Craaash Go Home Prices in Lands Park, Pocket, Curtis Park (Vallejo: sales, mortgage)

[inpd]

Hi,

I'm not sure how many of you are actively bidding on homes, but
several areas are correcting savagely.

There was a terrific tudor home in Lands Park (2400 sq ft+),
only down side was it backed onto a school stadium listed for
$535K. Just to test the waters I put in a bid of my maximum $400K,
the owners came back with $425K which is too high for my limit so
I disengaged. I also made verbal offers with two other homes with similar
results, sellers were willing to accept close to $100K below asking price.

Talked to a friend bidding in the Pocket and Curtis park and similar
results, homes to be had for $100K below asking price at about $300-$350K.

Now, I know some of you selling won't like to believe this, but its happening.

Maybe its mortgage companies tightening how much then lend practices
(see //www.city-data.com/forum/sacra...ld-income.html
or maybe its something else but these neighborhoods are correcting after the
recent big run-ups.

[DMenscha]

I think you can't judge the whole area by one extremely motivated seller. Resubmit your offer in a week and see what happens.

Good luck

[inpd]

Originally Posted by DMenscha

I think you can't judge the whole area by one extremely motivated seller. Resubmit your offer in a week and see what happens.

Good luck

Actually, it was 3 homes for me and 2 homes for my friends. I made one written
offer and another two verbal offers after seeing the homes a few times each so
the buyers/agent knew we were serious buyers.

Trulia.com shows historical sales for many homes in Land Parks/Pocket
at $200K (Lands Park) and $125K (Pocket) in 1999-2000 so its not unrealistic
they should come down in price $100K now the boom is over.

[cw68]

Be glad you didn't get the house that backs up to Cal Middle. Not a good location at all.

[inpd]

Originally Posted by cw68

Be glad you didn't get the house that backs up to Cal Middle. Not a good location at all.

The $535K home I bid on did not back onto that school.
The one you refer to is $525K. Out of interest, what's so
bad about being near Cal Middle?

[cw68]

The foot traffic from the students and their parents. A very good friend of mine lives directly across the street from the school and puts her sprinklers on every afternoon right before school gets out so that her lawn isn't littered with cigarette butts and people. Another good friend lived down 5th between Cal Middle and Freeport and there were always a bunch of kids goofing off after school as she'd get the high schoolers and the middle schoolers. Now it's just kids being kids, but remember the annoying stupid things kids would do. I used to live on Vallejo and get the Cal Middle kids walking home. Most of them were really nice, some not so nice, but my pumpkins were always snatched off of my porch at Halloween, they'd swing in my porch swing and the like.

Regarding backing up to the stadium, I once wanted to buy a house on 7th Avenue and my agent (who is awesome, btw) wouldn't let me. She said that location wasn't good with the foot traffic and noise, it would make it harder to sell when the market slowed and she's right. I have an excellent recommendation for an agent if you are at all unhappy with yours. She works LP pretty much exclusively and has for the past 25+ years. She's a little abrasive, but that's only because she tells you what she thinks and not what you want to hear. If you're interested, PM me. We've worked with her three times and on both the buying and selling ends. She's spectacular and gets things done.