The bidding wars are intensely competitive, and without laws or regulations – anything goes! It is pretty impressive how many buyers are hanging in the fight, and willing to bid higher than list-price. Nobody likes it, but the multiple frustrations along the way make people want to just get it over with!
Jim Klinge
Klinge Realty Group
Broker-Associate, Compass
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Nice view. Looks like a very peaceful place to live.
Nice and simple. That layout and view makes the house appear much bigger than it is. I’d make a few changes to open up the front room.
Dude, You could have walked upstairs or showed us the house while you were telling the story…looked like a nice place…what little we saw.
Jim, I would have liked to see the upstairs too. I liked the finishes in the kitchen with the dark wood, stainless and counter tops. Does anybody out there have an issue with the location of the stairway?
It is your regular 3br/2ba layout with balcony off the master in back.
It’s not a house for sale so I went low key – I am trying to be sensitive to those who get sick watching the videos-on-the-fly.
Those smaller homes in LCO are a good buy in the low $600’s, as long as you avoid the powerlines–I loved the feel of the models–finally seeing the builder’s go a bit more modern!
Viewed another 5 properties for sale in RSF today, a total of almost 20 in the past few days. No frenzy there. Dead, and deader is approaching real soon as the market virtually to shuts down until early next spring, according to a few seasoned RSF realtors I’ve dealt with.
Ravinos – I’m looking around the Ranch too, and agree. But you’re not in the car with me…..can I give you a hand?
$600k for that seems like 2005 all over again. What was the reason for lack of new construction? At $300/sqft it seems like it would be fairly lucrative. There are huge tracts… er massive expanses of open land over by where I work, I wonder if they’re only zoned for commercial use.
The only second offer that cv listing agent might get from me would be the middle finger.
guess there’s no room for honesty on this site
“Dead, and deader is approaching real soon as the market virtually to shuts down until early next spring”
Ravinos – how many of the 20 properties were “outstanding” ones that just need a price cut?
All the money being thrown around is odd to say the least. I’m glad we stepped out of the market for a while. Rents are cheap right now when compared to buying.
All the money being thrown around is odd to say the least. I’m glad we stepped out of the market for a while. Rents are cheap right now when compared to buying.
shadash | October 21st, 2009 at 10:50 pm
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IMHO, it’s dollar dumping; and I would not be surprised if it’s a lot of foreign-held dollars we’re seeing unleashed upon the housing market.
I’m not sure about the “Dollar Dumping” explanation. I think it’s more likely that some buyers just want a house and don’t care if it’s overpriced or if they can afford it long term. Since FHA and TARP is footing the bill banks could care less who they lend money to.
California home buyers have proven themselves to be the craziest borrowers around. If you give them credit they’ll take it.
Until the gov lets home prices go down and stops making the problem worse by flooding lenders with cash. Things aren’t going to change.
Here’s what’s really odd to me 2 years ago there was twice as many properties for sale as there is now. What gives? Where’s all the foreclosures?
“Ravinos – how many of the 20 properties were “outstanding” ones that just need a price cut?”
Smithers,
at least half of them were primo and yes, nothing that a price cut of anywhere between 15 to 25% wouldn’t fix as an entry to an offer. The remainder were a combo of vintage 60s/70s Covenant ranch styles, some poorly/partially remodeled, some wrecks, banking on acreage/location.Despite their condition, listing price way out out whack in relation to the primo ones, for reasons I’m starting to figure out. One, I assume, is the Covenant appeal,which I find overrated, but the “good school” issue drives a lot of that. Another is the absence of HOA fees, which in virtually all the primos, range from $450 to $550 monthly. About a dozen of the homes viewed were vacant and a couple of more rented. (I’m focused on the lower tier, with a target of max $2ml of the RSF market…as per a local realtor’s analysis and general agreement of 3 tiers; up to 3ml, 3 to 5ml,5ml and up).
If Feinberg is successful in cutting salary by 50% for those top level executives who’s company took TARP money, there will be more foreclosures on the market – NOT.
ravinos,
Maybe I’m misunderstanding what you meant to say, but it sounds like you are saying that the Rancho Santa Fe Covenant area doesn’t have an HOA or HOA fees. Before you buy, you may want to check into the Rancho Santa Fe Association. It covers that area and the dues are not cheap. You might also want to ask about the Art Jury and how they work if you’re planning to buy a home that needs some updating.
Potemkin V.,
good catch,and to clarify..from the specs sheets I’ve read on the older vintage type homes viewed, there are no fees for HO but an HOA fee for the RSF Association.
For the newer homes,(mostly gated type),fees of anywhere between $450 to $550 monthly but no RSF Assoc fee as they’re non-Covenant,such as Fairbanks Ranch,Cielo,The Groves. Haven’t viewed a property yet, that has both HOA and HO,(RSF Assoc.) fee, but sure there’s number of them.
To make it more confusing, the spec sheets use the HO and HOA term interchangeably.
And yes, aware of the Art Jury, the architecture/remodeling police, the reason wouldn’t even consider a vintage property needing extensive work even if the price was seductive.
I’m not sure about the “Dollar Dumping” explanation. I think it’s more likely that some buyers just want a house and don’t care if it’s overpriced or if they can afford it long term. Since FHA and TARP is footing the bill banks could care less who they lend money to.
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I thought you were referring to the “all cash” deals when referencing the money being thrown around.
Yes, if you’re talking about the buyers with mortgages, the free/cheap money for both lenders and borrowers is obviously getting them what they wanted (another bubble).
Hopefully, patience will pay off at some point…
Solterra in carlsbad is selling for mid 550-600k with similar canyon views. Its in Carlsbad school district. What do you think of that location? Their models homes are not built yet, but the sales rep said they had a good opening few weeks ago.