Housing Market

by confuzzled dude Wed May 29, 2013 11:04 pm

Is it really back? 20% increase over the last year in Bay Area, Phoenix and Las Vegas! In DC area there has been steady upward tick, in some pockets they're going fast in a week or two, however, I do know a couple of sellers having hard time. Dallas area is fastest growing in the country now, wonder what's the market like in DFH compared to '05 or '06.

by Idéfix Thu May 30, 2013 11:16 am

The market is certainly back in the Bay Area. There were 18 offers on the place we bought. We were on the market for a year, and wrote half a dozen offers. Each of those houses got at least 3 offers, and several got ten or more.

The real question for the housing market is in the weak spots that were overbuilt like crazy in the mid-2000s, like Stockton, CA and Sacramento, CA. I heard those markets also seem to have cleared bottom, and developers are again beginning construction projects.

by Maria S Thu May 30, 2013 11:30 am

In the South..seems to stabilizing quite well and back up to old values, in many places.

*The refinancing rates are still good too..it's quickly done, will certainly recommend it to lower monthly payments (of course compare rates, closing costs etc) who are thinking about it, esp. if they have more than one property, it's worth it.

by confuzzled dude Thu May 30, 2013 12:45 pm

Idéfix wrote:The market is certainly back in the Bay Area. There were 18 offers on the place we bought. We were on the market for a year, and wrote half a dozen offers. Each of those houses got at least 3 offers, and several got ten or more.

The real question for the housing market is in the weak spots that were overbuilt like crazy in the mid-2000s, like Stockton, CA and Sacramento, CA. I heard those markets also seem to have cleared bottom, and developers are again beginning construction projects.

Looks like genuine buyers but the other day I was reading elsewhere that majority are cash customers(investors).

by confuzzled dude Thu May 30, 2013 12:48 pm

Maria S wrote:In the South..seems to stabilizing quite well and back up to old values, in many places.

Really! Is this because there wasn't much of a bubble to begin with.

by Idéfix Thu May 30, 2013 12:49 pm

confuzzled dude wrote:
Idéfix wrote:The market is certainly back in the Bay Area. There were 18 offers on the place we bought. We were on the market for a year, and wrote half a dozen offers. Each of those houses got at least 3 offers, and several got ten or more.

The real question for the housing market is in the weak spots that were overbuilt like crazy in the mid-2000s, like Stockton, CA and Sacramento, CA. I heard those markets also seem to have cleared bottom, and developers are again beginning construction projects.

Looks like genuine buyers but the other day I was reading elsewhere that majority are cash customers(investors).

I remember a house here that listed for $795k. We offered $800k. It sold for around $920k, all cash. I don't know if those were investors or people who wanted to live there. We ran into a couple of other all-cash situations as well.

by nevada Thu May 30, 2013 1:09 pm

confuzzled dude wrote:
Idéfix wrote:The market is certainly back in the Bay Area. There were 18 offers on the place we bought. We were on the market for a year, and wrote half a dozen offers. Each of those houses got at least 3 offers, and several got ten or more.

The real question for the housing market is in the weak spots that were overbuilt like crazy in the mid-2000s, like Stockton, CA and Sacramento, CA. I heard those markets also seem to have cleared bottom, and developers are again beginning construction projects.

Looks like genuine buyers but the other day I was reading elsewhere that majority are cash customers(investors).

That's right. I know of 3 different people in the bay area who were looking to buy but gave up after a few months because of this. Their bid is defeated by a higher bid and all cash in many cases.

by Hellsangel Thu May 30, 2013 1:12 pm

There is an interesting trend of amateur investors breaking their retirement accounts to invest in the housing market.

by nevada Thu May 30, 2013 1:21 pm

Also, there is some joint family buying going on. People are pooling up their resources to be able to afford the super high prices. I recently went to a house owned by 2 brothers jointly. They have one kid each and the kids seemed well behaved and social, perhaps as a result of growing up in a joint family.

by confuzzled dude Thu May 30, 2013 1:25 pm

Hellsangel wrote:There is an interesting trend of amateur investors breaking their retirement accounts to invest in the housing market.

Any different than those took out home equity loans to invest in Desh, a few years ago. Not sure how many made profits out of these ventures.

by confuzzled dude Thu May 30, 2013 1:26 pm

nevada wrote:Also, there is some joint family buying going on. People are pooling up their resources to be able to afford the super high prices. I recently went to a house owned by 2 brothers jointly. They have one kid each and the kids seemed well behaved and social, perhaps as a result of growing up in a joint family.

Bay Area = Mumbai

by Hellsangel Thu May 30, 2013 1:30 pm

confuzzled dude wrote:

Bay Area = Mumbai

I remembered this song:

by Nila Thu May 30, 2013 1:35 pm

It is picking up in bay area. We were luck to buy it at the right time...when we bought - ours were the only offer. One of our neighbors house on the market sold just like that and they said they got 50+ offers. They didn't accept any offer and they are hoping it will climb up in next years.

But, we remodeled our house thoroughly. A pool is still pending. We were in the market for about 5 years and did a lot of research.

Right now, it is a good time to invest if you got cash otherwise if you are planning to buy it for yourself....not the right time.

by Marathadi-Saamiyaar Thu May 30, 2013 1:41 pm

Idéfix wrote:
confuzzled dude wrote:
Idéfix wrote:The market is certainly back in the Bay Area. There were 18 offers on the place we bought. We were on the market for a year, and wrote half a dozen offers. Each of those houses got at least 3 offers, and several got ten or more.

The real question for the housing market is in the weak spots that were overbuilt like crazy in the mid-2000s, like Stockton, CA and Sacramento, CA. I heard those markets also seem to have cleared bottom, and developers are again beginning construction projects.

Looks like genuine buyers but the other day I was reading elsewhere that majority are cash customers(investors).
I remember a house here that listed for $795k. We offered $800k. It sold for around $920k, all cash. I don't know if those were investors or people who wanted to live there. We ran into a couple of other all-cash situations as well.

We tried to bid on 2 houses. We lost both - bcz it was sold for "All cash" One was sold for $1000 less bcz it was all cash.

Must be all phoreners with hard cash. These guys cause the bubble and pull out after 3 or 4 years causing the crash. The housing improvement is disproportionate to the job growth and increase in income - which are rising much slowly.

I am thinking of going back to Coimbatore to restart our traditional business.

by confuzzled dude Thu May 30, 2013 1:59 pm

Marathadi-Saamiyaar wrote:

We tried to bid on 2 houses. We lost both - bcz it was sold for "All cash" One was sold for $1000 less bcz it was all cash.

Must be all phoreners with hard cash. These guys cause the bubble and pull out after 3 or 4 years causing the crash. The housing improvement is disproportionate to the job growth and increase in income - which are rising much slowly.

Where is this? Are you suggesting that foreign investors are flocking Kansas City, investors dream given the upside.

Marathadi-Saamiyaar wrote:

I am thinking of going back to Coimbatore to restart our traditional business.

What would that be, printing phony bills Razz

by Marathadi-Saamiyaar Thu May 30, 2013 2:11 pm

confuzzled dude wrote:
Marathadi-Saamiyaar wrote:

We tried to bid on 2 houses. We lost both - bcz it was sold for "All cash" One was sold for $1000 less bcz it was all cash.

Must be all phoreners with hard cash. These guys cause the bubble and pull out after 3 or 4 years causing the crash. The housing improvement is disproportionate to the job growth and increase in income - which are rising much slowly.

Where is this? Are you suggesting that foreign investors are flocking Kansas City, investors dream given the upside.

Actually KC is a FANTASTIC area - geograpahically - Have you been to KC ? Shawnee Mission, Overland Park, etc.. are upscale and somewhat hilly with good interstate/beltway connections and growing rapidly.

But, I was trying something in Atlanta.

Marathadi-Saamiyaar wrote:

I am thinking of going back to Coimbatore to restart our traditional business.

What would that be, printing phony bills

Dont degrade that noble trade. We call it QE trade (Quick Equalizer) in financial term.

The problem is most of the "manufacturing" occurred underground at vast Textile mills. These have been since closed and converted into mega apt complexes. Nothing is easy...as they say.

by confuzzled dude Thu May 30, 2013 3:43 pm

Marathadi-Saamiyaar wrote:

The problem is most of the "manufacturing" occurred underground at vast Textile mills. These have been since closed and converted into mega apt complexes. Nothing is easy...as they say.

I take it as Real Estate is booming in Coimbatore. In A.P tier 2 towns are doing great, in some cases much better than Hyd.

by Marathadi-Saamiyaar Thu May 30, 2013 7:12 pm

confuzzled dude wrote:
Marathadi-Saamiyaar wrote:

The problem is most of the "manufacturing" occurred underground at vast Textile mills. These have been since closed and converted into mega apt complexes. Nothing is easy...as they say.

I take it as Real Estate is booming in Coimbatore. In A.P tier 2 towns are doing great, in some cases much better than Hyd.

The apts are around 30s Lakhs in CBE. outskirts may be 20s. Weather is like it was in 70s BLR, and water scarcity much much less than BLR and Madras - but the city is spreading fast. if you take the surrounding Cities in the 25 mile range, the gaps are getting filled up fast. With ring roads and direct flights to Singapore, this is becoming as big as Madras in the 90s. At least, they are simultaneously planning for roads, ring roads, and water. Water comes from the dams in the nearby mountains + Bhavani river + Siruvani river + ground water (depleting fast). But, the Goundars and Naickers will suck the city dry. Apparently I have some plots far away and heard a burial ground had come nearby. When my relatives wanted me to sell it off, I told them there would be a complex on top of that burial ground in 20 years, and not to worry. Oh yeah...heard it was a musal man burial ground and I suspect this MUST be a conspiracy.

by truthbetold Thu May 30, 2013 9:12 pm

Location. Location. Location.
based on well publicized data and anectodal data, bay area, pheonix, Dc and
LA, are back. Others are limioing in the right direction. Ct is not showing much positive movement.
Bloomberg radio says that large number of powerful investors (blackrock or Blackstone)
Have pooled billions of dollars to buy large dearths of distresssed properties due to low rates.

by Kris Fri May 31, 2013 12:18 am

Marathadi-Saamiyaar wrote:
Idéfix wrote:
confuzzled dude wrote:
Idéfix wrote:The market is certainly back in the Bay Area. There were 18 offers on the place we bought. We were on the market for a year, and wrote half a dozen offers. Each of those houses got at least 3 offers, and several got ten or more.

The real question for the housing market is in the weak spots that were overbuilt like crazy in the mid-2000s, like Stockton, CA and Sacramento, CA. I heard those markets also seem to have cleared bottom, and developers are again beginning construction projects.

Looks like genuine buyers but the other day I was reading elsewhere that majority are cash customers(investors).
I remember a house here that listed for $795k. We offered $800k. It sold for around $920k, all cash. I don't know if those were investors or people who wanted to live there. We ran into a couple of other all-cash situations as well.

We tried to bid on 2 houses. We lost both - bcz it was sold for "All cash" One was sold for $1000 less bcz it was all cash.

Must be all phoreners with hard cash. These guys cause the bubble and pull out after 3 or 4 years causing the crash. The housing improvement is disproportionate to the job growth and increase in income - which are rising much slowly.

I am thinking of going back to Coimbatore to restart our traditional business.

>>>>Some of the increase is due to foreign investors, but most of it is just a bounce back from the post- recession downturn. The interest rates are low, which is boosting demand. Bay Area numbers have gone up 10 to 15% based on what I have seen. I predict the traditionally hot markets will see the trend continue for awhile longer.

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