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House Sales In Calif ...

Old 05-17-2007, 07:40 PM
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Default House Sales In Calif ...

... are down 28.5% compared to this time last year, and last year's numbers are also repressed.

Buyers are refusing to pay the over inflated prices for houses out here. Sellers are refusing to lower their prices. Folks that bought the second or third house as imcome property within the last 6-years or so are hurting. The want out from under their properties but don’t want to take a loss, no one will buy at was was market prices 6-years ago. Foreclosures are up over 50% compared to this time last year.

Overall, the California market is down to where it was about 12-years ago.

A local realtor told me he is looking for other work, i.e. he will starve if he depends on his home sell’s commissions. And a neighbor that does appraisals for a very large real estate company said many realtors are not even accepting any new listings. They need buyers, not folks that are willing to sell.

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Old 05-17-2007, 08:54 PM
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Heck...I'm lucky to get any one to look at two properties that I have - One is $70k under an appraisal done in January '07.....not 6-yrs ago, not even 2.

The other has been on the market for four months, also well below January market value (based on comps) - can barely get anyone to show up just to check it out.

The upside is that Sheila and I picked up a GREAT place for about $100k under appraised value two months ago.

Now I just need the other two off of my back. One isn't hurting me too much, but the other is KILLING me.



I would LOVE to even get an offer on either.
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Old 05-17-2007, 09:02 PM
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Sorry to hear that, Fearsome dude. That's pretty much what the realtor told me, folks with multiple props are getting hit hard, in a squeeze, damned if you do, damned if you don't.

In my neighborhood we are seeing more and more properties that have major upgrades or repairs (replace foundation) started and the work is stopped in mid-course. One house is for sale all torn apart, new foundation in place.
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Old 05-17-2007, 09:46 PM
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Isn't California now a suburb of Mexico?

Or has it be annexed by Mexico?

From the last illegal alien rally I saw on TV, it reminded me of my last vacation south of the border.

Could the fact that it's now Mexico north have anything to do with the property values?

Becasue I imagine houses in Mexico are cheap too.
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Old 05-17-2007, 10:38 PM
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The guys I know that work out of North Island (San Diego, Coronado, Chula Vista, Imperial Beach) their houses were Ridiculously high in price........their property value has a lot of room for a crash and their can still all walk away as winners!

Rich so I take it that rent isn't even covering the overhead?
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Old 05-17-2007, 11:23 PM
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glassman - 5/18/2007 6:46 PM

Isn't California now a suburb of Mexico? Or has it be annexed by Mexico?
Sort of but I don't know if that has anything to do with housing costs. I did go to Costco today and saw that Costco is now carrying Mexican products, made in Mexico, branded in Mexico, with labels written entirely in Mexicanese. Kind of felt a little like being in Mexico.

On your next vacation, go to Mexico without a passport...just visit California. Yeah, we're over-run by illegal aliens. We are having to pay to build new prisons the state had not planned on because of the overwhelming crime committed by the illegal alien Mexicans here.




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Old 05-18-2007, 05:52 AM
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After almost 25 years living in San Diego, I finally left 4 years ago. Best move I ever made, I don't even like to go back to visit.

 
Old 05-18-2007, 08:08 AM
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That's a some what strange rel estate market. I just had a friend retire and move to some town, south of Frisco and his new home is close enough to Ocean to see it from a hill back of his house. He paid close to 1 million for it and had just beat other offers of the same price for the house, he considers himself lucky to get the house. It must be certain areas will always be hot markets.
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Old 05-18-2007, 08:27 AM
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It depends on where you buy or sell. In Bakersfield, there's no way they're down to what they were 12 years ago, not even double of what they were 12 years ago. (yeah I know, who would want to live in Bakersfield anyway)

Investors did it here, at one point, sales were 25% investor driven. Now they're paying the price but the bottom has most definitely not fallen out.
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Old 05-18-2007, 12:10 PM
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Crap....all you have to do is watch one of the FLIP shows on TV to see that housing is out of wack in many places in Cali..... last one I saw, the guy bought a 50 year old fixer upper of like 1300 sq for 350k....renovated he sold the damn thing for just over 550k....now that is crazy.
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Old 05-18-2007, 12:29 PM
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BlueMarlin - 5/18/2007 12:10 AM

Crap....all you have to do is watch one of the FLIP shows on TV to see that housing is out of wack in many places in Cali..... last one I saw, the guy bought a 50 year old fixer upper of like 1300 sq for 350k....renovated he sold the damn thing for just over 550k....now that is crazy.
Hey how'ya doing Will?
I personally wouldn't say that was/ is crazy prices....in Toronto one would pay 450 for it and in Vancouver one would be looking at closer to 550. I know where we live (50 miles south of Toronto) we'd be into about 275k. Where do people get all this money is what I'd like to know?
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Old 05-18-2007, 01:29 PM
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Garett - 5/19/2007 9:29 AM

... Where do people get all this money is what I'd like to know?
They don’t have it so they borrow it. Banks got creative about how they would ‘qualify’ borrower for home purchases, and thus, in part, the reason for the recent escalation in foreclosures when real money began tightening up.

Personally, I don't think we are done yet. I'm thinking much, much more doom and gloom is yet to come to the real estate market, and the economy, in general.
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Old 05-18-2007, 03:28 PM
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Now doesn't seem to be the best time to start buying houses to flip.
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Old 05-18-2007, 03:30 PM
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Eyeball - 5/18/2007 1:29 PM

Garett - 5/19/2007 9:29 AM

... Where do people get all this money is what I'd like to know?
They don’t have it so they borrow it. Banks got creative about how they would ‘qualify’ borrower for home purchases, and thus, in part, the reason for the recent escalation in foreclosures when real money began tightening up.

Personally, I don't think we are done yet. I'm thinking much, much more doom and gloom is yet to come to the real estate market, and the economy, in general.
I agree 100%. Every body complaining about fuel prices for their cars is the least that high gas prices will cost you. The stuff on the grocery store shelf and retail goods will catch up in about 6 months with an across the board 30 to 50% increase. Everybody that touches a product before it gets to the consumer will tack on 10% to cover fuel, and some products are "touched" many times.
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Old 05-18-2007, 05:28 PM
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Lucky (or smart) us. Three years ago we sold out in Riverside, California (a suburb of Mexico) and moved to Tennessee. There is absolutely nothing that would compell us to return to California, nothing.



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Old 05-18-2007, 05:41 PM
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"Overall, the California market is down to where it was about 12-years ago."


Your on Crack bro!

A house that sold for 150K in 95' is a $550K place now. A house that was $850, is 3 million. I agree that foreclosures are up, and that house prices have fallen. But, theve only fallen to about 05' prices.
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Old 05-22-2007, 03:45 AM
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rayteagarden1 - 5/18/2007 5:28 PM

Lucky (or smart) us. Three years ago we sold out in Riverside, California (a suburb of Mexico) and moved to Tennessee. There is absolutely nothing that would compell us to return to California, nothing.



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That's no lie. We've got friends in Riverside. She's the luckiest person I've ever met. She took her money, invested it in tech. Sold out RIGHT before it crashed to buy this big honkin' mini ranch in Riverside. They sold it for many zeros more than that RIGHT before the latest house dip, rented, and bought the biggest freakin' mansion I've ever seen! Worse thing about it? I wouldn't have it, period. Five minutes from their driveway, the bangers have everything tagged up, sirens all night long, the place SUCKS! The pollution is awful. Santa Anas are just a joy. EEEfrickin'yuck! They love it though, I guess it's all in what you're used to.

We moved up in the mountains. I drive an hour each way to work, it's well worth it. Cool clean air, no bangers, no dumbassed open piped midlife crisis machines, boom boom boxes, sirens, brap brap coffee can ricers to listen to, just crickets, quail, and squirrels. I shoot and pee off my front porch. Redneck by the grace of God!
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Old 05-22-2007, 05:04 PM
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doughnut - 5/19/2007 2:41 PM

"Overall, the California market is down to where it was about 12-years ago."

Your on Crack bro!

The number of units sold are down 28.5% to the numbers they were 12-years ago, not their selling prices. The 'value' of homes in my California neighborhood are down 12-15%. The selling price of brand new condos downtown dropped from $700k to $600k over the last year. You know the folks that bought in at $700k a year ago have got to be pissed off.

I don't do crack, and anyone that does would do well to stay very far away from me. You won't even get a warning that it's coming.

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Old 05-22-2007, 07:15 PM
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Prop 13 doesn't help either . . .
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Old 05-22-2007, 07:21 PM
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SeaJay - 5/18/2007 12:28 PM

Now doesn't seem to be the best time to start buying houses to flip.
No yet . . . They're still way overvalued . . . at least here.
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