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Bring Your Best Offer, Seller Is Very Motivated And Ready To Go

A report from the Oregonian. “Wise homebuyers look for discounts on properties they value. What causes a sale price to cascade? An anxious seller or an asking price that’s too high and no one’s biting. In this week’s real estate gallery, we look at 15 Portland homes that have undergone a price cut or two. $160,000 less in Portland’s downtown Koin Tower: 1414 S.W. 3rd Ave. #2603, which was once listed at $1,150,000, is now for sale at $990,000.”

“$121,000 less in Portland’s Hayhurst neighborhood: 5400 SW Shattuck Road, which was once listed at $770,000, is now for sale at $649,000. $100,000 less in Portland’s Goose Hollow neighborhood: 1535 S.W. Upper Hall St., which was once listed at $500,000, is now for sale at $400,000.”

“$50,050 less in Portland’s Centennial neighborhood: 1030 S.E. 148th Ave., which was once listed at $350,000, is now for sale at $299,950. ‘Bring your best offer, Seller is very motivated and ready to go,’ says listing agent Peter Anyanwu of Premiere Property Group.”

The Real Deal on California. “A wave of expensive properties hit the market this week, adding to the glut of luxury residences on the market. There was also one notable price cut for a property in Beverly Hills that’s been languishing for as long as its former owners have been divorced.”

“Rockstars and former couple Gwen Stefani and Gavin Rossdale chopped the ask on their 15,000-square-foot home from $35 million to $24 million, a 31 percent drop. Jordana Woodland, founder of lingerie brand Naked Princess, broke an L.A. County record this week. The actress sold her penthouse duplex for $13.3 million. While that reflects a sharp drop from the original $20 million ask, it still marks the most expensive condo sold so far this year.”

The Real Deal on New York. “Jule Pond, a 42-acre estate in Southampton with both ocean and pond frontage that hit the market at a whopping $175 million in August 2017, has trimmed $30 million from its ask price. ‘We think the price cut is irrelevant to the state of the market and don’t think it reflects anything about pricing,’ co-listing broker Cody Vichinsky of Water Mill-based Bespoke Real Estate told The Real Deal.”

From Crain’s Chicago Business in Illinois. “The slump in Chicago-area home sales continued in May, the 10th month in a row when the city and the metro area were down from the same time a year earlier, according to Illinois Realtors. The string of declines is the longest in more than seven years.”

“‘While consumer sentiment has become more broadly positive nationally, Illinois consumers appear to be responding a little more conservatively,’ Geoffrey J.D. Hewings, said in a statement from Illinois Realtors. ‘Housing sales continue to grow more slowly compared to prior years’ experience at this time of the year.'”

The Pittsburgh Post Gazette in Pennsylvania. “Call it a character flaw, but I love reading stories about rich people having trouble selling their mansions. A story in The Wall Street Journal popped up on my news feed the other day: ‘A Growing Problem in Real Estate: Too Many Too Big Houses.'”

“The gist is that Baby Boomers who bought five- and six-bedroom homes across the Sun Belt are now discovering that younger generations don’t want to spend that much to own a home in the middle of nowhere. This perfect storm has boomers slashing the prices of their homes.”

“I also shouldn’t be smug. Truth is, I live in a too-big house myself. I know I’ve written at least once that, like more and more Pittsburghers, I couldn’t afford to buy a home in my own neighborhood anymore. Were I starting out today, I’d have to look in some other backwater most people have written off. But from my catbird seat, it’s downright startling to see this new Pittsburgh growing before my eyes.”

“The booms in Lawrenceville and East Liberty, the hotels popping up everywhere, the high-end development along the riverfront in the Strip District — all that is old news by now. But it still has me gaping every time I drive past a construction crane. And now some crazy numbers have hit my neighborhood, too.”

“What’s it all mean? We don’t know yet. Pittsburgh dodged the bursting of the housing bubble a decade ago because we were never part of the real estate boom. Now the real estate trend is our friend (if you own) but not necessarily so if you’re looking.”      

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This Post Has 70 Comments

  1. ‘Housing sales continue to grow more slowly compared to prior years’ experience at this time of the year’

    It’s going down dingle-berry.

    1. Any thread that insults REALTOR with the term “dingle-berry” is a win.

      If this was Reddit I’d give that poster some gold.

  2. ‘Wise homebuyers look for discounts on properties they value. What causes a sale price to cascade? An anxious seller or an asking price that’s too high and no one’s biting’

    The Oregonian has been quiet lately. Some may remember that I emailed this writer with an article on UHS openly discussing lenders holding shacks off the market to prop up prices. Never heard anything back. But these oh so liberal people will lament. “People can’t afford anything!!!” Why didn’t you want to look into open price manipulation?

    Now the Eeee-bola!

    1. “I emailed this writer with an article on UHS openly discussing lenders holding shacks off the market to prop up prices. Never heard anything back.”

      Well how much of the Oregonians revenue is generated from RE ad revenue? Doubt they would want to anger their contributors.

      1. “The couple moved from Austin, Texas, to Portland last summer, arriving in what would soon become America’s hottest real estate market. Caitlin had been accepted to a graduate program in creative writing through Oregon State University, and Charles landed a tech job at the Portland design and engineering firm Uncorked Studios.”

        Looks like Charles is pulling on both oars of their economic canoe. Meanwhile Caitlyn orders “ramming speed!”

        2. I like Oregon and even parts of Portland, but I have a real problem with those prices. You could lop 50% off and I might think theyre close to full priced.

          Oh, and the number of virtue signaling tesla driving d-bags in that area is astronomical. All wearing the latest made-in-china-by-child-labor clothing with the swooooosh on it. Every other yard has a sign saying “In my america, I welcome immigrants” or some such nonsense. What they really want is slave labor – notice how much contempt they have for blue collar native born who drive trucks, do logging, etc.

          1. notice how much contempt they have for blue collar native born who drive trucks, do logging, etc. ??

            Can you explain please how is it that they show this
            contempt ??

    1. The time of the large mall has peaked and passed. Some will survive, a small few will thrive, Many will be torn down.

      1. Many will be torn down ??

        A lot more than I think people realize….And, they are struggling in a environment of high employment and historically low interest rates…The real carnage will occur when we hit another downturn due to the economic cycle or a black swan…And it won’t just be mall’s…watch for the same in small strip centers…I am already seeing some weakness and thats around here in the land of monopoly money…

          1. First one or second? I like the remake better.
            Saw the first one in the theater when it came out. Very scary for the time.

        2. The Aston

          This place is doing well. I did a market survey on them a few months ago. It’s not in the mall, but on the outskirts.

  5. Seeing new listings from properties that were recently bought, from 2013-2018. Can people already not afford their houses? Trying to get out on top? It’s getting interesting…

    1. I have been noticing these more as well. Also noticing Zildo estimates for 1 year negative percentages increasing. 1% declines now showing 2%+

      This one has me a bit baffled as so many variables working against it (very bad neighborhood for crime and proximity to our ever growing homeless / druggie crowd, horrible condition, listed under 600k few months back but resold for 900k?). I was doubtful the shack would have fetched 595k and somehow shows a sell price of 904k in April 2019 and just listed at 795k with nothing done to it. Something fishy on this one

      https://www.zillow.com/homedetails/205-Brookside-Ave-Santa-Cruz-CA-95060/16108366_zpid/

      1. somehow shows a sell price of 904k in April 2019 ??
        Something fishy on this one ??

        Did a bit of research for you…The transaction date and amount are correct…The bank took in back through a deed in lieu…The transfer amount is what the bank was owed…

        Here is your new owner;

        HSBC BANK USA NATIONAL ASSOCIATION, ; DEUTSCHE ALT A SECURITIES INC MTG LOAN,

      2. Sold to the bank via HELOC. Hope they collected a lot of interest on that one, clearly not enough to recoup what they’ve lost.

  7. Trump Bucked National-Security Aides on Proposed Iran Attack

    “These people want to push us into a war, and it’s so disgusting,” Mr. Trump told one confidant about his own inner circle of advisers. “We don’t need any more wars.”

    “I don’t want to kill 150 Iranians,” he told reporters on Saturday, adding that he has Iranian friends back home in New York. “I don’t want to kill 150 of anything or anybody, unless it’s absolutely necessary.”

    “Everybody was saying I’m a warmonger, and now they’re saying I’m a dove,” Mr. Trump told reporters at the White House. “And I’m neither, if you want to know the truth. I’m a man with common sense.”

    https://www.wsj.com/articles/trump-bucked-national-security-aides-on-proposed-iran-attack-11561248602

    1. ‘A new book on the 2012 presidential campaign claims that President Barack Obama told aides that he is “really good at killing people.”

      ‘According to Mark Halperin and John Heilemann, the authors of Double Down: Game Change 2012, Obama made the comment while discussing drone strikes last year.’

      https://www.huffpost.com/entry/obama-drones-double-down_n_4208815?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAA1FipS7aeU5U9-a3kkzXtDoMdQM8hFrNuJU7lW3s-3waMtfIhLf-dQJ_PVcOivPy6nuXDCfWEnzXB6cylrPZZqEUus_F8cO_zPUDtC51oue9t96u9xo4FtBFNBnDelIvJ3EcREYpKJbu6NxW4IxDDFXlTQ1Bz6XcfDJcwi2kmZt

        1. It seems like the Communist and the fat cats Globalists share one thing in common, and that is a goal to destroy the middle class.

          So, what would the end game be? The commies than take over and than just take over all industry? It just seems like at some point these powers would be at odds with each other.

          1. Pushing their agenda for more taxes to fight global warming when global cooling may be far more likely. I understand their desperation what will happen to the party telling everyone to pay more to prevent global warming if we start to enter a mini-Ice age and the previous warming is shown to have been primarily caused by an active sunspot cycle?
            https://www.perspectaweather.com/blog/2019/6/19/1030-am-now-entering-a-deep-solar-minimum-and-the-latest-forecast-for-solar-cycle-25-suggests-it-may-be-the-weakest-cycle-in-200-years

          1. Some context:

            That interview was in 1996, so the sanctions being referred to where in reference to sanctions imposed by George Bush Sr.

            I think the war in Iraq was stupid, reckless, and wrong. But the video clip above needs to be put in context.

            Also, the number of deaths attributed to such sanctions were grossly over-estimated and used as a justification in and of themselves for the Iraq invasion:

            https://psmag.com/news/the-iraq-sanctions-myth-56433

          2. Also the killing helped us to allow Iran to basically take over Iraq. Iran must be our close ally.

    2. Very refreshing to have a president understand the value of human life, even when not American, and the concept of proportionality. Keep piling on those sanctions. I was always impressed by DJT’s position vis-a-vis wars of choice in the middle east. It was perhaps the thing I admired most about him as a candidate.

        1. What a “stamp those little feet” response to OneAgainstMany’s post by Hwy50ina49Dodge and scdave.

          1. $peaking’ of the $ounds of lil’feet $tampin:

            Well, over @ Thee billionaire$ play.boy club hou$e,
            dtRump, Mnuchin, Ha$$ett, Kudlow, Moore & Ro$$ LLC, they’$ pre$$uring milktoa$t Powell into $ubmi$$ion.

            “Lower the Fed’$ fund$ to 0% … Now damn it!”

            Look @ ’em $tamp.their.lil’.feet$ …

          2. Powell has already succumbed. It’s only a matter of time. QT is off the table and now they are talking about 3-4 more rate cuts in the next year.

    4. Oh dear. Due to Trump ignoring the sage advice of John “Mustache” Bolton I expect Iranian soldiers will march across the Canadian border at any moment. Michigan and Wisconsin will be occupied before nightfall. There is also talk of the Iranian navy storming the beaches of Cape Hatteras on Monday morning. Start learning to speak Persian ASAP.

  8. What causes a sale price to cascade? An anxious seller or an asking price that’s too high and no one’s biting.

    Seriously, Real Journalists? Did you recruit your editor from an “at-risk adult” group house? Ever hear of usage rules for the English language?

    Sale prices don’t “cascade”; they drop. When shack prices start plunging en masse, FBs with no skin in the game are going to walk away from their “investment.” That’s what will cause cascading defaults and foreclosures, not a “sales price cascade.”

    I hope when you Real Journalists are learning to code, you apply yourselves more than you did in your “language arts” classes.

    1. Well, 90K less for a house that is about 250 sq feet smaller. That doesn’t look like ‘cratering’ to me. Is there any house that has about 2023 sq feet that was sold recently, and if so, what was it sold for?

      Or, was there a house of size 1761 sq feet that was sold last year, and if so, what was that house sold for?

        1. Yeah, I think I rented the new place right at the peak. Beats the #&*( out of buying right at the peak though.

        1. 😄 Reaping what they’re trying to sow. Meanwhile, it’s fine to hit someone in the head with a bike lock.

        1. I grew up in NE Ohio.

          Oberlin is a joke of a bubble inside of a bubble.

          Lena Dunham attended Oberlin…

        2. “The jury heard evidence of college officials passing out flyers, speaking on a bullhorn, actively supporting the students during the protests, and helping to promote the demonstrations by using college funds to purchase food and gloves for protesters.”

          Real virtue signaling.

      3. The Democrat Party wants to start a civil war that they will lose, and lose badly ??

        So you think that only republicans own guns ?? I have 15 in my safe with another safe full of ammo…A Civil War today would be Russia’s and China’s wet dream…It would make the 1st civil war look like a family gathering…

        There are more guns than people in the United States, according to a new study of global firearm ownership. There are more than 393 million civilian-owned firearms in the United States, or enough for every man, woman and child to own one and still have 67 million guns left over.Jun 19, 2018

        2. As MGSpiffy pointed out, we’re kind of already killing each other with added sugar, drugs, and pollution. US life expectancy has gone down in 2 of the last 3 years. Apartment 401 linked to the rise in heart disease. Chronic disease may cause more devastation than guns.

  11. “I hope when you Real Journalists are learning to code, you apply yourselves more than you did in your “language arts” classes.”

    It is code blue for them. An article written with artificial intelligence is better than an article written with no intelligence.

  12. Re-post from yesterday — What Do the Oligarchs Have in Mind for Us?

    “To get a preview of the society the oligarchs want to create, the best place to look is where oligarchal domination is most complete. Wired magazine’s Antonio Garcia Martinez has called Silicon Valley “feudalism with better marketing.” In Martinez’s view, the new aristocratic class is an “Inner Party” of venture capitalists and company founders. Well below them is an “Outer Party” of skilled professionals, well paid, but forced to live ordinary middle-class lives due to high housing prices and high taxes. Below them lies the vast population of gig workers, whom Martinez compares to sharecroppers in the South, “…with the serfs responding to a smartphone prompt rather than an overseer’s command.” Further below still lie those who constitute, in Martinez’s phrase, “the Untouchable class of the homeless, drug addicted, and/or criminal.”

    California, and particularly the Bay Area, already reflects this neo-feudal reality. Adjusted for costs, my adopted home state suffers the overall highest poverty rate in the country, according to the US Census Bureau. Fully one in three welfare recipients in the nation live in California, which is home to barely 12 percent of the country’s population, while a 2017 United Way study showed that close to one in three of the state’s families are barely able to pay their bills. Today, eight million Californians live in poverty, including two million children. Roughly one in five California children lives in deep poverty and nearly half subsist barely above that.

    For all its protestations of progressive faith, the Golden State now suffers one of the highest GINI rates—the ratio between the wealthiest and the poorest—among the states. Inequality is growing faster than in almost any state—it now surpasses that of Mexico, and is closer to that of Central American banana republics like Guatemala and Honduras than it is to developed countries like Canada and Norway. There’s even the return of medieval diseases such as Typhus tied to the growing homeless encampments. We could soon even see the return of Bubonic plague, although the mainstream media seems to be ready to blame this, like most ills, on climate change as opposed to failed social policy.”

    https://quillette.com/2019/06/19/what-do-the-oligarchs-have-in-mind-for-us/

  13. “Bring your best offer, Seller is very motivated and ready to go.”

    Yeah, well this buyer isn’t motivated at all. When prices drop 30-50%, then I might feel a little more motivated. Until then, I’m on strike. Keep paying those mortgage payments and property taxes.

  14. Who Gets To Own The West
    New York Times
    Julie Turkewitz
    22 June 2019

    “IDAHO CITY, Idaho — The Wilks brothers grew up in a goat shed, never finished high school and built a billion-dollar fracking business from scratch. So when the brothers, Dan and Farris, bought a vast stretch of mountain-studded land in southwest Idaho, it was not just an investment, but a sign of their good fortune.”

    “The purchase also placed the Wilkses high on the list of well-heeled landowners who are buying huge parcels of America. In the last decade, private land in the United States has become increasingly concentrated in the hands of a few. Today, just 100 families own about 42 million acres across the country, a 65,000-square-mile expanse, according to the Land Report, a magazine that tracks large purchases. Researchers at the magazine have found that the amount of land owned by those 100 families has jumped 50 percent since 2007.”

    1. These vast land acquisitions all across the west and Midwest is truly frightening. The wonders of this country are being hoarded. Many of the new owners are closing public roads off and prohibiting hunting, fishing, snowmobiling, hiking, camping, recreation, and even access itself.

    2. Fasinatin’ interpretive interactive article using data points:
      ( … as you scroll down the maps change) … sorry if it lands behind a $ wall

      Here’s How America Uses Its Land
      By Dave Merrill and Lauren Leatherby | Bloomberg |July 31, 2018

  15. From the Real Deal article on that 142 acre property in The Hamptons:

    “We think the price cut is irrelevant to the state of the market and don’t think it reflects anything about pricing,” co-listing broker Cody Vichinsky of Water Mill-based Bespoke Real Estate told The Real Deal in an email. “Jule Pond is incomparable to other properties on the market and averse to typical trends that traditional properties often face. The high-end, known as the Alpha market, operates untraditionally and caters to a completely different buyer and seller than other markets.”

    Well, Mr. Alpha Market, looks like “incomparable properties” act just like comparable properties when overvalued — prices drop.

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