This might be an extreme example, but with the weather so nice and rates still reasonable, buyers are always in the hunt these days. However, the wrong-pricing of new listings is evident, and likely to continue into next year:
Jim Klinge
Klinge Realty Group
Broker-Associate, Compass
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Awesome sunset at the end. I think you are 100% right. Buyers are out there, even during the holidays, but don’t want to play the fool on the high priced stuff out there. I think they smell inventory around the corner; if that is right, who knows? That house next door needed everything, but just cosmetic – it had all the basics that a family wants; plop in midrange kitchen and baths and in retrospect that will look like a very good deal. The subject house is lot value only, which I suspect is 900-1.3 in that neighborhood.
Could this buyer be a flipper?
In 2003, this teardown on the same street was purchased for $1,200,000. You saw a glimpse of it in the video on the right while the car was going down the lane – now it’s a new 6,300sf mansion that sold for $3,750,000 in 2007:
http://www.real-estate-video-tours.com/video/0706-1653orandolane.php
I can’t see how this could be flipped; too much funky to fix. I guess a spec builder going to start from scratch. Look for it Spring ’15; 4 mil+
One of these days you will get that green flash.
I ran into those pro guys and they said the green flash is most likely with Santa Ana conditions. Like today.