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OT: Real Estate - COMING SOON!


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We've all probably seen the FOR SALE signs on houses and then see the sign change to UNDER CONTRACT and finally SOLD. Well, a couple of weeks ago in my neighborhood, I actually saw a real estate sign that said COMING SOON instead. That was a first. So it's telling me the house *will* be for sale. I guess the real estate market here is still booming.

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That's for sure. I'm an appraiser and I'm starting to do a lot of foreclosure appraisals, and that can't be good. The RE bubble may not burst like in the early to mid '90s, it just looks like it's deflating slowly.
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Audiomaverick. You live in Big Bear. It's hot here. Can I move in with you? :D

 

I think that there's not really a bubble, but that things are going to, as you say, Ed, deflate slowly. There's such a demand for housing in Southern California that I think there's not really anything that's gonna *burst*.

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A house right down the street from me had a real estate sign go up in the yard a couple of days ago, so out of curiousity, I called the agent and asked a bit about it... it's a few hundred sq. ft. smaller than my place, but the yard is a bit larger (about 1/2 acre)... anyway, the place had 14 offers on it the day it was listed. And it listed for over three times what we paid for our house back in '98.

 

Even if the prices of homes drop by 25% out here, which would historically be a very big drop, we'd still be in good shape... however, the people who bought recently (within the last year or two) wouldn't be. :(

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Thats why I'm happy that we have sold our house here (in California) and are on our way to someplace where the realestate isn't so over inflated.

-Mike Martin

 

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Multiple offers way over the asking price are a common story around here still. As long as there are more buyers than sellers the market will continue upwards (duh!). Personally, I think those counting on even a small drop in the market are going to be in for a surprise. My house has nearly doubled in value since I bought it in December 2000.

 

I get flyers all the time telling me how much I could get for my place...yawn...one realtor even came around knocking on doors trying to find places to sell. Two of my neighbors are doing large remodelling/rebuilding jobs right now. "Aren't you fed up with all the noise?" the realtor asked. "Nope" I replied, "every bang of the hammer adds another dollar to the value of my place". :P:D

 

:DTR

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Originally posted by Ken/Eleven Shadows:

Audiomaverick. You live in Big Bear. It's hot here. Can I move in with you? :D

 

I think that there's not really a bubble, but that things are going to, as you say, Ed, deflate slowly. There's such a demand for housing in Southern California that I think there's not really anything that's gonna *burst*.

There's a spare room for guests... The weather actually got to 92 degrees up here. :wave:

 

Man those fires down south of us... Yesterday a Yuciapa controlled burn (unannounced)! We were freeking from the smoke. Today Morongo is on fire (There's something Morongo with my Pachanga!). If any of that stuff heads up here, I think Ill be boating on the lake for a while!

 

"It's all about the... um-m-m, uh-h-h..."

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92 degrees? That's about the same as here!!! :eek::eek: How can that be? Yeah, fire season again. Sigh....not good. Build a houseboat. Safer that way.
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I put up my home for sale at market value price 3 weeks ago, so far I had 3 offers, one was willing to pay cash, close the deal in 2 weeks, but the price he was willing to pay was $50,000 less than what I have it on the market. I was tempted but my wife said it's still early so we'll wait it out for more offers.

One thing I have to say, selling a house is a major pain in the ass and inconvenience. especially if you work the graveyard shift.

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i just got into escrow a few minutes ago selling my west LA townhome. a couple of lawyers bot it. you should have seen how desparate some of these buyers were. i feel really bad for some of these young families who made offers but don't stand a chance of ever getting even a small westside condo.

 

kind of a bittersweet moment....

 

i made a damn fortune on the place but it's as good as gone as soon as i upgrade to a westside sfr.

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