Wednesday, August 27, 2008

This guys IS the biggest tool on the planet


Anyone remember the realtor/owner that was trying to sell the house with the fake grass for about twice the going comps?

he earned the Realtard of the Month award back in May of 2008 for listing his house for $875k to $925k. A price that was nearly 3 times what the nearby REO's were listed at.

Well, after a few months on the market and several price reductions that finally got his asking price down to $775k (still about double what it should be listed for), he has changed strategies. Price reductions are not working. Hey, lets try a big friggin increase. After all, the California Association of Realtors have just announced that sales in the IE are up 176%. Homes must be flying off the shelves, right?

So the Realtard of the month has RAISED his asking price to 1 MILLION dollars! HAHAHAHAHAHAHAHAHAHAHAHA. Oh man, I nearly messed up my monitor again when I saw it. This guy (or gal) is obviously off his meds.

And in the 3 months the home has been listed he still cannot quite find the time to take some pictures of a CLEAN house.

May 22, 2008 $875,000
Jun 10, 2008 $875,550
Jun 15, 2008 $850,000
Jul 07, 2008 $775,000
Aug 01, 2008 $1,000,000

21 comments:

IERealEstate said...

Not only is it WAY overpriced, but the home is in default.

IERealEstate said...

golfer_X,
I was so impressed with the acumen of the agent that I decided to do some research on the home. Rather than provide a lengthy comment, I made a blog entry about it at
http://iehomes.blogspot.com/2008/08/ode-to-chase.html

tyrone said...

LOL that is the funniest thing i've heard all day!!!

I hope at that price it includes the adjacent homes and the home across the street!

BrianH said...

ierealestate

I see your profile says you are an investor.

What area of investing you into?

Bigdog said...

Sounding off to all. I have been looking for house in Eastvale Corona area.

From what I have seen all REO homes are selling for over list. My agent just came by the house with all the sales.

I offered list on a house two weeks ago with 20% down far cry.

People right now are offering get this 35-65 thousand over list and putting down 20, 30, 40% and some are even cash offers.

I know prices are down here and there and there is always the one or two houses that slip thru but the banks are playing this game of listing them lower to create the bidding war and it is working.

What is everyones concenous on the blog of where the market is going over the next 6 months.

If it keeps going this way I will have to start looking at what I can get for $300,000 and expect to pay $330,000. I am trying to score the 3,000 foot pad but it is looking more grim because now the comps are going up
Sounding off!!!!!

golfer_X said...

Chill out Bigdog it's the peak selling season (And we are still at the lowest levels in 20 years). The low listing prices are having the effect the brokers want. They get the attention of the buyers and they get offers. That's not changing the fact that the prices are still falling. Maybe not fast enough for some of us but real estate takes time. There is also a rush now for a lot of buyers due to the new rules that take effect in October. Those rules will eliminate or seriously curtail the Buy and Bailers. So those folks have to buy now. The down payment assistance programs are also going the way of the dodo. So those folks are all scrambling to buy (mostly low end home buyers). So those all add up and create a little more action in the market.

My feeling is that this is a temporary bounce. All previous downturns have had small bounces along the way. This one is no different. The economy is still getting worse. There are still millions of homes in some stage of foreclosure. Many of those will be hitting the market as REOs over the next few years. I see nothing to indicate that the market will improve anytime soon

Pour yourself a nice single malt and relax. You'll get your 3000 s/f home for $300k. Probably less if you wait long enough.

Your probably better off firing lowballs at REO's that have been on the market for months. There are plenty of those!

tyrone said...

well said golfer x!!

BrianH said...

Here is the deal on that dog.

If you are going to shop for the nice inventory in decent areas expect lots of competition. That is just the name of the game.

It is nobodies god given right to own a home so if you are going to jump in be prepared to play the game. In nice areas of corona the game is very competitive because people view these homes as half or more off. There are also plenty of folks out there who are financially able to qualify.

Things are very bad out there and are getting worse however the world isn't ending and people need places to live. Back in the 90's everyone though the world was ending also but we sold tons of houses and I did tons of loans.

In other areas of the IE I'm now in escrow on a few amazing deals.

One is a house that will rent for 975, needs only a kitchen stove and 850 bucks worth of carpet. I'm buying it for 75k.

Another that will easily sell for 145k in quick order I have it locked up for 80k. It needs 15k in work and when I'm done it will get multiple offers and sell for over my list price.

Bigdog said...

What are my chances of bagging a 3000 sq foot 300,000 to 340,000 in corona before the July 1 deal line next year so I can snake my $7,500 from the government??

What month historically is the best to buy in price wise?

golfer_X said...

You don't "snake" $7500 from the Gov. It's only a loan. You have to pay it back! Nice if you need a loan but not as nice as the free money that people were getting with the DPA's.

The slowest time of the year is usually Dec thru Feb.

InlandEmpireX said...

To Bigdog:

In general, Winter might be a better season to buy compare to Summer. However, in reality, it all comes down to locating the right opportunity if you are price sensitive..

And actually, the price you are looking for is all over in Corona. Two weeks ago, a good friend of mine have closed two newer houses under $340k which are both 3100+ SF..

So, opportunties are out there, it just a matter of finding them..

Marsupial said...

Bigdog - head out to Sycamore Creek in South Corona (92883). If you don't mind doing some reconstruction, you can get a MONSTER house for about $300k!

Santa Ana River Rat said...

If the deal is attractive, it's going to attract a lot of interests, hence, it's called "attractive". But what IS attractive? Not the way things are currently. I think the market is still crazy. I'd wait.
I remember when Prius just came out. People were getting on the waiting list and paying premium over the MSRP to pick up that thing. Two years later people were buying it below MSRP. Time is on your side BigDog, I'd wait and let the dust settle.
There are plenty of people who think they are the next Trump, Montgomery, Lynch, Gross. Let'em duke it out first.

Paige said...

I have to say I've had the same experience BigDog is having. We have made 15 offers or so. One accepted, then didn't want to fix the pool and the other one ended up having mello roos taxes which weren't informed of until AFTER we made the offer. It was going to be rather significant.

For everything else, there have been 10-15 buyers paying $30,000 or more above asking price. One buyer even showed up while our agent was showing us a home. He offered cash. Another home we made an offer on, someone paid all cash for that one as well.

So, when should we expect sales to slow down and prices to fall a bit further? I'm hoping to at least find something in Sept./Oct.

Can't believe we're still looking.

Kyle said...

Bigdog,
My wife and I are starting to look in Eastvale. We hope to land something in Winter, or at the latest Spring. What is your impression of the area, are there certain areas nicer than others? Keep us posted on your findings. We are looking for similar houses: 3000 SF and around 300K. Golfer_X's blog has been a great help this last year. Always looking forward to new posts. Thanks!

Bigdog said...

Kyle

My wife and I have been looking for 6 months or more in Corona mainly 92880. For the most part it is great from what I can see. We are also looking in parts of Fontana but I have to say that Corona has more spaced out homes.

Stay away from the houses that are to close to the cow pastures and power lines and you should be ok. I actually was looking around in the heat of the summer and the smell was not to bad.

So areas have higher taxes but you can find them in the low 1.4% range. 1.4% being the total tax amount.

Also Mira Loma area 91752 dont rule this area code out either even though it is actually Mira Loma it is west of the 15fwy so it is right there.

Hope we are not bidding on the same house but it sounds like we might.

I have seen almost 70-85% of the houses now selling for 30-60 thousand over list with different terms 3.5% down all the way to cash offers so for now it is really competitive.

I agree with Golfer X that waiting is the best bargain maybe winter at the least.

I want to cash in on uncle sams loan of $7500 so I hope to find something before next July 1, 2009.

Let me know what you find keep me posted.

BrianH said...

Glad to know you are happey to take my tax dollars. LOL

To make up for it I will start locking up homes that you three are looking for and then sell them to you.

Would each of you please post two address of houses you really liked so I know what to look for.

Seriously, I have good relationships with some local REO agents and could probably get one for you without any competition.

nmoerbeek said...

Does anybody know how competitive the market is in Norco? Specifically old town norco not Norco hills? Ive seen some really cheap (under 200,000) jump off the market quickly but most of the other ones seem to linger for a long time.

Bigdog said...

Brianh

Over 3,000 sq feet under 340,000 sell price and a lot over 8,000 sq feet

Anything like you let me know?

WunderPit said...

ugh....

blueyedcat said...

This cracks me up. You'd think they'd clean up some of the crap before even thinking of asking a price like that!! The Realtor and homeowner are stupid for allowing pictures like that. It probably would have took maybe 10 minutes to clear away some of that. I wouldn't buy the house for the fact that it probably stays trashed.