Havasu Housing Market

[bohica]

I got lucky, bought my house 14 years ago when it really was dirt cheap. Only 1 more year of payments and then it's all mine. There's a spec house that's been on the market for 2 years now right next door. I hope it stays on the market, I kinda like enjoying the pool they put in after not being able to sell it for a year.

[INSman]

I am selling a rental property I own, and just fell out of escrow due to the lender tightening up and the buyer no longer qualifying....just this minute I was handed the fax cancelling the deal.
I will now put it back on market....likely I'll end up taking a lower price.....downward pressure on prices.....and that's how its going to go.
This is not a huge surprise, I was wondering if it was going to happen.
If buyers can wait, they probably will. If they can't....they'll save a lot over what prices were a couple years ago.....but not as much as if they wait longer....
Sorry to hear this Mandy, not the greatest to be a seller in this market. I assume you would not be selling if you were running positive ?

[Mandelon]

Its actually about $700 a month positive, but I need the $$$ for two other places I am working on. I am remodeling a SFR into a duplex and buildng a house on the lot I own next door. Its not going to appreciate for many years at this point. Heck its down $150K from the peak a year and a half ago. That's kind of a bummer, But... I only paid $72K for it and it will still sell for over $400... :idea: not the best timing, but I am sick of the tenant hassles.
I just want to get rid of it. Finish the other two places and will invest in something less time intensive. I'm thinking orange metal flake paint futures...

[Mandelon]

Its actually about $700 a month positive, but I need the $$$ for two other places I am working on. I am remodeling a SFR into a duplex and buildng a house on the lot I own next door. Its not going to appreciate for many years at this point. Heck its down $150K from the peak a year and a half ago. That's kind of a bummer, But... I only paid $72K for it and it will still sell for over $400... :idea: not the best timing, but I am sick of the tenant hassles.
I just want to get rid of it. Finish the other two places and will invest in something less time intensive. I'm thinking orange metal flake paint futures...

[meaniam]

mimi i have t wonder if you looked in your mls lately? to say the price slide has ended, in a second home market is crazy. i bet there are listings on market 180 days+. it is the slow part of the season nationwide. september is usually the end of the years peak. banks have relaxed on short sales, keep trying. make sure seller is in guidelines. usually 3+ months late.
sellers have most likely bleed as much as they can. but banks are willing to bleed more. prices will most likely decline months after the 08 elections.
i hope for a quick turn around

[havasumimi]

mimi i have t wonder if you looked in your mls lately? to say the price slide has ended, in a second home market is crazy. i bet there are listings on market 180 days+. it is the slow part of the season nationwide. september is usually the end of the years peak. banks have relaxed on short sales, keep trying. make sure seller is in guidelines. usually 3+ months late.
sellers have most likely bleed as much as they can. but banks are willing to bleed more. prices will most likely decline months after the 08 elections.
i hope for a quick turn around
I didn't mean to imply that EVERYTHING is at the bottom, yes you are right - there are still many out there that have a lot to room to come down. What I was trying to say is that there are also a lot of homes available that are already priced better than the forclosures, sellers going to closing now with cash just to sell. Those homes aren't going to go lower. The banks still won't talk to us on short sales, they just aren't ready. If the seller qualifies (after completing a huge hardship application), the bank wants them to sign a promisory note for the deficiency amount and we know thats just not going to happen. So, we are trying to get the bank to forgive the deficiency but then the seller receives a 1099 at the end of the year. I still don't have a clear answer from an accountant as to if the seller can offset that income with a loss from the property. Maybe you know and can share?
Forclosures - most of the homes that are going to forclosure are just crap so if that is what someone wants, I would wait too. I completely agree with you on the timing of the elections and the banks being more open to taking a loss then. We still have the tax issue to figure out. We have 27 forclosures listed with our office and there are only a few even worth looking at.
Thanks so much for your post -

[TCHB]

You can never pick a bottom or a top of a market. You have to have assumptions on the investment and time for it to play out. Is this good time to buy?
1. Do not panic
2. Think long term
3. Maybe it is a great time to buy
Traders do this everyday with products like Energy.
Havasu market may get a big bump due to baby boomers leaving the big cities in the next 4-8 years. If does not take many of them to change a market like Havasu.

[bigq]

I didn't mean to imply that EVERYTHING is at the bottom, yes you are right - there are still many out there that have a lot to room to come down. What I was trying to say is that there are also a lot of homes available that are already priced better than the forclosures, sellers going to closing now with cash just to sell. Those homes aren't going to go lower. The banks still won't talk to us on short sales, they just aren't ready. If the seller qualifies (after completing a huge hardship application), the bank wants them to sign a promisory note for the deficiency amount and we know thats just not going to happen. So, we are trying to get the bank to forgive the deficiency but then the seller receives a 1099 at the end of the year. I still don't have a clear answer from an accountant as to if the seller can offset that income with a loss from the property. Maybe you know and can share?
Forclosures - most of the homes that are going to forclosure are just crap so if that is what someone wants, I would wait too. I completely agree with you on the timing of the elections and the banks being more open to taking a loss then. We still have the tax issue to figure out. We have 27 forclosures listed with our office and there are only a few even worth looking at.
Thanks so much for your post -
There is only a few ways past the 1099 and it is hard to do if the 1099 is from real estate.
1. Bankruptcy – the debt was already discharged through a bankruptcy proceeding.
2. Insolvency – your total debts exceed your total assets at the time your debt was settled or deemed non-collectable.
3. Indebtedness is due to a qualified farm expense.
4. Indebtedness is due to certain real property business losses.
5. Discharge of your debt was treated as a gift. (Extremely rare)
Unfortunatly it looks like the feds just put another nail in the coffin the other day.

[INSman]

You can never pick a bottom or a top of a market. You have to have assumptions on the investment and time for it to play out. Is this good time to buy?
1. Do not panic
2. Think long term
3. Maybe it is a great time to buy
Traders do this everyday with products like Energy.
Havasu market may get a big bump due to baby boomers leaving the big cities in the next 4-8 years. If does not take many of them to change a market like Havasu.
I like your thinking, pretty sound advise.

[meaniam]

There is only a few ways past the 1099 and it is hard to do if the 1099 is from real estate.
1. Bankruptcy – the debt was already discharged through a bankruptcy proceeding.
2. Insolvency – your total debts exceed your total assets at the time your debt was settled or deemed non-collectable.
3. Indebtedness is due to a qualified farm expense.
4. Indebtedness is due to certain real property business losses.
5. Discharge of your debt was treated as a gift. (Extremely rare)
Unfortunatly it looks like the feds just put another nail in the coffin the other day.
im glad someone answered this. and i heard someone mention bk before. but it didnt make sense to me. i have always heard you cant bk taxes. but you cant bk before a short sale. so how does someone do this?
i also wonder what the % of homes in havasu are owned out right?