On July 22nd I wrote about the Gold Gucci watch bet with my wife:
http://hbrealestateandmore.blogspot.com/2008/07/gold-gucci-watch-bet.html
Sad to say she won this one.
Let me summarize. We saw a place in HB that I said would not get an offer in 30 days and she said it would.
I thought I was in the clear until they got an offer around 25 days after listing. Here is the property:
http://www.redfin.com/CA/Huntington-Beach/7402-Coho-Dr-92648/unit-111/home/5556829
(love that linoleum floor and 1980 stove)
This is the Pacific Ranch community of HB. Nice community built in the mid to late 80’s. Most of the units are tri-levels, which doesn’t appeal to everyone. Prices here have been dropping almost as fast as world records when Michael Phelps swims.
Just over a year ago a 2000 sq. ft. model sold for $712,000:
http://www.redfin.com/CA/Huntington-Beach/7371-Seabluff-Dr-92648/unit-111/home/5556882
Need another example? Here’s one that in April of last year went for $719,500
http://www.redfin.com/CA/Huntington-Beach/19521-Pompano-Ln-92648/unit-109/home/5559287
The models can differ a bit. They all have a downstairs “bonus room” that can have a bathroom added if one wants. (Most don’t since they already have 2 ½ baths). But they all have right around 2,000 sq. ft.
Fast forward 9/27/07- same model- down to $640,000
http://www.redfin.com/CA/Huntington-Beach/19512-Pompano-Ln-92648/unit-111/home/5561139
By Dec of last year that price is dropped down to $625,000
http://www.redfin.com/CA/Huntington-Beach/19481-Pompano-Ln-92648/unit-103/home/5559311
These are not short sales that I can see either. Just people that have equity and want to sell before the bottom drops out further.
Well, the bottom is still dropping:
In Feb. one closed under what was inevitable: under $600k. This one for $599k
This looked like a short sale but it wasn’t. The owners might have taken a little hit on this one. They were moving up north for a job change and had to get out quickly. They started their listing at $675k and dropped.
http://www.redfin.com/CA/Huntington-Beach/19451-Pompano-Ln-92648/unit-108/home/5559377
One more under $600k a few months later in the “peak selling summer season” and then:
This one started at around $620 and endured a few drops before settling at $560k
http://www.redfin.com/CA/Huntington-Beach/19561-Pompano-Ln-92648/unit-105/home/5559822
There’s another listing that was at $580k and probably sold close to full price, as this home was immaculate.
So why did I take this bet with my wife? Well the property was priced right based on recent comps. The inside was terrible though. Linoleum kitchen floor. No window coverings. Quick industrial carpet slapped down, kitchen appliances that came from probably Gemco (for those of you that remember that defunct store in the 80’s). I’ve visited probably most of these units in the last year and the serious sellers have at least put in wood (or laminate) floors, plantation shutters and made some attempts at upgrading. Though most have a ways to go with their kitchens. This one has quite a bit of work and I figured even at $565k it was a bit overpriced and still had to come down.
I don’t know what the final accepted offer was but it will set a new comp low for these models. From $712,000 to under $ 560,000 represents over a 21% drop in this community in just 15 months. And these were not short sales!! Now what about those with Alt-A, option loans and the pressure these loans will put on the market?
I predict these 2,000 sq. ft. homes in Pacific Ranch will eventually approach under $500k. Probably by the second half of next year.
My only mistake with the bet with my wife is that I should have said it had to close, not just get an offer. Oh well ..shoot ..Now I got to go shopping.
I was already to post this late last evening when I decided to go to bed and wait until today. I’m glad I did. After perusing the listings I saw something more I need to add about Pacific Ranch.
This idiot in self-denial:
http://www.redfin.com/CA/Huntington-Beach/7402-Coho-Dr-92648/unit-105/home/5556811
A little info about this listing which is trying to sell at $639k when they haven’t had one sell above $600 in quite some time now. In fact the last 5 comparable comps are all under $600k (two of them still waiting to close).Wake up pal! This realtard actually posted it originally for $649k and after around 88 days on the market took it off for what was probably no more than an hour and put it up as a new listing. Don’t you just love that? I actually called them when they first listed it since I was interested in seeing it and then waiting to see if it would drop after that. The original listing agent is from this same group, HOM Real Estate Group. What does HOM stand for anyway? They couldn’t spell Home? Or maybe an acronym for Happily Orchestrating Manipulators as that’s what this group seems to do.
When I called the original agent, Sue Saffarans, she was more than happy to show it to me. A few minutes later her assistant, this lap dog Chad called to say she was busy but he could show it to me. He was more than happy until I mentioned I was working with Redfin. Then the a**hole turned arrogant. He said if I’m working with them it’s not worth my time showing it to you. Excuse me? I tried to constrain myself and explained that he would still get his 3% commission. He again repeated it’s not worth his time.
What an arrogant S.O.B. Not worth around $18G they would pull in from the listing? Or maybe the fact that when the listing was under Sue’s name it said that she was the owner/related in the listing. Hmmm..H.O.M.- Happily Orchestrating Manipulators.
Another realtor that wanted to play both sides of the fence. Do they think all buyers are that stupid that we won’t recognize they won’t be representing my best interests? Sheesh.
I was really shocked when the status changed to backup offers. How could someone give them an offer when all around them were better priced listings? Well today that changed back to active. Perhaps the buyers realized they were getting taken or the bank came back with an appraisal that was oh..Let’s say about 80G’s less then what they want. Whatever the reason, I hope this one goes back to the bank; realtors like this deserve to get it stuck to them.
http://hbrealestateandmore.blogspot.com/2008/07/gold-gucci-watch-bet.html
Sad to say she won this one.
Let me summarize. We saw a place in HB that I said would not get an offer in 30 days and she said it would.
I thought I was in the clear until they got an offer around 25 days after listing. Here is the property:
http://www.redfin.com/CA/Huntington-Beach/7402-Coho-Dr-92648/unit-111/home/5556829
(love that linoleum floor and 1980 stove)This is the Pacific Ranch community of HB. Nice community built in the mid to late 80’s. Most of the units are tri-levels, which doesn’t appeal to everyone. Prices here have been dropping almost as fast as world records when Michael Phelps swims.
Just over a year ago a 2000 sq. ft. model sold for $712,000:
http://www.redfin.com/CA/Huntington-Beach/7371-Seabluff-Dr-92648/unit-111/home/5556882
Need another example? Here’s one that in April of last year went for $719,500
http://www.redfin.com/CA/Huntington-Beach/19521-Pompano-Ln-92648/unit-109/home/5559287
The models can differ a bit. They all have a downstairs “bonus room” that can have a bathroom added if one wants. (Most don’t since they already have 2 ½ baths). But they all have right around 2,000 sq. ft.
Fast forward 9/27/07- same model- down to $640,000
http://www.redfin.com/CA/Huntington-Beach/19512-Pompano-Ln-92648/unit-111/home/5561139
By Dec of last year that price is dropped down to $625,000
http://www.redfin.com/CA/Huntington-Beach/19481-Pompano-Ln-92648/unit-103/home/5559311
These are not short sales that I can see either. Just people that have equity and want to sell before the bottom drops out further.
Well, the bottom is still dropping:
In Feb. one closed under what was inevitable: under $600k. This one for $599k
This looked like a short sale but it wasn’t. The owners might have taken a little hit on this one. They were moving up north for a job change and had to get out quickly. They started their listing at $675k and dropped.
http://www.redfin.com/CA/Huntington-Beach/19451-Pompano-Ln-92648/unit-108/home/5559377
One more under $600k a few months later in the “peak selling summer season” and then:
This one started at around $620 and endured a few drops before settling at $560k
http://www.redfin.com/CA/Huntington-Beach/19561-Pompano-Ln-92648/unit-105/home/5559822
There’s another listing that was at $580k and probably sold close to full price, as this home was immaculate.
So why did I take this bet with my wife? Well the property was priced right based on recent comps. The inside was terrible though. Linoleum kitchen floor. No window coverings. Quick industrial carpet slapped down, kitchen appliances that came from probably Gemco (for those of you that remember that defunct store in the 80’s). I’ve visited probably most of these units in the last year and the serious sellers have at least put in wood (or laminate) floors, plantation shutters and made some attempts at upgrading. Though most have a ways to go with their kitchens. This one has quite a bit of work and I figured even at $565k it was a bit overpriced and still had to come down.
I don’t know what the final accepted offer was but it will set a new comp low for these models. From $712,000 to under $ 560,000 represents over a 21% drop in this community in just 15 months. And these were not short sales!! Now what about those with Alt-A, option loans and the pressure these loans will put on the market?
I predict these 2,000 sq. ft. homes in Pacific Ranch will eventually approach under $500k. Probably by the second half of next year.
My only mistake with the bet with my wife is that I should have said it had to close, not just get an offer. Oh well ..shoot ..Now I got to go shopping.
I was already to post this late last evening when I decided to go to bed and wait until today. I’m glad I did. After perusing the listings I saw something more I need to add about Pacific Ranch.
This idiot in self-denial:
http://www.redfin.com/CA/Huntington-Beach/7402-Coho-Dr-92648/unit-105/home/5556811
A little info about this listing which is trying to sell at $639k when they haven’t had one sell above $600 in quite some time now. In fact the last 5 comparable comps are all under $600k (two of them still waiting to close).Wake up pal! This realtard actually posted it originally for $649k and after around 88 days on the market took it off for what was probably no more than an hour and put it up as a new listing. Don’t you just love that? I actually called them when they first listed it since I was interested in seeing it and then waiting to see if it would drop after that. The original listing agent is from this same group, HOM Real Estate Group. What does HOM stand for anyway? They couldn’t spell Home? Or maybe an acronym for Happily Orchestrating Manipulators as that’s what this group seems to do.
When I called the original agent, Sue Saffarans, she was more than happy to show it to me. A few minutes later her assistant, this lap dog Chad called to say she was busy but he could show it to me. He was more than happy until I mentioned I was working with Redfin. Then the a**hole turned arrogant. He said if I’m working with them it’s not worth my time showing it to you. Excuse me? I tried to constrain myself and explained that he would still get his 3% commission. He again repeated it’s not worth his time.
What an arrogant S.O.B. Not worth around $18G they would pull in from the listing? Or maybe the fact that when the listing was under Sue’s name it said that she was the owner/related in the listing. Hmmm..H.O.M.- Happily Orchestrating Manipulators.
Another realtor that wanted to play both sides of the fence. Do they think all buyers are that stupid that we won’t recognize they won’t be representing my best interests? Sheesh.
I was really shocked when the status changed to backup offers. How could someone give them an offer when all around them were better priced listings? Well today that changed back to active. Perhaps the buyers realized they were getting taken or the bank came back with an appraisal that was oh..Let’s say about 80G’s less then what they want. Whatever the reason, I hope this one goes back to the bank; realtors like this deserve to get it stuck to them.
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