tag:blogger.com,1999:blog-13037130.post3735812401591376518..comments2024-03-28T12:28:25.633-07:00Comments on Manhattan Beach Real Estate-Redondo Beach Townhomes: Manhattan Beach-Beach Cities: Changes in the marketKayehttp://www.blogger.com/profile/09003331406008950614noreply@blogger.comBlogger11125tag:blogger.com,1999:blog-13037130.post-84895581233089395082009-03-10T14:29:00.000-07:002009-03-10T14:29:00.000-07:00socatswKaye, There are still a few sellers who are...socatswKaye, <BR/>There are still a few sellers who are having trouble with the change in the market but I think most have figured out that prices are down and not moving upward for a long time. <BR/><BR/>The biggest hurdle for many is finding the right price to entice a buyer which is often just below market value. That is a hard concept for sellers.Kayehttps://www.blogger.com/profile/09003331406008950614noreply@blogger.comtag:blogger.com,1999:blog-13037130.post-71816824969060492572009-03-10T14:20:00.000-07:002009-03-10T14:20:00.000-07:00socatswKayeAre the sellers you are dealing with in...socatswKaye<BR/><BR/>Are the sellers you are dealing with in denial about the situation or are they finally starting to realize that prices are dropping?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13037130.post-4471815105895442362009-03-06T10:20:00.000-08:002009-03-06T10:20:00.000-08:00Waiting,The best we could hope for in this market ...Waiting,<BR/><BR/>The best we could hope for in this market is for prices to go flat.. but I'm not seeing that at the moment.<BR/><BR/>The issue with most builders is that they are really in over their heads. They paid some hefty prices for the dirt and by the time they built out they found themselves caught in a declining market. <BR/><BR/>Builders are a lot like parents... their homes are always better then the other guy's home. They have a hard time admitting that they are going to lose money even as they head toward foreclosure. <BR/><BR/>Some banks are working with builders and are willing to do short sales but often the bank wants more then the market will bear. So builders are caught in a vicious circle. <BR/><BR/>It only takes a couple of REO or short sales to change the market and we are seeing that happen. Lenders are being very tough with appraised values. If they see 2 REO's and 4 other sales they will use REO's rather then standard sales. They don't want to get caught with over valued homes in case the market tumbles even more. <BR/><BR/>Most folks who are buying at this time are looking for low interest rates and a deal on price. If it all comes together they will buy... if it doesn't then they will wait. <BR/><BR/>The biggest change I've noticed is that buyers are finally willing to make low offers. Even 6 months ago that was not the case they wanted the seller to lower the price first.Kayehttps://www.blogger.com/profile/09003331406008950614noreply@blogger.comtag:blogger.com,1999:blog-13037130.post-78252277540463477582009-03-06T09:57:00.000-08:002009-03-06T09:57:00.000-08:00Kaye, nice post. It appears there is zero probabi...Kaye, nice post. It appears there is zero probability that prices will go up this year. Therefore, it just seems much more logical to let inventory build and wait to purchase a home. <BR/>There are quite a few builders that are not (in my opinion) being aggressive enough with their pricing. My take on it is because they would rather have the bank take it back if they don't receive a certain amount. Kaye, is that accurate? What is going on in the minds of these spec builders with homes just sitting. It looks like the new price point for a brand new tree section home (not A grade) will probably be around 1.7-1.75.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13037130.post-86309183907996085142009-03-04T14:12:00.000-08:002009-03-04T14:12:00.000-08:00Fight On, Other then builders, who build new home...Fight On, <BR/><BR/>Other then builders, who build new homes on spec, most people who bought over the last few years were owner users.<BR/> <BR/>Most homes on the market are occupied by the owners. There aren't many people who buy single family homes in MB as a rentals as the numbers don't make a lot of sense. <BR/><BR/> Historically people tended to keep their "starter" home if they could and rent it out as they moved up to something larger. Typically people have retained ownership of these properties for years. There are a number of people who will see some big appreciation if they choose to sell.Kayehttps://www.blogger.com/profile/09003331406008950614noreply@blogger.comtag:blogger.com,1999:blog-13037130.post-23145919043446458002009-03-04T13:23:00.000-08:002009-03-04T13:23:00.000-08:00I really liked the point about the capital gains t...I really liked the point about the capital gains taxes. Its a point that hasn't been made much at MBCon. There are a ton of reason for people to sell right now and not all of them are related to spec owners trying to flip a house for profit.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13037130.post-29464357314725784992009-03-04T08:13:00.000-08:002009-03-04T08:13:00.000-08:00Anon 7:30, Thank you...No one is smarter then the ...Anon 7:30, <BR/>Thank you...<BR/>No one is smarter then the market...and right now the market is in trouble. I have clients who are buying but they are being very tough about what they expect.Kayehttps://www.blogger.com/profile/09003331406008950614noreply@blogger.comtag:blogger.com,1999:blog-13037130.post-3132437106496417322009-03-04T07:30:00.000-08:002009-03-04T07:30:00.000-08:00good for you Kate. Your honest assessment of the ...good for you Kate. Your honest assessment of the situation is really encouraging to see, and it is also quite rare. If I were looking to buy or sell, I would certainly be more inclined to use an agent such as yourself who can express her honest opinion, even if that opinion of the market is less than positive in the short term.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13037130.post-67868822004181841892009-03-03T13:51:00.000-08:002009-03-03T13:51:00.000-08:00Anon 10:47 and Anon 12:26,Truthfully I thought we ...Anon 10:47 and Anon 12:26,<BR/>Truthfully I thought we were going to squeeze by until around the end of January. When I started looking at the numbers in February I saw a new pattern taking shape. <BR/><BR/>If my crystal ball wasn't broken I might have a better idea about where we are headed ... but with all that is happening it's impossible to give more accurate information.Kayehttps://www.blogger.com/profile/09003331406008950614noreply@blogger.comtag:blogger.com,1999:blog-13037130.post-31788583293799830952009-03-03T12:26:00.000-08:002009-03-03T12:26:00.000-08:00Thank you, Kaye, I have always appreciated your fa...Thank you, Kaye, I have always appreciated your fair, balanced and seasoned analysis of our current market.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13037130.post-58622117795119616172009-03-03T10:47:00.000-08:002009-03-03T10:47:00.000-08:00Kaye-It's refreshing to see an agent be so honest....Kaye-It's refreshing to see an agent be so honest. So many agents continue to sugar coat this situation, and in my opion, only do their reputation harm by doing so. It is what it is and the sooner everyone starts facing reality the sooner the market will stabilize and move forward. Prices will and must come down.Anonymousnoreply@blogger.com