House hunting? It's not a buyer's market everywhere

Discussion in 'Wall St. News' started by Dr. Zhivodka, May 8, 2009.


    "Every open house I've been to has been a zoo," said Rivero, who has examined 35 properties during the last three months. "If you follow what the [general] media say, you'd think sellers are desperate to sell a house, but when you get there it's totally the opposite."

    Real estate brokers and investors say would-be buyers misunderstand how the drop in housing prices has affected desirable neighborhoods. Just because an abandoned house in a troubled part of San Bernardino County might be going for $200,000, it doesn't mean you can get a nice place in Sherman Oaks for that amount -- or even twice that amount.
  2. Even SoFla with it's humongous break off the highs hasn't come all the way back to levels that are compellingly cheap. Just a fill in to 2002 or 2003. In L.A. it's a big thing to see a condo back to 2004 and I can't tell you how many SFR's I see in the Valley where folks are asking more in '09 than they paid in '07!. If you wanna really cry out of frustration take a look at the Santa Barbara MLS.......

  3. Div_Arb


    I live in a desirable neighborhood, and I was able to get a firm contract within five days of listing. Sale price was very close to list price. Seller bought house as-is, and was very flexible on move in date. I live in the southeast (not FL).
  4. Generally Montecieto and some parts SB are the equivalent of the French Riviera in terms of price and exclusivity.

    After the 1994 Malibu fires there were many burned out ocean-view lots that could be had for a song. Bless their hearts. But cash is cash.

    We shall see this time.

    Oh...and I agree. All RE is hyperlocal.

    BTW: the 260-350K condo's I was trying to buy up are now long gone.

  5. Mnphats


    I am looking to upgrade my home due to a growing family. We have been searching for a while. The lower end homes are moving pretty well. While the higher end homes have just recently (3-6 months) seen 15-20% declines. I live in the upper midwest and I think housing at least in my area are far from bottomed. Patients will be a virtue and I can't talk my wife into selling our lower end home and just renting for a while so we can scoop up a deal at some point.

    In my mind if houses in the higher end homes are barely moving what will increased interest rates due to the real estate market? Also the banking system is like a pendulum from easy credit to difficult credit. There will be major changes in mortgages coming down the pike putting more downward pressure on the real estate market for years to come IMHO.
  6. The short and sweet answer from me is to ask vhehn. The guy's very sharp and I believe he was looking to move his brood from the upper-midwest too.

    My guess is that you may vomit right on the spot when shown an equivalent home to yours on the West Coast.

    BTW: If I were looking to upgrade my home while reducing my cost of living. I'd be moved to the San Juan Islands or Banff or Nova Scotia. But that's just me

  7. Northern Nevada is some of most genital and forgiving land in the country. Check, Miden, Gardernville and on down to Topaz Lake area and up to the Pine Nut mountains area.

  8. Mnphats


    I also love that area, for beauty as well as low tax burden especially coming from a high tax burden state. However my wife has a great job with unbelievable benes. Not to mention a Norwegian has no business anywhere near the desert. :D :D
  9. Mnphats


    #10     May 8, 2009