U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Texas > San Antonio
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 02-26-2008, 09:24 PM
 
Location: NOVA
4,521 posts, read 5,214,516 times
Reputation: 1926

Advertisements

Quote:
Originally Posted by hello13685 View Post
And just a couple of days ago, I read a Fortune Magazine article that listed price drop projections for many cities. It projeted that San Antonio house prices will drop 25% over the next five years. They expect some cities to lose 40%. I don't have a link, but you can Google it.
The article states "Where housing is headed" but the article was about 'exclusive' calculations that show that big declines are needed in markets around the country to bring home prices back to their historical relationship to rents. For San Antonio, current rents average $302 and to 'fall back into historical relationship', the rent average is calculated at $262. That is 13%, not 25%.

No idea why this article was written or why these numbers were crunched but it certainly produced some over hyped headlines.
Here is the link: Real estate: Buy, sell, or hold? - Nov. 7, 2007
Reply With Quote Quick reply to this message

 
Old 02-26-2008, 09:25 PM
 
Location: North Central
59 posts, read 188,187 times
Reputation: 23
Quote:
Originally Posted by kevcrawford View Post
And I'm seeing houses sold every day for more than people bought them for a few years ago in many more neighborhoods than just yours.
Where is this at? I see the complete opposite. Houses on the market 6 months to over a year. I recently moved into Timberwood and I can tell you there are multiple houses for sale on every single street in this subdivision with most on the market for a very long time. Stone Oak and surrounding areas are just the same. Homes that have sold are $30-50k below list.
Reply With Quote Quick reply to this message
 
Old 02-26-2008, 09:44 PM
 
Location: NOVA
4,521 posts, read 5,214,516 times
Reputation: 1926
Default buying in Timberwood?

Quote:
Originally Posted by Retired-&-going-back-2-CA View Post
Where is this at? I see the complete opposite. Houses on the market 6 months to over a year. I recently moved into Timberwood and I can tell you there are multiple houses for sale on every single street in this subdivision with most on the market for a very long time. Stone Oak and surrounding areas are just the same. Homes that have sold are $30-50k below list.
We were going to buy in Timberwood last year and saw many 'perfect' houses but what sealed the deal was while driving (very slowly) over the 1604 bridge, while looking at northbound 281, it was a complete parking lot as far as you could see. Then off to the right of 281, you could see hundreds of more new homes being built. Then we exited onto Blanco where the real fun began during rush hour.
Reply With Quote Quick reply to this message
 
Old 02-26-2008, 10:01 PM
 
Location: San Antonio
944 posts, read 2,802,152 times
Reputation: 263
The lurking used home salesman's biggest fear is that the people visiting this site who are shopping for a new place to live will see the reality--that it's happening here too. In the very near future, the stock lines "It's different in Texas," Real estate always goes up," "It's a great investment," and my favorite, "It's a new paradigm" will all tank with the prices, and eventually the market will return to sane levels, though years down the road. I would urge fellow readers to post a new thread weekly to update us on the market's progress, given its tremendous importance.
Reply With Quote Quick reply to this message
 
Old 02-26-2008, 10:12 PM
 
Location: NOVA
4,521 posts, read 5,214,516 times
Reputation: 1926
Default weekly housing update

Agree that casual and serious home buyers go from 1 to 8 in 5 seconds sometime reading these threads. However, how can a home buyer shopping in China Grove (SE San Antonio) compare their experiences with someone in Helotes or in Boerne? We could have a housing thread, broken down by zip code, then with the weekly updated DOM (Days on the market). Wait.... the SA Express already has that nitch market analysis on Saturdays.
Reply With Quote Quick reply to this message
 
Old 02-27-2008, 02:33 AM
 
530 posts, read 1,916,686 times
Reputation: 241
Default Prices

I dont know, but it seems to me prices in Olmos Park, Alamo Heights, Monte Vista etc. are not coming down.

I think the suburbs are being hit hard because the cookie cutter homes are a dime a dozen.
Reply With Quote Quick reply to this message
 
Old 02-27-2008, 05:42 AM
 
Location: San Antonio
4,149 posts, read 9,306,866 times
Reputation: 3308
Quote:
Originally Posted by leslie b View Post
"And I'm seeing houses sold every day for more than people bought them for a few years ago in many more neighborhoods than just yours"

It is a good thing, because values have gone up. Not a ton, but some.

Is that a good thing? Are people's incomes increasing proportionally to the rise in house prices? Sure seemed like a lot of people here, as across the nation, were getting in over their heads and that does not seem to be a good thing.
Related issue....since you are out there, are you still seeing no doc, no down payment exotic mortgages flying here in SA? Has the tightening in the national credit market reached SA yet? If so, how is that affecting sales?
We've definitely felt the credit crunch. That's not a localized thing. That depends on the different mortgage programs, which were the same everywhere. The no doc, stated income loans are gone. They'll be gone for a while and I'm glad they are. Those were really to blame for all the national problems. The difference that has made is that now the people buying homes, are qualified to buy homes. There aren't people getting into homes that shouldn't be. The production builders were the biggest violator of that because they'd find a way to get anyone into a home that could breathe. Then they'd close out the neighborhood, move on, and not look back. Meantime, the people that they squeezed into a home defaulted on the loan. There are still a few zero down products, but only to qualified people and the determining factors are pretty tight.

The reasons home sales are down a little bit, is because there are less buyers. The same amount of "qualified" buyers, but less overall. The values however have still risen. As a whole last year, the values were up by about 4%. I have the numbers at my office, so that could be off a bit, but I'll check. Nothing astronomical, but they're still up.

What this is is a normal market. People just got spoiled by a few incredible years here, but we're back to a normal market. That's it.
Reply With Quote Quick reply to this message
 
Old 02-27-2008, 05:47 AM
 
Location: San Antonio
4,149 posts, read 9,306,866 times
Reputation: 3308
Quote:
Originally Posted by hello13685 View Post
The lurking used home salesman's biggest fear is that the people visiting this site who are shopping for a new place to live will see the reality--that it's happening here too. In the very near future, the stock lines "It's different in Texas," Real estate always goes up," "It's a great investment," and my favorite, "It's a new paradigm" will all tank with the prices, and eventually the market will return to sane levels, though years down the road. I would urge fellow readers to post a new thread weekly to update us on the market's progress, given its tremendous importance.
That's a very adult response. Thanks for enlightening everyone with your "wisdom". The "lurking used home salesman" thing was a nice touch. There's no reason to respond to you.
Reply With Quote Quick reply to this message
 
Old 02-27-2008, 08:08 AM
 
824 posts, read 1,601,622 times
Reputation: 597
Quote:
Originally Posted by montevista1 View Post
I dont know, but it seems to me prices in Olmos Park, Alamo Heights, Monte Vista etc. are not coming down.

I think the suburbs are being hit hard because the cookie cutter homes are a dime a dozen.
Right-o.........I live in MV as well, and received a mailer yesterday reporting on the home market in MV for 2007.

Houses sold - 45
Average Number of Days on Market - 102
Average Selling Price per Foot -$166.07
Average Sales Price Increase 2006-2007 - 8.8%

These neighborhoods are much more insulated from pricing shocks than their suburban counterparts.
Reply With Quote Quick reply to this message
 
Old 02-27-2008, 08:48 AM
 
Location: San Antonio, TX
8,400 posts, read 20,109,630 times
Reputation: 4435
Housing prices dropping, gangs all over the westside, Disney's not coming...if things are so "doom and gloomy," then why are people still flocking here, especially the Californians?

Cheers! M2
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Texas > San Antonio
Follow City-Data.com founder on our Forum or

All times are GMT -6. The time now is 11:54 PM.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top