There could be other reasons why the sign was out any more. I read it from recent issue of Forbe, or maybe fortune about R/E, a guy from Boston put out his 4 bedrooms house for sell at 1.2 mil, and the best over he received was merely over 900k so he withdrew his for sales and wait for a better price.
The vacant place next door to me was listed at 499K and I noticed yesterday the sign changed to "For Lease". Looks like someone is going to try and wait out the current situation. The house is overpriced at 499K by about 75K as other in the area are selling for less with landscaping, pools and backyard amenities which this home lacks. I have a strong feeling that the owner is going to be singing a sad tune if they lease it for a year and try to get that elusive 499K... maybe more like 375 or less.
I have been looking to move back to the Atlanta area for some time. I live in Carlsbad Ca, now. I had the van lines sales guy out today to give me a quote on the move. This guy said his business is off 50% from last year. He is on commission and gets paid by the moves he quotes and the moves that are done. He is looking to get another job. He said his business is tied directly to the housing market. He said he knows "numerous" people who are scared to death and are looking to sell out and move but can't because no one is giving offers to buy. John
funny how the signs were there... someone that is a car salesman was trying to take the r/e exams and get licensed to flip houses. apparently people at his work were doing that -- carrying 2 cellphones around, 1 personal, the other for r/e. reminded me of the dentists that would flip stock in between patients. on a side note it seems like a lot of college grads that wouldve done CS during the tech bubble are doing MBA or finance now.
Condo in Tarzana ,CA was appraised for $570K has been on the market from August 2005 listed for 550K sold by the end of January 2006 for $470K. You can see it if you go to zillow.com 5477 Nestle ave, Tarzana CA 91356 unit #17. You can see that it is appraised at $570k and sold for $470K
Every mania in the past always has the same outcome; disaster. This will be no different. Who would you listen to, your local realtor or Warren Buffett?? The below is from his annual shareholder's meeting; "What we see in our residential brokerage business," he told shareholders, "is a slowdown everyplace, most dramatically in the formerly hottest markets... The day traders of the Internet moved into trading condos, and that kind a speculation can produce a market that can move in a big way. You can get real discontinuities... I would be surprised if there aren't some significant downward adjustments, especially in the higher end of the housing market." And this: "Dumb lending always has its consequences. It's like a disease that doesn't manifest itself for a few weeks, like an epidemic that doesn't show up until it's too late to stop it. Any developer will build anything he can borrow against. If you look at the 10Ks that are getting filed [by banks] and compare them just against last year's 10Ks, and look at their balances of 'interest accrued but not paid,' you'll see some very interesting statistics." That is, many homeowners are unable to service their current debt.
I know..I live in Sherman Oaks and last week put a bid on a h ouse just south of the blvd..I knew the minute I put the bid down that we were at the top of the market... Luckily, I WAY underbid the house, which has been on the market for over 6 months!!!! They laughed, I laughed, and they said don't come back till it hits this price. I responded and said, don't come back to me in a month and say OK, we'll take the offer - come back to me, and I'll cut the price another 20%...we all had a good laugh, and we know that I'll be right in the end..
I've posted previously about chuckling over the heavily biased interviews of individuals in the real estate industry, there is a 5 minute segment that is worth watching here: http://www.robtv.com/shows/past_archive.tv Link to look for is: ------------------------------------------------- Friday, May 12, 2006 8:15 AM ET AM Business with Bridgitte Anderson What's Next for the Canadian Real Estate? Michael Polzler, executive vice president, RE/MAX Ontario Atlantic Canada ------------------------------------------------- Not sure how long this will be active, it generally just lists the shows for the current week. P.S. I love the RobTV website, lets me watch a particular show (SqueezePlay) on a daily basis at any time of the day.
Break.com's girl of the Day: Age: 26 Residence: Los Angeles, CA, U.S.A. Do for a living: Model/ Actress and soon to be in Real Estate http://girls.break.com/girl198_Nikita1.jpg.html 'Nuff said.