Way outside of Orange County

Nude_IHB

Nude_IHB

New member
I'm posting this because the house is just a few blocks from my own and there are five lots with "For Sale" signs between us, each with 10-15 finished lots waiting for homes to be built. That might explain why this guy is racing to the bottom.



<a href="http://www.redfin.com/WA/Kenmore/19914-83rd-Pl-NE-98028/home/8186542"><img src="http://i-0.rfimg.us/photo/1/bigphoto/832/27160832_2.jpg" alt="" /></a>

Click the link for the full listing, here are the relevant details:



Sales History

<strong>Dec 19, 2005 $460,639</strong>



Listing Price History

Sep 02, 2007 $534,900

Sep 10, 2007 $529,000

Sep 12, 2007 $519,000

Sep 30, 2007 $510,000

Oct 13, 2007 $499,900

Jun 18, 2008 $485,000

Jul 14, 2008 $475,000

Aug 01, 2008 $449,000

Aug 13, 2008 $410,000

Source: NWMLS



I have no idea how much they put down when they bought the place, but a $50k loss in less than 3 years combined with 356+ on the market tells me that not even driving that Jaguar brings any joy into their life. Considering the number of projects that have been sitting idle (streets and curbs, but no homes) for the last year with no offers from builders, the prospects for this homeseller are not good.
 
Last quarter almost 16% of pending sales in King County fell though. That's 3 times the average over the previous 7 years. This house is in very quiet subdivsion, a few minutes away from a freeway, and had he tried to sell it in March of 07 he probably would have gotten his asking price. I'm actually surprised it's still unsold @ less than $450K. So yes, Seattle has finally caught up to the rest of the country. Since seeing this, I've had to rethink my estimates of what our own place would sell for in the near term. :sick:
 
We just got our property assessment and the assessor finds that the value

has dropped $30,000 since last year. The assessors findings are usually

way low in Dade. Now I regard them as more or less accurate.

Here in Brevard, I don't know.



Historically, it's rare or never that assessors lower valuations, altho as

I said they are usually 'way to low.



Lucky I don't want to sell for the foreseeable future. No for sale signs

at all on this part of our street. Only 2 people have been here for less than

7 or 8 years, so I don't think anybody is underwater.



Can you guys still get financing for an under 417k loan?
 
Here is an example of serious price reductions in Malibu. http://www.redfin.com/CA/Malibu/26258-Fairside-Rd-90265/home/6854379



Sales

Oct 27, 2004 $427,854 --

Jan 03, 2005 $375,000 -50.7%/yr

Dec 06, 2007 $1,250,000 51.0%/yr



Current price

699,900



44% off in less than a year. There are an assortment of others 30%+ off. I am trying to find a way to confirm, but it looks like about half of the sales which occured in Malibu in the last two months are trustees' sales.



Beds: 4

Baths: 3

Sq. Ft.: 1,796

$/Sq. Ft.: $390

Lot Size: 5,955 Sq. Ft.

Property Type Detached, Single Family Residence

Year Built: 1976

Stories: 3+ Levels

View: Canyon, Hills, Mountain, Panoramic
 
Looks like there was a fire (uh, arson?) in the house. I'm totally stealing one of the pics to post on the funky listing photo thread.



I wonder if they can even get fire insurance in these canyons?
 
[quote author="Trooper" date=1219545421]Looks like there was a fire (uh, arson?) in the house. I'm totally stealing one of the pics to post on the funky listing photo thread.



I wonder if they can even get fire insurance in these canyons?</blockquote>


Yes, CA FAIR plan
 
$59,900

2 br 2 ba sqft

Single-Family Home

43621 Pecos Court, Lancaster CA



Sales History

Historical home sale price (1): $193,500

Prior sale date: Dec 24, 2007

Change since this sale (1): -69%



Historical home sale price (2): $250,000

Prior sale date: Jul 6, 2006

Change since this sale (2): -76%



Historical home sale price (3): $78,500

Prior sale date: Oct 3, 2001

Change since this sale (3): -24%



http://www.trulia.com/property/1066593998-43621-Pecos-Ct-Lancaster-CA



76% off of peak 2006 price.
 
Update: New price on 19914 83rd Pl NE as of 9/3... $399,950! That's 60k below the "New Home" price it sold for in 2005.
 
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