Currently there are 451 contingent and pending detached listings in North San Diego County Coastal.
Last year there were 576 detached closings in the 4th quarter – if we can close 500+ this year, it would be a success in my mind. There are enough buyers, but there isn’t enough good inventory. There are 1,482 active listings, with an average market time of 122 days.
Rather than lowering their OPT price, sellers will be cancelling listings like crazy over the next 30-60 days – and take their chances again next year:
From wiki – San Clemente Island:
The U.S. Navy acquired the island in 1934. It is the Navy’s only remaining ship-to-shore live firing range and is the center of the integrated air/land/sea San Clemente Island Range Complex covering 2,620 nm² (8,990 km2).
During World War II, the island was also used as a training ground for amphibious landing craft. These small to mid-sized ships were crucial to the island hopping that would be required to attack any of the islands occupied by the Japanese.
It is an active sonar base and has a $21 million simulated embassy for commando training.
There is also a U.S. Navy rocket-test facility on San Clemente. Some Polaris-program test rockets were launched from San Clemente between 1957 and 1960. The aborted SEALAB III project took place off San Clemente in February 1969.
The U.S. Navy also uses the island as an auxiliary naval airfield: Naval Auxiliary Landing Field San Clemente Island. The main runway 23/05 is used for carrier training by the Navy. Other branches also use this airfield, including the United States Coast Guard. Pilots that use this airfield find it to be one of the most demanding airbases in the United States; it is known for its high winds and dangerous terrain that surrounds the runway.
The airfield is also home to the United States Navy SEALs training facilities located north of the runways.
perspective buyers with large down payment cares more about the price than the interest rate. we’ll see.
Depends on how one feels about inflation issues. I think that the risk of inflation is high in the next few years (months?) and having extra available cash (not tied up in my home), with fixed payments at a low rate is a good safety net right now. Five years from now, if no inflation and no prospects for it, then I will care less about having a mortgage at a good rate.
perspective buyers with large down payment cares more about the price than the interest rate. we’ll see.
That’s cool, I can see how in theory that makes sense.
A couple of extra dimensions:
1. The mega-rich don’t seem to care as much when they have money to burn. One realtor said this house was at least $10 million overpriced, but Bill Gross paid $35 million here (though a decent discount off list):
http://la.curbed.com/archives/2011/09/jennifer_aniston_sold_her_trousdale_estates_house_for_35_million.php
Jen paid $13.5 million in 2006.
2. If a wife or especially the kids fall in love with a house, it is hard to walk away because you didn’t get that extra 5% drop in price.
The daughters aged 7-13 who already have Daddy wrapped around their finger will trump that nasty seller who is holding out for the last $10,000 or $20,000.
3. Ego
#2 was what pushed me up that last bit and convinced me to stop haggling over $5k.
In honor of Al Davis’s passing this weekend: ” Just close baby!”
Seems like every time rates break those magical whole number barriers we get a flurry of activity. Seemed like when rates when from 5 into the high 4’s stuff moved and now that rates have gone from the 4’s to the high 3’s we got another flurry of activity.
I guess we just get to the point where the monthly payment works for the fringe buyers and adds more to the pool. Still think downpayments are primary problem for most would be buyers, but so far lower rates still help somewhat.