Saturday, October 14, 2006

The high end market is DEAD.

The high end market in town is dead. Here are two excellent examples:




This home was listed in Dec 2005 for $1,150,000. It feel out of escrow and is back on the market for $995,950. That is a 14% haricut.

http://bakersfield.rapmls.com/scripts/mgrqispi.dll?APPNAME=Bakersfield&PRGNAME=MLSPropertyDetail&
ARGUMENTS=-N914962566,-N157820,-N,-A,-N4409586






This home was listed in January 2006, also for $1,150,000. After several prices cuts and gimmick sales tricks (free pool, country club membership), they have decided to drop the price to $949,000. Nice 17% buzzcut!

http://bakersfield.rapmls.com/scripts/mgrqispi.dll?APPNAME=Bakersfield&PRGNAME=MLSPropertyDetail&
ARGUMENTS=-N914962566,-N156953,-N,-A,-N4409586

15 comments:

Anonymous said...

I know that first house - it sits on two adjacent lots near where I live. I doubt that the owner paid more than $500K for the entire thing a few years ago.

They can likely afford the $150K price cut. I wouldn't mind owning that house, except that it's on what has become a *very* busy street. So maybe it's only worth about $500K after all.

...On the other hand when the economy implodes and we're all unemployed, the street shouldn't be quite so trafficky...

Anonymous said...

The sales source I use does not show a recent sale, although I do know who owns this house. The assessed value is $780,000.


crispy&cole

Anonymous said...

I noticed Creepy and Crawley still have not unloaded that $2.2 million River Oak for sale.

I looked in San luis and found this comparable.

6180 White Oak Lane
San Luis Obispo, CA 93401
MLS ID#: 115738
$2,295,000
3 Bed, 3 Bath
3,200 Sq. Ft.
5 Acres

Now I know it does not have the same square footage, but it has five acres.

Here is the rest of the description.

This stunning hilltop property is nestled among native oaks and provides unobstructed and commanding Edna Valley views. The 3,200 square foot home and separate guesthouse are surrounded by acres of beautifully maintained landscaping, conveniently located near the prestigious San Luis Obispo Golf Course and Country Club. The unique residence has a open backyard with multi-level decks and an expansive lawn area, as well as orchards and room for horses. Vaulted ceilings, large windows, and skylights throughout lend to open and airy feel of this 3 bedroom, 3 bath home.


Single Family Property, Area: San Luis Obispo, Subdivision: San Luis Obispo, County: San Luis Obispo, Approximately 5 acre(s), Lot is 217800 sq. ft., Hill/mountain view, View, Two story, Spa/hot tub(s), Dining room, Den, Office, Laundry room


Notice it is located next to a golf course also.

Who would pay $2.2 million for the Creepy & Crawley place is beyond me. I hope some idiot does not come along and buy that joint, just because they can get a jet ride to Hawaii with Creepy & Crawley.

Anonymous said...

That seven oaks home is still empty and still for sale. I check it weekly, waiting for a price reduction so I can post another story on it. Maybe in a year or two I can post as an REO!


crispy&cole

Anonymous said...

I keeping using the name River Oaks, it is Seven Oaks. Sorry about that. Maybe they should change the name to Ten Oaks, I am sure that would help. That is three more oaks a 30% increase, that could be their justification.

Rob Dawg said...

Maybe they should change the name to Ten Oaks, I am sure that would help.

Thus explaining the median price in Thousand Oaks.

Anonymous said...

Off-topic, but this possibly relates to one of our local enablers, San Joaquin Bank. I wonder what their loan loss reserve looks like...

Banks in Trouble:
http://tinyurl.com/y52pyu

Anonymous said...

Off-topic, but this possibly relates to one of our local enablers, San Joaquin Bank. I wonder what their loan loss reserve looks like...

I really doubt that San Joaquin Bank is any real trouble, I am sure that their loan loss reserve has grown and will continue to grow as years go by, due to the busting of the housing bubble. Bank loans are of a higher grade than sub prime. However, anything can happen.

I would be more curious to to have look at the names that make up San Joaquin Loan Portfolio so that we can get a good understanding of what buisiness sectors they have loaned to and where their risk is.

Anonymous said...

I really doubt that San Joaquin Bank is any real trouble,

I hope our banking system is not in any real trouble. All subprime mortgage whores with their tricks and lies can close up shop tommorrow and they can take Fannie Whore and Freddie John with them. The banks are our second tier defense behind the Federal Govt. If we lose the banks we are in big trouble.

All the stip mall subprime mortgage lenders who loan to a bunch of people who should not get a loan just to make a commission are going to ruin this Country. I hope we have Congressional hearings on these parasites go to jail.

But we may be too late, because the banks are heavily involved with these whores and their was no regulation to stop what got started the last few years, now I fear we will going through some bad times.

If you want to blame someone for the recession of hell we are going to have just thank your friendly neighborhood subprime lender or its whore realtor. Scabs of society.

Anonymous said...

Thing is, SJ Bank funded all the strip malls that are now inhabited by RE-dependent businesses. Soon enough, RE is going to augur in pretty damn hard.

What happens when the owners of these new strip malls can't fill the floor space with flooring, tile, mini-blind, auto customizing, mortgage, and realtor businesses? Think the strip mall owners might have a hard time making their monthly payments?

Anyone else remember the homesy SJ bank commercials with the small business owners uncomforable in front of the camera telling us how "SJ Bank lent me money when nobody else would..."?

***Why*** was SJ bank lending them money when nobody else would? Just sayin...

smoggiebakersfield said...

The Californian is at it again. The headline reads under the Money section: 10/19/06 "Home Prices Slump Seem to Skip Kern"

These paid for shills are so full of their own shi*t, it's unreal. Any person with a little common sense, know's the CRASH has not skipped Kern County. Their main source of the story is CAR...and we all know CAR has no vested interest in the market....LOL..LOL

C'mon you a*ssholes at the Californian, do an MLS search and see for yourself if prices aren't falling, it's very simple. L@@K at the high end part of the market, theres no sales being made!

Now that no one wants to get screwed by using an ARM for financing, who can afford the outrageous prices these house prices are at. Lets face it, there's are not enough high paying jobs in Bakersfield, to buy these stucco made shit boxes!

Anonymous said...

741 notices of defaults were issued. That right their is a sure sign the market in Bakersfield is tanking. Give it time, Bakersfiield is a slow motion housing implosion.

Anonymous said...

ALL FIRST TIME HOMEBUYERS BEFORE YOU BUY IN SACRAMENTO PLEASE GO TO THE SACRAMENO POLICE WEBSITE AND USE THEIR SEARCH TOOL FOR CRIMES REPORTED NEAR THE HOUSE YOU ARE LOOKING AT. YOU WILL BE SUPRISED!!!! IT ONLY TAKES A SECOND AND IS VERY INFORMATIVE. IF YOU BUY IN ONE OF THESE CRIME INFESTED AREAS AS MARKET PRICES ARE GOING FURTHER AND FURTHER DOWN, YOU WILL BE STUCK IN A NEIGHBORHOOD THAT IS CRIME INFESTED AND YOU WILL NEVER BE ABLE TO SELL YOUR HOUSE TO GET OUT!!!!!!

DO NOT LET SOME REALTOR WHORE TRY TO TELL YOU SOME AREAS ARE GOOD WHEN THEY ARE NOT. ALL THEY CARE ABOUT IS THE COMMISSION.

Anonymous said...

http://www.dqnews.com/ZIPCAR.shtm

BAKERSFIELD RESALE Avg 9/2006 $308,000 Avg 9/2005 $283,000 Annual appreciation: 8.83%

I thought for sure Bakersfield would be one of the first of CA citys to fall. What gives?

I don't beleave its a CAR conspiracy because they are posting negatives for many other large CA citys.

Dose anyone have numbers month/month?

With all the overbuilding/lack of high paying jobs...how can Bakersfield keep posting possitives? Any guesses when we are likely to see negatives?

Anonymous said...

Bakersfield will take a huge hit give it time. This is a slow motion housing implosion. We have the elements working for us. Toxic loans, mortgage fraud, huge amount of inventory. One again this is a slow motion housing implosion.