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Old 10-21-2010, 05:19 PM
 
Location: 92037
4,630 posts, read 10,245,497 times
Reputation: 1955

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Quote:
Originally Posted by easybay View Post
I agree - I'm going to keep the thread alive and repost the situation here in my neighborhood - Westgate. I might drop in to visit the realtor again at her next open house, to see if she still stands there and will argue with me about this "hot" market. I agree, it's a great time to buy with home prices down to 2005 levels, and with low interest rates. Unfortunately with a couple of homes for sale on every block, we as buyers have a lot to choose from and I really believe prices will continue to drop. Eventually people (and banks) will have to drop their prices to get people (like me) to buy. And at the $700,000 price range, people need $140,000 for a deposit, and the income to support the mortgage - I'm hearing that it's not as easy to qualify for these big mortgages.
Hi, sorry this peaked my interest even though I am in San Diego. I think its interesting to hear whats going on up there. I totally agree with everything you said above. To add, its not like too many folks are even able to sell their own home to come up with the $140k down payment on a 700k house. That is of course unless they bought something pre-early 90s and made a nice chuck o change selling it a good price. This is the case here in San Diego at least. The prices are just so out of hand still for the most part.

I am in contract for a home that was priced very well. It was put on the market at noon and I went to see it a few hours later. I put the offer in with my agent as soon as I got home.

The majority of "desirable" areas here along the coast are just sitting there. The ones that are selling at what someone is willing to pay are moving quite fast. The homes right now where the owner is trying to avoid foreclosure as much as possible so they go through to slow mundane process of a short sale.

Be patient, save your cash and I say in this market if you like what you see, go for it. I think some areas have a long way to drop, but some others have seen better resistance (not sure where you are looking). Even if the prices do drop over the next few years, I would not anticipate interest rates being dirt cheap at almost 4%.

Good luck!
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Old 11-27-2010, 09:07 AM
 
765 posts, read 2,434,682 times
Reputation: 701
Update on the townhouse - they dropped the price to $679,900, the realtor held open houses every weekend, and now they took it off the market. It originally sold in Dec 2006 for $788,500. I assume they will rent it out and wait out the market.
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Old 11-29-2010, 07:45 PM
 
Location: Sacramento
48 posts, read 130,417 times
Reputation: 22
wow--that is way too much to pay for a townhome. i realize zip by westgate , 95130, only has a handful of homes for sale but that price is insane.
this is the pocket over by westgate shopping mall correct? my sister lives over by there and her kids go to forest hill elementary. prices are steep out that way for sure...guess it's b/c you got the apple employees that love that area (not to bad commute for them) and it's close to saratoga.
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