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Inventory of lower-priced homes plunges in California

By Landru3000   Follow   Thu, 11 Oct 2012, 2:38pm   2,431 views   29 comments
In Oakland CA 94611   Watch (0)   Share   Quote   Permalink   Like   Dislike  

So says Zillow...

http://www.latimes.com/business/money/la-fi-mo-zillow-inventory-20121010,0,6734256.story

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1. Strategic Renter Follow Befriend 31 threads 98 comments

   1   2:42pm Thu 11 Oct 2012   Share   Quote   Permalink   Like (2)   Dislike   That explains the median rise. It has nothing to do with rising prices and all to do with the lower end dissapearing. Grim news for sellers.

2. PockyClipsNow Follow Befriend 19 threads 1,534 comments Los Angeles, CA

   2   2:48pm Thu 11 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   median is always mathematically misleading. what you have to do is watch the same or similar homes selling yoy - for example case shiller

3. CashWillCrash Follow Befriend 3 threads 164 comments

   3   2:55pm Thu 11 Oct 2012   Share   Quote   Permalink   Like (2)   Dislike   That's unfortunately not necessarily correct. Yes, if more bigger expensive homes sell in better areas than the median price goes up even though no house itself increased in price. But to get a better idea where prices are going I always look at the average price per square foot, and that has unfortunately recently started to go up in SoCal. STUPID buyers don't care much about the purchase price, they ONLY look at the monthly payment and which is only going down with these always lower and lower interest rates. I wish interest rates would go up, really high, so everybody can buy a house for a reasonable price and not for these government manufactured high prices. Too bad a large percentage of the population sees rising home prices as something positive which makes me wonder why they don't like rising gas prices as well???

4. 37108605 Follow Befriend 1 threads 1,055 comments

   4   5:10am Fri 12 Oct 2012   Share   Quote   Permalink   Like   Dislike   CashWillCrash says That's unfortunately not necessarily correct. We have gone over this 1000x. If one so-called listing sells or appears on the books to sell for 5M and the majority of the houses are 300K the mathematics is clear what that one sale does to a so-called average. NONE of this crap can be trusted IMHO.

5. Philistine Follow Befriend 485 comments Los Angeles, CA

   5   2:37pm Fri 12 Oct 2012   Share   Quote   Permalink   Like   Dislike   CashWillCrash says But to get a better idea where prices are going I always look at the average price per square foot, and that has unfortunately recently started to go up in SoCal. That's because housing closer into the city center is now outselling housing in the exurbs. Your typical city house built in the '30s or condo built in the '60s is going to be much smaller but cost much more in relation to proximity and Location, Location, Location.

6. curious2 Follow Befriend (5) 31 threads 2,234 comments Premium

   6   2:49pm Fri 12 Oct 2012   Share   Quote   Permalink   Like (2)   Dislike   Protected   CashWillCrash says Too bad a large percentage of the population sees rising home prices as something positive which makes me wonder why they don't like rising gas prices as well? The NAR and FIRE industry lobby politicians and launch PR campaigns so our (mis)leaders talk about "helping homeowners" by propping up prices and commercial newscasters parrot the "good news." It takes years for people to see through the scam, even longer if they think they're profiting from it. Look how long some of Bernie Madoff's "investors" got fooled, decades, until finally it collapsed.

7. Michael Cooke Follow Befriend 2 threads 63 comments

   7   3:37pm Fri 12 Oct 2012   Share   Quote   Permalink   Like (3)   Dislike (1)   Realtor: "Welcome to your cozy new 2 bedroom one bath 900 SQF home built in 1938. It has a new paint job." Buyer: "900 SQF? It's a little small isn't it?" Realtor: "Of course not. This is California living at it's best. The home is charming, cozy, energy efficient and environmentally friendly" Buyer: "What do you mean energy efficient?" Realtor: "It's built smaller so it uses less power. It's green" Buyer: "You said this was built in 1938? It's 75 years old"? Realtor: "Most houses in Los Angeles are. Think of it as a historical home" Buyer: "Ok" Realtor: "Deals like this don't come along everyday. We have lots of interest" Buyer: "Ok" Realtor" "The price is $313,000.00 firm. We won't accept any conditions because there are so many people interested in living in such a unique home. Are you interested?" Buyer: "What's the monthly payment"? Realtor" "Around $2000.00 per month. You can get a loan with 3% down" Buyer: "Where can I sign"?

8. 37108605 Follow Befriend 1 threads 1,055 comments

   8   4:44am Sat 13 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   curious2 says Look how long some of Bernie Madoff's "investors" got fooled, decades, until finally it collapsed. Yes, wasn't that RICH!

9. 37108605 Follow Befriend 1 threads 1,055 comments

   9   4:46am Sat 13 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   War says Michael Cooke says Realtor" "The price is $313,000.00 firm. We won't accept any conditions because there are so many people interested in living in such a unique home. Are you interested?" Buyer: I'll offer 40% of asking because that is all it's worth. Firm?! LOL I'd only offer 50% of asking and if I heard "its FIRM" I'd have an x-rated remark for them.

10. 37108605 Follow Befriend 1 threads 1,055 comments

    10   8:33am Sat 13 Oct 2012   Share   Quote   Permalink   Like (2)   Dislike   Michael Cooke says The home is charming, cozy, energy efficient and environmentally friendly" You know that lingo translates into to me? Charming = DUMP Cozy = BOX Energy efficient = WINDOWS THAT OPEN Environmentally friendly = NO AC

11. Goran_K Follow Befriend (4) 25 threads 1,517 comments Laguna Beach, CA Premium

    11   8:34am Sat 13 Oct 2012   Share   Quote   Permalink   Like   Dislike   Protected   The inventory of homes over $500,000 in OC has an average market time of nearly 4 months. Under $500,000? razor thin 18 days. Not a recovery.

12. robertoaribas Follow Befriend (23) 55 threads 3,780 comments Scottsdale, AZ robertoaribas's website

    12   9:44am Sat 13 Oct 2012   Share   Quote   Permalink   Like (3)   Dislike   Reader says War says Michael Cooke says Realtor" "The price is $313,000.00 firm. We won't accept any conditions because there are so many people interested in living in such a unique home. Are you interested?" Buyer: I'll offer 40% of asking because that is all it's worth. Firm?! LOL I'd only offer 50% of asking and if I heard "its FIRM" I'd have an x-rated remark for them. that is because you are stupid. If you don't like the market, don't buy. When a lister has 10 offers in 24 hours, and some dipstick like you shows up, EVERY second spent talking to you is a waste of valuable breathe. Similar to me bothering to answer you on here; With the gap in intelligence an real estate knowledge between us, you should be paying me to read every sentence I write! enjoy your smugness, I'll enjoy another month of making $5000 net off my real estate investments!

13. Jeremy Follow Befriend (1) 7 threads 101 comments Valencia, CA

    13   10:38am Sat 13 Oct 2012   Share   Quote   Permalink   Like   Dislike   Goran_K says The inventory of homes over $500,000 in OC has an average market time of nearly 4 months. Under $500,000? razor thin 18 days. Not a recovery. This is roughly the same thing going on in the Santa Clarita Valley (just north of LA) right now. Over 600k? It sits.... and sits.... Under 500k? Offers in the first few days. Under 425k? Multiple offers right out of the gate. Something is askew.

14. Goran_K Follow Befriend (4) 25 threads 1,517 comments Laguna Beach, CA Premium

    14   12:31pm Sat 13 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   Jeremy says This is roughly the same thing going on in the Santa Clarita Valley (just north of LA) right now. Over 600k? It sits.... and sits.... Under 500k? Offers in the first few days. Under 425k? Multiple offers right out of the gate. Something is askew. FHA, private lenders making it hard to get financed over the conforming limit, but MOST of all, investor speculation. A house under $500,000 has some room for rental profit (very slim IMO), but over $500,000, there is zero to negative profit in most cases. A lot of speculators in today's market.

15. Michael Cooke Follow Befriend 2 threads 63 comments

    15   2:28pm Sat 13 Oct 2012   Share   Quote   Permalink   Like (2)   Dislike (1)   robertoaribas says enjoy your smugness, I'll enjoy another month of making $5000 net off my real estate investments! I don't believe this is true, because he's a Realtor. 8~)

16. robertoaribas Follow Befriend (23) 55 threads 3,780 comments Scottsdale, AZ robertoaribas's website

    16   3:00pm Sat 13 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   Michael Cooke says robertoaribas says enjoy your smugness, I'll enjoy another month of making $5000 net off my real estate investments! I don't believe this is true, because he's a Realtor. 8~) I don't really care what you believe or don't. I am a licensed Realtor. Are you a licensed schmuck, or are you just a schmuck part time? [old posts gave a lot of the addresses, but i'm sure you're too lazy to dig back...]

17. robertoaribas Follow Befriend (23) 55 threads 3,780 comments Scottsdale, AZ robertoaribas's website

    17   3:03pm Sat 13 Oct 2012   Share   Quote   Permalink   Like   Dislike   War says Michael Cooke says I don't believe this is true, because he's a Realtor. 8~) It's been established long ago the Roberto lies pathologically. Roberto=realtor realtor=liar http://www.zillow.com/homedetails/922-S-Acorn-Ave-Tempe-AZ-85281/7610196_zpid/ ONE of my 13 properties... check out the bought price, rental and zillow estimate, then go pee on yourself WAR!

18. robertoaribas Follow Befriend (23) 55 threads 3,780 comments Scottsdale, AZ robertoaribas's website

    18   3:13pm Sat 13 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   War says War says It's been established long ago the Roberto lies pathologically. Roberto=realtor realtor=liar war, since you are too stupid to read, have someone click the link above, and inform yourself... I just proved you a liar, only you are too dumb to notice!

19. 37108605 Follow Befriend 1 threads 1,055 comments

    19   3:15pm Sat 13 Oct 2012   Share   Quote   Permalink   Like   Dislike   robertoaribas says enjoy your smugness, I do because I don't owe a single mortgage on a depreciating asset.

20. 37108605 Follow Befriend 1 threads 1,055 comments

    20   3:18pm Sat 13 Oct 2012   Share   Quote   Permalink   Like (2)   Dislike   Michael Cooke says robertoaribas says enjoy your smugness, I'll enjoy another month of making $5000 net off my real estate investments! I don't believe this is true, because he's a Realtor. 8~) I have said it before and I will say it again I know of no man who constantly brags about money or sex that actually has any.

21. Michael Cooke Follow Befriend 2 threads 63 comments

    21   3:56pm Sat 13 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   robertoaribas says I am a licensed Realtor I'm a licensed driver. I'm licensed to drive on roads and highways. In other words there is nothing impressive about this. Anyone can be a Realtor.

22. robertoaribas Follow Befriend (23) 55 threads 3,780 comments Scottsdale, AZ robertoaribas's website

    22   12:59am Sun 14 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   Michael cooke: Let's see, you come on a forum, and call me a liar without knowing me at all. you claim my real estate investment are all a lie... I post a link to ONE of my 13 investment properties, a home I bought for $42K 2 years ago, zillow estimates its worth at 100K. that is high, it would sell for around $80K today, and it is in fact rented for just under $900 a month. . If you were a man, and not a sniveling coward, you would begin apologizing now, but I see that you do not have that much character. How sad to be you!

23. iwog Follow Befriend (48) 273 threads 12,494 comments 47 male Lafayette, CA Premium

    23   11:36am Sun 14 Oct 2012   Share   Quote   Permalink   Like   Dislike (2)   Protected   War says Stop your lying to the public The biggest lying troll on this board is you. Although you've been banned too many times to count, you keep coming back to shovel your shit. Most people have ignored you.

24. 37108605 Follow Befriend 1 threads 1,055 comments

    24   12:44pm Sun 14 Oct 2012   Share   Quote   Permalink   Like   Dislike   Jeremy says Something is askew. It's called common sense to me.

25. Michael Cooke Follow Befriend 2 threads 63 comments

    25   9:18pm Sun 14 Oct 2012   Share   Quote   Permalink   Like   Dislike (2)   robertoaribas says Michael cooke: Let's see, you come on a forum, and call me a liar without knowing me at all. you claim my real estate investment are all a lie... I post a link to ONE of my 13 investment properties, a home I bought for $42K 2 years ago, zillow estimates its worth at 100K. that is high, it would sell for around $80K today, and it is in fact rented for just under $900 a month. . If you were a man, and not a sniveling coward, you would begin apologizing now, but I see that you do not have that much character. How sad to be you! Assuming your telling the truth I would rather be wrong 0.001% of the time than 99.99% of the time, Realtor.

26. iwog Follow Befriend (48) 273 threads 12,494 comments 47 male Lafayette, CA Premium

    26   10:08pm Sun 14 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   Michael Cooke says Assuming your telling the truth I would rather be wrong 0.001% of the time than 99.99% of the time, Realtor. Another alt eh? I wish Patrick would just ban your IP so you can't troll the board anymore.

27. HEY YOU Follow Befriend (4) 328 threads 913 comments

    27   9:50am Mon 15 Oct 2012   Share   Quote   Permalink   Like   Dislike   The inventory is lower because I must be buying in bulk. http://www.doctorhousingbubble.com/feudal-system-real-estate-wall-street-new-landlord-entry-level-buyers-bidding-wars-2012/

28. edvard2 Follow Befriend 34 threads 2,098 comments

    28   10:17am Mon 15 Oct 2012   Share   Quote   Permalink   Like   Dislike   Full disclosure: we bought 6 months ago. But from what we saw when we were looking, the market seemed to be fairly hot but also fragmented as far as buyers go. The low end stuff- and of this low end, most of it was in less than super desirable areas- was being bought up by cash investors. On the other hand the semi- desirable to desirable areas of course had higher prices and thus were not as appealing to investors. So since non-investors were effectively locked out of the lower end market, that basically left the 450k+ market. Anything decent in decent areas that we looked had a lot of competition for homes in the 450-550k range. But these were decent homes. Houses that were crappy, weird, on strange lots, and otherwise priced too high for what the property was sat and sat. From my observations the market has changed. We're not in a market decline. But the so-called recovery is extremely sluggish and highly reliant on ridiculously low interest rates. There is a lot of competition for decent stuff. So basically its not like the market is doomed doomed doomed. But its not going bonkers either. I've maintained I'd rather see a more tame market because that's better for buyers and sellers.

29. EBGuy Follow Befriend 4 threads 2,095 comments

    29   11:25am Mon 15 Oct 2012   Share   Quote   Permalink   Like   Dislike   So since non-investors were effectively locked out of the lower end market, that basically left the 450k+ market. I was just talking to someone yesterday who is in contract. This was their seventh offer. When they lost out on a property, it was to all cash offers.