Hello MD,
I've been remiss in my real estate tracking due to a higher than normal workload at the automotive gig I do during the day <g>
Still, I've been watching select properties in my favored areas. Panorama Towers in Vegas continues to crater big, but I've noticed the spectacular deals move quick. With the City Center nearing completion later this year, I think the window for the really good deals is limited. I'm still thinking about it, but Vegas just does not have the broad appeal I'm looking for.
Clownifornia is a different story. The sheer number of listings in the Westside coastal areas is staggering. It seems everyone "got it" all at once. Prices are still lofty, but they are starting to soften. I bet we see some big reductions by the fall. Too much inventory and too much unemployment.
I did find a place in Malibu and had some discussion with a Realtor that specializes in that area. She was amazingly open with details about short sales and the individual financial distress behind each property. The property I was interested in only had two of the five major features I am looking for, but the location and view were stellar. The price is less than half of the last sale price, but there are two offers already submitted to the bank, so I passed on playing the bidding game. She also told me that one of the problems with the short sales is that you could wait two months to get a Countrywide approved appraiser to do the numbers. She said two things that I found pretty candid. First, reality in the high end areas has just not sunk in yet. People still think they are going to get X for their place, while nothing is moving at all at X. The smart are cutting now and aggressive and they are getting bids, but the foreclosures are a major factor and there is no sign that is going to reverse. Second, she said unemployment is higher than the official number. All the self-employed people are not really counted and they have droves of them in the Westside communities. Writers, Realtors, financial planners, you name it. Demand for services is way down and although these people do not exactly meet the standard for unemployed, they essentially are. And this group is certainly not looking to buy or trade up their real estate. I've stored her number, as I think she is someone I want to talk with again in six months. Most Realtors don't have much to say that interests me, but I think this one has something more to offer.
The short version is there is no need to rush into any real estate purchase in Clownifornia at the present time.
GT
TH |
