Comments on: Tale of Two Properties

By: Diesel

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By: Heel

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By: Orlando Realtor

Orlando Realtor — Tue, 28 Apr 2009 19:07:18 +0000

Where did everybody go? Orlando Realtor

By: Orlando Realtor

Orlando Realtor — Sun, 19 Apr 2009 23:18:43 +0000

Why, not? Half of Congress takes bribes and payoffs, take their sweet time, while we “eat cake”

By: Orlando

Orlando — Fri, 20 Feb 2009 11:41:51 +0000

Just use your “stimulus” check to help make the payments. =o)

By: Tootsie

Tootsie — Fri, 29 Aug 2008 03:21:13 +0000

I used to think the sellers were clueless but now I place the blame with the realtor. Why on earth take a listing you KNOW you will never sell anywhere near that price? You KNOW no other broker will show it and you KNOW no bank will finance it because it won’t appraise. Why?

As for price stability in Arcadia, I disagree. Prices have come down a lot. For some reason Redfin will show some expired listings as sold. In other parts of the SGV there are plenty of empty homes held by ‘investors’ waiting for an escape which we all know will not come.

I see this all ending sloooowly. Zero appreciation for the most of the SGV over the next 8-10yrs. Cant happen? Look back to the 1990-2000 period.

Oh, that McMansion is an embarassment. Fugly.

By: Irina Netchaev

Irina Netchaev — Thu, 28 Aug 2008 22:23:36 +0000

Of course, the rates for conforming loans are still holding around 6.5. A little higher than previously, but still pretty good.

By: TheArcadian

TheArcadian — Thu, 28 Aug 2008 22:19:21 +0000

Thanks you. I had no idea rates had broken 7 and a quarter. I’m guessing a sub-700 FICO score would increase that interest rate to 7.5% or higher.

By: Irina Netchaev

Irina Netchaev — Thu, 28 Aug 2008 21:45:37 +0000

If I may add my 2 cents to this…

First of all, I LOVE the $2 million pool! Always wanted to have one like that. Thought it was too funny that it was highlighted on the photo by I assume the realtor.

Second, the interest rates for a fixed non-conforming loan with FICO scores over 705 are around 7.375 – no points. Although there are lenders offering 5/1 loans interest only at under 7%.

As far as values in San Gabriel Valley holding, it truly depends on the specific area. Some are doing very well and seeing multiple offers still and other areas are tanking. The wealthier the area, the less effect on price we see.

Great post!

By: TheArcadian

TheArcadian — Thu, 28 Aug 2008 21:29:30 +0000

In Arcadia, the values of older condos and fixer uppers have dropped significantly. If we’re talking about single family homes and PUDS, yes, price per square foot still seems pretty high. Of course, there is no comparison to two years ago. There will be plenty of knife catchers over the next 2-3 years.

Take for instance the following property. It was purchased in 2005 for $899,000 (443/sf) and recently sold for $720,010 ($356/sf). That’s a $178,990 price drop (-20%).

http://www.redfin.com/CA/Arcadia/123-San-Miguel-Dr-91007/home/7231621

$356/sf may seem high but I have no doubt it will keep dropping for another two years. It’s a slow but steady process since, as sellers are finding out, real estate is highly illiquid during market downturns.