The first house shown in this video is on the same street where we saw the stinky short sale that closed for $368,000 in December.
The rest of the comps in this area have been $450,000 to $500,000, with a 3,004-square-footer closing last month for $505,000. But that was a short sale which listed back in July, and things have been rumbling since then:
The Ventana homes were stagnating above the 450k mark for the past year or two.
I really like the layout of those homes in that part of Rancho Carrillo. We ultimately decided against buying in this area because our daily work commute is bad enough that we don’t need the extra headache of having to drive all the way into SEH to drop the kids off at middle school.
And one other thing, we were nervous about the future expansion of McClellan Airport. Rancho Carrillo is directly parallel to the landing path. Regarding noise pollution, it is better to be on the landing side than the take off side, but that is splitting hairs.
Looks like all those fence sitters waiting for prices to go down are now jumping off and running for their checkbooks…..
If banks were smart they would get some of that shadow inventory on the market to take advantage of this excitement.
They need to start foreclosing on more people, rather than be taken advantage of by deadbeats and agents.
I’m going to try to do my part. I’m going to spend 1.5 hours on the speaker panel at the next MBA Mortgage-Fraud Conference in April and lay out how to catch realtors cheating the system. It doesn’t do any good to approach the board of realtors, DRE, or police. Maybe those charged with the fiduciary responsibility of maximizing investor returns might listen?
Good for you, Jim! Hope they listen.
Thank you Jim for doing your part. Housing fraud enriches a small group while at the same time hurting everyone else around them. As a buyer how can you trust comps that are all over the map? As an owner how do you determine the true value of your home?
Just start foreclosing clear out the deadbeats and let the market define prices.
nice video jim
This is what happens when you sit on the fence too long. everyone rushes into the market at once and you get bidding wars.I dont know about other posters but I absolutely hate having a bidding war when I’m buying a home.
Jim, we live in a Govt protect the poor and stupid country these days.The real estate agents today are the knucklehead kids that grew up as the center of Mom and Dads world. This is what society brought us. I am glad you are old school, and know the difference between fantasy and reality when it comes to ethics.
Hopefully it works Jim. There should be some accountability somewhere in the system…