This week’s examples of the hysteria in the marketplace:
Richard,
I wanted to let you know before it hit the mls that the sellers accepted another offer on Talca. Your offer did get there on time and was presented.
I have 16 offers in hand right now and have not called or emailed all people who wanted to show or write. The house was shown over 40 times. The response was overwhelming and the seller had a difficult time reaching a decision.
I will keep everything if that is okay and call you if something goes bump in the night.
Thank you for your professionalism and also your Buyers.
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On the Calzada short-sale listing, where they lowered the price from $1,579,000 to $1,200,000:
Jim,
We can’t get it to see it until Tuesday or Wednesday. I will be having an “invitation only” open house one of those days. When I get the date/time confirmed with the seller I will let you know.
FYI I have many offers at and above asking. About 80% are all cash. Anticipating submitting all offers to bank 12/10.
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Jim,
The property is tenant-occupied and I’m having trouble with access. I have already had 30 people call to see it in the first three days on the market.
http://www.sdlookup.com/MLS-120058148-12519_El_Camino_Real_F_San_Diego_CA_92130
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This 2 br/2 ba 1,496sf condo has been on the market for over two years – went pending Wednesday.
SP = $1,500,000 6/3/2008
LP = $1,779,000 – $1,875,000 (pending)
http://www.sdlookup.com/MLS-100057844-222_Neptune_Ave_Encinitas_CA_92024
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Freeway-close 803 Ida Avenue in Solana Beach first listed in October, 2009 for $795,000:
They tried the up-down-up-down price changes, and cancelled the listing five times – but couldn’t get a buyer to stick, and gave up in October, 2011 listed at $699,900.
In a trend that we’ll see more of next year (listings not selling during the last couple of years trying it again), the same agent re-listed it for $699,900 in August, and sold it above list – $732,000:
http://www.sdlookup.com/MLS-120042334-803_Ida_Ave_Solana_Beach_CA_92075
$550,000 for an old tract home in Penisquittos?
Game on!
I’m glad I got into the house where we are now a year ago. It was easy back then compared to what is going on nowadaze!
Very grateful JtR got us into our beach house earlier this year – after four years of looking! What is happening now is crazy.
I’m convinced there’s a lot of people out there that don’t think SoCal housing was in a bubble, just that it “got a little ahead of itself” and (ultimately) will always go up.
@Profhoff, I’m thinking the *exactly* the same thing.
Yeah, agree with #3 & #5. Thanks JtR for helping us set the bottom in our hood.
I don’t want to sound like “Debbie Downer™” here, but what about the super majority in the State Legislature?
Maybe there’s a reason why builders aren’t making new homes to fill the gap?
They are building new homes as fast as they can. Both TB and SP in Stonebridge told me that sales are far exceeding expectations.
Sandalwood in SE Carlsbad is almost sold out, and have buyers lined up to pay $1.3 to $1.4 for the model homes when the rest sold for under $1M. Pardee is going to sell 150 homes in Alta Del Mar for an average of $2,000,000+, and can’t build their new 87-home Watermark fast enough, starting at $1,000,000.
Fill the gap? The only gap is between the haves and havenots, and it’s only going to get bigger. Look around.
Thanks 2,3,5,& 6 – want to flip?
Supermajority Dems to start rolling back Prop 13 with parcel taxes.
In a high-value area like NSDCC, parcel taxes are relatively small and hit the poor much harder than the wealthy. If they start coming for the heart of Prop 13, though, I’m outta here.W