ONLY if you’ve been on a desert island for a few years, or in prison. I think marriages over the coming few years may need to come with disclosures of all debts. Let natural selection take it’s course.
Humboldt County YOY price FELL 0.6% after controlling for inflation:
http://www.humboldt.edu/~indexhum/realestate/real1year.GIF
$200,000 price reduction
6 Dapplegray Ln, Rolling Hills Estates, 90274 $1,799,900*
Status: ACT Orig Price: $1,999,900
PALOS VERDES DRIVE NORTH TO DAPPLEGRAY LN.
Prop Desc: GORGEOUS ROLLING HILLS HOME LOCATED IN THE PRESTIGIOUS TREE LINED DAPPLEGRAY LANES, THIS BEAUTIFULLY MAINTAINED AND UPDATED ONE LEVEL HOME SITS ON OVER 1/2 ACRE OF MANICURED GROUNDS WITH PRIVATE AND LARGE BACK YARD AND EQUESTRIAN AREA. IT OFFERS 3,885 SQ. FT OF WELL DESIGNED OPEN AND SPACIOUS FLOOR PLAN GREAT FOR ENTERTAINING,FORMAL LIVING ROOM WITH VAULTED CEILINGS AND STEP DOWN FORMAL DINING ROOM,LARGE UPDATED GOURMET KITCHEN WITH TOP OF LINE STAINLESS STEEL APPLIANCES,GRANITE COUNTERS,CENTER ISLAND,SUB-ZEO REFRIGERATOR,FAMILY ROOM NEXT TO THE KITCHEN AND OPENING OUT TO A LARGE WOOD DECK,5 VERY SPACIOUS BR’S 4 FULL BATHS WALK-IN CLOSETS,WINE CELLER, HARDWOOD FLOORS,DOUBLEPANED WINDOWS.
Addendm: OWNERS STATE OVER $85,000 SPENT THIS PAST YEAR TO BUILD NEW BARNS AND CUSTOM TACK ROOM, BEAUTIFUL EQUESTRIAN FLAT HORSE LOT PROPERTY WITH 4 STALL BARNS DIRECT TRAIL ACCESS IN YOUR OWN BACK YARD AND CLOSE TO COMMUNITY RIDING RING,CUSTOM TACK ROOM WITH REFRIG. AND SINK, SIDE AREA FOR TURNOUT OF THE HORSES ANSWER TO EVERY HORSE OWNER’S DREAM.
The SUB-ZERO refer? how many cubic feet might I ask. If its large enough this could be my dream home.
Did this guy hire an expert at adjectives to write this?
This actually seems pretty reasonable when you compare this house to what a similar amount of money would buy in Santa Monica or Venice Beach. I think you can get a 3 bedroom 1 bath 1400 square foot house for $2,000,000 in Venice Beach.
“A new condo could make you IRRESISTABLE!”
Umm, how about: “A new condo could make you DESPERATE!” Of course if you’re trying to attract someone equally desperate this might just work.
Charlotte is still seeing bubble buyers in the uptown condo market. We just recently had a new tower announcement sell out in a week.
I suspect because “it’s different here” and this is still a new product for uptown. We call it “pent up demand” because assumedly there are a lot of downsizers that have always wanted to live close to work.
There is some logic that such a market exists… However, the job growth in urban Charlotte is modest. Most office workers even in the midlevels at the banks make around $55-$80k a year. Even assuming 40% gross income on housing, that’s PITI of about $2200.
The preconstruction in uptown is commonly in the $350-500k range just for a 1 bedroom place. Even on a 40 year mortgage, the payments inclusing HOA fees could be over $3000 a month.
I can’t understand who would buy these. You would have no difficulty finding a 3BR nice home to rent just a few miles from uptown for $1500. Uptown makes no sense for owners, and it doesn’t make sesne for investors.
The suburban SFR market is still reasonable, if you’re willing to live several miles from uptown and commute in.
this is post #8316 last week on the Motley Fool Real Estate Investing board:
——————————————————
“Hi,
I thought about real-estate investing for a long time and then took the plunge now.
We bought a condo in Charlotte (805 sq.ft for 305,000) on the 33rd floor in a prime location; paid 5% down. Our Condo will be ready in 2008 may. Our thinking is that from now to 2008 there will definately capital appreciation.
Do you guys think this is a good investment?
Also, when would be a good time to sell it?
Right after it is built or rent it for an year(s) and then sell it after reasonable appreciation.
Your thoughts?”
Very, very much doubt it.
Yes, it is true that 2 or 3 years ago the pre-construction in Charlotte was a good deal. The very first condos were priced aggressively, to drum up interest in what was then an unproven concept.
But I think now the builders have already put all the “appreciaition” into the price, as the projected value for mid 2008. They don’t need to leave money on the table anymore…
The sale they are talking about is either The Vue or 210 Trade.
LOL, Better sell now before prices go down, or you go BK. Just the opposite of better buy now before you are priced-out of the market, forever.
“Your thoughts?”…
My thought is that if you are asking an anonymous internet chat board if they think an 800sq ft condo in Charlotte for 300K is a good investment AFTER you have already purchased it, you sir, are a bagholder. Congratulations.
They’ll only lose $15K to bail out.
“The preconstruction in uptown is commonly in the $350-500k range just for a 1 bedroom place.”
That’s obscene.
I was out with my wife this afternoon ( Long Island N.Y.). We’ve never saw so many for sale signs. Every other street corner had open house signs. We drove down some of the streets, many of the blocks had multiple properties for sale. Not one of the open houses we drove by (5 or 6)had any traffic. Just slowing down by these open houses brought people to the doors.
I’ ve noticed over the last month that open houses are now happening everyday of the week. Mainly in the evening to catch people going home from work.
Buyers seem to be drying up at ever increasing rates.
mls is hovering around 33k on long island - must be over 50k homes for sale considering fsbo’s, etc. - pretty crazy - personally I think things are getting as bad here as FL, AZ, CA - but the realtors/media just are doing a great job keeping the truth hidden.
open houses over 4th of july weekend - pretty much sums it up.
Has anyone given any thought to “mapping” the kinds of trends and location specific information readers of this blog contribute from around the country? Comments posted here could protect home buyers from making a mistake that will cost them for years. Sceptics, like those in the recent newspaper article in Boston and other markets who blame the market slowdown on the media, should check the locations, price declines, and duration of past price corrections on this experimental site:
http://www.realestatebubblemap.com
Your comments are welcome. Better yet, create your own local bubble map and let others link to it (and if they are in the housing market, attach comps to their offers). Be sure to click on the Boston map to see homes selling for below their assessed value, some $100,000 or more below their original asking price.
http://www.realestatebubblemap.com
Since no one else has commented (and I’m a big jerk):
irresistible
There are 405 listed 1 bedroom condos for sale in Las Vegas as of July 1, 2006. From June 1 thru June 30, there were exactly 7 Closed Sales, 14 Contingencies Sales, and 39 Pending Sales. This is the worst numbers I have ever seen in 12 years tracking Vegas. This does not count the New Builders inventory, and there are plenty.
So, starting the weekend of July 4, in 115 degree temperature, with interest rates at their 4 year high, and arms adjusting skyward, the Lazy Realtors of America are keeping up the “soft landing” crap, as they spent their Sunday afternoons at the lake, while the homeowner wonders where are all those offers. I smell crash, cause worse news always follows bad news.
Within a two minute walk of my home in Henderson, there are 7 homes for sale. They’ve been there for months. I was surprised today to see the sign gone on one. Someone had a pickup and was loading mattresses and all in the pickup, guess they didn’t need a mover or a U-Haul. I suspected they were in trouble and trying to get out. It looks like they lost the place and were clearing out so the bank can take it. There’s nothing moving and I’m supposed to be in a good area. You still hear people say, “but 6,000 people a month are moving to Vegas”. I don’t believe that’s true anymore, if it ever was. I’ve also heard at least 4,000 a month are trying to leave.
Your figures on the 1 bedroom condos was interesting, I’m sure a lot are conversions. A friend here lives in a 1 bedroom condo, not a conversion, and thinks his place is worth 6 figures. At least that’s what he re-fi’d on. He refuses to believe that the boom in Vegas is history and there’s a lot of hurt down the road.
LVLandlord! Where are you now! Save us! Explain it to us!
Make the bad man go away!
I have no doubt that sjrnv’s ex-neighbor is simply moving up to the new McShed that they purchased over on St. Rose by the Henderson airport. They were obviously so successful with their last flip that didn’t have time to accumulate excess furniture. Pack light and flip fast, yeah, that’s the ticket.
I wouldn’t touch Las Vegas with your ten foot pole, although I do believe that business will continue to move there from California. Just not fast enough to keep the RE market from inploding over the next few years.
That’s nothing, there’s 5494 condos listed in Naples. Two years ago I knew something was odd when condos started going for starting at $275k. That’s insane.
On another note, someone I work with bought a St. Augustine condo last Sept. for $367K. Insane. Should be (and will be) about $80k, if not less than that.
south florida housing has taken other hit. THE BAHAMA BUILDING BOOM!
a government looking to put an anchor resort on virtually every major island lured developers. all of the money land owners are heading to the bahamas. would you buy a 700,000+ condo dump in naples or west palm beach or invest in a real paradise?
My advice moving forward, save your cash. Even if RE collapses, it’s not worth it. Here’s why… this bubble is national (look at prices in so-called flat markets like Utah and Montana) and even international (UK, Spain, Australia, NZ, SE Asia, etc) and will set off a depression.
You’ll need that cash to survive the next 10-15 years, don’t blow it on a downpayment for an illiquid asset, even if prices stabilize at 50-60% of current valuation.
We still have a ways to go. This little gem just came to me from my Zip account.
http://tinyurl.com/lcvho
The good news is that prices were/are around 700k for this neighborhood. The bad news is that this home is visibly in poor shape so it’s 100k discount is merited at a minimum. Note the grand vista of greeness is NOT part of the 7k sq ft lot, but instead is an adjacent park. Note the wall heater and the visible mildew on the grout in the bathroom. Oh and that back yard, wow is that nice or what? So this is worth just under 600k??? Not in my world. We still have a ways to go here in OC.
aren’t pre construction deposits tiny ? 5k on 3-500k homes
its $2000.00 at rhodes homes pre construction in kingman. no body here has $2000.00. the word here is build and the kalifornions will come.
Hell had just frozen over and they are having snowball fights down there!
San Francisco resale median price is reported as down -1.8% YoY compared with May 2005. This was reported in the San Jose Mercury News Real Estate section on 7/1/06.
Whatever happened to “Everyone wants to live in San Francisco and price will never go down here.” Yeah right.
OT-but it’s July 4th weekend! Lots of previous posts have been expecting panic to set in from this point on. I was wondering if we’ll see an acceleration in price reductions.
I just checked the local site…it’s not that reliable as my home has been off the market since mid May and it’s still listed as for sale. Plus the realtors aren’t taking the sold homes off. Still the site separates homes added this week and homes reduced this week from the listings so I feel like I get a vague picture. Supposedly the lists should be updated weekly but they’re not. So I’d have to guess that about 3-5% are being reduced every week. The number of homes being added to the list have slowed down in the last week to 10 days. I’ll be watching what happens next week.
Irresistible deal in Santa Clara!
Montelena in Morgan Hills is knocking off $150,000 on their sales prices of $1.399 M and $1.331 M homes (and also offers an addition $25K buyer’s broker incentive). This was advertised in the 7/2 Sunday San Jose Mercury News.
Let say you use Redfin and get 66% of the $25K back (or $16,500 back). That works out to a discount of $166,500 or nearly 12% and 12.5% off the original price.
Whoever bought their homes in that tract recently are instantly in “negative equity land”!
If they need to sell and repaid the bank, they’ll need to “save” $167K and 5% of $1.331M ($67K) for a grand total of $234K (a whooping quarter million dollars)!!
One of the bigger regional McBuilders here just dropped prices in one of their developments by $50K per home. And this is after another $50K cut from a few months ago. What was selling for $450K last summer is now being sold for $350K
http://www.adamshomes.com/index.cfm?webID=242
So far no price cuts in their $300K and under developments, probably in hopes that the BRAC fairy shows up early.
These guys will pay your mortgage for the next six months if you buy one of their stuck on the market houses:
http://www.henrycompanyhomes.com/henry-master-frame.htm
It takes about 12 years at 6% interest to pay down $100,000 in principal.
Nope, no bubble here. Move along, folks…
At what, $1,000 month? That’s a lot of money. What will these people do now with the new bankruptcy laws, flee the country. I bet. How many people are going to be motivated into forced savings (repaying debt) when they didn’t have enough self-control in the first place. I bet people are going to be pissed to find that now not only is it getting harder to get into the country, it’ll be just as hard to get out.
How about this for a topic: See anything “irresponsible” in your market?
Some updates from the Phoenix Mkt.
My wife and I just returned from the far West Valley. We visited several communities and I have to share what is happening with KB’s Santarra community in Buckeye. First, back to Feb. 2006. We just sold our home and decided to look at this KB community. They had a 4 bed/3bath 2600+ sqft spec home listed $365,000. This was way out of our price range and thought we would never return. After reading this blog and seeing the mkt trends we decided to return. What the heck, we’re on vacation anyway. As of today, same model different spec., however, this one is loaded. Oak cabinets, granite counter tops, upgraded carpet, 18″ tile. 7500+sqft lot, the whole nine yards. It is a part of the 48 hour sale they are running from July 2-July 4th. It is listed on current spec. sheet at $249,000! That is nearly a 32% price reduction. We also found a 2200sqft home in the same community at $210,000! Five months ago we saw a similar floorplan in this same community selling for nearly $290,000.
After talking with the agent, who was obvioulsy hot, tired and miserable, he stated that this sale has been going on for well over a month and every weekend the prices have been “severly” reduced. They have well over 15 more specs to sell but he felt the prices wouldn’t drop much more.
After hearing that interest rates are at 7% now we seriously considered purchasing today. We forced ourselves to walk back to our truck and think it through. We want our house so bad we can taste it. Is it time to buy?
Nope. Not yet. But, can you imagine what the previous buyers are thinking right now?
I should of added this to my original post. After some discussion the KB realtor mentioned that he is have a hard time trying to explain the price drop to the 2005 buyers who have closed in the past few weeks. He said some have paid as much as $400,000+ for similar models that are in the mid to high $200’s.
If either of those were in our neighborhood, I’d write a check. We don’t have much building going on in our area and those sorts of houses would probably be in the $350 to $450 K area. I’d go for the smaller one though.
Saw lots of open house signs this weekend around San Diego, and was
tempted to stop at a few of them but didnt have much time and they
were empty so it would be like the only customer in the store where they
follow you around and talk about whatever product you’re looking at.
Nothing is selling, inventory keeps increasing, and prices are coming
down. The latest homes and land magazine indicates the agents are
getting really sloppy; one ad featured the same house twice on one page - but 2 different prices - 100K difference. Do they proof these magazines? I think the only thing that matters to them is the picture of their ugly mugs on the page. No one cares what you look like!
Explanation for $400K McShitboxes that are now $250K = Caveat Emptor. What other explanation is needed. No explanation was needed when those numbers were reversed (and that is what all of these homedebtors were expecting)
There is a radio ad running in San Diego promising to help you ‘find a mate’ It goes on to explain how knowing your credit score can help you get a new car or boat. After describing a few loan products, the salesman says ‘a new condo could make you IRRESISTABLE!’
Irresistably DUMB and BROKE!!!!