Turtle Ridge...is there Kool Aid in the air???

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usctrojanman29_IHB

usctrojanman29_IHB

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I'm helping my friends look for a place to buy and they really like Turtle Ridge. Earlier this evening we sat down and looked through MLS at 2bd/2ba condos in TR. I just have one thing to ask...are those sellers OD'n on Kool Aid??? I mean, the prices are in the WAY BEYOND WFT range of $450/sf to $650/sf. When will reality set in out there???
 
[quote author="EvaLSeraphim" date=1214603141]Check Foreclosure Radar. Reality will be forced upon them real soon.</blockquote>


QFT!



My only stipulation is that they may have enough money to ride out the dip. But somehow I doubt it.



-bix
 
The lower end of the hill will see futher price declines (whispering glen etc).



I am not sure about the Chantory/Arborel complex. Its gated and has a great neighborhood. I think you will continue to see $500-600 a sq ft there...
 
Awgee's prediction: Over 80% of all escrows opened in July will fall out. Credit will dry up overnight on July 1.
 
I am inclined to agree with Awgee (which is happening with increasing frequency I might add). Article on Bloomberg today referenced the recent backup in mortgage rates explained that the net impact, even after the recent decline in price, is that affordability has decreased.



http://www.bloomberg.com/apps/news?pid=20601087&sid=aRDMJGbadcWY&refer=home



So, for an area like Turtle Ridge that still clings to ludicrous bubble era pricing in the face both larger price declines for all surrounding areas, and rising rates... Well, it certainly doesn't make a strong case for buying.
 
[quote author="CapitalismWorks" date=1214619902]I am inclined to agree with Awgee (which is happening with increasing frequency I might add).</blockquote>
Uh-Oh
 
[quote author="ConsiderAgain" date=1214629548][quote author="awgee" date=1214616928].... Credit will dry up overnight on July 1.</blockquote>


What happens July 1?</blockquote>
Lenders stop lending.
 
[quote author="awgee" date=1214635834][quote author="ConsiderAgain" date=1214629548][quote author="awgee" date=1214616928].... Credit will dry up overnight on July 1.</blockquote>


What happens July 1?</blockquote>
Lenders stop lending.</blockquote>
For what reason?
 
[quote author="Roo" date=1214639832][quote author="awgee" date=1214635834][quote author="ConsiderAgain" date=1214629548][quote author="awgee" date=1214616928].... Credit will dry up overnight on July 1.</blockquote>


What happens July 1?</blockquote>
Lenders stop lending.</blockquote>
For what reason?</blockquote>
BofA absorbs the crap named Countrywide
 
[quote author="Roo" date=1214639832][quote author="awgee" date=1214635834][quote author="ConsiderAgain" date=1214629548][quote author="awgee" date=1214616928].... Credit will dry up overnight on July 1.</blockquote>


What happens July 1?</blockquote>
Lenders stop lending.</blockquote>
For what reason?</blockquote>


Offers on the secondary market went no bid yesterday and today.


Uh-Oh.
 
[quote author="awgee" date=1214653044]Offers on the secondary market went no bid yesterday and today.


Uh-Oh.</blockquote>


The last time Fleck cited his inside source, he was painfully correct. I can offer a sign/.jpg with the ABX index. Keep in mind it was priced at $98 at one time...



http://www.markit.com/cache/curves/ed809230170b9fffcf5b3973ebb.png



Keep in mind Merrill was the largest constituent of this index at 15% when you include First Franklin. Not that would give anyone any trading ideas or anything, but you can do your own research.
 
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