Comments on: Starting To Smell Like An Old Shoe ? … http://blog.redfin.com/orangecounty/2008/02/starting_to_smell_like_an_old_shoe_.html Redfin Orange County Sweet Digs Mon, 16 Jan 2012 10:53:20 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: debbie http://blog.redfin.com/orangecounty/2008/02/starting_to_smell_like_an_old_shoe_.html/comment-page-1#comment-5640 debbie Sun, 24 Feb 2008 17:46:57 +0000 http://blog.redfin.com/orangecounty/2008/02/starting_to_smell_like_an_old_shoe_.html#comment-5640 Dominic: I couldn't agree with yore more. However, I think the majority of the beach communities -- even the one where I live, Laguna Niguel, also suffer from the snobbish, we-can-do-no-wrong attitude. At some point, I think if sellers want to actually sell their homes, they are going to have to dump the nose-in-the-air attitude and drop the price or continue to watch the numbers rise on Redfin in terms of how many days they have been listed on the market. Either that, or we're going to have a lot of old shoes stinking out there. Dominic:
I couldn’t agree with yore more. However, I think the majority of the beach communities — even the one where I live, Laguna Niguel, also suffer from the snobbish, we-can-do-no-wrong attitude. At some point, I think if sellers want to actually sell their homes, they are going to have to dump the nose-in-the-air attitude and drop the price or continue to watch the numbers rise on Redfin in terms of how many days they have been listed on the market. Either that, or we’re going to have a lot of old shoes stinking out there.

]]> By: Dominic http://blog.redfin.com/orangecounty/2008/02/starting_to_smell_like_an_old_shoe_.html/comment-page-1#comment-5621 Dominic Sat, 23 Feb 2008 08:52:18 +0000 http://blog.redfin.com/orangecounty/2008/02/starting_to_smell_like_an_old_shoe_.html#comment-5621 I have been watching the Dana Point market too and have noticed the same thing, lots of resistance to dropping prices to the level of the current market. After talking to some people I have come to a conclusion that there is some snobbish attitude that Dana Point shouldn't be affected by the downturn because it is a beach community. But reality seems to be that the downturn is based more on where the riskier loans were made, which is homes under about $1.2M during that last 3 years. Looking at Dana Point, many homes fit that category so those homes probably will be affected. Even if they do not have as many defaults, Dana Point is still competing with other nearby cities for buyers and many of those buyers will decide to avoid DP if sellers refuse to lower their prices. Less buyers (demand) should ultimately result in even more downward pressure on prices there. Eventually they will need to either face reality or decide not to sell until the market turns around, in my opinion. I have been watching the Dana Point market too and have noticed the same thing, lots of resistance to dropping prices to the level of the current market. After talking to some people I have come to a conclusion that there is some snobbish attitude that Dana Point shouldn’t be affected by the downturn because it is a beach community. But reality seems to be that the downturn is based more on where the riskier loans were made, which is homes under about $1.2M during that last 3 years. Looking at Dana Point, many homes fit that category so those homes probably will be affected. Even if they do not have as many defaults, Dana Point is still competing with other nearby cities for buyers and many of those buyers will decide to avoid DP if sellers refuse to lower their prices. Less buyers (demand) should ultimately result in even more downward pressure on prices there. Eventually they will need to either face reality or decide not to sell until the market turns around, in my opinion.

]]> By: Debbie Sklar http://blog.redfin.com/orangecounty/2008/02/starting_to_smell_like_an_old_shoe_.html/comment-page-1#comment-5614 Debbie Sklar Fri, 22 Feb 2008 23:21:32 +0000 http://blog.redfin.com/orangecounty/2008/02/starting_to_smell_like_an_old_shoe_.html#comment-5614 Brian and Scott: One would think that home sellers might take a clue after their house has been sitting on the market for that extended period of time and at least take it off the market for a bit ... Like I said ... starting to smell like an old shoe... Debbie Brian and Scott:

One would think that home sellers might take a clue after their house has been sitting on the market for that extended period of time and at least take it off the market for a bit … Like I said … starting to smell like an old shoe…

Debbie

]]> By: Brian http://blog.redfin.com/orangecounty/2008/02/starting_to_smell_like_an_old_shoe_.html/comment-page-1#comment-5612 Brian Fri, 22 Feb 2008 17:42:12 +0000 http://blog.redfin.com/orangecounty/2008/02/starting_to_smell_like_an_old_shoe_.html#comment-5612 Yes 500 days is quite a long time to be on the market, hmmm, a sign of things to come maybe??? Yes 500 days is quite a long time to be on the market, hmmm, a sign of things to come maybe???

]]> By: scott http://blog.redfin.com/orangecounty/2008/02/starting_to_smell_like_an_old_shoe_.html/comment-page-1#comment-5609 scott Fri, 22 Feb 2008 02:25:29 +0000 http://blog.redfin.com/orangecounty/2008/02/starting_to_smell_like_an_old_shoe_.html#comment-5609 Great and interesting blog ... glad to see that some of these overpriced homes are suffering in the selling dept .. more than 500 days! wow Great and interesting blog … glad to see that some of these overpriced homes are suffering in the selling dept .. more than 500 days! wow

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