For the Real Estate Drop in sales and price Naysayers HOLD ONTO YOUR HATS

[zhandfull]

Damn it, so you saying that I should have not paid full price for the lot next to the one we bought back in May? I guess that we will just have to suck it up and combine the two lots…….

Buying the lot next door is never a bad investment.

 

[HNL2LHC]

Buying the lot next door is never a bad investment.

Thank you!!! You will now be placed on our guest list to the second annual Dessert Storm BBQ and parking pregame on our property.

 

[mesquito_creek]

Thank you!!! You will now be placed on our guest list to the second annual Dessert Storm BBQ and parking pregame on our property.

Based on that 900k 2266 sq foot example, they are pricing RV garages at something like $300-$400 a sq foot!

 

[HNL2LHC]

Based on that 900k 2266 sq foot example, they are pricing RV garages at something like $300-$400 a sq foot!

was at breakfast yesterday and talking to a friend who was up in arms about $150/sq ft RV garage. will have to let him know it was a deal.

 

[RiverDave]

So I’m sure this will get thoughts both ways.. but what do ya think of this? This price is including the 180k lot

 

[~JM~]

Karen Dr?

Might be a rough neighborhood.

 

[LargeOrangeFont]

So I’m sure this will get thoughts both ways.. but what do ya think of this? This price is including the 180k lot View attachment 1164638

Seems decent. That area will go up in value, and most would much rather buy a new house than one built in 2005.

 

[bk2drvr]

Another one that sold for what it was worth 2 months ago.

Nice place.

So you’re saying this house wouldn’t have sold at the peak (let’s call the peak January 2022?) at 530k? Or it would have sold at full price for 395k in August if it was originally listed at this price? I’m trying to determine if we can call it, prices have dropped in Havasu ~ 15-20% since January in or about this price range? Several examples of this being presented in this thread.

 

[bk2drvr]

So I’m sure this will get thoughts both ways.. but what do ya think of this? This price is including the 180k lot View attachment 1164638

Hey RD, Team RDP has had this track for a few months now while interest rates have been adjusting upward. I would think the activity on this track would shed some light on market conditions in Havasu as this price point is/did appeal to a big buying audience. Without giving us unit sales numbers whats the overall activity like in this price range? Hows the weekend traffic? Are buyers on the fence about pulling the trigger on a purchase?

 

[Havasu blue label]

So you’re saying this house wouldn’t have sold at the peak (let’s call the peak January 2022?) at 530k? Or it would have sold at full price for 395k in August if it was originally listed at this price? I’m trying to determine if we can call it, prices have dropped in Havasu ~ 15-20% since January in or about this price range? Several examples of this

So you’re saying this house wouldn’t have sold at the peak (let’s call the peak January 2022?) at 530k? Or it would have sold at full price for 395k

 

[LargeOrangeFont]

So you’re saying this house wouldn’t have sold at the peak (let’s call the peak January 2022?) at 530k? Or it would have sold at full price for 395k in August if it was originally listed at this price? I’m trying to determine if we can call it, prices have dropped in Havasu ~ 15-20% since January in or about this price range? Several examples of this being presented in this thread.

Havasu is a total mixed bag. People have been throwing up stupid numbers for 18 months now hoping to get bites. They are still doing it today. It went from ask low for a bidding war to ask high and discount so people think they are getting a deal.

That house was not worth $530K ever. Not in Jan, or March, or August. Nice houses priced right still move. Yes prices have dropped, no one here has argued that they would not drop since the rates started going up. have they dropped 20%?.. No I don't think so. That new house Dave just threw up today would not have been $1M in March. Maybe it has dropped 10%.

You have people that thought prices would be 50% lower by now, that is not the case. You have people that think when this shakes out we will be back at early 2020 prices... That may be a 30% drop, we are not even close to that yet. There will have to be a lot more pain for that to happen. That takes time.

 

[Havasu blue label]

Mr financial analysts they will drop hopefully you didn’t buy your investment properties in 2020 . You don’t want to sell again . Cost of living is going up everywhere

 

[Havasu Rehab]

Holy shit it’s RDP history! He quoted a thread!!!

 

[RiverDave]

Hey RD, Team RDP has had this track for a few months now while interest rates have been adjusting upward. I would think the activity on this track would shed some light on market conditions in Havasu as this price point is/did appeal to a big buying audience. Without giving us unit sales numbers whats the overall activity like in this price range? Hows the weekend traffic? Are buyers on the fence about pulling the trigger on a purchase?

I will grab that info for you tomorrow am. I know they sold the model/office we were working out of and I think they sold four or five other things?

Some of the prices the builder is offering are pretty competitive and he can get the houses done QUICK so that helps. his build times are half what most the builders in town are right now.

 

[TCHB]

Havasu close to 500 single family homes on the market. https://www.zillow.com/lake-havasu-city-az/houses/

 

[regor]

5 Signs That The Housing Crash Is Escalating A Lot Faster Than Many Experts Anticipated​

The U.S. housing market is absolutely imploding, but nobody should be surprised...

THU OCT 20, AT 1:20 PM

 

[PaPaG]

5 Signs That The Housing Crash Is Escalating A Lot Faster Than Many Experts Anticipated​

The U.S. housing market is absolutely imploding, but nobody should be surprised...

THU OCT 20, AT 1:20 PM

It's only going to get worse til it bottoms when the Feds rate increases catch up within the next 18 months or so.

 

[hallett21]

This just came up

22014 Providencia St, Woodland Hills, CA 91364 - 3 beds/2 baths

(CRISNet) For Sale: 3 beds, 2 baths ∙ 1189 sq. ft. ∙ 22014 Providencia St, Woodland Hills, CA 91364 ∙ $1,000,000 ∙ MLS# SR22205933 ∙ This south of the boulevard 3 bed 2 bath in the flats of Woodland Hills pa...

www.redfin.com

Posted this on 9/23/22

 

[Done-it-again]

Posted this on 9/23/22

Just have to see what is sold for when it closes.....

 

[PaPaG]

Family member has a house in Cali, for the longest time it ranged around 1-1.3 mil. During roughly a 3 yr period and 300k remodel invested it has gone up to 1.6/1.7 mil, then during roughly these last 2 yrs it went up to 2.3 mil with offers of 100k over estimated value being offered without it even being for sale. I had suggested family member should sell it, they thought it would go higher but really did not want to move yet or try finding another house. Now as of yesterday I checked and estimate is 1.6/1.7 mil. once again. Some will say "Well it is back to pre-covid or Well it is back to normally what it should be" I say "Well, it would have sold in a day at 2.3/2.4 million so that is a loss of 600/700k" and I dont care what some say or try to spin it, that is a HUGE loss no matter what backwards logic is placed on the decrease of price..

 

[LargeOrangeFont]

Family member has a house in Cali, for the longest time it ranged around 1-1.3 mil. During roughly a 3 yr period and 300k remodel invested it has gone up to 1.6/1.7 mil, then during roughly these last 2 yrs it went up to 2.3 mil with offers of 100k over estimated value being offered without it even being for sale. I had suggested family member should sell it, they thought it would go higher but really did not want to move yet or try finding another house. Now as of yesterday I checked and estimate is 1.6/1.7 mil. once again. Some will say "Well it is back to pre-covid or Well it is back to normally what it should be" I say "Well, it would have sold in a day at 2.3/2.4 million so that is a loss of 600/700k" and I dont care what some say or try to spin it, that is a HUGE loss no matter what backwards logic is placed on the decrease of price..

Did you give them a hat?

 

[westair]

Family member has a house in Cali, for the longest time it ranged around 1-1.3 mil. During roughly a 3 yr period and 300k remodel invested it has gone up to 1.6/1.7 mil, then during roughly these last 2 yrs it went up to 2.3 mil with offers of 100k over estimated value being offered without it even being for sale. I had suggested family member should sell it, they thought it would go higher but really did not want to move yet or try finding another house. Now as of yesterday I checked and estimate is 1.6/1.7 mil. once again. Some will say "Well it is back to pre-covid or Well it is back to normally what it should be" I say "Well, it would have sold in a day at 2.3/2.4 million so that is a loss of 600/700k" and I dont care what some say or try to spin it, that is a HUGE loss no matter what backwards logic is placed on the decrease of price..

Maybe they like the house and living there

 

[NicPaus]

If they sold for 2.3 where would they have gone? Buy another locally for 2.3 and now pay much higher taxes and higher interest rate. Or pay rent and try and wait out the market.

 

[PaPaG]

Did you give them a hat?

Yes I sure did, I also asked if they got a ride in a speed car yet WE were laughing waiting to see how fast you would respond.

 

[PaPaG]

If they sold for 2.3 where would they have gone? Buy another locally for 2.3 and now pay much higher taxes and higher interest rate. Or pay rent and try and wait out the market.

They wanted to move down to Diego or up north to live with a family member until prices had adjusted but they thought the value would have gone up a bit more. I suggested get out while they are on the way up not when they stabilize then start to drop as they did. PS I owned 1/2 this house prior to family member buying me out.

 

[Havasu blue label]

They could of sold it and buy 6 homes in Utah

 

[NicPaus]

They should of listened to you!

I live in Southbay. Not sure where in CA. But prices have not dropped 6-700K in any of these neighborhoods yet. One 5 doors down actually just sold for $1,613,000 if I recall. It was listed to low at 1.2. 1400 sq ft gutter. Look on zillow at the inventory for Torrance and Redondo Beach. Slim pickings.

 

[TCHB]

They should of listened to you!

I live in Southbay. Not sure where in CA. But prices have not dropped 6-700K in any of these neighborhoods yet. One 5 doors down actually just sold for $1,613,000 if I recall. It was listed to low at 1.2. 1400 sq ft gutter. Look on zillow at the inventory for Torrance and Redondo Beach. Slim pickings.

I should of bought on the Hermosa Strand! It has always been expensive.

 

[zhandfull]

Keep waiting for prices to drop in Rancho Cucamonga. They seem to have just stabilized so far. No more bidding wars but prices still seem very high.

 

[NicPaus]

I should of bought on the Hermosa Strand! It has always been expensive.

I just looked. Guy I know has a strand house. I remember when he built it and it was 3 million which was a lot back then. The one listing by it just sold for 10 million. His is probably worth 12 now.

 

[NicPaus]

Searching the current listings in Lomita. Best price is 650k on Oak. 2bed 900 sq ft with fire damage. Cash only.

Then a ad for the new apartments popped up. Kaia Southbay in Lomita. Where A1 coast rentals was. Check out there prices.

 

[NicPaus]

3k a month for a studio apartment in Lomita. Walk away from your 3% mortgage and you can pay 3k a month for a studio or $5400 a month for a 2 bedroom apartment.

 

[hallett21]

3k a month for a studio apartment in Lomita. Walk away from your 3% mortgage and you can pay 3k a month for a studio or $5400 a month for a 2 bedroom apartment.

I bet parking is extra lol

 

[Havasu blue label]

there is more to it 3 percent property Tax car payments and the big one the fake lifestyle credit cards

 

[LargeOrangeFont]

They wanted to move down to Diego or up north to live with a family member until prices had adjusted but they thought the value would have gone up a bit more. I suggested get out while they are on the way up not when they stabilize then start to drop as they did. PS I owned 1/2 this house prior to family member buying me out.

So did you hold your own hat when you sold your share and left hundreds of thousands in profits on the table?

 

[framer1]

3k a month for a studio apartment in Lomita. Walk away from your 3% mortgage and you can pay 3k a month for a studio or $5400 a month for a 2 bedroom apartment.

That's insane, a thousand is to much. How do regular people afford to live.....

 

[hallett21]

3k a month for a studio apartment in Lomita. Walk away from your 3% mortgage and you can pay 3k a month for a studio or $5400 a month for a 2 bedroom apartment.

Check out this gem by us

https://www.realtor.com/realestateandhomes-detail/22025-Galvez-St_Woodland-Hills_CA_91364_M18068-87390

 

[hallett21]

I would call this an obvious flip/rental but 6,000 to live comfortably is crazy.

https://www.realtor.com/realestateandhomes-detail/21817-Providencia-St_Woodland-Hills_CA_91364_M18947-97749

 

[NicPaus]

That's insane, a thousand is to much. How do regular people afford to live.....

It's crazy. My Brother is trying to buy a 2nd house to help my niece. A 3 bedroom home. Only close city is Compton. And most are over 700k for 3/2 unless they are fixer uppers.

 

[TCHB]

I just looked. Guy I know has a strand house. I remember when he built it and it was 3 million which was a lot back then. The one listing by it just sold for 10 million. His is probably worth 12 now.

Yes a great place to sit in the front of your house by the fire pit with the ocean breeze.

 

[Paradox]

I would call this an obvious flip/rental but 6,000 to live comfortably is crazy.

https://www.realtor.com/realestateandhomes-detail/21817-Providencia-St_Woodland-Hills_CA_91364_M18947-97749

Screw that. We are renting for the short term (recently) and we rented a 4 plus 3 home in one of the best areas of Valencia for a lot less. The house is extremely nice and the neighborhood is definitely better than this area of Woodland Hills.

If you’re going to rent, look around and negotiate.

A fool and his money are quickly separated…

 

[TCHB]

Yes a great place to sit in the front of your house by the fire pit with the ocean breeze.

I had lunch at Mickeys at least 100 times!

 

[PaPaG]

They should of listened to you!

I live in Southbay. Not sure where in CA. But prices have not dropped 6-700K in any of these neighborhoods yet. One 5 doors down actually just sold for $1,613,000 if I recall. It was listed to low at 1.2. 1400 sq ft gutter. Look on zillow at the inventory for Torrance and Redondo Beach. Slim pickings.

So did you hold your own hat when you sold your share and left hundreds of thousands in profits on the table?

Nope, I sold my half to my sister a little after my Dad died 2 years ago because she had been taking care of him for the last years of his life while my mom was in a care facility with lewy body dementia and had passed 10 months prior, so I figured I would give her my halve for only 50% of what it was worth since I don't need the money and she had done such an amazing job taking care of them. I have come to the conclusion that you are a PIECE OF SHIT of a person, Mr. LOF KNOW IT ALL.

 

[RiverDiva]

Hey RD, Team RDP has had this track for a few months now while interest rates have been adjusting upward. I would think the activity on this track would shed some light on market conditions in Havasu as this price point is/did appeal to a big buying audience. Without giving us unit sales numbers whats the overall activity like in this price range? Hows the weekend traffic? Are buyers on the fence about pulling the trigger on a purchase?

So Yes we definitely walked into this program as the rates were rising. We had to do some price adjustments in the beginning. The overall traffic has been hit and miss. We started studying the traffic and decided to be open Friday-Monday instead. We consistently get at least someone through each day. Some days we see 5-10 groups. We have 5 lots sold and 1 home closed and 1 in escrow. We have several parties interested in our last 5 bedroom and our new temporary model is getting great attention. We should be moving into our new model on lot 198 in a month. I worked the model yesterday and had 2 second home shoppers and one lady who’s son lives in the neighborhood so she’s being urged to sell in CA and move here to be close to family.

 

[Orange Juice]

Family member has a house in Cali, for the longest time it ranged around 1-1.3 mil. During roughly a 3 yr period and 300k remodel invested it has gone up to 1.6/1.7 mil, then during roughly these last 2 yrs it went up to 2.3 mil with offers of 100k over estimated value being offered without it even being for sale. I had suggested family member should sell it, they thought it would go higher but really did not want to move yet or try finding another house. Now as of yesterday I checked and estimate is 1.6/1.7 mil. once again. Some will say "Well it is back to pre-covid or Well it is back to normally what it should be" I say "Well, it would have sold in a day at 2.3/2.4 million so that is a loss of 600/700k" and I dont care what some say or try to spin it, that is a HUGE loss no matter what backwards logic is placed on the decrease of price..

It will be worth $6M in 2030,and need a complete remodel, when it sells at above asking price for $8.5M.

 

[PaPaG]

Housing bubble is trending towards the bubble busting. Some huge housing and mortgage experts say it has already started, housing sales down, mortgage rates up highest they have been in decades, prices still adjusting, within the next 18 months we will see a very clear picture especially with the next 2 rate increases and how bad it is going to get. 2023 is going to be key year to watch.

 

[Bpracing1127]

It’s pretty bad right now. I’m pulling out of my search till January as interest rates are up there limiting my burying power. Homes are dropping fast in st George right now. About a 10% fall since peak in March or so and picking up steam.

 

[Runs2rch]

It’s pretty bad right now. I’m pulling out of my search till January as interest rates are up there limiting my burying power. Homes are dropping fast in st George right now. About a 10% fall since peak in March or so and picking up steam.

In the same boat. Inventory is sitting here, prices reducing almost daily.

 

[Havasu blue label]

Yes it’s will hit havasu hard

 

[EmpirE231]

Real estate market is currently in denial. Mortgage rates at or over 7%. And a lot of people expect it to hit 10%.

Prices aren’t dropping fast, but homes are sitting on the market. It’ll take some time. Real estate isn’t gonna move as fast as people have come to expect it, prices will continue to drop.