Thursday, June 15, 2006

Price Are Sliding in Hot Markets

"San Diego County housing prices took their biggest-ever spring stumble last month as the median sales price fell to $490,000, down $15,000 from the previous month.

The median price was just $2,000 higher than it had been a year earlier and was down 5 percent from the record level of $518,000 it reached in November, according to DataQuick Information Systems."

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11 Comments:

Blogger new 200 Mbps BROADBAND over POWER LINES said...

Can you call this a "Fire Sale" in Ocean and Monmouth Counties- New Jersey Real Estate scandal ?!!!!!

Offers to purchase properties owned by beleaguered real estate mogul Solomon Dwek have so far reached $109.1 million- amount comes to about one-third of the $321 million in claims lodged against Dwek's 350-parcel empire
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Offers on Dwek property top $109M

Amount is a third of claims against empire
Posted by the Asbury Park Press on 06/15/06
BY JASON METHOD
STAFF WRITER
FREEHOLD — Offers to purchase properties owned by beleaguered real estate mogul Solomon Dwek have so far reached $109.1 million, the Superior Court's fiscal agent said Wednesday.

The amount comes to about one-third of the $321 million in claims lodged against Dwek's 350-parcel empire. The claims came in a legal and financial scramble after Dwek, 33, of Ocean Township was accused by PNC Bank of bouncing a $25 million check in April.

The highest price offered so far is $6.5 million for a commercial property off Monmouth Road, West Long Branch. That property is owned by Dwek's company, WLB Center LLC, which paid $5.25 million for the 13.7-acre tract in May 2005.

Donald M. Lomurro, the court-appointed fiscal agent reviewing Dwek's assets, predicted that bids on the properties will lead to "bigger and better numbers." He said the offers so far are considered valid because they equal or exceed the amount Dwek paid for the properties.

Beyond the lawsuit, Dwek has been charged by the FBI with criminal bank fraud. He is free on $10 million bond.

Superior Court Judge Alexander D. Lehrer froze Dwek's assets last month and has said he intends to see if selling many of the properties can satisfy all of the claims.

Lomurro said investors in Pennsylvania, Ohio, Connecticut and elsewhere continue to inquire about the properties. Many of Dwek's properties are held by limited liability companies that have other owners, who can buy out Dwek's interest in the firms.

Nearly half of the money is offered by Deal Property Acquisitions LLC, which proposed spending $45.6 million dollars to buy just 13 of the properties. Those properties include commercial properties in Dover Township, Red Bank, Ocean Township, North Carolina and Pennsylvania.

Nothing could be learned about the identity of that company Wednesday.

Thursday, June 15, 2006 9:42:00 AM  
Blogger njcoast said...

Deal Property Acquisitions LLC is bidding on the properties??? Give me a break! This is obviously the Community getting together to artificially prop up the price of Dwek's properties so he can onload them on naive real estate speculators. I bet Deal Property Acquisitions doesn't actually purchase one property.

Thursday, June 15, 2006 10:12:00 AM  
Anonymous Anonymous said...

Today in Letters to Editor section of The Coast Star there is a letter complaining about the vile conditions in Manasquan. The resident thinks those conditions have lead to the decreasing property values in that town...

It doesn't help the property values, but certainly don't think it is the cause for the house values falling.

Thursday, June 15, 2006 6:15:00 PM  
Anonymous Anonymous said...

Guess I have to get back to my my real estate work. Enough blogging for now. I did enjoy reading your blog. Visit my site if you have a chance.

Thursday, June 15, 2006 8:48:00 PM  
Blogger Out at the peak said...

From 'The Greens' RE site (linked from last poster): "Surprisingly, most real estate agents do not understand marketing in the age of cyberspace. We do."

Wow, I could not find one listing from the site. If you click "list" they ask you to phone in or email and expect a 24 hour response. The #1 important thing about cyberspace is 24/7 immediate access to information (and instant gratification).

Thursday, June 15, 2006 9:02:00 PM  
Anonymous cbaumle said...

Interesting article in today's Wall Street Journal: The McMansion Glut. The article says that McMansions drove much of the housing boom, but now with rising energy and mortgage costs, plus boomers starting to downsize because of looming retirement or becoming empty nesters, there is a growing glut of these monstrosities.

Friday, June 16, 2006 11:02:00 AM  
Anonymous defazio said...

Aging gay population fuels new housing market..............................http://www.msnbc.msn.com/id/13227636.....think they will suck up any of the McMansion glut ?

Friday, June 16, 2006 6:27:00 PM  
Anonymous Anonymous said...

Based upon my own theory concerning "baby boomers' and retirement, last year I sold the Hunterdon County, NJ house that contained equity I worked my entire life to grow. I sold it thinking I could save as much of the "high market" equity as possible as I approach retirement and relocation.
As I still have several factors that make renting very difficult, I didn't cash out completely and purchased a lower cost house. The thinking being I'd be hurt less in it then the much higher priced one.
Now I am wondering if and when I can possibly hope to break even on last year’s purchase. I was hoping this decline would pan out like the late 80’s early 90’s and settle into a market that may rebound enough in 3 or 4 years to break even. Do you think there’s still a shot for this? I’m hoping so, or at least some rebounding to minimize the loss.
Thanks for this blog.
It has reinforced my thinking over the last several years and provides some valuable information of the current conditions.
Thanks again.

Sunday, June 18, 2006 11:42:00 AM  
Blogger new 200 Mbps BROADBAND over POWER LINES said...

"Price Are Sliding in Hot Markets"


Conclusion: "Goodbye Home Equity Cash... as home prices sliding now "

Wednesday, June 21, 2006 1:22:00 AM  
Anonymous Anonymous said...

. Noise does not sell well. Let the Realtor� and buyer talk, free of disturbances. Background "soft playing" music is okay, but the wrong sounds will turn buyers off. Noisy children and animals are roadblocks to a contract � and traffic, trains, and planes must be dealt with honestly, if they are part of the deal. Go here for more ideas.

Thursday, June 22, 2006 7:24:00 PM  
Anonymous Anonymous said...

This comment has been removed by a blog administrator.

Friday, June 23, 2006 11:50:00 PM  

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