Hang in There!

by | Feb 8, 2010 | Buying at Trustee Sale, F-List, Flips, Jim TV, Market Conditions, Shadow Inventory | 13 comments

Another round of postponements today, but hopefully this youtube will keep you in the hunt: 

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Jim the Realtor
Jim is a long-time local realtor who comments daily here on his blog, bubbleinfo.com which began in September, 2005. Stick around!
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13 Comments

  2. clearfund
    clearfund on February 8, 2010 at 1:03 pm

    That was a great link….same thing has happened in most of these bank situations.

    We were bidding on loans (commercial) from Vineyard bank which went to the FDIC and now resides at CA Bank & Trust. Effectively they told me their deal with the FDIC backstop and it was identical to the INDY MAC deal.

    Needless to say they were not in much of a hurry to accomplish anything…

  3. pemeliza
    pemeliza on February 8, 2010 at 1:53 pm

    Direct robbery of taxpayer funds. This starts to explain some of the “fishy” short sales that I have been seeing. Rather than help the housing market, these banks are going to torpedo it. They have virtually no incentive to get a “market” price on these sales. Funny that this comes out around the same time the government announces efforts to increase short sales. Perhaps they are selling to an “insider flipper” who is making an additional 100k profit.

  4. Mozart
    Mozart on February 8, 2010 at 5:07 pm

    I guess it all depends on your position in the housing market and if you think that prices plummeting actually helps anything. Prices are already so low that people are buying with cash. Unless you’ve got cash you get 2nd pickings, tough luck.

    The banks are playing it smart, keeping themselves solvent and in effect helping you and me the taxpayer. Like it or not some kind of intervention was necessary.

    Anybody who thinks that real estate suddenly involves moral turpitude is a little naive.

  5. Genius
    Genius on February 8, 2010 at 5:11 pm

    You’ve seen Porky’s one too many times Mozart.

  6. Jim the Realtor
    Jim the Realtor on February 8, 2010 at 5:16 pm

    Welcome back to the fight Mozart, keep swinging!

  7. murf2222
    murf2222 on February 8, 2010 at 7:07 pm

    As a Paraglider, I got a kick outta the footage, then I realized that the Orange/red paraglider WAS ME! Ha Ha……..what a small world eh?

    Not sure if you permit video links here Jim, but if you do…. here is an on-board view of how .0000001% of the population get to live – on the cliffs of La Jolla.

    murf2222

  8. 3clicks from da beach
    3clicks from da beach on February 8, 2010 at 7:10 pm

    God, I love this blog 😀

  9. Jim the Realtor
    Jim the Realtor on February 8, 2010 at 8:52 pm

    Murf,

    I need the link – I got no link!

  10. clearfund
    clearfund on February 8, 2010 at 8:57 pm

    Jim – With all these postponments here at the SD TS frustrating everyone, I thought a little perspective from AZ might be encouraging (or depressing depending on your view). Not sure why, but they seem to be getting stuff sold at the TS with very few postponements.

    Out there we have bought about 5 homes/month for the past year plus. I would say that the vast majority of homes go through with the sale in the first 1 or 2 attempts and my cursory view is that over 50% go to to 3rd parties.

    This is all from my limited vantage so I am trying to find some good market info from our sources out there that can hold its own with your stellar data. I will send along to you to compare, and post if you wish, when I get it.

    As an example we are focusing on the Scottsdale submarket and bought a townhome adjacent to Fashion Square Mall for $80k with our value of $160k. Just rented it for $1,350/month.

    Second, we bought a 4,600SF home with a peak sale price of $1.25mm in The Boulders for $625k and it needed about $10k of work. Putting it on for $850k next week and feel it is about $100k under market.

    We were the only bid as they are not used to the ‘GIANT’ numbers of $600+k. It has been a blast playing in a market where the values feel more mortal and $1mm gets you a house worth of being called a $1mm house.

    PS: The market is very active, however, they seem to have more inventory to better match the demand so people are not as frustrated, however, there is no glut of product.

  12. 3clicks from da beach
    3clicks from da beach on February 8, 2010 at 10:34 pm

    I’m going to guess that California is more of a litigation state and there is probably more systemic fraud here. That said, I don’t know how that specifically plays into the TS postponement from a numbers perspective but that is my guess not being in the market and being a ‘normal Joe’. Jim, I understand if you don’t want to touch or redress the SS on Gardendale, but that one stinks to high heaven. How can a SS, 1300 sqft house have more than 8M dollars tied up?

  13. Jinx
    Jinx on February 10, 2010 at 9:22 am

    The Gardendale house is only 1125 sqft and has been on/off the market for over a year. 8 mil? Very interesting.

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