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parking
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| 09/29/2007 7:04 PM |
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lots of owners here park a car and a motorcylce or scooter in one space. plenty of room for both and it seems to be no problem. in fact one residence has a small car and TWO scooters in their space. And it all fits nicely.
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ana
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| 09/29/2007 11:30 PM |
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| Wasn't the auction today? Did anyone go or heard anytihng about it? |
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chuck
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| 09/30/2007 12:28 AM |
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Went to the auction today and here are the results. I did not buy; prices were about five to ten percent to high for me to be interested, but the auction seemed fair to me and I think people today got a good deal and will do well in the long run.
This list is in the order the units were auctioned. The one and two digits units are Esperanza the three digits units are La Boheme. There are almost certainly mistakes on this list. Also, I don’t think the owner exercised the unpublished reserve but I am not sure.
(* in $1000:rounded up)
| Unit | Valued* | Sold* |
| 504 | 547 | 375 |
| 530 | 550 | 365 |
| 524 | 400 | 285 |
| 2 | 355 | 240 |
| 235 | 520 | 385 |
| 506 | 400 | 260 |
| 17 | 332 | 215 |
| 335 | 450 | 310 |
| 405 | 440 | 300 |
| 14 | 315 | 220 |
| 420 | 400 | 258 |
| 313 | 540 | 365 |
| 302 | 425 | 212 |
| 508 | 390 | 300 |
| 28 | 290 | 248 |
| 206 | 320 | 213 |
| 329 | 450 | 313 |
| 29 | 290 | 213 |
| 511 | 393 | 275 |
| 327 | 430 | 313 |
| 15 | 315 | 230 |
| 312 | 420 | 315 |
| 236 | 350 | 250 |
| 19 | 290 | 210 |
| 513 | 390 | 270 |
| 310 | 440 | 320 |
| 6 | 310 | 215 |
| 328 | 450 | 313 |
| 11 | 315 | 215 |
| 426 | 310 | 220 |
| 12 | 315 | 210 |
| 413 | 330 | 225 |
| 18 | 300 | 210 |
| 322 | 420 | 275 |
| 9 | 310 | 215 |
| 229 | 440 | 310 |
| 16 | 305 | 213 |
| 227 | 420 | 313 |
| 20 | 310 | 213 |
| 532 | 400 | 255 |
| 21 | 310 | 213 |
| 201 | 410 | 295 |
| 24 | 290 | 215 |
| 519 | 400 | 255 |
| 26 | 300 | 215 |
| 521 | 400 | 280 |
| 7 | 300 | 215 |
| 314 | 444 | 305 |
| 1 | 340 | 210 |
| 420 | 450 | 320 |
| 23 | 300 | 215 |
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chuck
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| 09/30/2007 12:32 AM |
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| Sorry about the column spacing—the tabs got compress. I think you can still figure it out though. |
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Ana
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| 09/30/2007 5:55 AM |
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Chuck,
Thanks for taking the time to put this up. They do look good in terms of pricing. So those are comp killers. |
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annonie
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| 09/30/2007 7:50 AM |
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| That's my question too. What do these prices mean for the folks that had previously bought there? How underwater are they now? Will these prices make it impossible for them to refi due to low comps? |
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anon
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| 09/30/2007 7:55 AM |
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Reformatted a bit, and I added a % Drop column.
Unit
Number | Previous
Value | Sold | % Drop |
| 302 | 425 | 212 | -50% |
| 1 | 340 | 210 | -38% |
| 519 | 400 | 255 | -36% |
| 532 | 400 | 255 | -36% |
| 420 | 400 | 258 | -36% |
| 17 | 332 | 215 | -35% |
| 506 | 400 | 260 | -35% |
| 322 | 420 | 275 | -35% |
| 530 | 550 | 365 | -34% |
| 206 | 320 | 213 | -33% |
| 12 | 315 | 210 | -33% |
| 313 | 540 | 365 | -32% |
| 2 | 355 | 240 | -32% |
| 413 | 330 | 225 | -32% |
| 405 | 440 | 300 | -32% |
| 11 | 315 | 215 | -32% |
| 504 | 547 | 375 | -31% |
| 314 | 444 | 305 | -31% |
| 20 | 310 | 213 | -31% |
| 21 | 310 | 213 | -31% |
| 335 | 450 | 310 | -31% |
| 513 | 390 | 270 | -31% |
| 6 | 310 | 215 | -31% |
| 9 | 310 | 215 | -31% |
| 328 | 450 | 313 | -30% |
| 329 | 450 | 313 | -30% |
| 16 | 305 | 213 | -30% |
| 14 | 315 | 220 | -30% |
| 511 | 393 | 275 | -30% |
| 18 | 300 | 210 | -30% |
| 521 | 400 | 280 | -30% |
| 229 | 440 | 310 | -30% |
| 426 | 310 | 220 | -29% |
| 420 | 450 | 320 | -29% |
| 524 | 400 | 285 | -29% |
| 236 | 350 | 250 | -29% |
| 26 | 300 | 215 | -28% |
| 7 | 300 | 215 | -28% |
| 23 | 300 | 215 | -28% |
| 201 | 410 | 295 | -28% |
| 19 | 290 | 210 | -28% |
| 310 | 440 | 320 | -27% |
| 327 | 430 | 313 | -27% |
| 15 | 315 | 230 | -27% |
| 29 | 290 | 213 | -27% |
| 235 | 520 | 385 | -26% |
| 24 | 290 | 215 | -26% |
| 227 | 420 | 313 | -25% |
| 312 | 420 | 315 | -25% |
| 508 | 390 | 300 | -23% |
| 28 | 290 | 248 | -14% |
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Mr_Brightside
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| 09/30/2007 7:56 AM |
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Based on my discussions with a sales rep these are just prices and now DR Horton can accept them or not, it wouldn't surprise me based on the rest of the process that the sales people try and get the high bidder to pay more.
It will be very interesting to see how many of these units actually change hands at these prices. |
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ibchipster
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| 09/30/2007 10:01 AM |
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| Thanks for the list. Are those the hammer prices or do they include the 5% buyers premium? |
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chuck
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| 09/30/2007 11:06 AM |
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| These are the hammer prices and do not include the 5% buyers premium. |
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chuck
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| 09/30/2007 11:27 AM |
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The 302 unit price is an error
The column should be unit 27, previously valued at $299,990, hammer priced at 212,500.
No 50% drops,
Sorry about the error.
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Rexpert
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| 09/30/2007 12:02 PM |
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| Really, there is no need for an auction. All homes on the market are really an auction in disguise, unless the seller does not really need to sell. The trick is to find out who really is serious about selling. Simply done by submitting low ball offers. An easy way to do this is by posting by serious sellers and bidding by serious buyers at [company]. |
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Pre-construction prices
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| 09/30/2007 12:26 PM |
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I and a lot of other people bought pre-construction. I was very curious how our pre-construction deals would measure up to the auction prices. According to sdlookup, the units that sold at auction with most similar floor plans to mine (but not as nice because they are not corner units with unobstructed views) were:
UNIT VALUE SOLD % DROP
530 550 365 -34%
504 547 375 -3
I bought mine pre-construction for $369,900.
So I guess some auction winners ended up getting deals similar to those of us who bought pre-construction. We're breathing a little easier now. Not a bad day at all for us. |
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Mr_Brightside
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| 09/30/2007 12:34 PM |
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Pre-Construction,
About what month and year did you sign up for the pre-construction prices?
I do think the basic idea here is that 2005 and 2006 were not normal and the market is simply going back to more rational times. |
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newbie
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| 09/30/2007 12:43 PM |
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| I bought the summer before La Boheme construction was completed. They were still putting up the concrete and steel foundation and wood framing when I signed my papers. We even got to tour our units as they were being built. I took lots of pictures. It was really cool. |
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Anonymous
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| 09/30/2007 12:51 PM |
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Your pre-construction will be worth $200k when this is all over. We're only in the beginning the downturn.
If you're happy with your condo, keep on living in it and make your mortgage payments. Swallow your pride and learn from it. Stop deluding yourself that your condo will "hold value" in this carnage.
Count yourself lucky that you didn't pay the very top prices. The people who did will be going in to foreclosure left and right.
SDlookup has a foreclosure feature. Check it out sometimes. |
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condo guy
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| 09/30/2007 12:57 PM |
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| Lets face it prices are not going to drop all at once like so many want them to. They will stair step down to the bottom at a slow pace at least for now. Although I think these auctions might speed up the decline a little by waking people up to the declining market. Just the fact you have to auction off property should be a wake up call. And seeing the lower comps made in these buildings will force existing owners to sell even lower. They probably went to auction because they know things will be worse the longer they wait. |
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condo guy
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| 09/30/2007 1:01 PM |
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| Anon you have no clue. People have to live somewhere and newbie lives in a place he really likes and doesnt spend his time worrying bout prices. He works and makes money while you waste your time being jealous. |
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Mr_Brightside
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| 09/30/2007 1:03 PM |
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Having been short homebuilder stocks for about three years now I've been following the situation pretty closely. The builers have a ton of money caught up in inventory and at the same time borrowing money from the bond market via Wall Street is materially harder than it was at the height of the bubble. Dumping condos into the bid might be less expenses than having to do a financing with an investment bank that costs 10% of the company or that sticks you with very exensive debt that can't be restructured for ten years. Also why sit on property that isn't doing anything be in developer inventory or a bank REO portfolio? This stuff needs to be sold to people that will move in, call it home and care about it. The quicker this process moves along the better for everyone involved.
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Anonymous
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| 09/30/2007 1:17 PM |
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condo guy, I'm not jealous. I rent a super 2/2 condo downtown with views for $2500/mo. My lifestyle is better than newbie's and it costs me less. Who's getting a better deal here? Because it's cheap to rent, I don't stress out with my money (unlike some homeowners I know who need roomates to make the payments).
I'm surfing the web to see where prices will settle at so I eventually buy. Every month my savings are growing and growing while existing homeowners' equity is shrinking.
At this point, I'm convinced that prices still have a long way down to go. I don't believe the prices will stop declining as long as the foreclosure are still going strong.
At the bottom, I'll get myself a great place and we'll see who's jealous then.
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