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Here is a thread about real estate conditions in GA and elsewhere. The poster, Sonnypage is a realtor and has frank postings about his business, investments etc…
http://boards.fool.com/Message.asp?mid=26595981&sort=whole
This post mentions the poor conditions in Atlanta, yet mentions multiple offers on a nearly $1M house. It seems to me that the high end is still not hurting. But, like a wave, the pain will eventually break over everyone. This is inevitable. If I remember the last downturn, the high end was actually the worst affected by the time the whole thing was over.
I am a realtor in arizona and real estate has seen the bottom. I feel the realty market will soar in 09. greg moser
Greg, thanks for the chuckles! For your next bit, may I suggest the popular refrain “This is a great time to buy!” in response to any market condition described.
Nice try, Greg Moser. Only an idiot would by a house in Phoenix right now.
Found Greg Moser’s realtor photo:
<img src = “http://www.geocities.com/hollywood/cinema/2636/pic-coll1/it-clown.jpg”>
<img >
Don’t Realtards usually have great hair?
Or, at least a great rug?
I am a buyer in southern california and I see the market falling much further in ‘09!
Yup. I was thinking into 2010 originally, but it’s looking more like it will last beyond that. Our country is still in denial. Too many people still think the music is going to turn back on.
In order to accumulate wealth in modern society, you have to get in on the next bubble in the early stages.
Been seeing lots of sale pending and escrow signs lately. Inventory is dropping. And foreclosures aren’t too bad in Irvine either.
Is this a bear market rally or the end of the slump?
Neither. It’s just more gamblers falling off the fence, catching knives.
CL, are you kidding?
92602 has the third-worst rate of foreclosure in OC!
92602 is an anomaly. Small area, mostly built up during the peak years, and multiple fraudulent purchases. It is not at all representative of the overall situation in Irvine.
to quote the Carpenters…“We’ve only just begun…...”
I’m a little crabby b/c I am not having success registering to the forums. I think it’ll be fixed, but I did want to share something on the food forum.
For anyone who loves Indian curry and wants a very simple meal at home, I suggest using this brand of packaged mix: http://www.paramparamix.com/product.htm
(choose the “ready to cook” products and check out Butter Chicken, as an example.)
I got a package of this from Super Irvine (Culver & 5 fwy), but they had limited selections. With a little homework, I found out that India Sweets and Spices has nearly the entire line of packages in their store located at cnr of Walnut/Newport Ave, in Tustin:
http://yp.ocregister.com/India+Sweets+—26+Spices.9.1355564p.home.html
My family LOVES THIS INDIAN MEAL. I highly recommend this packaged mix. It is restaurant quality.
(i’ll repost to food forum once I am able to log on
)
Ah, Super Irvine. I loved that place! They definitely made fruit and vegetables affordable. We found that place pretty quick after visiting Ralph’s a few times. I avoided Ralph’s like the plague.
For all those homedebtors that don’t know about Super Irvine yet, go check it out. It will definitely save you some $$.
The issue with Super Irvine is that the veggies are not all that fresh. You gotta eat them within a week or less.
The meat is quite good, though. Being the islamic equivalent of kosher (forget what they call it) is has less fat. The meat prices are very good too.
Also, you can get a lot of stuff that you can’t find anywhere else.
Between Marukai is Costa Mesa, Trader Joe’s, Super Irvine and Costco we pretty much get all of our shopping done. Alberton’s is handy and does OK in a pinch, particularly if you’re looking for the deli.
Of course, for real Spanish stuff we gotta trek to
http://www.laespanolameats.com/
up in Harbor City by PCH and Torrance.
You gotta admit that living in SoCal does offer great culinary opportunities.
The bakery in the Marukai food court (can’t remember the name) is da bomb. Used to be they’d unload their baked goods for cheap during their last hour or so of business, but I think they stopped this.
Anyway, awesome shoe-cremes, baguettes, and such.
IR,
Have you checked this one in TR: 20 Silver CRES, Irvine, CA 92603 ?
http://www.redfin.com/stingray/do/listings-search#residential=true&condo=true&num_beds=3&min_listing_approx_size=1750&max_listing_approx_size=2500&lat=33.638346748218964&long;=-117.82433509826662&zoomLevel=14®ion_id=9361®ion_type=6&market=socal
Seems at last, there are some drops in TR.
Still, Wespark, Woodbridge, and TR are resisting extremelly well. No way the average $/sqf is below 350.
How long do we have to wait for !!
There will be some markets with very few sales because most of the owners did not use exotic financing or HELOC themselves into oblivion.
Turtle Rock will probably hold up the best in Irvine because the properties are older and the owners are likely in a better financial position. Any of them who have to sell over the next 5-10 years will not be happy with the prices they get compared to the bubble years.
Woodbridge is not doing well. In fact, the low end in Woodbridge is some of the worst performing in all of Irvine. The spread between low-end and high-end pricing in Woodbridge is remarkable. The high end will not hold up.
Westpark is probably benefiting from its age just as Turtle Rock is. From what I have seen in the property records, there has been more HELOC abuse there than in Turtle Rock, and the prices will begin to drop more there soon. Westpark will have more problems when the Alt-A and prime ARMs begin to reset.
Free Money! Love that song, and perfect for this blog.
Ah yessss…Piggy Smith, the tiny tim of the 70s (makes vomiting sound into paper bag)