California Home Prices Falling
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ravetildon
- Posts: 205
- Joined: Wed Mar 09, 2005 2:11 am
- Location: I love Travel! - We Are Based Around San Francisco, California
California Home Prices Falling
I can't believe how much prices have fallen. I went to to bid on a home yesterday. 2 years ago the price was 350,000 USD now $69,000 in California. Woo hoo.
There still exists a place in California where you can buy a house for $69,000? Is it in the Mojave or something? 
It is true, though, that this would probably be a good time to buy if you can manage it. Prices have fallen 20% in some places -- and I'm not talking about the desert, I'm talking about very desirable vacation rental areas...
It is true, though, that this would probably be a good time to buy if you can manage it. Prices have fallen 20% in some places -- and I'm not talking about the desert, I'm talking about very desirable vacation rental areas...
Brooke
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ravetildon
- Posts: 205
- Joined: Wed Mar 09, 2005 2:11 am
- Location: I love Travel! - We Are Based Around San Francisco, California
info
yea, pretty nice places...
Unless it's in a trailer park, that house is a Lis Pendens (in pre-foreclosure), or REO (Bank Owned after foreclosure). Please stop misleading people. California is currently being hit hard by the subprime, but it's ludicrous to suggest that ALL houses that were priced at $350K two years ago are now $69K. That's not happening, even in CA where people are being hit hardest by irresponsible borrowing.
Tip of the day: The $69K is only the purchase price. Your debt doesn't stop there. Make sure your accepted offer includes clear title as a contingency. Otherwise you may find yourself with a deed that has a lien on it for $300K, in which case you will end up paying more than the $350K you could have bought it for 2 years ago. Start by asking if the taxes are paid to date, it could be a tax lien. If so, even though you close on the purchase, the owner may have the right to have the sale overturned up to 6 months afterwards and move back in. Then you get left with lots of bills and no house.
Yes, there are bargains out there right now, Donald Trump is buying, but a person really needs to know what they are doing in this market, especially this market. Proceed with caution - when people are hurting, they will try and sell you Brooklyn Bridge for $1.
If you want more information, PM me with contact details and area where you are looking, I might know someone there who can watch your back.
Tip of the day: The $69K is only the purchase price. Your debt doesn't stop there. Make sure your accepted offer includes clear title as a contingency. Otherwise you may find yourself with a deed that has a lien on it for $300K, in which case you will end up paying more than the $350K you could have bought it for 2 years ago. Start by asking if the taxes are paid to date, it could be a tax lien. If so, even though you close on the purchase, the owner may have the right to have the sale overturned up to 6 months afterwards and move back in. Then you get left with lots of bills and no house.
Yes, there are bargains out there right now, Donald Trump is buying, but a person really needs to know what they are doing in this market, especially this market. Proceed with caution - when people are hurting, they will try and sell you Brooklyn Bridge for $1.
If you want more information, PM me with contact details and area where you are looking, I might know someone there who can watch your back.
DITTO.
I HAVE seen some GREAT deals in CA...but for more like 700k...which is a terriffic price since they were once going for over a million....but I would not think a home under 100k in CA would be somewhere you would want to live...and I doubt it would be anaywhere you could rent out as a holiday home
I HAVE seen some GREAT deals in CA...but for more like 700k...which is a terriffic price since they were once going for over a million....but I would not think a home under 100k in CA would be somewhere you would want to live...and I doubt it would be anaywhere you could rent out as a holiday home
Actually, I rather believe there are bargains about.
Not through the unlikely circumstances quoted above , but because :
"Normal" value of US property = say, USD 500,000
Recent reduction = say 20%, = USD 100,000
Todays asking price = USD 400,000
Cost of this property for a EU based investor :
Today (USD1 = EUR 0.63) = Euro 252,000
At 1/1/2004 (USD1 = EUR 1.26) = Euro 630,000 (500,000 X 1.26)
So the combined saving today is 60%.
Peter
Not through the unlikely circumstances quoted above , but because :
"Normal" value of US property = say, USD 500,000
Recent reduction = say 20%, = USD 100,000
Todays asking price = USD 400,000
Cost of this property for a EU based investor :
Today (USD1 = EUR 0.63) = Euro 252,000
At 1/1/2004 (USD1 = EUR 1.26) = Euro 630,000 (500,000 X 1.26)
So the combined saving today is 60%.
Peter
very true 
I think everyone else though on the thread is pretty much US based...so the dollar dosen't help (well..me anyway...dosen't make things here cheaper...only makes my other life in Europe more expensive!). If you are investing Euros though...lots of options in the US for sure CA, Maiami, Las Vegas, etc. - places that went crazy a few years ago.
I think everyone else though on the thread is pretty much US based...so the dollar dosen't help (well..me anyway...dosen't make things here cheaper...only makes my other life in Europe more expensive!). If you are investing Euros though...lots of options in the US for sure CA, Maiami, Las Vegas, etc. - places that went crazy a few years ago.