Well, it depends - at least in terms of pricing one's property in relation to a price it sold for in the past. Here are some examples of different "pricing years." For instance, 2004 pricing would mean the current asking price is very close to the nominal price the property sold for in 2004.
In completely unsurprising fashion, the pricing year tends to vary based on the location of the property. But, just because the asking price in a beachfront area is high, it does not mean it will sell. Not in the current market.
2002 pricing
26577 La Zanja St #40F, San Juan, 92675
Current asking price: $149,900
2002 sales price: $165,000
Listing description snippet: "Spacious upstairs condo with 2-bedrooms, 2-bathrooms. Mirrored closet doors, carpet in most of home. Cozy atmosphere."
2003 pricing
25372 Diana Circle, Mission Viejo, 92691
Current asking price: $545,000
2003 price: $520,000
Description snippet: "Lovely Corner Lot Located in Mission Viejo - 2 Fireplaces - Kitchen Island - Wood Floors"
2004 pricing
1 Tanglewood, RSM, 92688
Current asking price: $575,000
2004 price: $560,000
Description snippet: "Situated on a private interior corner location, this home is absolutely turn-key and ready for move-in. The highly upgraded interior features granite counters and stainless appliances in the kitchen, marble surround dual-fireplace in living room/dining room, and wood laminate floors throughout."
2005 pricing
12 Joyeuse, Laguna Niguel, 92677
Current asking price: $649,000
2005 price: $645,000
Description snippet: "ABSOLUTELY GORGEOUS,TOTALLY REMODELED MONACO HOME W/ TRAVERTINE FLOORS,REMODELED KITCHEN W/NEW CABINETS,GRANITE,APPLIANCES!"
"What real estate bubble" pricing
1 Capistrano by the Sea, Dana Point, 92629
Current asking price: $10,000,000
2006 price: $5,145,000
Description snippet: "This unique historical estate was the first home built in Dana Point in 1914. This Estate has been modernized with Smart Home Capabilities, Superb craftsmanship with Solid Mohagany doors, and trim."
Thursday, October 16, 2008
Which year is it?
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4 comments:
I don't think these morons got the memo. i.e., we are in a recession, if you want to sell, get ahead of the wave, new prices 1999. gs
And the owner of the mansion expects to nearly double his money in two years??? What the . . .???
"While it is unlikely foreclosures will return to previous levels, given the new requirements; we expect SB 1137 to have no long term impact beyond delaying the foreclosure process for homeowners, and slowing the overall recovery." I don't understand this quote. What does it mean?
RE SB 1137:
In July, the California State Legislature enacted SB 1137 as an urgency measure designed to address the adverse effects of the state’s high foreclosure rate. Broadly summarized, the new law 1) requires lenders to contact homeowner borrowers to explore options for avoiding foreclosure on their primary residence at least 30 days before filing a notice of default; 2) deems that loan servicers are acting in the best interest of all parties in agreeing to, or implementing, a loan modification workout plan if certain conditions are met; 3) gives residential tenants in possession of a rental housing unit at the time the property is sold in foreclosure 60 days notice to vacate the property; and 4) requires owners acquiring vacant residential real property through foreclosure to maintain the exterior of vacant properties.
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