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In the UK, the Sunday Times reported all areas of the UK dropped 1% to 5% last month except London, where over 3,000 bankers received £1M+ bonuses in January - launching a bidding war in the central city. But record increases last month in Bankruptcy filings and home default rates
In other words, a tale of two cities come to life
February 05, 2006
How's your 'hood looking? A sea of For Sale signs?
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Up here in North Coastal San Diego, we have the for sale signs going up, but not a "sea" yet. There a quite a few and they have been up for a long time- things are not moving up here. We have had 2 homes for sale down the street. They were on the market for about 4 months- NO TAKERS!!! They have both taken the homes off the market "until prices pick back up in the later spring". They are dreaming!!! They will find that they are in for a rough time. These realtors are killing me with the advice that they are giving people. It is simple economics we are dealing with. Prices for a track home are way to expensive!!!
I would say that we have atleast 30 homes for sale within a 1 minute drive of my home. We will see many more!!!!
Sold signs here in Pasadena. No bubble here yet
The FORSALE signs are up all over the Chicago area. It is almost as though the people want to abandon the capitol of the RUST BELT in one final rush! ZELL, the billionaire founder of a major REIT, announced that he is selling all apartment buildings in Illinois to focus on the coasts. Many of Zell's buildings are in areas that were formerly considered to be good areas.
SECONDLY in the past the FOR SALE signs on property listed last summer would have come off during the winter to give the property a market place "rest". NOT THIS TIME.... It is a race to GET OUT!
Condo developers are resorting to huge banners hung on the sides of their buildings to try to move em. Builders have bought up BILLBOARDS along major highways to try to move their glut!
I took some time to visit the HOTTEST AREA in the Chicagoland market. It is near Joliet close to RT 30 / I 55 exit. What did I see? The cheapest kind of construction imaginable: ticky tacky tiny houses, mega condo boxes.....
and the cheap retail outlets like Furniture rentals and Payday loan joints...... If this is real estate SUCCESS, I call it the future armpit!
By the way I just talked to another person who is selling all of their apartment buildings. They want to get into the home construction business!!!! HAR HAR HAR
Seems like everyone who lost a good paying job is now a home remodeler!
That's all you see in North Scottsdale, especially up and down streets like 92nd St., north of Shea. Blvd. Some realtors at Aventura are doing CONTINUOUS open houses that can start (and end?) any day of the week. And they are the same ones over and over again! Until only about 2 months ago, you never saw an open house sign. I've been in this particular area for 5 years and don't remember seeing these signs until Dec. 2005! I can't wait to see what happens when all the flippers want to dump their conversions.
I live in North Seattle suburbs, and I'm not seeing any bubble. I've seen some Seattle bubble blogs but I'm not sure where they're getting their information.
Here's an interesting fact though: Las Vegas and Seattle are about the same in terms of numerical growth, it's percentage that gives Las Vegas it "growth" distinction.
That being said, there are currently about 5 times more listing in Las Vegas (~15k) as there are in Seattle (~3k), according to the Housing Tracker website (http://www.benengebreth.org/housingtracker/).
Here's another reason I don't see a Seattle bubble. My 2000 square foot home located a few miles from Puget Sound is valued at about $360-$380k. In Phoenix metro, that will get you some ugly tract home in Gilbert. In Las Vegas, you'll also get an ugly tract home, located in a lovely crime-riddled North Las Vegas neighborhood. I don't know about anyone else, but that just seems a little out of whack.
Isn't that what this bubble is all about anyways, housing prices out of whack with fundamentals?
Here's something for San Diego bubble watchers. I've been eyeing this house with MLS 052061735. This house has sat on the market since October, but somehow the listing keeps getting "renewed". They originally priced it at $560k, then reduced it to $530k recently. In the ad itself it states that "seller willing to entertain offers between $500k-$530k". LOL
Sounds like a desperate flipper who's trying his hardest not to take a loss.
left LV, actually, according to ziprealty, this listing has been since 8/24/05, On Market: 165 days.
Heh. Now that you mention it ... I caught this little blurb in the local paper just last Saturday:
Your dream house in St. Paul just got a little harder to find.
Prompted by complaints, the city has started confiscating some temporary real-estate signs that point prospective buyers to homes for sale.
Though common, the signs — usually found on boulevards between sidewalks and roads — violate city code. Temporary "open house" signs still will be allowed, as long as they're removed the same day. Real-estate signs in homeowners' yards are not affected.
Patrick Ruble, government affairs director for the St. Paul Area Association of Realtors, said his group has been working with the city to fix the problem.
Realtors can pick up their signs at the city's Dale Street yard, where they will be held for 30 days.
So, yeah, we'll see a few less real estate signs around here; but it won't be for lack of trying.
An acquaintance of mine just unloaded a very nice rehabbed Victorian of his for about $450,000. Of course, he originally wanted $495k for it ... and he had to foot the buyers a $100k 10-year interest-free note in order to take it off his hands.
But still, he sold it, by golly. And it took him only five months, too!
I live in the panhandle of FL and every third house in my neighborhood has a For Sale sign but no one is lowering their prices. No one is buying either. Several of these houses have been on the market since July and August. People still think it's a seasonal slowdown and the bidding wars will begin in the spring. Riiiight, just in time for hurricane season. We're not seeing prices come down anywhere in Florida but inventory is definitely up.
"left LV, actually, according to ziprealty, this listing has been since 8/24/05, On Market: 165 days."
Sorry meant to say I started tracking that house in October. I figured it had been on the market for a while. if you go to Windermere though, they keep renewing it so you always see the "NEW! Just added!" line. What a joke!
It seems that these investors would rather sit on their house hoping for a bounce back in demand. They must figure rather waste $2000/month on mortgage that $20-40k up front.
In the case of the San Diego house I mentioned, he probably bought it for $480k and tried to flip it right away for $560k, but now is facing the pressure of losing money.
The downward pressure on house prices is building, but as of now, the "big needle" hasn't revealed itself to provide the pop. But, building on what Diverted pointed out, they are making a last stand, hoping for the rush of spring buyers.
Farmington Valley (Hartford County, Connecticut): I don't see a lot of for-sale signs...
You have a great website here, and I'm going to tell all my friends about it.
So many blogs, so little time. Got to get back to work on my own real estate sites. Enjoyed the visit. Stop by my site if you have a chance.
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