I'll be heading out to sea again tomorrow for a week long vacation with the family. We are off on the Mariner of the Seas to San Fran, Seattle and Victoria B.C.
Rather than silence while I'm gone. Why don't you guys start posting the worst listings you can find. There's plenty of em, so don't be shy. Feel free to post delusional prices, crappy pictures or just plain horrible listings.
You guys behave and have a happy Father's day. I'll be back on the 21st.
20 comments:
LOL @ "behave". I say we buy some foreclosures with TARP money, then sell the notes to FANNIE and FREDDY. If anyone starts asking, we tell them Golfer co-signed. Bon Voyage!
have you seen this? http://www.rivcoeda.org/Portals/0/housingForms/NSHP%20INFORMATION%20PACKET.pdf
What are your thoughts on this $75K assistance?
I don't know if this qualifies as a "worst listing" or not but I'm wondering who in their right mind would pay $80k more for a house in May of 2009 ($570k) than it sold for in March of 2004 ($490k)?
http://www.redfin.com/CA/Rancho-Cucamonga/7993-Rosebud-St-91701/home/3992267
A 2000 sq ft house (just a little smaller than this one) sold for $465k last summer so I don't understand this one.
Todd,
You got my neck of the woods there! Two blocks north is Thoroughbred where the Christmas Lights are every year. The same builder built all the homes and these homes are high end, horse property homes with great architural detailing.
By no means am I justifying Rancho's pricing, every seller in Rancho seems dellusional. There is some great pain to be felt in this town. I sure would like to buy here someday! But I'm not buying near those Christmas Lights, I got stuck in traffic on Carnelian!
so im sure that everyione has heard that california has imposed a 90 day moratorium on housing foreclosures. does anyone know details? does it mean that the banks have to stop wherever they are or does it mean that they cant start the process? im assuming that it means both. ha what a joke as if california doesnt have enough problems due to giving away too many freebies (welfare. free everything to the swarms of illegals) now they are insisting that the banks (at everyone else's expense) support these people for free for ANOTHER 3 months...like its really going to do any good. actually, i think that they are trying to stem the flow so that the already saturated market doesnt go under any deeper.
all these moratoriums seem to be working in my city. i have been looking around and all the homes i have kept track of have sold for more than list. i am not surprised that the government is trying to keep prices artifically high. we don't live in a capitalist world anymore, we are moving rapidly toward socialism. i think for those that bought with the low rates and prices congrats. for those that waited in anticipation of lower prices, i believe you have missed the boat
OSA - Don't get caught up thinking that selling for more than list price necessarily means that things are getting better.
I think it just means that banks are getting smart.
When I bought in February, anything priced at what the current market price would be would get no action. It seemd that all of sudden around the first of the year, banks were listing things for $50-100 less than the current market price. Bidding wars ensued. Looking at some of the sales, it is clear that some of them still sold for a little less than the market price (driving prices down) but still sold for lots more than the list price.
WORD...the latest is that we are in for a second "bump" todays news is that the major economists are predicting that the worst is yet to come....which is of course what ive been saying right along. everyone that ran to buy because it wasnt going any lower are in for a rude awakening...
all these moratoriums seem to be working in my city. i have been looking around and all the homes i have kept track of have sold for more than list.
The government is not boosting the prices of homes. Its a little something called supply and demand. If you attempted to buy a home in the last year or so, you would find that many, if not most, foreclosed homes that are worthwhile get multiple offers. The bidding wars are still alive.
And Golfer X, have you spent your down payment money for a new house on cruises this year or are you going to buy your own cruise ship (LOL!)
Hey Christina,
That's actually my current neighborhood too. Those Christmas lights make living in the area a nighmare for about 3 weeks out of every year.
I just noticed another new listing on a nearby street that makes me scratch my head in amazement.
http://www.redfin.com/CA/Rancho-Cucamonga/8245-Sunflower-Ave-91701/home/4055702
I really don't see how they expect to get $234 a sq ft ($589k) in that neighborhood but the last house I posted a link to was even higher than that. This must be the result of spring/summer buying fever or something. These houses were selling in the low to mid $200k range in the late '90s.
The houses in this neighborhood were built by a company called Mark III back in the mid '70s. They built houses in a few areas of Rancho Cucamonga as well as over in Upland (near 16th and Mountain). I like the designs myself and wouldn't mind owning one someday if the price is right.
Here's one in Upland. Looks like a very nice house, in a good neighborhood. I drive by it every day. It's been on the market almost two months. They're asking $950,000 for it. They bought it in 1997 for $543,000. They must not be watching the news.
http://www.redfin.com/CA/Upland/1409-N-Euclid-Ave-91786/home/4000742
One of my all time favorites for insanity. Listed for $999,999. Horrible location (it's next to a factory or warehouse!), right on the street, just across the street from water towers. Bought in 1999 for $200,000. He expects to sell for five times that!
http://www.redfin.com/CA/Upland/322-E-19th-St-91784/home/3994539
Terry,
That is classic - especially the "Jeted" tub and "Privte" deck, but what really closed the deal for me were the marble columns. Nothing transforms your life like marble columns:
http://www.hulu.com/watch/2347/saturday-night-live-mikes-marbleopolis
Terry,
That second house was built sometime in the last 10 years or so if I remember correctly. There was originally a '60s era ranch house on that lot that was torn down to build that giant box. If you look at the houses just to the west you'll see what the original house pretty much looked like. I would assume the original house was probably purchsed for that $200k back in 1999.
You guys might find this blog of interest too. A couple of Dutch artists are going to be pushing a small scale house around Victorville next month in some sort of attempt to bring attention to the area's foreclosure mess.
http://wouterelke.nl/losangeles/
There are photos of vacant and vandalized houses which start about halfway down the first page and continue through the second page. It's really sad to see some really nice houses being destroyed up there.
I can't pinpoint any one ridiculous listing, because pretty much all of them are, and have been for years. In fact I'm generally more shocked when I see foreclosure listings with prices that actually make sense (some, but certainly not all), because I've never seen such things until very recently. Prices still have a long way to come down to reality. Hats off to more waiting.
That Dutch artist link is amazing, thank you.
Wow...
"Cramer: Housing Has Officially Bottomed"
http://www.cnbc.com/id/31388528
From the Cramer article:
"You have to buy now if you want to make some money."
Wow, people still don't get it. Buy a house to LIVE IN, not to PROFIT FROM. But really, how does anyone call a bottom with anything as it is currently happening? If the bottom literally occurs this very second, we won't know for years.
Have no clue if this is bottom or not. If I had to guess, Id say we're close. If they get much cheaper here in the high desert, they'll be free! I do know that Jim Cramer is an idiot. People have lost their shirts buying stocks he has pushed hard. I personally bought Charter Comm when he was passionately pushing that one maybe three years ago. It went straight into the toilet. Fortunately I only bought $1000 worth and I could afford to lose it. Since then I've seen him tout many stocks that performed very poorly afterward. In Sept of 2008, he recommended to buy Wachovia bank; Two weeks later Wachovia went under and was aquired by citigroup for less than $1 a share. I wouldnt put much faith in Cramer. In fact if he says were at the bottom, I'm going to change my mind and say we probably have a ways to go!
cramers "guess" is as good or bad as anyones...he probably makes that statement based on his own agenda. as far as the houses in the high desert being given away for free...thats exactly what they should do...the only reason that anyone moved there in the first place is because , based on the price and terms and down payment they were free.
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