Sorry doom and gloomers. The real estate market is hot in California.
- Thread starter Free Thinker
- Start date
Quote from bgp:
some of you guys who really think this R.E. market has turned the corner better have your head examined. these are nothing more than up ticks in a BIG BEAR MARKET.
bp
I've lived in Southern California all my life and I'm old enough to remember the last real estate crash in the late 1980's. It took 7 years for the market to recover. Those who believe this crash is over are in for an unpleasant surprise. Prices will probably go down another 20-30% before we find the bottom.
here's a little 2 bedroom steal.
http://re.ocregister.com/for-sale/l...003271--18540-U9004994--864-U9003999-ls/202-t
http://re.ocregister.com/for-sale/l...003271--18540-U9004994--864-U9003999-ls/202-t
Well I have about 5-10 short sale listings at 500,000 and under. They have been looking for buyers for a couple of week now. That was unheard of for the last six months.
So I can guarantee you one thing - it is slowing down hard since thanksgiving. (However, it could be seasonal but I sense otherwise. )
Also I am far from the only person with a bunch of listings to notice this.
On a side note -
there are 427 active listings in Rancho Sante Fe (that is an amazing large percent). A bunch more in foreclosure which are not listed. Plus, I know there are others who are hoping for loan mods or deed in lieu.
There are roads where every third or every other house is for sale. ( like florida was just before the collapse)
If you wish to pick up some of the prestigious land in america now is your chance to step up and stick your hand in the fire and make low ball offers. You might get it cheap. My dads friend picked up 2 homes - half price - in la jolla by spraying out 50% offers during the last meltdown. However please do not think I am saying we won't go down further. I think the high end is going to collapse hard and it will compress all the houses below it.
But the low end may be pretty close to stable going forward.
So I can guarantee you one thing - it is slowing down hard since thanksgiving. (However, it could be seasonal but I sense otherwise. )
Also I am far from the only person with a bunch of listings to notice this.
On a side note -
there are 427 active listings in Rancho Sante Fe (that is an amazing large percent). A bunch more in foreclosure which are not listed. Plus, I know there are others who are hoping for loan mods or deed in lieu.
There are roads where every third or every other house is for sale. ( like florida was just before the collapse)
If you wish to pick up some of the prestigious land in america now is your chance to step up and stick your hand in the fire and make low ball offers. You might get it cheap. My dads friend picked up 2 homes - half price - in la jolla by spraying out 50% offers during the last meltdown. However please do not think I am saying we won't go down further. I think the high end is going to collapse hard and it will compress all the houses below it.
But the low end may be pretty close to stable going forward.
I'm so damm tired of hearing stable. Is down 40%-50% and stable but not reskying good? the stock mkt is priced for one of the greatest booms in us history not stable but down 50%. show me 50% rev growth in s@p co's and 30% increase in home prices in 2010. other than that we're still in a bubble.
i like to hear what merideth whitney has to say about the economy. she has common sense with brains. she is as bearish as she was in 2007. if it wasn't for the trillion $ stimulus this market would not have came up for a breather. there is nothing else to propel this market up. the average consumer (70% of economy) ) is spent. oh, but we will spend our way out of depression?? sure , and the government can put out fires with fire.
bp
bp
Everyone thinks the turnaround will be as long as the the one in the late 80's, some think even shorter, I can tell you that this will be twice as long as the recovery from the late 80's. I'm sure some areas will feel like they are fully recovering from the housing collapse but it will be short lived, once interest rates move up, tax credits disappear and reality sets in, housing prices will be flat to down. All the intervention pushed through to support housing prices is the worst thing they could have done, housing prices without this $8000 tax credit would be 15% lower, housing prices without any support or intervention from the government would have house prices down right approx 25%-35% by now. I have seen some houses near me that haven't sold in 6+ months reduce prices as much as 15%-20%. Once stimulus is pulled from the system and the fed finally lets go of its easy money policies than just maybe will see the real economy taking shape.