Thursday, March 4, 2010

LA Times - High End Owners Forced to Drop Prices

Good article on high end homeowners testing the market, then having to make huge cuts to their asking prices. Testing the market? Is that like a hunt for the rare moron who will drastically overpay for a house? I'd say there are a lot of owners "testing the market" in Crystal Cove, Neport and Laguna Beach.
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8 comments:

  1. AnonymousMarch 5, 2010 at 7:48 AM

    I'm wondering if the availability of Jumbos again will have an impact on this segment of the market?

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  2. AdrianMarch 6, 2010 at 6:24 PM

    Thanks for the constant updates =)

    ReplyDelete
  3. AnonymousMarch 12, 2010 at 8:03 AM

    I dont think the facts support your thesis.

    Here are the facts from redfin:

    Avg sale per sq ft in CC is 983
    Avg listing per sq ft in CC is 1060


    Ther must be many rich "morons" becuase they seem to have the bucks to pay almost 1K per sq ft even as recently as two weeks ago.

    How can I become a rich "moron" too?

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  4. AnonymousMarch 12, 2010 at 9:31 PM

    http://www.redfin.com/search#lat=33.57250842186892&long=-117.83690929412842&market=socal&max_price=4000000&min_price=1750000&region_id=38434&region_type=2&sf=2&sold_within_days=365&uipt=1&v=5&zoomLevel=15

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  5. AnonymousMarch 12, 2010 at 9:44 PM

    sorry, meant to post this

    http://www.redfin.com/CA/Newport-Beach/162-Sidney-Bay-Dr-92657/home/5930091

    http://www.redfin.com/CA/Newport-Beach/5-Secret-Cv-92657/home/5767667

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  6. Mr. BlueMarch 12, 2010 at 9:57 PM

    Good postings from the last Anon.
    To the anon with the Redfin stats - look beyond the stats. Do the statistics give the owner of 124 Sidney Bay his $500,000 of lost equity back? His downpayment vaporized in only a few months.

    The statistics don't allow a comparison of actual comparable properties, which is how I've approached it. In short, the stats don't tell you much. They may be used to make an uneducated buyer feel comfortable, though........drink the coolaid Mr. buyer.....drink the coolaid Mr. Buyer.....

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  7. AnonymousMarch 15, 2010 at 9:00 AM

    Good Point Mr. Blue,

    But we are not talking about the poor owner of Sydney Bay....We are talking about all the "rich morons".

    Therefore, you really did not address the issue.
    If what you are saying is true, then why is it not showing up in the sales information.

    Oh, you and I both know that sales numbers are under-reported. Shall we open up that can of worms?

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  8. Mr. BlueMarch 16, 2010 at 8:40 PM

    Dear Anon,
    Feel free to prove that "It's not showing up in the sales information."

    I don't see that the sales information in Crystal Cove disproves the LA Times article......

    Perhaps your evident bitterness proves my point? I'm just sayin.

    ReplyDelete