Comments on: A Market “Retort” http://www.realcentralva.com/2008/08/04/a-market-retort/ Tracking Charlottesville's Real Estate Market since 2005 Sun, 12 Feb 2012 23:56:00 +0000 hourly 1 http://wordpress.org/?v= By: Updated Market Report for Charlottesville Region | Real Central VA http://www.realcentralva.com/2008/08/04/a-market-retort/#comment-19100 Updated Market Report for Charlottesville Region | Real Central VA Thu, 09 Oct 2008 14:55:49 +0000 http://www.realcentralva.com/2008/08/04/a-market-retort/#comment-19100 [...] Also - see the “Market Retort” from August. [...] [...] Also – see the “Market Retort” from August. [...]

]]> By: Jim Duncan http://www.realcentralva.com/2008/08/04/a-market-retort/#comment-17946 Jim Duncan Tue, 05 Aug 2008 10:39:41 +0000 http://www.realcentralva.com/2008/08/04/a-market-retort/#comment-17946 BB - Thanks; those numbers are a constant frustration for me - not your fault. We're returning to where we used to be - as my mother (Realtor) used to tell people - if you buy a house and sell in 3-5 years and don't lose money, you will have done pretty well. I hate to agree with the NYT, but they may be on to something. :) BB –

Thanks; those numbers are a constant frustration for me – not your fault.

We’re returning to where we used to be – as my mother (Realtor) used to tell people – if you buy a house and sell in 3-5 years and don’t lose money, you will have done pretty well.

I hate to agree with the NYT, but they may be on to something. :)

]]> By: The Bubble Blog http://www.realcentralva.com/2008/08/04/a-market-retort/#comment-17934 The Bubble Blog Tue, 05 Aug 2008 03:05:59 +0000 http://www.realcentralva.com/2008/08/04/a-market-retort/#comment-17934 Jim, Thanks for clarifying our numbers. They come from www.caar.com--the "live numbers" boxes. We were hoping we were careful to specify that the 3688 was the CAAR "area"--meaning all locations the #s cover. We agree that houses will eventually appreciate...3% used to be the accepted/anticipated rate. We've all been spoiled with crazy numbers for houses and stocks...and reality is biting. This is the link to the NYTimes coverage of the wave of Alt-A and Prime defaults: http://tinyurl.com/68a2s4 Jim,

Thanks for clarifying our numbers. They come from http://www.caar.com–the “live numbers” boxes.

We were hoping we were careful to specify that the 3688 was the CAAR “area”–meaning all locations the #s cover.

We agree that houses will eventually appreciate…3% used to be the accepted/anticipated rate. We’ve all been spoiled with crazy numbers for houses and stocks…and reality is biting.

This is the link to the NYTimes coverage of the wave of Alt-A and Prime defaults: http://tinyurl.com/68a2s4

]]> By: Scott R http://www.realcentralva.com/2008/08/04/a-market-retort/#comment-17925 Scott R Mon, 04 Aug 2008 16:12:37 +0000 http://www.realcentralva.com/2008/08/04/a-market-retort/#comment-17925 I meant to add: there has been something kind of... delicious...about the high-end foreclosures in Glenmore and out in Western Albemarle. "Keswick" seems to incorporate all of Eastern Albemarle (yea...even unto Lousia!) these days, and the contagion seems to have spread as widely as the desire to label one's neighborhood "Keswidk". It seems like Dick Woods Rd. was extended all the way to Afton in an effort to increase the available number of addresses on that street. The foreclosures seem to be spreading there as well! The NY Fed map shows a pretty decent concentration of Option ARM mortgages in Albemarle - I guess the open question is how many of those "Prime" borrowers are going to be able to keep afloat after resets. Those don't start until next year. I meant to add: there has been something kind of… delicious…about the high-end foreclosures in Glenmore and out in Western Albemarle. “Keswick” seems to incorporate all of Eastern Albemarle (yea…even unto Lousia!) these days, and the contagion seems to have spread as widely as the desire to label one’s neighborhood “Keswidk”. It seems like Dick Woods Rd. was extended all the way to Afton in an effort to increase the available number of addresses on that street. The foreclosures seem to be spreading there as well!

The NY Fed map shows a pretty decent concentration of Option ARM mortgages in Albemarle – I guess the open question is how many of those “Prime” borrowers are going to be able to keep afloat after resets. Those don’t start until next year.

]]> By: Scott R http://www.realcentralva.com/2008/08/04/a-market-retort/#comment-17924 Scott R Mon, 04 Aug 2008 14:30:19 +0000 http://www.realcentralva.com/2008/08/04/a-market-retort/#comment-17924 I'd say that prices will remain flat - for sellers who can wait this out. The credit tightening isn't over, and CR also posted this morning about the second severe wave of defaults coming. It's not so much that we'll have a glut of foreclosures (although they are accelerating here), but that credit conditions will continue to tighten. The properties that did sell seem to be those with the very best value - best location and size - and with significantly reduced prices. The Grove Rd, and Park St. houses are in absolutely some of the best neighborhoods in town, and were decent housing stock. I am curious to see how much the Rugby Rd house actually goes for, if it closes, but I think it's an outlying data point. There is something really odd about the Lexington Ave house. I’d say that prices will remain flat – for sellers who can wait this out. The credit tightening isn’t over, and CR also posted this morning about the second severe wave of defaults coming. It’s not so much that we’ll have a glut of foreclosures (although they are accelerating here), but that credit conditions will continue to tighten.

The properties that did sell seem to be those with the very best value – best location and size – and with significantly reduced prices. The Grove Rd, and Park St. houses are in absolutely some of the best neighborhoods in town, and were decent housing stock. I am curious to see how much the Rugby Rd house actually goes for, if it closes, but I think it’s an outlying data point. There is something really odd about the Lexington Ave house.

]]> By: Jim Duncan http://www.realcentralva.com/2008/08/04/a-market-retort/#comment-17923 Jim Duncan Mon, 04 Aug 2008 14:13:26 +0000 http://www.realcentralva.com/2008/08/04/a-market-retort/#comment-17923 Bret - Agreed. I have 100% confidence that property bought today will appreciate; it will likely take longer than we have become accustomed to over the past five years. This statement is, in my opinion, a sign of the "new" realistic market expectations. Bret – Agreed. I have 100% confidence that property bought today will appreciate; it will likely take longer than we have become accustomed to over the past five years. This statement is, in my opinion, a sign of the “new” realistic market expectations.

]]> By: Bret Harris http://www.realcentralva.com/2008/08/04/a-market-retort/#comment-17922 Bret Harris Mon, 04 Aug 2008 14:00:45 +0000 http://www.realcentralva.com/2008/08/04/a-market-retort/#comment-17922 "Don’t buy expecting appreciation..." Perhaps the statement might be modified to say:"Don’t buy expecting immediate appreciation"? It seems unlikely that there will be no appreciation over time. “Don’t buy expecting appreciation…”

Perhaps the statement might be modified to say:”Don’t buy expecting immediate appreciation”? It seems unlikely that there will be no appreciation over time.

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