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:
I'm wondering if the availability of Jumbos again will have an impact on this segment of the market?
Thanks for the constant updates =)
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?
http://www.redfin.com/search#lat=33.57250842186892&long=-117.83690929412842&market=socal&max_price=4000000&min_price=1750000®ion_id=38434®ion_type=2&sf=2&sold_within_days=365&uipt=1&v=5&zoomLevel=15
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
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.....
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?
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.
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