Here’s Part One – a video tour of the homes that have gone pending during the holidays. The action has been red-hot lately!
December Boom Fire
by Jim the Realtor | Dec 20, 2009 | Jim TV, Market Conditions, North County Coastal, Thinking of Buying?, Thinking of Selling? | 13 comments
Oceanside Condo, 1800+/- at 400k+???
PENDING on top of that???
Are people on crack!?!?!?
“Honey… I’m home!”..
LOL!!
Jim, how do you drive, film and talk at the same time? If I did that, I’d be a danger to myself and others. Seriously, have you ever had any close calls?
Someone out there must really love train horns! 🙂
Jim-
That home in Carlsbad is actually 1647 sq ft, at least that’s what redfin says:
http://www.redfin.com/CA/Carlsbad/446-Chinquapin-Ave-92008/home/3692417
Jim,
Earlier this year you posted that the market bottom would be when prices DON’T drop much during the slow winter months.
Do the sales you show and the data indicate we’ve reached the point of firm price levels?
Tax rolls say 1,040sf.
Thanks for the “feet on the ground” market info.
I have no idea what is driving these people to buy right now. Everything seems stacked against them. (time of year, price, supply) The only positive (if you call it that) is low interest rates.
Sigh… I threw rationality out the window about a year ago.
one word for this irrational buying- China
Tax rolls say 1,040sf.
I just want to pay for the permitted square footage, and get the unpermitted for free.
an observer,
If I understand you correctly, you’re saying that Chinese citizens are buying up residential property in and around Carlsbad?
Do you have facts to back up that assertion?
Sorry, I have a hard time believing that. Sounds too much like the MIRAGE of 2006 (Moneyed Immigrants, Rich Ancestors, and Generous Expatriates).
I think this is good old fashioned demand mixed in with a heaping cup of irrational exuberance. At least that one somewhat makes sense.
Chuck
San Diego does have a non immigrant population that is increasing. Different from other parts of California…
one word for this irrational buying- China
an observer | December 21st, 2009 at 8:59 am
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I believe this as well. Not necessarily the MLS listings as much, but it sounds like a lot of the bulk sales (that we never see) are going to Chinese entities. A lot of the money at the trustee sales could also be coming from Chinese entities that are working through U.S.-based groups.
This opinion is based on some anecdotes and information I got while looking into bulk REO purchases and MBS purchases. One name I heard was a VERY large state-owned Chinese RE company that usually deals in large commercial/industrial construction and development projects in China.
All hearsay, but we can only work with what we’ve got, because the PTB is intentionally keeping things opaque.
WOW, just WOW. Must be a lot of people with six-figure Christmas bonuses out there. Where do I get one of those jobs?