[FoRK] A Generalized Meltdown of Financial Institution

[Sat N]

In Denver, heard from a friend last night that a brand new house,
formerly going for $1 million is now listed for $700k.  The neighbors
who bought similar house for $1 million+ last year aren't too happy
about it.

The price pressure in Denver  now seems to be on high end homes (
$700k + - which are considered luxury homes in Denver ).


On Nov 26, 2007 8:49 AM, Jeff Bone <jbone at place.org> wrote:
>
> Austin comps:
>
> We listed our house at the end of August and closed the sale on
> November 1.  Our next-door neighbors on one side listed in June and
> closed mid-August, while our other next-door neighbors listed in
> October and closed in mid-November, in part by underpricing
> dramatically.  The price / sq. ft. for our house and our earlier-
> listing next-door neighbors was roughly equivalent, while the price
> per square foot for the later-listing neighbor was about 26% less.
> These are all comparable homes, built at the same time (8-9 years
> ago) by the same builder, and in one of the most desirable
> neighborhoods in Austin.
>
> Now, some of the 25% reduction in $ / sq. ft. is due to poor upkeep
> on the part of those neighbors plus extremely aggressive (panicky)
> pricing, but I would say that in general the area has seen a real
> decline of 15% or more in sales price just since the credit concerns
> started.  The bigger problem is a generally much longer time-on-
> market now than, say, month-over-month vs. 2006.
>
> Regarding the jumbo loan thing, in most cases the only folks who
> can't get jumbo loans at this point are, frankly, the ones that
> should not be getting them anyway.
>
>
> jb
>
>
>
> On Nov 25, 2007, at 4:52 PM, Lucas Gonze wrote:
>
> > Which is the entire middle class in LA, where not even a studio goes
> > for less than 500K.
> >
> > Prices in my area have fallen 5-10% from what I can see.
> >
> > On Nov 25, 2007 11:59 AM, Owen Byrne <owen at permafrost.net> wrote:
> >> Or in need of a jumbo mortgage.
> >> Owen
> >>
> >>
> >> On Nov 25, 2007, at 9:23 AM, J. Andrew Rogers wrote:
> >>
> >>>
> >>> On Nov 25, 2007, at 8:06 AM, Sat N wrote:
> >>>> Very interesting - I keep hearing about this "housing crash" in
> >>>> California, but my friends in bay area aren't really seeing
> >>>> it....Has
> >>>> any of you in bay area seen a housing crash in your neighborhood -
> >>>> have the prices really went down 12% ?
> >>>
> >>>
> >>> The market definitely seems softer, taken from people I know who are
> >>> both buying and selling right now.  I don't know about a 12% drop,
> >>> but a 7% drop from the peak seems about right anecdotally.
> >>>
> >>> In any case, it is not that big of a deal unless you are flipping
> >>> houses or mortgaged up to your neck.
> >>>
> >>> Cheers,
> >>>
> >>> J. Andrew Rogers
> >>>
> >>> _______________________________________________
> >>> FoRK mailing list
> >>> http://xent.com/mailman/listinfo/fork
> >>
> >> _______________________________________________
> >> FoRK mailing list
> >> http://xent.com/mailman/listinfo/fork
> >>
> > _______________________________________________
> > FoRK mailing list
> > http://xent.com/mailman/listinfo/fork
>
> _______________________________________________
> FoRK mailing list
> http://xent.com/mailman/listinfo/fork
>