when can I expect to see the price reduction on 'Mille Fleurs'?

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monekoko_IHB

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I've looking at the several properties(3000sf+) in woodbury, expecially Mille Fleurs. Most of houses for that particular model are priced at 1.4~1.5mil range except for one '41 stowe', I believe this one is 'short sale'...this one seems like takes forever. Even though the sellers bought those properties at 1.2~1.3mil range in 2004,5,6,7, still they want to get the profit by listing the properties under this market condition. Maybe, they're trying to get what they've spent for landscaping and some upgrades. Personally, I think the upgrades motivate the buyer to move forward under the buyer's market...but I don't want to pay extra cash for what they've done for their preference. Hope I can see the resonable transaction for this particular model soon so that I can move in.
 
monekoko -

The answer is easy. In the future! Generically, we'd assume a certain level of mortgage resets, etc., that will create financial pressure for current owners to get out of a burdensome home... but it all depends on the particulars of the individual homeowner. Believe it or not, but there are probably a strong number of either "cash buyers" or families intended to remain in the home for the long haul, which will create resistance to price reductions. The key is to see the make-up of the owners of individual properties. For example, Tripleleaf is probably someone in over their head. Same thing for 64 WindingWay and 50 WindingWay. The trick will be exactly how many of these homes become available and when. Additionally, the trick will be your relative price equilibrium - price paid and the cost of the money use use (if at all) to finance your purchase, versus changes in the home purchase variables. I'd really recommend constructing a relative cost model using current prices and a current interest rate that you actually qualify for... and then expand on the table to account for both a percentage in home price reduction as well as a potential increase in the interest rate for your proposed financing.

For example, a million dollar purchase today @ 6% on an 80% mortgage may be roughly equivalent to a 900K purchase @ 7% on an 80% mortgage... (just rough figures...)

That way you will be able to identify a value at any point in time relative to the values you see today....and at the end of the day, it really is all about the relative value of the purchase. It really is worth spending an hour figuring out the relative value of various hypothetical purchases... remember, inflation is coming, and future reductions in home prices will be met by (an arguably comensurate) increase in mortgage rates... so a mere reduction in price may not provide value (unless rates increase at a reduced velocity comapred with home price reductions)

GUII
 
to the best of my knowledge,

64 winding way doesn't have to sell...

at least one of the recent homes listed in MF doesn't have to sell at all...
 
irvine123 said:
to the best of my knowledge,

64 winding way doesn't have to sell...

at least one of the recent homes listed in MF doesn't have to sell at all...
Click to expand...

From a brief discussion with the real estate agent a few weeks ago, I understand that the owners bought, and then had job changes resulting in a move (or a need to move)...if they already moved, then they are either carrying huge costs, OR are so wealthy that they don't care anyway. I suspect as time moves on, they will become more and more motivated... assuming what the agent said was true.
 
Three Mille Fleurs went into escrow in the last three weeks:

20 Breezes - last week

74 fanlight - two weeks ago

45 Stowe - today

It appears that ~ $1.3 million is where the houses are selling for with 20 Breezes with a lower price due to a) ack of backyard landscape, b) no window treatment throughout the house, c) backing a major street. In summary, the price hasn't dropped much during the last 12 - 18 month.
 
So, 50 Winding Way dropped the price $75,000 since IR's original post here 50 Winding Way. They are having an open house today.

Current Price: $1,100,000

Damaged Interior Doors

Unfinished Backyard Hardscape

No Landscaping- Front or Back

Damaged Hardwood Floors

How long do you all think this will be on the market, and what do you suppose the final price will be??? Seemed to be activity with people in and out... with no one staying for any significant amount of time...
 
this house also has no window treatment...

It is not just unfinished front hardscape...the new owner actually has to spend money to rip out the horrible tiles the original owner put in...

this houses is also on a very busy through street....

right under $ 1 million is probably this house will get sold...it is just too much work to be done...
 
Girl In the OC said:
So, 50 Winding Way dropped the price $75,000 since IR's original post here 50 Winding Way. They are having an open house today.

Current Price: $1,100,000

Damaged Interior Doors

Unfinished Backyard Hardscape

No Landscaping- Front or Back

Damaged Hardwood Floors

How long do you all think this will be on the market, and what do you suppose the final price will be??? Seemed to be activity with people in and out... with no one staying for any significant amount of time...
Click to expand...

who would pay $1mil for that?? yuck
 
How long have we been talking about 50 winding way? Seriously, it seems like years since this POS went into default. If it takes this long to get to the market for "regular" people, then just imagine what is happening now... The plankton theory is proving to be correct on so many levels.
 
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