Hampton Homes Decline Most Since Records Kept; Cali Home Prices Fall 36%

S2007S · May 19, 2009

Quote from ByLoSellHi:

Hamptons Homes Decline Most Since Realtors Kept Records in 1982

"Wah! Wah!"
Sculptor Fredi Cohen expected the hand-carved sinks and tubs in her East Hampton, New York, home to stand out in the real estate market and help sell her three- bedroom house for $1.25 million. Almost two years later sheâs still waiting.
âPeople have stopped buying real estate,â said Cohen, who designed the kitchen and bathroom tiles herself. âNow I would sell it for $999,000"...

Good luck, beeeyatch...you may have to whore yourself out pretty soon...

http://www.bloomberg.com/apps/news?pid=20601087&refer=top_news&sid=apbLGZzGvHkQ

Southern California Home Prices Fall 36% on Higher Foreclosures

'I will give you $25,000, cash for it.'
Southern California house and condominium prices fell 36 percent in April from a year earlier as foreclosures accounted for more than half of all sales, MDA DataQuick said.
The median price dropped to $247,000 from $385,000 a year earlier and is now 51 percent below the peak reached two years ago, the San Diego-based research company said today in a statement. Sales rose 31 percent last month from a year ago. âWhatever price stability is out there is tenuous at best,â said Andrew LePage, an analyst with MDA DataQuick. âItâs going to come down to how much worse job losses and foreclosures are going to get for the balance of the yearâ...

You got that right, dildorf. Just wait, you haven't seen jackshit, yet...

http://www.bloomberg.com/apps/news?pid=20601087&refer=top_news&sid=aTgmas5Ypd58

Rich Default on Luxury Homes Like Subprime Victims (Update1)
Chuck Dayton put down a quarter of the $950,000 purchase price when he bought his house in Newport Beach, California, in 2004. He was making $500,000 a year with his drywall company and he expected home values to keep rising...

In other words, greed got the best of your greedy ass...

http://www.bloomberg.com/apps/news?pid=20601087&refer=top_news&sid=a5750zUcnEEs

Im glad they arent selling, its a complete wake up call for all those who were greedy and ACTUALLY thought that they could buy and sell a house 2 years later for a 25% profit. STUPID Fu$king fools.

4444CJones4444 · May 19, 2009

Quote from S2007S:

With option arms the next major wave in this housing bubble we will see even more foreclosures and prices coming down an additional 25-35% in some over extended markets such as CA.

I still believe houses are way overpriced.

Here is one bear's opinion on ARMs reset (I get the impression it about kills him to say anything positive about anything, especially the housing market):

"...Across the board, those in 3-Year ARMs with principal and interest payments will likely see their total mortgage payment drop...the situation has hugely improved from a year ago...the ARM reset problem has vanished for as long as rates stay low, or permanently if ARM holders roll over into affordable fixed rate mortgages..."

http://globaleconomicanalysis.blogspot.com/2009/05/arms-reset-crisis-revisited.html

lindq · May 19, 2009

Quote from Pa(b)st Prime:

I'd suggest if you want a house in a safe neighborhood with a view and if you don't need to commute anywhere that you look on the Southcoast of the O.C. It's as cheap as SoFla. (decent homes 700k-900k). Trouble is-inconvenient as hell. I'm talking Laguna Niguel etal....

It had always been my dream to end up in that area, having lived there and in San Diego as a kid. But everytime I go back I just shed a tear. Horrible traffic and congestion, taxes, expenses, immigration, etc. etc.

So now I live in Scottsdale and just drive over for some long weekends. Then I drive back and leave all the California mess to those who you willing to pay the freight.

It used to be a paradise, and I feel fortunate that I was able to enjoy it at that time. But no more. Too bad, a real bummer.

Pa(b)st Prime · May 19, 2009

You'll like this. I was teling a buddy a few weeks ago that Scottsdale is more like the public's perception of L.A. than
2009 L.A. actually is. Are the summers bearable for you?

Quote from lindq:

It had always been my dream to end up in that area, having lived there and in San Diego as a kid. But everytime I go back I just shed a tear. Horrible traffic and congestion, taxes, expenses, immigration, etc. etc.

So now I live in Scottsdale and just drive over for some long weekends. Then I drive back and leave all the California mess to those who you willing to pay the freight.

It used to be a paradise, and I feel fortunate that I was able to enjoy it at that time. But no more. Too bad, a real bummer.

marketsurfer · May 19, 2009

bylosellhi--- what's up with the anti american economy hate spree?

talking your positions, or do you really harbor those anti american sentiments?

surf

clacy · May 19, 2009

Quote from Pa(b)st Prime:

You'll like this. I was teling a buddy a few weeks ago that Scottsdale is more like the public's perception of L.A. than
2009 L.A. actually is. Are the summers bearable for you?

I agree.

lindq · May 19, 2009

Quote from Pa(b)st Prime:

You'll like this. I was teling a buddy a few weeks ago that Scottsdale is more like the public's perception of L.A. than
2009 L.A. actually is. Are the summers bearable for you?

If by the public's perception of LA you mean open spaces and easy driving, yes, you are right. That's the LA of 30 years ago, which is much like it is here now. (Phoenix, however, is becoming more like LA at present, with so many moving into the area.) But Scottsdale isn't Phoenix. There's been a lot of open spaces and parks set aside by the city as preserves, and for the native Americans, so its still very open and peaceful.

The summers can get a bit toasty. Just need to have a pool and get away on a few trips to Colorado or the coast. Summer escapes here are a day's drive away, so no big deal.

I spent a lot of time on the Right Coast, and I'd trade 110 degrees here anytime for 90 degrees, humidity and bugs.

jem · May 19, 2009

I tell you this - I am talking my book, but as a dealer not an owner.

Orange County and San Diego Real Estate under 700 or 800 - is on fire. Multiple offers are common. My brokerage has closed about 20 short sales is the last 3-4 months and we have offers on close to another 20.

I would bet "real" inventory in San Diego is about 2-3 months. (listings without offers)

FHA loans with 3 % down and low rates just caused the market to go crazy a few months ago.

ByLoSellHi · May 19, 2009

Quote from marketsurfer:

bylosellhi--- what's up with the anti american economy hate spree?

talking your positions, or do you really harbor those anti american sentiments?

surf

Hey surf, aren't you the one telling everyone here how great things were in NYC a year ago, you never conceded any real estate bubble, and you've never really ever acknowledged any fundamental economic problems?

I know, I know...things are great where you're at and everyone's flush with cash despite what the actual data has to say about the number of people behind on every loan imaginable and conceived....lmao. Say hi to all the deadbeats up in Westchester for me...including all those social butterflies you hang around like a gnat.

You want to speak truth? You've been talking like an idiot for a long time. Underwater much?

Cutten · May 19, 2009

Quote from marketsurfer:

bylosellhi--- what's up with the anti american economy hate spree?

talking your positions, or do you really harbor those anti american sentiments?

surf

What's anti-american or hateful about thinking houses are getting cheaper?