Is Real Estate Dead?

Of course this question is somewhat rhetorical, but one that needs to be asked. If for any reason other than for the heck of it or for the purposes of having a conversation, the death or near death of the real estate industry is quite intriguing.

Earlier today I found out some very sad news, that one of the largest real estate firms in Orange County has closed down. I know the owner of the company and have found him to be quite smart and a good businessman. I knew he was having a few problems with the market and all, but I thought he would at the least be able to keep his head above water. Unfortunately that was not the case, the doors have been closed and the funeral has been planned. I find this to be sad for a number of reason, aside from him losing part of his livelihood, the market is showing no signs of pulling a Frankenstein and coming back from the dead. I would love to see this change, much sooner that later, but only time will tell. Let’s just hope the time is not too long. Check out these price reductions in Huntington Beach, maybe this can breathe some life into the market.

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20191 Cape Coral Ln. #212: 2 Beds, 1.75 Baths, 1000 SQ. FT. The list price was “$439,900″ and changed to “$424,900″

18900 Delaware #336: 1 Bed, 1 Bath, 665 SQ. FT. The list price was “$100,900″ and changed to “$94,936″

1917 Park St: 3 beds, 2.5 Baths, 2,780 SQ. FT. The list price was “$1,320,000″ and changed to “$999,999″

19091 Sloop Cr: 2 Beds, 3 Baths, 1,170 SQ. FT. The list price was “$520,000″ and changed to “$508,000″

20271 Sealpoint Ln #202: 2 Beds, 2 Baths, 1,200 SQ. FT. The list price was “$475,000″ and changed to “$450,000″

9552 Velardo Dr: 3 Beds, 2 Baths, 1,176 SQ. FT. The list price was “$634,000″ and changed to “$615,000″

628 17th St: 3 Beds, 2.5 Baths, 2,551 SQ. FT. The list price was “$990,000″ and changed to “$879,000″

  • http://www.socalbubble.com Chuck Ponzi

    Markets never “die”. They just get really sick for a really long time. The truth is, the market is just now starting to get healthy again. What I mean is that prices are coming back in line to where a healthy non real estate economy can coexist. I have a dream where people in OC can both buy a home and pay for food, clothing, and education.

    In the meantime, there is no surer way to sell a house than lower the price. It always works.

    Chuck Ponzi