Comments on: San Jose avoided the housing bubble

By: Let’s revisit 602 CHIMALUS Dr | Burbed.com

Let’s revisit 602 CHIMALUS Dr | Burbed.com — Wed, 07 Jul 2010 12:07:16 +0000

[...] Now this house was mentioned before – let’s take a look at the way back machine… July 24 2009 [...]

By: Real Estater

Real Estater — Sat, 01 Aug 2009 03:14:20 +0000

SV Shopper,

Don’t bother with Pralay. Stick with positive people instead.

Are you open to Los Altos? This property seems like a good buy if you don’t mind remodeling. It’s the only one in all of Los Altos that meets your criteria.

By: steve

steve — Thu, 30 Jul 2009 22:41:56 +0000

palo alto, central menlo, noe valley

granted, these are very well-heeled buyers. the classic bay area couple. dual income, first child in the late 30s. they are extremely focused on the right street, the right neighborhood, the right school and are not that price sensitive. for whatever reason, they don’t view los altos or san carlos as acceptable substitutes.

By: zanon

zanon — Thu, 30 Jul 2009 21:16:55 +0000

STEVE: Which areas? Most house purchasing right now is in the areas hit hardest by crashing prices. It’s first time buyers and investors picking up cash flow positive properties (buying is cheaper than renting).

This does not describe RBA at all. In fact, RBA is the opposite.

Prices in top school districts are holding up because there are no transactions.

By: steve

steve — Thu, 30 Jul 2009 19:57:11 +0000

If anything the price gap is increasing; the top school district areas seem to have fallen less than the others.

very true. for once, the input of a real estate professional would be welcome, but my sense is that only buyers right now are folks with children, further emphasizing the value of k-8 and k-12 schools as well as family friendly neighborhoods.

By: Pralay

Pralay — Thu, 30 Jul 2009 19:15:04 +0000

This is usually the first sign that the market has hit bottom and prices are beginning to stabilize.
—–

It seems there is no shortage of bottom-callers based on “first signs”.

Today weather is great! I guess that’s a “first sign” of market hitting bottom too.

By: zanon

zanon — Thu, 30 Jul 2009 15:31:35 +0000

Andy Paul: By “many sections” you mean “low end”, and that is getting bids now because it is cash flow positive through massive price declines.

Unfortunately, lower prices and REO means there are no move-up buyers. No one can afford a $1.5M crap shack without the appreciation from East Bay to roll into that, and it is not there.

The first crash was low end.

Next crash will be mid-high end.

By: anon

anon — Thu, 30 Jul 2009 09:01:28 +0000

Andy Paul, thanks for the great advice!

with words like “quality foreclosures” and “way less than the amount it could have been,” I like your reasoning!

By: Pralay

Pralay — Thu, 30 Jul 2009 07:40:13 +0000

Pralay, you can call me a liar if you want. What did I lie about?
——-

Not by me. Explained in #175.

By: A. Lewis

A. Lewis — Thu, 30 Jul 2009 07:33:46 +0000

Ouch, I don’t like to think of myself as the other side of RE’s coin. That seems like a serious insult you laid on me

The co-inmates thing is funny, though.

Actually, I live in a trailer in Minnesota, and it’s next to RE’s. We start goin’ crazy out there at the lake (name the movie reference!), and we post to Burbed to annoy you.

Pralay, you can call me a liar if you want. What did I lie about?

Everything I say is true. The preceding statement was false.