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05-30-2006, 02:05 PM
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#1
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2003
Posts: 18,085
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Local RE check
Out of curiosity, I just looked in my 'hood on www.realtor.com to see what is up. Asking prices are way down. The only house currently for sale in my immediate neighborhood that is not under contract started out asking $425k maybe a month ago and is now down to $379k. But I saw several other properties with "just reduced" and "submit all offers!" tagged on the listing.
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"All animals are equal, but some animals are more equal than others."
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Ezekiel 23:20
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05-30-2006, 06:20 PM
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#2
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Full time employment: Posting here.
Join Date: Jun 2005
Posts: 761
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Re: Local RE check
That's over an 11% drop in price! I wonder what the next year will hold for prices? What's really driving this decline IMHO is buyers saying to themselves, "If this house has been reduced so much I'll just wait till next year and save even more." If enough buyers do that and sellers get desperate enough there goes the soft landing.
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You take the blue pill - the story ends, you wake up in your bed and believe whatever you want to believe. You take the red pill - you stay in Wonderland and I show you how deep the rabbit-hole goes.
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05-30-2006, 06:27 PM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,708
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Re: Local RE check
We're getting that here, but whats coming off is the frothy top that shouldnt have been there in the first place.
In my area, a typical house in the area sold for $175k 5 years ago, $250k 3 years ago, and you could have gotten about $400-425k for it late last year or early this year. Maybe $360k or so right now. Thats still pretty high. Those 400k+ prices were stupid.
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Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
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05-30-2006, 07:07 PM
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#4
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Recycles dryer sheets
Join Date: May 2006
Posts: 465
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Re: Local RE check
Prices are still high here. Houses in our neighborhood (35 year old, 1500 sq-ft track homes) were gong for $250K-$300K five years ago, and $550K-$600K last year. They are currently still running over $525K, but they are staying on the market a lot longer, 3 months now versus about 3 weeks last year.
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05-30-2006, 07:08 PM
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#5
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Moderator Emeritus
Join Date: Feb 2006
Location: San Francisco
Posts: 8,827
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Re: Local RE check
Quote:
Originally Posted by IBWino
Prices are still high here.
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Where? Just curious.
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Rich
San Francisco Area
ESR'd March 2010. FIRE'd January 2011.
As if you didn't know..If the above message contains medical content, it's NOT intended as advice, and may not be accurate, applicable or sufficient. Don't rely on it for any purpose. Consult your own doctor for all medical advice.
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05-30-2006, 07:48 PM
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#6
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Recycles dryer sheets
Join Date: May 2006
Posts: 465
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Re: Local RE check
Quote:
An hour north of the Golden Gate Bridge in Sonoma County, CA. Lots of wineries and grapes around here.
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05-30-2006, 08:03 PM
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#7
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Recycles dryer sheets
Join Date: Mar 2006
Posts: 128
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Re: Local RE check
Quote:
Originally Posted by IBWino
An hour north of the Golden Gate Bridge in Sonoma County, CA.* Lots of wineries and grapes around here.
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Which explains the IBWino...good on ya!!!
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Lieutenant Dan got me invested in some kind of fruit company. So then I got a call from him, saying we don't have to worry about money no more. And I said, that's good! One less thing.* * * * ** Forrest Gump
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05-30-2006, 08:06 PM
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#8
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Recycles dryer sheets
Join Date: Mar 2006
Posts: 128
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Re: Local RE check
From an earlier post/thread:
I would say that I still think the Kitsap penninsula in the pacific northwest is still a good opportunity. Reasoning...
Still low unemployment, good jobs and great location to Seattle. A new bridge and ferry system upgrades also is quite appealing, you can commute by ferry to numerous areas. Prices have shot up admittingly but still are a FAR cry from Seattle homes. Also people in California are attempting to sell down there and profit (while they still can) getting jobs here and literally are paying cash for homes here. Also the military has expanded here providing even more jobs to the area.
The area is still somewhat rural in it's feel and big country lots can still be found for privacy at a cost. I still don't think we here will see a bottom for a while but prices should slow down as they have been incredible. But we have a lot of catching up to do to catch up with Seattle and surrounding areas pricing. I still think it's a good buy here but even I am a bit more cautious but always looking for a deal and keeping inventory low.
__________________
Lieutenant Dan got me invested in some kind of fruit company. So then I got a call from him, saying we don't have to worry about money no more. And I said, that's good! One less thing.* * * * ** Forrest Gump
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05-30-2006, 08:42 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Feb 2006
Posts: 3,895
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Re: Local RE check
this is not a misprint: "$1,900,000 2 Bed, 1 Bath 1,812 Sq. Ft."
lololololol welcome to south florida. the rules are different here.
my area in broward county
feb 2006
39 houses for sale
$712,902 average price
$627,000 medium price
may 2006
59 houses for sale (about 10 of those newly proposed)
$743,330 average price
$650,000 mean price
mom's area in palm beach county
feb 2006
34 houses for sale
$6,118,352 average price
$6,950,000 medium price
may 2006
32 houses for sale
$5,583,375 average price
$4,495,000 medium price
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"off with their heads"~~dr. joseph-ignace guillotin
"life should begin with age and its privileges and accumulations, and end with youth and its capacity to splendidly enjoy such advantages."~~mark twain - letter to edward kimmitt 1901
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05-30-2006, 08:50 PM
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#10
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2004
Location: Portland, Oregon
Posts: 7,113
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Re: Local RE check
Quote:
Originally Posted by gtmeouttahere
I would say that I still think the Kitsap penninsula in the pacific northwest is still a good opportunity.* Reasoning...
Still low unemployment, good jobs and great location to Seattle.* A new bridge and ferry system upgrades also is quite appealing, you can commute by ferry to numerous areas.* Prices have shot up admittingly but still are a FAR cry from Seattle homes.* Also people in California are attempting to sell down there and profit (while they still can) getting jobs here and literally are paying cash for homes here.* Also the military has expanded here providing even more jobs to the area.
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I could not believe the traffic volume north of Bremerton on Hgy 3 last week.* We used to have that pavement all to ourselves.*
~Close the doors, they're comming in the windows!~* Remember folks, it rains so much here that our kids are born with hip boots.*
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Duck bjorn.
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05-30-2006, 09:35 PM
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#11
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Thinks s/he gets paid by the post
Join Date: Dec 2004
Location: Minneapolis
Posts: 4,455
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Re: Local RE check
Quote:
Originally Posted by gtmeouttahere
Which explains the IBWino...good on ya!!!
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I think the prices are driven up by companies moving (or expanding) from Silicon Valley into Soloma county.
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May we live in peace and harmony and be free from all human sufferings.
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05-30-2006, 09:36 PM
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#12
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Full time employment: Posting here.
Join Date: May 2006
Posts: 696
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Re: Local RE check
I live in Santa Clarita Ca - for those of you not familiar with California - that is in the northern part of Los Angeles county - prices here have stabilized the last few months but have not dropped. According to my realtor, demand is still pretty strong but homes are taking longer to sell.
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Oh, you hate your job? Why didn't you say so? There's a support group for that. It's called EVERYBODY, and they meet at the bar.--Drew Carey
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05-30-2006, 09:43 PM
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#13
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Thinks s/he gets paid by the post
Join Date: Jul 2005
Posts: 2,223
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Re: Local RE check
Los Angeles /orange county , Single family dwellings, in the burbs ,prices are about flat last 6 mo, Low single digit increase in better areas, single digit drops in the outlying areas. *
Exception , downtown LA, New Lofts , and conversion of old buildings, still growing at fast pace, 500k-1.2 mil. * A lot to pay , for living a couple of blocks from Skid-Row !!!!!!! When you walk on those streets , you get "Aroma Therapy" at no extra charge.
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