High End Update - Still DEAD!
Remember this report back on 10-14-06 ttp://bakersfieldbubble.blogspot.com/2006/10/high-end-market-is-dead.html
Well it looks like the locals just saved $20,000 by having a little patience! Keep up the good work! This home is now listed at $929,000: http://www.marycrealtor.com/
Bakersfield_listings/Current_Active_listings.shtml
Monday, December 04, 2006
High End Update
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9 comments:
How Bakersfield has homes that are this much in the first place is scary!
I released three Q3:2006 reports today - San Francisco, Seattle and Los Angeles. Seattle is particularly interesting because it's never had a period of nominal price decine.
thebubblebuster.com
Hello everyone! I just found your site but have been reading the patrick blog for a couple of years now.
I decided to post because my wife and I have been looking to upgrade to a "high end" house for awhile now. Anyway, because of this I have spent quite a bit of time talking with some of the high end builders. In fact Froehlich is one of our favorites. So get this, they have 5 EMPTY spec homes in the 7 Oaks development. So we go to an open house last week and I ask the lady how much they are willing to come off the price and how they feel about the market. She says "we(froehlich)think the high end market is picking up. We feel lucky to have been spared the problems with the real estate market." LOL LOL LOL. Are you kidding me?? You have 5 homes for sale, some of which have been on the market for 6 months! 280 sq/ft is not going to cut it anymore, I think we will get back to her next year hopefully somewhere around 180 sq/ft.
Rod Brown also has a number of finished unsold homes out on Seven Oaks. In fact, I was there recently and the homes were left open with no agent inside with open house signs outside. Sounds like someone is being penny wise and pound foolish (to cheap to hire agents).
Let them think what they want - there are so many finished spec homes out there. They were begging us to make an offer on a home just last weekend (don't want to say who - they might figure out who I am).
Did she elaborate on the "problems with the market"? Of course not - everyone else is screwed, Except them.
Interesting, yeah I have a friend who had a home built by Rod Brown. Nice place, anyway, he told Brown's sales agent that my wife and I were looking for that type of home and the sales agent basically said we could name our price. Still, I don't think she would like to hear what our price would be! lol.
If you do lowball - I would love to know how much they were willing to "give it away for".
How did you find this blog?
I think I followed a link from a story on patrick.net. Anyway, ok I will let you know if we make an offer, although I doubt we will until next year some time. I think the builders need a little more time to "digest" what is actually happening.
Won't use my name alias this tiime because I know Forehlich. He's telling telling a different story to his friends. They're well aware the market is heading down and are guessing on what to do next.
If your only business in building homes, want do you do? I honestly don't know the answer - I guess the mall needs employees this time of year...
"...I guess the mall needs employees this time of year..."
LOL
Can you flip clothes from Abercrombie and Fitch!??!?
These home builders won't go broke now or in the future, at least the one's who have been in the business for awhile. They did just fine in the 80's-90's and really good in the 00's.
Greed is the name of the game, yes building material may be up and land, but these jerks are still making a killing.
They won't lower the bar on homes until they have to, which will be coming sooner or later!
I'm still waiting for those 250K a year jobs to start rolling in here in Bakersfield.
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