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You don't. Granted, I live in California where prices are still crashing at accelerated rates but ... this could be an interesting case study for bottom callers. Especially since there's been a lot of "this could be the bottom" stories in the news lately.
At the peak houses in this neighborhood were selling for $550K. Of course, now there's foreclosures at half price and still falling. Three of them ... each about 1500 square feet give or take ... were sitting on the market all summer at list prices of $240K.
However, just a week ago we noticed that all three of them had closed in the last two weeks at list price so, we thought, maybe this is the bottom?
Think again ... another much larger bank owned house at 2200 square feet just hit the market with a list of price of ... only $225K. Basically $15K less for 700 more square feet and a much larger lot.
If I had just bought one of those smaller properties at $240K and saw this bargain basement price listing ... I would be really, really upset right now.
California is still hurting - especially in the San Franscico area. rated as one of the worst right now. I'm in NJ and things seems to be picking up a bit. I'll send good vibes your way : )
That hurts! If only we could all predict the minute the bottom hits.
However do you know the condition of that larger house compared to the smaller homes? Banks are blind and deaf usually, but not dumb, If they know two other foreclosures just sold for X they are going to take that into consideration. Unless they are just underpricing it to receive multiple bids (a common tactic here in Orlando at least) I'd think the condition of that house may be something of a concern.
That hurts! If only we could all predict the minute the bottom hits.
However do you know the condition of that larger house compared to the smaller homes? Banks are blind and deaf usually, but not dumb, If they know two other foreclosures just sold for X they are going to take that into consideration. Unless they are just underpricing it to receive multiple bids (a common tactic here in Orlando at least) I'd think the condition of that house may be something of a concern.
Yea, that was what I was thinking too... banks aren't dumb... they know what sold and what conditions things were and what possible inventory will be coming in. The larger home might look nice on paper... but until you go there and take a look at what fit and finish it's in, price really doesn't matter. If it's in good shape, and priced the way your saying... then it'll probably get multiple bids and banks are using a lower price to pull people in.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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Originally Posted by wileynj
California is still hurting - especially in the San Franscico area. rated as one of the worst right now. I'm in NJ and things seems to be picking up a bit. I'll send good vibes your way : )
If you include Sacramento, Stockton and Modesto in the SF area, then maybe. There are many markets in the 9 bay area counties that have experienced little or no loss and some markets that are down near what's happening nationally.
In California, the central valley and inland empire are current experiencing the biggest problems.
Yea, that was what I was thinking too... banks aren't dumb...
Right, which would explain why we are in this mess in the first place. Many banks do dumb things and the pricing on foreclosures is far from consistent. So, until you actually look at the properties there is really no way to know. Also, I believe that she is looking at newer houses?
Right, which would explain why we are in this mess in the first place. Many banks do dumb things and the pricing on foreclosures is far from consistent. So, until you actually look at the properties there is really no way to know. Also, I believe that she is looking at newer houses?
Isn't that what I said? You can't tell how well it's priced until you see it? I don't really think new/old matters... a new/old foreclosure both can easily be stripped of everything and ruined.
-chuck22b
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