I am interested in a home in Marina Bay, Richmond CA. The prices seem to be plummeting from foreclosures.

Asked by San, Richmond, CA Thu Mar 13, 2008

When do you think the market for this area will bottom out?

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Nancy, Home Buyer, Fremont, CA
Mon Sep 14, 2009
I am interested in buying a property in Marina bay. I searched on Trulia. There are 90 homes listed in Marina bay. Most of them are at some stage of foreclosure. 90 seems to be a big number for such a small area. If all these foreclosure homes hit market, will they drive price down further? Anybody has any insights?
1 vote
Philip Heart, Home Owner, 94804
Wed Sep 26, 2012
I agree with Darrell that it may take a while longer. I've been hearing "the prices have bottomed out or will be bottoming out soon" since the crisis started. I'll believe it once the trend reverses steadily for two years.

If you are looking for a deal in that area it probably will have to be a foreclosure (and some of those do exist) because otherwise only the most desperate home owners (e.g. moving out of state but don't want to foreclose) are selling in this market and 2-3 years before the new UC research campus and underpass are being built.
0 votes
Darrell A. C…, , Berkeley, CA
Wed Sep 26, 2012
I would think it will be done bottoming at the beginning of next year after they settle out on the fiscal cliff. But once that is done then it will be bottomed out, More or less. There will have been nothing left after that is not touched by the failures of every entity and degree possible within the system. I'd say summer 2013, but then you have the possibility of flood waters that may be affecting the values there long term, a hundred years from now. You should check the heights. If it is within 4' of Upper High Tide -- then I'd wonder if it is a good idea to buy it.

Fact is I would build a house of my own with an architect before I'd sink a load of investment money in a large operation like that unless you want the worry free living they offer. An individual house in a better area would make more sense to me, using an Architect to locate the site as well, and budget the project so it works out. Labor is down right now and it is easy to get work done, I believe, if anyone wanted work done. Those condos are probably pretty cheap right now though.

Its a challenge. but it is always cheaper to build with an architect.
0 votes
Ron Gunther, , Richmond, CA
Mon Aug 8, 2011
call me, i have a home you can buy cheap
Ron 650-278-7623 ronaldgunther40@yahoo.com
0 votes
Philip Heart, Home Owner, 94804
Fri Jun 12, 2009
clearly the bottom has not been reached for richmond. it's a lot harder to answer this for a small area like marina bay since the sample rate is so small. my gut feeling is that prices have stabilized in that particular part of richmond, but of course no one really can predict how the economy is going to develop in the next 12-36 months.
0 votes
Mike Rowland, Agent, El Sobrante, CA
Thu Mar 26, 2009
Prices have continued to decline up until about 30 days ago, with the improvements in interest rates in the last few weeks and the price of homes now being affordable we have seen an increase in activity in the Richmond/Marina Bay Area. the homebuyer can now buy cheaper than they can rent. We feel the bottom has been reached and the time to buy is now. This is the opportunity buyers have been waiting for. We have helped many transition to home ownership. Feel free top contact us with any questions

Mike Rowland
Windermere Rowland Realty
0 votes
PayHomeBuyer…, , California
Mon May 19, 2008
You don't want to buy when it hits rock bottom, that is too hard to estimate and you will end up paying more because of the bidding wars that result. This is starting to happen right now with all the REOs. Investors that make a living studying these markets an purchasing these homes now. Talk to an agent in Richmond and they will tell you how hard it is to get an offer accepted on one of these homes. There is always someone who outbids you. So if you want a good deal, purchase an REO or short sale, they are already "bottomed out".
0 votes
Daniel Ripper, Agent,
Tue Mar 18, 2008
The key factor you need to think about is not when the market bottoms out, but that you're in the bottom fold of the market. Trying to time when the market completely bottoms out is useless as the only time we know that we've hit rock bottom is when we start rebounding up! Great time to buy in Marina Bay, low interest rates and low prices.
Web Reference:  http://www.marinabayca.com/
0 votes
Liz Stevens, , Berkeley, CA
Thu Mar 13, 2008
Just sold one at The Cove at Marina Bay, and yes, they will negotiate - prices are now very attractive, and you can get something that is quite lovely for $300,000 or less. I like the Cove because the units are laid out well and most outlooks from most windows are nice. Those sold by owners who need to get out are "short sales", many times they go on and on while the bank decides whether to say yes to the "short" part of the sale - many times they will not go along with the agreed upon price between buyers and seller and the property ends up in foreclosure. I don't know if those units will be sold individually by banks at really good prices, but rather to investors who buy 4-10 units at a time and get a good discount.
0 votes
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