sell4u_IHB
New member
Who are these delusional people kidding?...
While most, if not all of Newport Coast is grossly overpriced currently (even though prices have been coming down, just not as much in other housing markets) lets take 1 community as an example and pick it apart. Named "The Summit", this is a gated development of approximately 150 or so townhomes ranging in size from 1,200 - 1,900 sq.ft. approximately. When built in 1994, these condos were basically going anywhere from $200k-$300k.
Here are the number of home sales in The Summit according to the MLS for the following years:
2003 - 18
2004 - 18
2005 - 12
2006 - 15
2007 - 5
2008(up to 3/27/2008) - 0
Um....5 sales in the entire year for 2007? Pathetic. 0 Sales so far this year? Even more pathetic. We are in a recession, or atleast barely floating above one (as if the affluent don't read the newspapers and understand what is going on with our economy), yet 95% of the 180 or so active properties for sale in all of NC are so grossly overpriced, its no wonder home sales are suffering, and will continue to suffer until the 95% of these sellers adjust asking prices by 10-15% NOW. And even by adjusting those asking prices 10-15% its still a buyers market to make an offer 10-15% under that number.
2007 was anything but a positive year for overall housing. March 2007, NC had a total of 22 sales. March 2008 (and we have few days left) so far has 6, a 72% decrease in sales. I expect prices in NC to drop further this year and into 2009, just like the rest of Orange County, and California for that matter.
Going back to The Summit, here is a look at the total days on the market count for homes (with their $/Sq.ft. next to them respectively). Mind you this is days on the market. I don't know about you, but having your house on the market 200, 300, or more days is not normal, and you can question if that's really even called "selling your home". What do you call it?
216 ($560)
168 ($538)
304 ($533)
255 ($509)
218 ($643)
76 ($578)
37 ($645)
The latest home to come on the market in The Summit has been on the market for 37 days. This home is a 2 Bed, 2 Bath 1,200 square foot condo being offered at $775K. Hello???!!! $775K! a 2 Bed condo for almost $800k? Mr.Mrs. Seller, put the crack pipe down. Drugs are bad for you! If this home wants to sell it needs to be offered between $620K-$650K with tremendous hopes that a buyer would be willing to spend $600k right now in this market.
Well the good news is if your luxury home is priced to sell (or atleast entertain offers) it should sell. Other than that, plan to have it sit 200,300,400,500, 600 days on the market while you chase the market down with your delusional asking prices. Prices will come down more than they already have, just takes a little longer than everywhere else.
While most, if not all of Newport Coast is grossly overpriced currently (even though prices have been coming down, just not as much in other housing markets) lets take 1 community as an example and pick it apart. Named "The Summit", this is a gated development of approximately 150 or so townhomes ranging in size from 1,200 - 1,900 sq.ft. approximately. When built in 1994, these condos were basically going anywhere from $200k-$300k.
Here are the number of home sales in The Summit according to the MLS for the following years:
2003 - 18
2004 - 18
2005 - 12
2006 - 15
2007 - 5
2008(up to 3/27/2008) - 0
Um....5 sales in the entire year for 2007? Pathetic. 0 Sales so far this year? Even more pathetic. We are in a recession, or atleast barely floating above one (as if the affluent don't read the newspapers and understand what is going on with our economy), yet 95% of the 180 or so active properties for sale in all of NC are so grossly overpriced, its no wonder home sales are suffering, and will continue to suffer until the 95% of these sellers adjust asking prices by 10-15% NOW. And even by adjusting those asking prices 10-15% its still a buyers market to make an offer 10-15% under that number.
2007 was anything but a positive year for overall housing. March 2007, NC had a total of 22 sales. March 2008 (and we have few days left) so far has 6, a 72% decrease in sales. I expect prices in NC to drop further this year and into 2009, just like the rest of Orange County, and California for that matter.
Going back to The Summit, here is a look at the total days on the market count for homes (with their $/Sq.ft. next to them respectively). Mind you this is days on the market. I don't know about you, but having your house on the market 200, 300, or more days is not normal, and you can question if that's really even called "selling your home". What do you call it?
216 ($560)
168 ($538)
304 ($533)
255 ($509)
218 ($643)
76 ($578)
37 ($645)
The latest home to come on the market in The Summit has been on the market for 37 days. This home is a 2 Bed, 2 Bath 1,200 square foot condo being offered at $775K. Hello???!!! $775K! a 2 Bed condo for almost $800k? Mr.Mrs. Seller, put the crack pipe down. Drugs are bad for you! If this home wants to sell it needs to be offered between $620K-$650K with tremendous hopes that a buyer would be willing to spend $600k right now in this market.
Well the good news is if your luxury home is priced to sell (or atleast entertain offers) it should sell. Other than that, plan to have it sit 200,300,400,500, 600 days on the market while you chase the market down with your delusional asking prices. Prices will come down more than they already have, just takes a little longer than everywhere else.