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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: This is the truth Posted by LazyMan on July 28, 2010 at 4:06 PM In Reply to: Re: This is the truth posted by Rob on July 28, 2010 at 2:30 PM About a year ago Ward suggested there would be "blood in the streets" come late Fall of 09 and capitulation prices to follow. This hasn't happened in LA or OC yet and it may never happen. But, I believe we've finally reached the point where the retail market is collapsing and this will force dislocation and greater price discrepancy in the auction market. This is why I'm spending time on this. With SS deals, I'm searching for nuances that I can use to argue for a reduced value. However, these generally take time to cure for resale so I'm only averaging a deal per quarter. With TS sales, I'm looking for nuances that positively affect value -- these are easier to find given the volume of deals, but it's pointless if nimrods are paying over retail anyway so I hear you on spending a lot of time for 0 results. : : As a Flipper in LA, I've had much better luck negotiating SS Deals before and in escrow than buying at the TD sales. : : I've been following the auction market for 2 years now in LA and the truth is that investors have been lucky to squeeze out small margin profits in most flip cases; however at this point I estimate 50% of the TD investors in LA are paying more than retail. : How many deals do you average each month over the last 2 years by following your methods and if you are successful with SS why do you spend the increible amount of time which is necessary to attend TS auctions? : : : : : : Yesterday was a terrible day for LA TD Buyers. One of the condos I bid on sold for 5% above the price it was listed for on the MLS (on market for 36 days). Why would someone pay more for a property at the TD auction than the MLS asking price? : : : I'd guess the buyer was ignorant of the MLS listing, ignorant of the general market, and over-enthusiastic. : : : That makes it hard on the rest of us. : : : Dond Follow Ups: Re: This is the truth MonroviaDave 7:37 PM, 07/28/10 (1) they called them investors in 2007 also, from REITs to The Smallest-Timer. Anyone buying and holding isn't an investor at this point. The ship is sinking. LazyMan 4:14 PM, 07/29/10 (0) Post a Followup: Name : E-Mail : Subject : Comments: : About a year ago Ward suggested there would be "blood in the streets" come late Fall of 09 and capitulation prices to follow. This hasn't happened in LA or OC yet and it may never happen. : But, I believe we've finally reached the point where the retail market is collapsing and this will force dislocation and greater price discrepancy in the auction market. This is why I'm spending time on this. : With SS deals, I'm searching for nuances that I can use to argue for a reduced value. However, these generally take time to cure for resale so I'm only averaging a deal per quarter. With TS sales, I'm looking for nuances that positively affect value -- these are easier to find given the volume of deals, but it's pointless if nimrods are paying over retail anyway so I hear you on spending a lot of time for 0 results. : : : As a Flipper in LA, I've had much better luck negotiating SS Deals before and in escrow than buying at the TD sales. : : : I've been following the auction market for 2 years now in LA and the truth is that investors have been lucky to squeeze out small margin profits in most flip cases; however at this point I estimate 50% of the TD investors in LA are paying more than retail. : : How many deals do you average each month over the last 2 years by following your methods and if you are successful with SS why do you spend the increible amount of time which is necessary to attend TS auctions? : : : : : : : : Yesterday was a terrible day for LA TD Buyers. One of the condos I bid on sold for 5% above the price it was listed for on the MLS (on market for 36 days). Why would someone pay more for a property at the TD auction than the MLS asking price? : : : : I'd guess the buyer was ignorant of the MLS listing, ignorant of the general market, and over-enthusiastic. : : : : That makes it hard on the rest of us. : : : : Dond [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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