Market watcher Steve Thomas at Re/Max Real Estate Services in Aliso Viejo says demand for O.C. homes is now above 2006’s pace, as measured by new deals placed into escrow for existing homes and condos. Demand was 2,720 as of Thursday — a 46% improvement above a year ago and 4% above this time in 2006.
Thomas says: “Current Orange County housing demand not only obliterates 2007 levels, but it now has surpassed 2006 levels as well. Demand has reached a mark not seen in 24 months. Thus far this year, it has charted a course that is not at all cyclical and has improved unabated. The most rational reason for this break in tradition is pent-up demand, specifically, pent-up first-time home buyer demand.”
Thomas numbers hint at the pace of future closed sales, the backbone of other market statistics. The recent dealmaking surge suggests the O.C. homebuying losing streak, dating to October 2005 — read more HERE! — will end soon. California Association of Realtors stats for April also show a dramatic improvement in O.C. home supply situation in ‘08.
Every two weeks, Thomas also calculates “market time,” a benchmark of how many months it theoretically takes to sell all the inventory in the local MLS for-sale listings at the current pace of pending deals being made. By this Thomas logic, it would take 5.61 months for buyers to gobble up all homes listed for sale last Thursday at the current pace of deals vs. 5.82 months two weeks earlier and vs. 8.86 months a year ago. A key reason: the latest count deals in escrow of 2,720 is up 173% vs. Jan. 19’s wintertime low. Here’s a look at listings, new deals to buy homes and Thomas’ market time in month …
| Slice | Listed | Deals | Months | 2 wk. ago | Yr. ago |
|---|---|---|---|---|---|
| All O.C. | 15,270 | 2,720 | 5.61 | 5.82 | 8.86 |
| •$0-$500k | 7,267 | 1579 | 4.60 | 4.75 | 8.38 |
| •$500-750k | 3,316 | 663 | 5.00 | 5.22 | 8.74 |
| •$750k-1m | 1,739 | 249 | 6.98 | 7.37 | 7.51 |
| •$1-1.5m | 1,294 | 132 | 9.80 | 9.78 | 9.04 |
| •$1.5-2m | 721 | 49 | 14.71 | 12.54 | 11.88 |
| •$2-4m | 819 | 55 | 14.89 | 17.17 | 14.60 |
| •$4m+ | 334 | 5 | 66.80 | 40.88 | 17.13 |
(Note: k=thousand; m=million)
And he ends his report saying that prices are still falling and will continue to fall.
Mr. Lanser,
Please ask Mr. Thomas to break down the volume of deals in categories below $500K. For now 0-300Km 300K-400K and 400K-500K would be helpful. This will allow a clearer view into the pricing required to sell homes.
In case you are wondering why median has fallen so much in the last 4.5 months, see Mathew Padilla’s article this morning:
“Since Dec. 27, the number of all distressed homes on the market has grown 2,154 while the non-distressed supply is 2,399 lower.”
That means that non-distressed sellers have removed stock from the inventory and virtually all the new inventory is distressed.
No wonder prices are falling.
So what was Steve Thompson saying again?
Another Oscar Meyer Story.
If you want to sell your house and your not in foreclosure then how many months do you on average have to wait.
On the other hand if you house is taken back by the bank and the bank drops the price how long does it take to sell.
Who can answer that question? Steve? Pat? Jon?
We really live in the age of gossip. I think, it might be, did you hear, but no attempt by the Register to get much information.
Why so tense Marcia? Did a house fall on your sister?
I think it’s obvious what’s happening here. The bulk of the homes that are selling are cheaper distressed property, pulling the median down. If you’re trying to get a 2005 or 2004 retail price for your home, it ain’t gonna happen. We’re going back to 2001.
From Matt’s Mortgage Blog:
“Home market watcher Steve Thomas at Re/Max Real Estate Services in Aliso Viejo reports that the number of O.C. distressed properties (homes listed by agents as foreclosures or short sales) was 5,905 last week, plus 227 vs. two weeks earlier or a +4% change.”
Actually he says prices on DISTRESSED PROPERTIES “MAY” fall slightly futher. That’s great if you like Santa Ana. For the rest of civilization it’s multiple offers ruling the day!
For those who like some REALITY with their fantasy:
Foreclosures and short sales in inventory
High Share
Santa Ana 1143
Anaheim 810
Garden Grove 401
Lake Forest 199
Rancho Santa Margerita 132
Buena Park 160
Aliso Viejo 139
San Juan Capistrano 143
Low Share
Corona del Mar 2
Laguna Woods 10
Villa Park 2
Seal Beach 10
Newport Coast 12
Yes, you read that right: Corona del Mar has 17/100ths of 1% of the distressed inventory of Santa Ana.
“Since Dec. 27, the number of all distressed homes on the market has grown 2,154 while the non-distressed supply is 2,399 lower”
That tells me that non-distressed inventory is moving. What the heck does it tell you again?
If there IS a “shadow inventory” wanna bet it is also mainly in Santa Ana?
Marcia,
You have been a bit callous lately. A definite shift from your typical softer side which was notable with most of your posts. I love how all of the bears cast aside Mr. Thomas’ reports since he is a Realtor. I mean, he must know zilch about our housing market. But, NAR or Case-Shiller, well, they know our local market……yeah…..they know absolutely nothing about our local market.
We all know that GG, SA, and Anaslime are the beef of the foreclosure inventory. There are PLENTY OF DEALS in those lovely little communities…go knock yourselves out bears…oh…wait, that is right…you probably do not want to live there. You hope to poison the rest of the market with this trash inventory. I mean, do you just buy it because it is a REO? Of course not…that is why the home in Dove Canyon sold in two weeks AMONGST ALL THE REO’s…must not be that many around those parts. Hmmm, yep, REO shoppers: your pickins’ are slimmer in “nice” communities. Are there some? Sure there are…enjoy the short negotiations and REO hunting.
And yes, 2400 less distressed properties is due to sales of some and non-market entrants by smart sellers who do not have to sell. This statewide nonsensical information of distressed property being the RE market in CA…well go enjoy Stockton or Sacramento. I hear Riverside and Corona or Chino have some very nice options for you as well. Oh wait, those areas do not fit the bill do they now…
Home Loans in Default ~ Future Comp Killers:
Here’s the 4 horsemen!
Irvine = 314
Laguna Niguel = 205
Mission Viejo = 334
Aliso Viejo = 187
Oh No … say it ain’t so!
The Nasdaq had many, many record up days on its way from 5000 to 1500. The general trend is down, and it will continue down until it undershoots and prices get insane, and then the medium price will settle at 4 times income for a while. There are always suckers who jump in on way down. Always. That’s why there are up spikes sprinkled on all historical down charts! They are called knifecatchers!
The OC’s Housing Implosion continues………………………….
Actually, the trend is up. Has been for months.
I bet this here headline gets some people off the fence too.
Market time in MV is 17 weeks…by the numbers a slight sellers market. $300 per foot seems to be doing the job for most people here today. That is probably about 15% off of the all time high for the area on average.
“For the rest of civilization it’s multiple offers ruling the day!”
So you’re saying that if I put my house up for sale I’m going to get multiple offers?
Actually, if you go to foreclosureradar.com and look at the cities Lee mentioned, you will see that in almost every case of “preforeclosures”, the “estimated value” far exceeds the “loan amount”. Often by hundreds of thousands of dollars. That doesn’t spell walking or short sale, just temporary distress. Those homes will be sold (or cured) before any damage can happen.
Gotta love lee…he just loves celebrating a family being in distress.
Mulligan, You’re right about Lee . He’s sort of the Uriah Heep on this blog.
Foreclosures have not yet hit coastal areas hard, not surprisingly, because those wealthiest owners can sustain the most losses without going BK. However, it is not just North OC, it is all inland OC areas including major ones like Irvine that are increasingly hurting.
The funniest part of that post would be the video poorly focused on an office building while some hack goes on for about 50 seconds in the audio background.
And viewed 3700 times in 15 months…huge interest there…just ginormous! Like lee’s compassion….
guys, there is definitely a bounce going on. if your looking for a desirable house in a desirable neighborhood, there is going to be a lot of interest from others.
the question is, is this a temporary dead cat bounce, or have we stabilized?
Gotta love lee…he just loves celebrating a family being in distress.
Actually, it’s quite opposite. I would say it’s much easier to walk away, instead of trying to shift money from place to place in order to service a vastly inflated mortgage. Why pay an $850,000 mortgage, for a $450,000 home? Many are coming to that conclusion …. I don’t think this trend to end anytime soon.
This is very simple; there are simply way too many people living far beyond their means in Orange County, and now that the banks have said NO MORE borrowing, the music has stopped.
It’s Over.
I love the religious wars being fought on this blog. Permabulls refuse to admit that the market is awful pretty much everywhere in the OC even outside of Santa Ana and Aneheim. Permabears can’t admit that the market may be even a teensy weensy bit less awful than it was 4 months ago. It seems to me that the data is definitive about both points. As for the future — well its like the weather, you can see the trend for the immediate future, but there too many variables to accurately predict past that.
Mulliganville Says:
June 2nd, 2008 at 7:27 am
“Gotta love lee…he just loves celebrating a family being in distress.”
Funny, it could be suggested that bulls are snobbish when they continue to disparage lower priced areas (”Anaslime?”) and celebrate high prices at the expense of first time buyers.
Easier to walk away and have your credit destroyed for the foreseeable future…car loans at 12-15 percent…home loans from 10-15 percent…or you are destined to rent for an eternity…how is this better?
sorry price…location, location, location. It is an easy rule to follow.
Mulliganville Says:
June 2nd, 2008 at 7:56 am
“sorry price…location, location, location. It is an easy rule to follow.”
That’s besides the point. If you disparage other’s attitude rather than debating their points, expect your just desserts.
Mulliganville Says:
June 2nd, 2008 at 7:56 am
“Easier to walk away and have your credit destroyed for the foreseeable future…car loans at 12-15 percent…home loans from 10-15 percent…or you are destined to rent for an eternity…how is this better?”
That still allows you to free up cash for better investments rather than getting stuck with a depreciating asset.
Price, I am sure there are some nice area of GG, SA, and the slime…its a joke…have your coffee and get back to me.
That being said…there is a reason those area shoulder the load and majority of the county’s distressed properties. Why would that be?
Interesting how even Toscano’s chart shows a MUCH bigger fall on the cheapest units.
I’m generalizing here!
Who’s denying that cheaper units are experiencing a “MUCH bigger fall”? Answer ~ No one that is paying attention.
But here’s the interesting part:
We really don’t what’s happening to the other homes that are NOT CHEAPER, because they just set on the MLS for months and months before the sellers either pulls them off the market, or they slide into default.
Thoughtful( t roll-multinamevile) is the perma-blogger. I hope it pays benefits.
jake, like rants, you are irrelevant as your mind has begun playing tricks on you…the more you say it the more comical it becomes.
Multinamevile,
You are the only one who sits on this blog all day. Does that qualify you for welfare?
actually jake, if you open your mind and eyes, you will notice there are many times and at times days when i am not here…but you will think i am thoughtufl, sigh, alfa, crys balls, etc. i do not think you and the rest of the rent-a-bear workshop are the same person…why do you think we all are?
Just ignore him like everyone else does, Mulli.
Notice how jake and his crew hardly ever talk about facts on the ground? All they ever do is attack, threaten, insult and stalk every other poster who doesn’t see things their way. What does that tell you? It tells me they are very, very nervous.
Actually, Jon would you please post the IP addresses as some blogs do so we can end this foolishness right now? Thank you in advance.
Jake is a dolt…at least you can carry on a conversation with pdu.
This is just an uptick. Wait until 2009-2010. It won’t last. Values are still overpriced and pushes too many people over the edge just to buy a condo. If $490,000 is the median - that’s affordable? That’s insane.
Thoughtful: “I bet this here headline gets some people off the fence too” Ummm, no, housing prices in the OC are not yet in line with fundamentals…such as income. Housing prices still need to adjust downward to account for loose lending practices that are no longer available, with yet another hit coming from rising interest rates. These factors in conjunction with recessionary pressures = not the time to purchase residential property.
Thoughtful, Mulliganville, Seeking Alf. - I guess from the large volume of comments you all post throughout the day, often to support each other’s opinions and take on the same “bears,” it can seem as if you are one in the same. You have something to contribute to the blog…just try to streamline a bit. Quality over quantity. That way, the voices of others do not get lost in the mass postings. Or, is that the point?
Even if your loan is 400k - that’s a lot of money for your average home buyer in OC. Don’t forget this is assuming this person has already put down 20% - which many people don’t even have.
And they aren’t going to get a home that’s really all that impressive.
Loan Amount $400,000
Interest % 6.20
Monthly payment $2,450.14
($482,049 in interest over the life of the loan - that’s a lot of wasted money)
+ insurance
+ property taxes
+ maintanence/repairs
+ association fees (if any)
Talk about a hypocrite. Now that’s kinda funny.
“Notice how jake and his crew hardly ever talk about facts on the ground? All they ever do is attack, threaten, insult and stalk every other poster who doesn’t see things their way. What does that tell you? It tells me they are very, very nervous.”
Mick,
He acts like a hypocrite knowingly just to get a reaction. I guess for what he does he is pretty good at it.
You can see how he posts as thoughtful with 3 minute intervals and then as multivile at 3 minute intervals. He is leaving such evidence to make you look like a fool for not seeing it. Clearly a very angry person.
But given the nature of our society and the web not totally unexpected.
And it is not totally unexpected that Jon lets him get away with it.
wow mulli I am hurt. Hit me with another insult from another name.
Show the people your smarter then we are. That is what it is all about right. You got burnt in real estate so you are trying to make fools of those who you blame.
jake paranoia, i have even uglier pix but that will destroy your paranoid disease.
i have more fun playing with your mind.
Also, wouldn’t it better to see a graph of the changes in distressed sales YOY for each of these areas? And, wasn’t 2006 already a year of declining sales compared to 2005. Again, by comparison, if we were use the beginning of this year as the starting point, it indeed does appear that we are moving upward but historically, and this is important, sales are still way down. When do owners usually sell their current home to move up? How many of those people now have an excess equity available for a large DP? How many of those have NOT seen how much houses have depreciated, in particular how many have had their TH or condo depreciate at an even greater rate?
TO THOUGHTFUL/MULLI/ALFALFA/CRYSTALNO BALLS ALL THE SAME PERSON
IF ANY OF YOU SO CALLED SELLERS OUT THERE WANT TO FIND OUT IF U CAN SELL UR HOUSE NOW GO PUT FOR SALE SIGN UP AND SEE HOW MANY (MULTIPLE OFFERS ACCORDING TO THOUGHLESS) U WILL GET.
THE ANSWER IS NONE.
THIS PERSON WILL GRAB ON TO ANY RESPONSE THAT SAYS HEY SOMEONE BOUGHT A HOUSE IT MUST BE GOOD…LOLL
LOTS OF PEOPLE BOUGHT ENRON STOCK CISCO STOCK AND MANY OTHERS TOO ON THE WAY DOWN…
DOESNT MEAN ITS A GOOD DECISION.
GO ASK A ENRON SHAREHOLDER….LOLLLLL
MR. STEVE THOMAS IS NOTHING MORE THAN A STOCK PROMOTER/REAL ESTATE PROMOTER TO TRY TO GET SOME BUYING GOING ON.
THERE IS NO DIFFERENCE
IM SURE MANY PEOPLE WILL BE SUING HIM ALSO WHEN ALL THIS PROPAGANDA HE PUTS OUT IS FALSE AND NOT ABLE TO PUT ANY REAL FACTS T WHAT HE SHOWS.
WE ALL HERE SHOULD BEGIN THE PROCESS OF FILING LAWSUITS ON MANY OF THESE RE PROMOTERS THAT ARE TELLING PEOPLE TO MAKE IRRESPONSIBLE DECISIONS IN HOME BUYING
THIS WILL BE THE NEXT DEBACLE IN THE DOWNFALL OF THESE SO VCALLED EXPERTS…
STEVE THOMAS
GARY WATTS
AND WE ALL KNOW THE REST
WATCH WHEN THE FIRST LAWSUITS COME OUT THEY WILL NOT BE PRESENTING THESE FICTICIOUS NUMBERS AND FALSE STATEMENTS ANYMORE
Yes mulli you have fun playing with everyones mind. But is it fun being unemployed? Is it fun losing your job in real estate. Was it fun watching your equity evaporate. Tell us how much fun those things were?
Some facts about me:
I am originally from Houston, TX.
I live in Mission Viejo in Pacific Hills. This is my only RE holding in CA.
I am licensed in 3 states: CA, HI, TX.
I do not know about the rest of the bull personalities here, but I am passionate about RE and believe in it for the long haul. I do not like flippers whatsoever.
I find it comical that so many are so convinced about this blogging schizophrenia which apparently has become more popular of late.
I loathe all 3 presidential candidates as we have two dims and a republican lite.
I enjoy a good bottle of red wine, any book by Vince Flynn, and Texas hold em. Manhattan is probably my favorite city in the US…so much to do. Jersey Boys might be my favorite musical of all time.
I loathe the Trojans, Lakers, Dodgers, and any other local sports team. After all, we root for jerseys, not players. The jerseys I root for are in Houston and Austin. Thank you VY.
The plasticity and transparency of LA is quite comical. The celebrity jaunts to Iraq for a couple of days only to return with a “complete understanding of the plight of the Iraqi people” is juvenile and see through…I am talking to you Sean Penn.
And this city just cannot get Mexican food quite right…although they try mightily. Javiers is not bad…but why is it so hard to add chile con queso to the menus around here? $8.95 a bowl and you will sell it like clockwork. See me for the recipe…it is not that hard.
i like to play around with jake paranoia.
jake=peedoo.
peedoo=rants
rants=hwood=horny wood=hairy wood
TO MULLIGAN(GOOFBALL)VILLE
THIS IS NOT A DATING SITE
JUST GET OFF
I DO NEED UR IP ADDRESS SO I CAN SUE U ALSO FOR BEING A REAL ESTATE AGENT GIVING OUT UNSUITABLE ADVICE TO BUYING A HOME…
YOU ARE JUST A RE PROMOTER ALSO
AND WHO CARE WHA U THINK OR LIKE
NOBODY CARES BECAUSE U HAVE NOCREDIBILITY HERE OR ANYWHERE U MAY GO….LOLLLLL
hwood…your iq is screaming through your posts. only 2 weeks till graduation.
TO THOUGHFULLESS
SINE I AM NOT LICENSED AND MY ADVICE IS FREE AND HAS BEEN RIGHT ON(DONT BUY A HOUSE YET) PRICES STILL DECLINING JUST LIKE I HAVE SAID FOR THE PAST SEVERAL YEARS OR MORE.MY PEOPLE THAT TOOK MY ADVICE HAVE SAVED THERE MONEY AND NOT LOST LIKE YOUR LICENSED ADVICE YOU HAVE GIVEN HAS LOST PEOPLE MANY THOUSANDS OF DOLLARS I WONDER IF THE STATE AGENCY WOULD LIKE TO KNOW MORE ABOUT YOUR STATE LICENSED ADVICE U ARE GIVING OUT WITH A BROAD BRUSH EFFORT.HMMMMMMMMMM
LOLLLLL
SAY BYE BYE TO YOUR RE LICENSE………LOLLL
Gee mulli try passing that Bio around to employers. And put on it spends all day on blogs acting. Oh I get it you and thoughtful are not the same person you just share a cube and you guys are just playing with us. Sweet!
Keep studying for the SAT’s…RE agents do not give financial advice aluminum skull. But if you would like to call the California DRE (that is not Dr. Dre), and file a complaint against Mulliganville, go right ahead. By then, you might know the difference between “your” and “you’re.” And “there” and “their.” Please, figure this out…it is not that hard. But I know it is hard for illegals.
I think Jakes about ready to do a Sweeny Todd. What are the voices telling you Jake?
Hey Bubbs, does GE still do business with Iran? Nice owner of CNBC.
TRUST ME I WILL AGAINST THOUGHTFULLLESS AND ITS NOT FINANCIAL ADVICE IM TALKING ABOUT GOOF BALL U MAY NEED TO GO BACK AND STUDY
YOUR RE BOOK OF ETHICS
U R GOING DOWN MY FRIEND
There once was a blogger named Jake
Who thought every non-bear was a fake
He ranted and raved
Blog Justice he craved
So sad is his reality break
Nice CB…HEY HWOOD…CAP BOY…I HAVE NOT SOLD ONE PEACE OF REEL ESTATE IN THIS STATE. YOUR WRONG HEAR.
listen to mr. cheese dip and the rest of the p-bulls whining today. tragic… go Angels
Thanks Alfa…no whining here bp…just laughing at the “fact” that another pov must all be by the same person. I don’t mind the Angels too much.
Oh i get you guys are siamese triplets who can only communicate via Jons blog. When you go to therapy do they charge for one, two, three or a family session.
Was dungeons and dragons your favorite game?
Curious readers want to know!
TO THOUGHFULEESS AND MUULLIGANHEAD
WELL FINALLY U CAN SEE U R BOTH THE SAME I SAID NOTHING TO MULLIHEAD BUT SAID TO THOIUGHTFULL AND THAN
U CHIRP IN MULLI AND SAY U HAVE SOLD NOTHING..
THEY ONLY THING U HAVE SOLD IS UR BRAIN….LOLLL
OH MY THIS GUY DOES THOUGHTFULL /ALFALFA AND CRYSTALL TALK T EACH OTHER ON THIS BLOG….OHHHHHHHHHHHHH
MYYYYYYYYYYYYYYYYYY
NOW I KNOW THIS PERSON WITH MORE NAMES THAN THE BRADY BUNCH IS
COMPLETLEY
INSANE
ALL IN FAVOR OF BOOTING THIS GUY OFF THIS BLOG JUST SAY YES
English as a second language…pick up a copy.
I think hwood is rants’ alter ego…you know, rants is all small caps all the time…hwood, is well, besides being completely devoid of intelligence and lacking the ability to put a coherent sentence together, has a lovefest for CAP NATION. Reminds me of the 7 year old who repeats everything you say.
TO MULLI
YOU R GOING DOWN DOWN DOWN!!!!!!!!
SAY BYE BYE
MY SUGGESTION IS
1 RUN OUT AND PLAY ON THE 405 FREEWAY
2 HAVE UR MOM DROP U ON UR HEAD AGAIN TO REVERSE THE PSYCHO PROBLEMS U HAVE
3REMOVE ALL KEYBOARDS FROM YOUR REACH
4 SUBMIT UR SELF TO TREATMENT OF MENTALLY CHALLENGED
5 GET OFF THIS BLOG UNTIL ALL ABOVE PROCEDURES ARE COMPLETED
LOLLLLLLLLLLLLLLLLLLLLL
Thoughtful and mulli are the somewhat good cops ( with of course a strong nasty side) and then chicken little , crystal balls, and richard head are the bad cops.
Bring out the richard head character , we so enjoy that one.
Oh please please please ROC again.
I am here to stay hempwood.
Clearly mulliguy nothing but Jons intervention will get you off the blog or limit you to one name and a few posts a day.
You are one weird man. And I like different types of people.
You seem capable enough, but you use that ability to be nasty, deceitful, pompous, and boring. If that is not enough you are trying to get people to make very bad investment decisions. I am really glad that there is just one of you on the blog. Though you do seem to have much in common with Pat the lurker.
I have asked Jon to post IP addresses to end this nonsense once and for all. I would welcome it. However, if he does, and you are wrong: are you willing to leave the blog for good? I am. I know I am not Thoughtful or the other bulls.
Mulli,
How do you explain that your posts are so close to thoughtfuls posts in time. Usually 3 minutes. Is it that you guys are karma connected. Check the record this has happened hundreds of times.
Not hard to have multiple ips is it? I can be logged onto a computer in NY and Ca at the same time. Completely different ips. ohh , gosh.
HWood as a blogger’s no WIMP
He blogs all in CAPS that rude IMP
He so filled with hate
I would not debate
The problem’s HWOOD is quite LIMP
Mulligan,
Just curious how you feel about the significance of 5 rentals in Pacific Hills on Craig’s List?
Those rentals and their asking rents don’t bode well for the “real” values of the neighborhood, do they?
Jake, I am done addressing you with this topic. CB is his own dude/dudette. I know the truth here and actually, that is really all that matters. You can chase the flashlight on the wall like a cat for therapy if you wish.
pdu…I see $3200 - 3800 for the 4BR’s. That is what I have. If I were renting my own home, I would ask $3800 and include the yard and pool service.
I think we are about 315-330 per foot. for a lot of deals around here getting done. Rents are fairly close to ownership numbers here…perhaps even slightly more expensive in some instances once you calculate the adjusted cost factor after write offs.
well, time to get the shovel out AGAIN and start picking up all the BS..
Yea mulli you own the truth and all those names and all those ips.
Your one piece of work you and your potty mouth names.
And when No one is paying attention and turned their backs on real estate the deals are there,
There will be more, this isn’t the do or die situation,
BUT there are some great deals out there RIGHT NOW
Mulli,
You’d have to have some big-a$$ed write-offs for that to pencil out.
You sure you aren’t using the wrong end of that pencil?:)
Mulli,
You’d have to have some big-a write-offs for that to pencil out.
You sure you aren’t using the wrong end of that pencil?:)
pdu…just think it will be close…i just glanced at the numbers and ran some really fast through my head. i think for alot of people, at that rental rate they just begin thinking of buying…44,000 is alot to toss annually without the benefits of ownership.
Is Steve Thomas buying?
Or just making blood money off of unsophisticated lower-end knife catchers?
Mulliganville Says:
June 2nd, 2008 at 8:19 am
“Price, I am sure there are some nice area of GG, SA, and the slime…its a joke…have your coffee and get back to me.”
No Mully. Once may be accidental or a joke, but several occasions is a trend. It only emphasizes that bulls on this blog are elitist. That is why they continue to defend bubble prices and deny the inevitable price corrections.
Mulligan,
Many of you “elitist” “homeowners” (renters from the bank-in many cases:) have tossed a lot more than 44k and still had the benefits of paying your tax, maintenance, insurance and other related upkeep.
…….and by tossed I mean rhymes with “lost”……like phhhtttt.
Gone, baby, gone, but the mortgage lingers on - and for those optionArm-ers, it continues to grow.
My guess is that most owners would have gladly traded places with the renter next door who only paid his rent - which was much less than the carrying costs of the “buyer”……and additionally, the renter sleeps as the prices continue to descend.
One’s winning and one’s losing.
One thing we haven’t discussed….those 5 rentals in your neighborhood are still available……..
Just sharing my own experiences, but I just don’t know anyone looking to spend 3800 for rent right now. There are a ton of nice alternatives for much less.
Have you EVER seen a time when there were 5 rentals available in Pacific Hills? Strange part of this is that it doesn’t pencil, so we can only assume it’s not new investors putting property out there. Maybe frustrated wanna-be-sellers who just can’t get what they need?
Interesting times, no?
pdu…i am not an elitist homeowner…just one who sees what is happening here for what it is: a bunch of renters venting about how expensive housing is in this little neck of CA. I know my floor plan is rented out down the street from me for about 3600. BTW, Pacific Hills is made up of 1200 SFR. There are always rentals in here. It is one of the preferred neighborhoods in MV. It also goes to Capo instead of Mission…a preference for many. Since Ladera routes to Tesoro, a bit more of a drug problem than Capo, alot of parents want their kids in the right zone…alot goes into one choosing a home…far more than just price alone. And if most people on here were not renters, they would see more of the big picture.
Interesting times indeed pdu…i presume some people putting them up for rent need to…the problem is if you are a family of four…there is a ton of slop out there to rent and apartments just do not offer up the storage requirements of said family. Now we are back to what are rents going for…and it is about $1.50 per foot here. At times less, but for the most part that is pretty accurate. It is a big picture with alot of moving parts.
Mulliganville Says:
June 2nd, 2008 at 5:08 pm
“just one who sees what is happening here for what it is: a bunch of renters venting about how expensive housing is in this little neck of CA.”
Yet, these “bitter renters” ask for nothing but the markets working towards their inevitable outcome. Meanwhile, homeowners beg for government handouts to subsidize these high prices at the expense of the general good.
Mulligan,
You need to know that many of us here don’t wish ill to anyone else.
I, personally, wish that those greedy buyers of the last 4 or 5 years hadn’t blindly bid prices to the levels they did.
Will it bother me that they might “lose” their “equity” if they can’t pay for what they took off the market and promised to pay for?
I don’t believe many ever had “equity”.
Those few that put 10% down don’t have instant equity. There are closing costs in the purchase - and a commission factored into the price. There are costs to sell, plus the commission, plus prepayment penalties in many cases.
In a normal market you need to offer some incentive to the buyer - an attractive price at the least.
In a normal market no one should buy a home and expect to be able to sell and recoup their down payment in three years.
If the market is priced beyond basic fundamentals one needs to expect a possible correction at any time.
Those that bought within the last 3 or 4 years have no reason to expect to have equity. If they put NOTHING down they should expect to have a problem selling within 3 or 4 years.
You knew this basic reality years ago and you know reality always exists — even when irrational actions appear to have altered it.
Any guesses on what percentage of those homes placed in escrow will actually close first time around?
i’ve been putting offers in MV for the past 30 days and it seems to have at least 5-10 offers within the first week. The offers majority full listing price and the price tends to get bidded up even higher. Is the market at the bottom? Who knows… I plan on living here for the next 10+ years so we’ll see what happens. Anyone got any suggestions on areas that will more than likely maintain value and possibly appreciate during the next 5 years?
Mission Viejo vs Lake Forest vs Costa Mesa?
Thanks,
Patrick M
martinloans@gmail.com