Congratulations to SD_Coastal for guessing that $929,500 would be the eventual sales price of the CV REO featured here:
https://www.bubbleinfo.com/2011/08/31/cv-contest/
It sold for $928,000 – you win the Chargers tickets!
Plus SD_Coastal was the first guesser!
Here is the listing, and see all the guesses in the comment section:
http://www.sdlookup.com/MLS-110049459-10924_Derrydown_Way_San_Diego_CA_92130
$899,999 CVwatcher
$900,001 CAIHOLE
$905,000 naxos41
$918,000 fcc
$929,500 SD_Coastal
$935,000 kwaping
$940,000 Jay the Realtor wannabe
$945,000 birkoff222
$951,000 big perm
$956,000 Spider
$957,000 JG
$958,000 LM
$959,000 GameAgent
$964,890 Profhoff
$967,000 FreedomCM
$968,500 ocsecondhome
$974,000 mcjdawg
$975,800 pepsi
$979,500 SDNY
$980,000 LCJim
$981,103 College Joe
$985,000 mtb
$986,500 Susie
$988,800 Oracle
$989,000 pwheat
$989,500 JRB, clearfund
$993,000 Dave E
$994,500 stryker88
$999,500 livinincali
$1,000,000 casanova
$1,007,555 Stephen Russell
$1,010,000 KO
$1,019,000 MDS
$1,020,000 Jim T
$1,021,000 Local Boy
$1,025,000 IRE, Patriots fan
$1,029,000 Gregory
$1,035,000 Myriad
$1,043,000 Mojo
$1,045,000 Jerry
$1,050,000 looking
$1,055,999 Records clerk
$1,058,000 Michael
$1,065,000 Kingside
$1,075,000 Justin D
$1,075,500 Peavy
$1,080,000 dejams
$1,085,000 jocknomore
$1,099,000 DNR
$1,100,000 lukemalien
$1,105,000 rodeman
$1,111,111 swm
$1,113,000 Goldwater’s Ghost
$1,116,500 Daniel (theotherone)
$1,120,000 mybleachhouse
$1,123,000 Jason
$1,129,995.95 Nate TG
$1,143,687 bubblenerd
$1,150,000 Mojo
$1,151,000 AH
$1,200,000 bobfather99, Shea
$1,239,000 Ray Ong
$1,250,000 David
$1,300,000 Water’s End owner
The list price was $898,000, so only $30,000 over list.
The agent said he had 7-8 offers, and because of deferred maintenance it didn’t go any higher.
The smaller house next door closed for $90,000 more in August, but in his mind it was nicer.
He wouldn’t win on The Price is Right. I guess this is more like hand grenades and horseshoes.
Everyone that guessed over the $929K must be a home owner.
So why do you think it really didnt sell alot more than list as you thought it would? Is the market changing?
Yep people that guessed over 1M and are active homebuyers should come get input here first 😉
Is the market changing?
I don’t think so.
The buyers are smart and accurate with their valuations – and are being conservative. There are many looking, and will step up and offer a fair price.
The demand for well-priced listings is there, evidenced by the 7-8 offers. But nobody is overpaying – buyers will pay a reasonable price as determined by them.
As much as it seems obvious when you look at the market with an open mind; most sellers ignore it, or refuse to believe that their OPT price could be wrong.
There is an additional element in any sale – the listing agent. I don’t know this guy or his skill level, but when you have 7-8 offers a great listing agent should be able to pit them against each other in a way that one of them will pay 5% to 10% over. But maybe these buyers were all super-sharp in their commitment to only pay a fair price?
Senate approves raising Fannie/Freddie limits.
Game on!
Now listed for rent on Zillow at $5250/mo? I don’t really get it… where’s the return? Banking on appreciation?
Oh Noooos.
http://lansner.ocregister.com/2011/10/22/housing-market-will-get-much-worse/137313/
Go to the linked 2007 article and read the comments.
Him and Shiller ought to go buy an ivory tower together.
Schiff + Shiller: Foreclosures = bad market.
JtR: Foreclosures = good market.
Interesting article about the 1%.
http://online.wsj.com/article/SB10001424052970204346104576638981631627402.html?mod=WSJ_LifeStyle_Lifestyle_5
“Is the market changing?”
I don’t know the CV market at all but an interesting question is how much would have this house sold for 6 months ago … 12 months ago? If the answer is “quite a bit more” then I think the market is changing and it is not good news for sellers.
The house next door selling for +$90,000 was an outlier, and normally could have caused buyers who were in a hurry to pay more.
Has the market changed in CV? It is more deliberate now, which penalizes the inferior properties. They don’t get any ‘frenzy benefit’, where buyers overlook defects in the exuberance of securing a home quickly.
This is the access road for the tract, so only the comps on this street are apples-for-apples:
7/10: $993,000 for 3,094sf
1/11: $975,000 for 3,094sf
8/11: $1,018,000 for 3,094sf
10/11: $928,000 for 3,476sf
With 7-8 offers, it should have sold for more. The market hasn’t changed much if that many people wanted it, and with the right technique it could have gone higher.
http://blogs.smartmoney.com/advice/2011/10/20/are-home-sellers-caving-too-soon/
Home sellers who decide to bite the bullet should focus on pricing their house at a realistic and appealing price, says McCabe. Even in the most ideal situation, they should consider pricing the home at the average price of similar properties in the area. To attract immediate attention, pricing slightly below the average asking prices is likely to bring in more buyers and move the home faster, he says.
Little by little, the word is getting out.
Serves me right for guessing high.
It’s a bit of a comp killer. It may be inferior because of deferred maintenance but it’s going to be hard to ignore a 10% reduction in price/sf. The 6 or 7 other buyers that didn’t win are going to be looking at this one to justify their low offers are in the right range.
I agree there’s a cultural change in buyers, partly thanks to the internet increasing the availability of information. I remember in the old days almost all your information comes from the realtor, but today you can go to any number of sites and see sales histories and get a very good idea yourself of what the house you want is selling for. This is something beyond just people being careful with their money in a recession – it’s the reason why I waited out the bubble before buying.
Same thing happens when buying a car. People these days research a lot online both to compare cars and read reviews. It used to be just a few physical magazines like Consumer Reports but now you have all this information at your fingertips for free.