This first house below was going to be the wrap-up of the previous video, showing another lower-end Encinitas REO coming to market – but then it veered off into a rant about the current market.
Those who predicted that we’d be seeing more of the same for the rest of the year – few foreclosures, lots of OPTs, and relatively low sales – are feeling pretty good these days:
I’m really struggling to find decent houses to video from the foreclosure list, and wouldn’t mind including more variety. Have any other topics you’d like to see covered here on video?
I’m not really sure what to make of this market. It seems like sales have slowed down and inventory is building a bit, but so far prices seem relatively unaffected. There is something to be said for a sales slow down to proceed price declines, but it still may be too early to tell.
I’m fairly certain YoY sales numbers are not going to be good in September or October as the original tax credit expiration date inspired buyers to rush into the market. As long as the banks don’t have to act on their foreclosure lists, then this is the market we’ll probably see for a long time, maybe 5+ years.
Probably 70% of the homes sold between 2004-2008 need to be turned over for a loss to somebody (bank, owner, taxpayer), so we can either do it quick and see major price declines across the market or do it slow and see a really slow moving market with little price appreciation.
It will stay like this as long as the banks and especially the government stall, stall, stall.
It’s so frustrating. From my perspective, all the government interference mixed with bank apathy and topped with bad economic news is contributing to huge uncertainty. I keep wondering how much longer everyone can keep deluding themselves. Long enough for those of us who live in reality-land to give up, belly up to the bar and ask for our helping of Kool-Aid?
I’m seeing my resistance start to crumble as I’m finally seeing houses that are interesting at the prices I’d consider paying… but without exception, they’re all short sales. Because consensus seems to be that short sale pricing is still fantasy pricing, I am still sitting on the sidelines.
I’d like to see more videos of homes that have been postponed from foreclosure multiple times and the people that are living in them.
Sorry to be a broken record, but since you asked, I’d like to see more Oceanside. Especially in the area near college & oside blvd.
Also would like to see examples of successful / failed flips.
Here is a failed flip in Carlsbad. They paid 525K, did a minor remodel and relisted 1 month later for 619K. It’s been on the market for 4 months now.
http://www.sdlookup.com/MLS-100015214-4824_Refugio_Ave_Carlsbad_CA_92008
Put in a cash offer on St. Albans in the high 600’s and got rejected. Bank is dreaming at 757k and won’t budge.
Jim,
You could interview public officials, developers, other realtors, etc.
With the amount of traffic this site brings in, I would bet there are people willing to PAY YOU to be interviewed.
I’d like to see more home tours. For sheer amusement value, the crack house/abomination/mold farm/Detroit River type is the best. For actual useful info, a wide variety, from junk to mansions, would be nice. They don’t have to be REOs-standard sales would be nice too.
Check out Nina’s spec homes going on on Hymettus. She’s putting three in. Also there’s a lot for sale on Hillcrest for $899,000….that’s a good one you should check out.
There’s also some homes around the Neptune/west of 101 area down by Stone Steps….haven’t seen too many of those hit the market.
And Nantucket is still Nantucket. What’s the latest on that Jim? What was the sales price?
Or did it even sell? haha