Housing Rolling Along 2

Quote from vhehn:
04-04-06 12:30 PM

sales in california seem to be slowing. my aunt has a rental unit on the market for a while now and no buyers yet. i think she may have waited 6 months too long to sell it.
if anyone is looking for income property in the bay area contact the realtor.

http://www.interorealestate.com/Search/PropDetail.aspx?listingId=12-4-40147630
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update: this rental house in california owned by a relative still has not sold since april. she recently relisted it 100k cheaper but still no takers. she is 85 years old and we have been telling her to just auction it or something or she may not live long enough to enjoy the money.

http://www.interorealestate.com/Search/PropDetail.aspx?listingID=12-1-40228015&pso=listPrice DESC
 
Quote from vhehn:

update: this rental house in california owned by a relative still has not sold since april. she recently relisted it 100k cheaper but still no takers. she is 85 years old and we have been telling her to just auction it or something or she may not live long enough to enjoy the money.

http://www.interorealestate.com/Search/PropDetail.aspx?listingID=12-1-40228015&pso=listPrice DESC
More...

How about a reverse mortgage ? Or sell a portion of equity interest to a private investor?

TS
 
Quote from TrendSailor:

How about a reverse mortgage ? Or sell a portion of equity interest to a private investor?

TS
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no need for reverse mortgage. she does not need the money. just selling because she is getting too old to deal with renters. i think at her age she should just sell for what the market will bear.
 
I think her best beat is to price it as the best priced unit in her range and then offer 5% to the buyers agents.

I have used this strategy myself and it works in tough markets as long as the house is in move in condition and priced well.

fixer uppers are another story. who wants to spend time and money on an investment in a falling market. It also helps to send an email out to the all the agents telling them about the big pay day awaiting anyone with a buyer.
 
Or she could hire a respectable property management co. to deal with the renters? Let me state as I have before though, I am bearish on CA RE as well as other bubble markets, ie. Las Vegas, Phoenix, and parts of FL.
 
Proof zillows own numbers are a joke

This home sold recently, showing what is really going on in carmel valley san diego.
This home was worth over a million last year.

Take a look at the pic!
 

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Looks like zillow has undergone an update or upgrade, much better. Here in inner suburb of Boston I see that two new construction SFH that were sitting on the market for a year sold. They were on the market for 1.3M and 1.1 and they endded up selling in August for 1M and .85M respectively. These were top of the line new constructions, the older homes are all still for sale or they have been pulled from the market.

The builder who sold them still made out very well as his total cost was no more than $500K on each property.
 
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