Interesting forum thread that discussed a "fly by auction" today at Alicante which is very interesting.
I'm sure this was planned but I've not heard of this occurring at the property location before. This did not seem well marketed as one of the tenants in the building didn't even know it was going to occur until after it started.
Market analysis, news and reviews of specific properties that are for sale or have sold at a loss.
4 comments:
it's Swimjet. I can't remember my password. Anyway, off subject, but I have to say I've noticed a certain local realtors relatively popular site is sounding very skewed these days. Someone has gotten awfully defensive, or offensive. I understand he focuses on a very specific market, but he has sliced and diced it so much that it's not relevant, in my opinion. You can't disregard all the builder units and those coming online later this year. And, generalizing that "...it will still be too expensive for most of the bloggers to purchase" sounds a bit pretentious. Besides not liking those who attempt to stratify based on income or possessions (hello Paris), it's a rediculous assumption. Just because someone is intelligent enough to know when something is overpriced, doesn't mean they're not in the market. I am in the market and plan to purchase this year, but I'll be damned if I'm going to pay asking price at the top of the market. Considering the subprime mess and those who are caught up in it because they didnt bother to education themselves about the process/market, you'd think those in real estate would support clients doing the opposite. I suppose that's naive. Anyway, this isn't downtown, but it's a new product in Hillcrest and one of the properties I've been watching and considering. I noticed Heritage on 1st reduced their price for one of their 2 br townhouses today from $559,000 to 509,000. Tell me that's not indicative of what's happening in the market. Grrrrr
I think I know who you're thinking of swimjet. I'm totally focused on data and good reads and I don't see any difference between a resale condo on the MLS and one that a developer is grouting the tile on today. They're both supply.
As far as the blogger's can't afford idea goes I would not discount most people. I get a lot of personal email from people looking to buy that appreciate good information. These people can afford current prices but are just waiting.
I may actually get a real estate license and work with people on the side when the market is somewhat better. Some of this stuff is beat up pretty good but there's still some room for improvement.
BTW I'm a huge fan of downtown but also like Bankers Hill and Hillcrest a lot. To some degree those are more urban than downtown and have a really nice vibe. I'd like to see Bankers Hill get a little more dense so that neighborhood retail can grow a bit more.
"Bloggers can't afford.". . .I can afford - I am retired in my 50's, and sold my house in the Bay Area and moved to San Diego a year ago. . .renting in LaVita. I know a number of bloggers downtown - not necessarily on this blog - who also are pretty well off. . .the stereotype of bloggers being 23 year old Starbucks employees is way off. . .my 83 year old uncle in Rochester, NY (former Kodak executive) is an avid blogger - on economic sites, however. . .who else has all the time in the world except "rich old farts" like us???
Love this site - Mr. Brightside has kept us up to date on specific units - I track units in my building - 908 went on the market in January for 698, and is now marked down to 619, and has been there for 2 months. . .my RE agent said they would take a cash offer for 600K. . .that is an 89K drop - closed to 14% reduction in my book . . .lots of similar markdowns around here.
Resale inventory is a useful number as that tells you something about the numbers of individuals that are looking to make a change.
I don't think this number alone is at all an accurate view on the market especially where there are over 300 units ready for move in at ICON, Solara Lofts, Park Terrace and Aloft at Cortez Hill. It'll only take a few meetings and phone calls within any of these corporations that own these projects or their financial partners to trigger some nice price cuts as you can't expect $200 million worth of real estate to sit vacant indefinitely.
It should remain interesting for awhile.
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