I visited my dad in San Diego today and so had the chance to take a first-hand look at the blood on the streets as described on Piggington.com. I saw quite a few condo conversions with sign twirlers…sitting at a traffic light near University and the 15 I was quite impressed by one fellow. He really had some moves going. If he had been a she I would have figured there was a high school color guard history in his past but, at least where I grew up, all those flag tossers were girls.
In my dad’s gated townhome community there were four townhomes for sale within a 2 minute walk of my dad’s place. Actually, three were for sale and one had a “sold” placard on its sign. Interestingly, all four were the same model, 1300 sq. ft, 3/2, yet the one that had sold had the cheapest asking price range ($385k-$395k). The other three were asking $395 to $405. The one that is “sold” is still in escrow so I don’t know what the final price was but it’s highly unlikely it went for the full $385k. So apparently the other three FBs don’t realize that they can’t price their homes higher than the previous sale any more. I blame their realtors. Still eating that late-summer delusion-berry pie!
Back in Irvine, I was perusing one of those glossy real estate mags while getting my car washed and I have to say, I am amazed and kind of disheartened at how the local “wishing” prices don’t seem to be budging at all. The same 20+ year-old tract houses with tired, outdated kitchens and bathrooms on tired, run-down looking streets still asking $650k or more to start. These same darn houses have been boring me for months! I wish these fools would lower their prices already so their houses would sell and I wouldn’t have to keep looking at the same pictures! (Don’t these people realize it’s their job to keep me entertained, for Pete’s sake?!)
I didn’t get a chance to go into any open houses this weekend since it was my weekend with my little guy, but I plan on hitting a bunch next weekend. Plus, on October 21st Portola Springs is having a Fall Festival as described in a lovely flyer that I received in the mail yesterday. I will definitely be taking my little guy there and I’ll be reporting on the level of desperation that I observe among the fine homebuilders hosting this gala event!
Watching OC RE over the last few weeks has been like watching paint dry. The outer cities like RSM are definitely feeling more pain than Irvine, but even they don’t have a lot of price movement lately.
So I had to expand my search…. I have another fun one in Corona if only I can get a pic of the stupid thing. You’d think that with someone’s financial life at stake, the I’s would be dotted and the T’s crossed. Nope. Seven DOM, a trustee sale coming this week, and no picture.
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My bet is that the RE agents are telling the clients…hold on……interest rates are falling….you’ll get your price…..don’t worry….interest rates are falling…..don’t worry…..
What’s funny about this is that the agents don’t seem to understand that all they need is for transactions to occur…if a price is reduced from 700K to 600K their commission(3%) goes from 21K to 18K. Even if the price is lowered, they at least get paid.
I once saw someone describe it like this:
Agent to Seller: You need to lower your price. Thr market is falling!
Agent to Buyer: There has never been a better time to buy! Houses aren’t getting any cheaper.
Wife to Agent: Texas seems nice, maybe we should move there.
Agent to Wife: Not now honey, I’m making too much money off these people!
Irvinesinglemom, would you enjoy some company for the Portola Springs Fall Festival? If so, contact me at mbcalt01@cox.net.
I hope you got a chance to see downtown San Diego. New condo towers being built as far as the eye can see. 12,000 new condos coming online in the next year. Combine that with the fact that San Diego is losing population currently and I see a huge problem.
The condo situation in downtown SD is pretty crazy. I had no idea there were 12,000 more coming up so soon. Are the HOA fees in these condos as ridiculous as the one in Irvine?
Speaking of SD, we just put up a link (on our blogroll on the right) to a site that focuses on the Pacific Beach area:
http://pacificbeachbubble.blogspot.com/
Neat. Sven quips that failed flips are so easy to find that he doesn’t know why his blog is needed.
I can only hope that we get there soon.
I’ll keep blogging, if for no other reason than to maybe keep someone from catching a falling knife.
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