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

[Boatymcboatface]

If a city / government agency is laying anyone off…. Things gotta be really bad.

Nah everything is roses keep spending and borrowing.

 

[attitude]

If a city / government agency is laying anyone off…. Things gotta be really bad.

Maybe he sucked at his job and was fired and this is a coincidence? Idk, i have never worked with the guy but we have been friends since high school and he has always been a stand up guy.

 

[DRYHEAT]

Yeah you may think you got a deal but I guarantee you didn't.

Mine was a little more $200k + was offered a one time cash payment of $170k.

After getting outside negotiation assistance $170k of that bill was deemed excessive charges and un-billable, they accepted $<30k as full payment.

They are Crooks 100%.

None of my business I know, but I’m curious what you had done, at least you got out alive.

 

[LargeOrangeFont]

Maybe he sucked at his job and was fired and this is a coincidence? Idk, i have never worked with the guy but we have been friends since high school and he has always been a stand up guy.

LAUSD does not even lay off the child molester teachers.

The end is near if 1 person at a municipality was let go.

 

[attitude]

LAUSD does not even lay off the child molester teachers.

The end is near if 1 person at a municipality was let go.

Read into the info however you want, I was just stating what I was told.

 

[c_land]

It’s official. Party’s Over!

https://twitter.com/i/web/status/1615554091840593920

 

[LargeOrangeFont]

Read into the info however you want, I was just stating what I was told.

There is nothing to read into as I see it. I hope your friend lands on his feet.

 

[attitude]

There is nothing to read into as I see it. I hope your friend lands on his feet.

I’m sure he’ll be alright he rents rooms and lives very frugal. He’s working an angle on another job but he wants to stay away from plan checking if possible.

 

[THE WIDGE]

My brother in law is a regional Title Manager. His company already cut 40% a few months ago of staff. Obviously not top producers let go, but most of them made 100k. Top producers still working , but volume stashed and if continued that could be a huge cut in commissions.

Sure unemployment is super low, but are these jobs 100k a year plus jobs? I don’t know but I suspect the vast majority are not. Tech has been laying off, in fact Microsoft announced an additional 5% on top of what was announced last year. I suspect many of these tech jobs are or are close to 100k a year jobs.

We will see, but it’s not good when high paying jobs are lost even with low unemployment. Time will tell

 

[NicPaus]

I had a buddy get laid off from a City this week, he was a plan checker for home improvement permits.

Unfortunately he is a home owner.

Been waiting on plan check 18 months on 1 project LA city. 13 months wait on plan check LA county.

Getting ready to submit 2 more sets of plans to Lomita and once they approve they send to LA county for approval. And almost ready to submit to LA city for another project.


Hopefully the next 3 projects will be back to normal at city. It's been ridiculous.

Sorry to hear about your friend.

 

[Havasu blue label]

There is nothing to read into as I see it. I hope your friend lands on his feet.

 

[attitude]

Been waiting on plan check 18 months on 1 project LA city. 13 months wait on plan check LA county.

Getting ready to submit 2 more sets of plans to Lomita and once they approve they send to LA county for approval. And almost ready to submit to LA city for another project.


Hopefully the next 3 projects will be back to normal at city. It's been ridiculous.

Sorry to hear about your friend.

LA County is usually a couple week turn around for me but I’m guessing we aren't submitting to the same department.

Railroads on the other hand were hit hard by retirees, at one point we received an email from one of the RRs stating they had no one left in their engineering department and asked us to be patient until they could find replacements.

 

[monkeyswrench]

LAUSD does not even lay off the child molester teachers.

The end is near if 1 person at a municipality was let go.

In 2012, I was laid off (furloughed) by LAUSD. Not a child molester or addict. In 2012, the maintenance budget was, quite literally, cut in half. There were several thousand laid off then. A lot milked unemployment, and waited to be called back. They gave me 30 days notice, I burned sick time. More than 8 months later, they called to "offer" me my job back.

 

[HNL2LHC]

Not holding onto my hat but I do have to disclose that I am concerning buying these babies soon….

I have followed a Hawaii MLS site for years. Watch for valuation of our properties as well as finding new possible properties. I typically review every 2-4 weeks. I have someone that cold called me about one of our properties I put on the market 6 months ago and didn’t sell. I am considering having a chat and started to review the numbers in perpetration of a conversation.

In the past I’d pull up only 5 subdivisions that have the same models as our homes. I only view the current ones on the market. Pull up each home that is the same as ours and view the images to consider the value of our home or the value as a possible purchase. I then I move to the ones in escrow and finally the ones sold. The sold are most important being that those are the comps the appraisers will use. Well this week I find that the images are scrubbed on all of the sold homes. Not just the ones sold since my last visit but ALL of them dating back a year or two.

There had not been ONE closed sale in the last two months. I assume that they are having a hard time justifying values and the scrubbed all the images so that you can’t evaluate the pricing of homes at this time. The funny thing is that you can find all of this information elsewhere out on the internet.

 

[regor]

This will help home prices...............hyper elevate!!!

Poszar Was Right: Saudis Confirm Non-Dollar Oil Trade Plans In Davos​

"...dusk for the petrodollar... and dawn for the petroyuan."

WED JAN 18, AT 7:05 AM

 

[monkeyswrench]

This will help home prices...............hyper elevate!!!

Poszar Was Right: Saudis Confirm Non-Dollar Oil Trade Plans In Davos​

"...dusk for the petrodollar... and dawn for the petroyuan."

WED JAN 18, AT 7:05 AM

I read some about this last night. Not necessarily earth shattering for immediate home pricing, but the long game can get interesting in some different ways.

 

[530RL]

 

[RVR SWPR]

Havasu Regional Medical Center, say what you want. These people show up when needed.

 

[HCP3]

You will definitely need to hold onto your hats around those helicopters.

 

[monkeyswrench]

Havasu Regional Medical Center, say what you want. These people show up when needed.
View attachment 1190265 View attachment 1190266 View attachment 1190267 View attachment 1190268

Everything good? Hopefully just spectating?

 

[regor]

Buyer Cancellation Rate At Top US Homebuilder Surpasses 2008 Levels ​

"This is scary."

WED JAN 18, AT 2:55 PM

What caught our attention in the report was the skyrocketing buyer cancellation rate in the fourth quarter. The rate spiked to 68%, up from 35% in the third quarter and up from 13% in the fourth quarter of 2021.

 

[RVR SWPR]

Everything good? Hopefully just spectating?

Did the “Dump in Box” Colon deal December 1. Results came back seriously positive. Called Doc in Ventura indicated best get over to Havasu Medical Center. Set appointment for setting up Colonoscopy. First thing they say Booked solid till some time January. Nurse doing scheduling shows the Doctor the results of my Colongard on her ipad. The Doc says can you be here tomorrow? “He says why you wait so damn long,hard telling what we gonna find”. Long story short all good,benign. doc says stop back see you 2 years.
Sorry some of you guys having low opinion LHC Medical. I don’t care if it buying tires or having open heart surgery in LHC.Allota good business with good people available here.

 

[monkeyswrench]

Did the “Dump in Box” Colon deal December 1. Results came back seriously positive. Called Doc in Ventura indicated best get over to Havasu Medical Center. Set appointment for setting up Colonoscopy. First thing they say Booked solid till some time January. Nurse doing scheduling shows the Doctor the results of my Colongard on her ipad. The Doc says can you be here tomorrow? “He says why you wait so damn long,hard telling what we gonna find”. Long story short all good,benign. doc says stop back see you 2 years.
Sorry some of you guys having low opinion LHC Medical. I don’t care if it buying tires or having open heart surgery in LHC.Allota good business with good people available here.

Good to hear...well, except the part about the shitbox
I've learned to care more about people than their finances.

 

[PaPaG]

So is this it? Is the downturn finally here?

It has been in the process for at least 6 months now and will continue for at least another 12-18 months, everything has to catch up to all the fed hikes.

 

[regor]

Housing Bust 2.0: San Francisco Bay Area House Prices Plunge 30% From Crazy Peak​

...hammered by waves of layoffs, swooning stocks, collapsing cryptos, and 6% mortgage rates...

THU JAN 19, AT 11:05 AM

 

[OldSchoolBoats]

Buyer activity is insane right now in SW Riverside County.

Multiple offers are back and DOM are being reduced significantly. Even property on the market for 30 + days, are getting under contract.

 

[TCHB]

South Bay always nice. I could step out my door and ride the strand.

3301 The Strand, Hermosa Beach, CA 90254 | MLS #SB23215759 | Zillow

This 5150 square feet Single Family home has 5 bedrooms and 4 bathrooms. It is located at 3301 The Strand, Hermosa Beach, CA.

www.zillow.com

 

[Runs2rch]

Buyer activity is insane right now in SW Riverside County.

Multiple offers are back and DOM are being reduced significantly. Even property on the market for 30 + days, are getting under contract.

Riiiiiiight......

 

[Havasu Rehab]

I know this is strictly anecdotal, but I receive a daily email from one of team RDP’s real estate competitors. It shows the daily total in homes for sale, homes sold, homes under contract and price reductions.

I must say I’ve seen an increase in properties sold over the past couple of weeks. Perhaps people are buying again now that the holidays are over?

 

[bonesfab]

I know this is strictly anecdotal, but I receive a daily email from one of team RDP’s real estate competitors. It shows the daily total in homes for sale, homes sold, homes under contract and price reductions.

I must say I’ve seen an increase in properties sold over the past couple of weeks. Perhaps people are buying again now that the holidays are over?

Or a place to tie up money as who knows whats going on with the banks and stock market.

 

[Dalton]

I know this is strictly anecdotal, but I receive a daily email from one of team RDP’s real estate competitors. It shows the daily total in homes for sale, homes sold, homes under contract and price reductions.

I must say I’ve seen an increase in properties sold over the past couple of weeks. Perhaps people are buying again now that the holidays are over?

For sure, but we’re also seeing houses in the 200’s. Rough rough houses were going for 300k minimum not long ago.

 

[mbrown2]

South Bay always nice. I could step out my door and ride the strand.

3301 The Strand, Hermosa Beach, CA 90254 | MLS #SB23215759 | Zillow

This 5150 square feet Single Family home has 5 bedrooms and 4 bathrooms. It is located at 3301 The Strand, Hermosa Beach, CA.

www.zillow.com

I rather have this place for 7M less in Huntington and not deal with rollerbladers in fruit boots messing up my view from the boardwalk...

16401 S Pacific Ave, Sunset Beach, CA 90742 | Zillow

16401 S Pacific Ave, Sunset Beach CA, is a Single Family home that contains 6081 sq ft and was built in 1989.It contains 3 bedrooms and 7 bathrooms.This home last sold for $1,450,000 in November 1995. The Zestimate for this Single Family is $6,595,200, which has decreased by $1,474,616 in the...

www.zillow.com

 

[mbrown2]

I know this is strictly anecdotal, but I receive a daily email from one of team RDP’s real estate competitors. It shows the daily total in homes for sale, homes sold, homes under contract and price reductions.

I must say I’ve seen an increase in properties sold over the past couple of weeks. Perhaps people are buying again now that the holidays are over?

There is some movement...as more inventory becomes available and rates come down just a bit...people buy... its not at 2021 numbers nor even 2018 numbers but it is a bump up from the low point.... Job Reports looked good today so that increases the possibility of feds to raise rates...would could cause further rate increase and slow things back down...

 

[THE WIDGE]

Last 2 weeks Zillow has 37 sold but 70 listed. The majority I see are under 500k. I’ve began looking kind of over the last few months. Yes we are seeing price cuts, but my god your average rv garage 1800 sqft house that was 500k 2 years ago is asking 900-mill. I wonder how the States new Short Term Rental laws will effect prices. Anyone up to date with city councils direction as I recall it was a 10 a few years back but the city legally could not do much then and now they can

 

[bonesfab]

Getting more emails about cash out refinancing. Sounds like 2007-2008 all over again.

 

[mbrown2]

Getting more emails about cash out refinancing. Sounds like 2007-2008 all over again.

That's just the lenders looking for a revenue stream...refi's and new purchases have come to a grinding halt but they still think there are folks out that have equity that need to tap it and don't want to touch their 3/4% loan to tap it... there are those folks....but underwriting standards in 2007/2008 were a bit more lax than now. I remember in 2008 I had an untouched Heloc they just "threw in" with the new house purchase in 2007...but as values started to turn down in 2008 they snatched that heloc back real quick!...

 

[TCHB]

I rather have this place for 7M less in Huntington and not deal with rollerbladers in fruit boots messing up my view from the boardwalk...

16401 S Pacific Ave, Sunset Beach, CA 90742 | Zillow

16401 S Pacific Ave, Sunset Beach CA, is a Single Family home that contains 6081 sq ft and was built in 1989.It contains 3 bedrooms and 7 bathrooms.This home last sold for $1,450,000 in November 1995. The Zestimate for this Single Family is $6,595,200, which has decreased by $1,474,616 in the...

www.zillow.com

Nice but I like the strand traffic. See that sand berm out front of the H B house. I have been in that area more than once with water flowing dow the streets. They are both nice!

 

[Havasu blue label]

Buyer activity is insane right now in SW Riverside County.

Multiple offers are back and DOM are being reduced significantly. Even property on the market for 30 + days, are getting under contract.

Yes sir the market is moving again

 

[LargeOrangeFont]

I know this is strictly anecdotal, but I receive a daily email from one of team RDP’s real estate competitors. It shows the daily total in homes for sale, homes sold, homes under contract and price reductions.

I must say I’ve seen an increase in properties sold over the past couple of weeks. Perhaps people are buying again now that the holidays are over?

You mean like they do every year after the holidays?

Insider tip.. Buy yore boat for the season now… prices will be going up in 90 days.

 

[LargeOrangeFont]

Getting more emails about cash out refinancing. Sounds like 2007-2008 all over again.

We’ve been hearing this line since 2015.

 

[1manshow]

I know this is strictly anecdotal, but I receive a daily email from one of team RDP’s real estate competitors. It shows the daily total in homes for sale, homes sold, homes under contract and price reductions.

I must say I’ve seen an increase in properties sold over the past couple of weeks. Perhaps people are buying again now that the holidays are over?

I agree… Iam was very surprised… in my opinion this was a steal unfortunately the listing agent sold it in less than 24hrs with a dozen offers supposedly all CASH…Had a RDP team leave a full asking price offer close in 15 days as is and never got a chance to counteroffer.. Will be interesting to see what it ended up selling for.
https://www.zillow.com/homedetails/...ssage&utm_medium=referral&utm_source=txtshare

 

[LargeOrangeFont]

I agree… Iam was very surprised… in my opinion this was a steal unfortunately the listing agent sold it in less than 24hrs with a dozen offers supposedly all CASH…Had a RDP team leave a full asking price offer close in 15 days as is and never got a chance to counteroffer.. Will be interesting to see what it ended up selling for.
https://www.zillow.com/homedetails/...ssage&utm_medium=referral&utm_source=txtshare View attachment 1190556

Is that a planter in the shower?

That would make a good rental.

 

[Gonefishin5555]

I agree… Iam was very surprised… in my opinion this was a steal unfortunately the listing agent sold it in less than 24hrs with a dozen offers supposedly all CASH…Had a RDP team leave a full asking price offer close in 15 days as is and never got a chance to counteroffer.. Will be interesting to see what it ended up selling for.
https://www.zillow.com/homedetails/...ssage&utm_medium=referral&utm_source=txtshare View attachment 1190556

Close to the lake but the shower tile is hideous. Pool a little small. Probably the view of the water and the nice permanent structure for the RV were the strong selling point

2780 Castaway Dr, Lake Havasu City, AZ 86406 | Zillow

2780 Castaway Dr, Lake Havasu City AZ, is a Single Family home that contains 1959 sq ft and was built in 1990.It contains 3 bedrooms and 3 bathrooms.This home last sold for $505,000 in March 2023. The Zestimate for this Single Family is $555,900, which has increased by $9,923 in the last 30...

www.zillow.com

That one has a nicer pool area just listed today

 

[LargeOrangeFont]

Close to the lake but the shower tile is hideous. Pool a little small. Probably the view of the water and the nice permanent structure for the RV were the strong selling point

2780 Castaway Dr, Lake Havasu City, AZ 86406 | Zillow

2780 Castaway Dr, Lake Havasu City AZ, is a Single Family home that contains 1959 sq ft and was built in 1990.It contains 3 bedrooms and 3 bathrooms.This home last sold for $505,000 in March 2023. The Zestimate for this Single Family is $555,900, which has increased by $9,923 in the last 30...

www.zillow.com

That one has a nicer pool area just listed today

This has potential as well. Holy heck it could use some staging for the listing though!

 

[Orange Juice]

February the Federal Reserve meets again. No one expects 3/4 point hike. Probably 1/2 point hike.

I don’t think it matters what interest rate it is. When you find the house, and you can afford it, you buy it. My first house in the 1980’s was 8.5% adjustable.

I think there’s a push to buy, before mortgage rates jump next month by a 1/2 point.

 

[1manshow]

This has potential as well. Holy heck it could use some staging for the listing though!

I know right…. It sure didn’t scare anyone away… it was the original owner and place was very clean.

 

[Nanu/Nanu]

Insider tip.. Buy yore boat for the season now… prices will be going up in 90 days.

Blasphemy!! Haha

 

[Orange Juice]

Insider tip.. Buy yore boat for the season now… prices will be going up in 90 days.

I think the deals are all but gone now. Have to make those purchases while it’s raining, to get the best deal.

3 more months to desert storm.

 

[pronstar]

Buyer Cancellation Rate At Top US Homebuilder Surpasses 2008 Levels​

"This is scary."

WED JAN 18, AT 2:55 PM

What caught our attention in the report was the skyrocketing buyer cancellation rate in the fourth quarter. The rate spiked to 68%, up from 35% in the third quarter and up from 13% in the fourth quarter of 2021.

It’s insane that this isn’t topping the headlines…

 

[Orange Juice]

It’s insane that this isn’t topping the headlines…

A lot of this was “pump and dump investor buyers”, with no intention of moving in (2008 but with the fake money net). Throw in 6 months of back order supply chain issues, and some took the “out” option. Every completed new house in the Phoenix area has a buyer lined up, and I don’t see any selling for less….( just not a bidding war).

Thing’s got stupid!!!!

Renting a U-Haul got stupid.
Moving got stupid
Buying a car got stupid.
Buying a house got stupid.
Boats/RV’s/UTV’s/Motorcycles/Airplanes got expensive.

All major MSM networks covered it, under “business topic”sections (not sports ). As always, everything from the news is yesterday’s story, so it only sticks around for a day.

Nothing I can do about it, but use it, to plan my next day.