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Market Conditions in 94597 : Real Estate Advice

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  • Local Info3
  • Home Buying5
  • Home Selling2
  • Market Conditions0

Activity 10
Tue Dec 6, 2011
Dan Tabit answered:
Kelly,
Assessed value is a general idea of value for tax purposes and has little or nothing to do with market value. The relationship between sale price and assessed valuation can be interesting to look at, but is not a reliable way to set market value.
Market value is what a home is worth when presented to the broadest possible market and a willing and able buyer and willing seller agree to. As an agent we approximate this by checking sold comparable homes in the local market that are the most like our subject property. Once we list a home for sale, the Market will set what the market value is by the presence or lack of an offer at or near our listed price.
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Thu Nov 25, 2010
Susan Kingsley answered:
Hi Ester,
I used to be a teacher and am happy to share information. I know there are so many questions in this process.

Of the 37 properties in Rossmoor that are currently pending, one of them got an accepted offer the first day( 0 DOM) At the other extreme another of these pending sales was on the market for 332 days. The average is skewed because some of the properties have been on the market for a very, very long time. The average DOM for these 37 properties is 77 days.

Of the 172 that are currently for sale on the MLS, the average DOM is 103 days. 7 of those have been on the market for over a year. If I subtract those 7, then the average is 79 DOM for the remaining. Most properties that are priced well, in good condition and marketed thoroughly will sell within the first 30-60 days. Some sooner.

I have been helping buyers and sellers in Rossmoor for several years and I love this community. My aunt lives on Ptarmigan and I am very famliar with MOD and the nuances of Rossmoor. You can go to my website for more information about Rossmoor and to see the properties I am currently selling in Rossmoor, along with the history of the sold properties.

I am not on Trulia all of the time, but feel free to email directly with specific questions. Hope this helps.
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Fri Jan 14, 2011
Charles Swank answered:
It depends who the seller is. Each situation is different. It also depends on how close to market value the property is put up for sale at. A bank reo often operates under pretty set guidelines and anything below 20% below list price tends to be a low percentage game, and there are exceptions. A divorce case or probate sale with greedy or cash desperate people who inherited the property is a different case, and one might get away with a low ball offer 30-40% below list price if it is an all cash, no contingency offer.

The only real question for me is, how low can I offer without offending the seller to the point where they will not talk to me or even look at any other offers from me.

Other wise I will start low and negotiate my way up on price and terms to a deal that makes sense to me, or I reach a point where I will look at other properties. It still is a Buyer's Market if you have cash, or solid credit.

Rossmoor homes many times are probate sales where someone has inherited the property.
Also some locations are vastly more in demand in Rossmoor than others. Distance from parking being one factor.

Usually a good broker with 10 or more years and a 100 or more closed sales should be able to guide you through the process.

Although I am not accepting any new clients at this time.
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Mon Jan 10, 2011
Bob Georgiou answered:
Ester,

Rossmoor is unique in that the co-ops bend the market a bit. Since those homes require (for the most part) all cash offers the statistics drag and extend numbers in favor of the buyers. Holidays are susally tough since many people have other activities that eat into new home shopping time. That fact doesn't change in Rossmoor. ... more
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Wed May 5, 2010
Bob Georgiou answered:
Bill,

From one perspective that number is hard to justify. Most of the inventory I have seen and I have been advising my clients that $300 psf is closer to the correct number.
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Tue Mar 9, 2010
Suzanne Looker answered:
Congradulations on your move! There is so much information that we can share with you. I would strongly advise that you go to our websites and choose a couple realtors to interview over the phone. You will be best served by committing to a realtor familiar with all your preferred cities of interest.
Regards,
Suzanne Looker
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Sat Jul 17, 2010
Steve Curtis answered:
When 555YVR came on the market the developer set prices from the very high $300's to over $700k. Fortunately, John Millano and the rest of his team were cooperating with the local realtors and asked them their opinions on pricing. Ultimately, the prices were reduced to $319k to about $625k which puts them in range with the market ... including resales at The Mercer. While The Mercer has more amenities like a pool because of its size (0ver180 units) 555YVR has better views, comparable floor plans and a better feel in the "public" spaces, especially the hallways which have portions that are open air and look out at the views and into the courtyard.

My undrstanding in talking to John last week is that they have 18 units pending out of 87 and are selling a little over 1 per week. In this strange market place that's not bad.

Is it common to try to keep the price up by providing incentives and upgrades ... absolutely and that has been done by builders for decades. 555YVR started out with this approach, but the focus recently has been more straight forward with the pricing and I think it's working. The Pre-opening prices were too high for the market and the public didn't go for the incentive bit

You can obviously go direct to 555 YVR, but if you want someone on your team during the process contact me at 925-408-0037. I would welcome the opportunity to help you purchase a home.
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Sat Aug 22, 2009
Dave Sutton answered:
This calendar year there have been five one-bedrooms sold, ranging from $74,900 to $280,000; four two-bedrooms, from $272,000 to $635,000, and one three-bedroom at $635,000. What other information would be helpful? ... more
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Wed Jul 29, 2009
Vito LoGrasso answered:
What was the highest real estate value year for Rossmoor, and since how much has it come down?

Rossmoor Retirement Community in Walnut Creek: Looking at statistics form the Contra Costa Association of Realtors, 2005 was the highest real estate year for Rossmoor, with and average sales price of $449,724. The current average price year to date in 2009 is $279,400 representing a decline of approximately 55%.
With 65 models and over 6000 homes to choose from, these numbers are not a true representation of the total picture of Rossmoor Retirement Community in Walnut Creek. Rossmoor Retirement Community in Walnut Creek has a large range of homes, 174 homes listing from $78,000-$1,200,000.
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Mon Oct 27, 2008
Eric H. Wong answered:
I don't think it has shifted to a Seller's market as much as all the agents have gotten a lot more savvy on the listing side. They know that if they want an REO to sell, they have to drop the price low, low, low. ... more
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