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Realtor Kathy Williams stands in front of a home that she sold for nearly a million dollars in Sunwest Meadows in Lodi. (Brian Feulner/News-Sentinel)

Expensive homes not immune to slump in local real estate

By Chris Nichols
News-Sentinel Staff Writer
Updated: Saturday, August 18, 2007 6:55 AM PDT
Comments (139 comment(s))

Inside Lodi's tony Sunwest subdivision, "for sale" signs dot nearly a dozen of the neighborhood's well-kept lawns.

Some of those signs have become fixtures in front of the two-story mansions, staying as long, or longer, than anywhere else.

The high-end of the area's housing market — from sprawling ranches in Lockeford and Clements to river-view palaces in Acampo — has sputtered this summer, mimicking the rest of the region's slowdown.

"It's the toughest market to move — anything over $1 million is sitting six months, even at a reduced price," said Pam Murray, a real estate agent who specializes in the region's pricey homes and ranches.

"There's a shortage of buyers in that price range," she added. "We're having to get more creative."

There are 35 homes for sale at $1 million or more in the Lodi and Galt areas, including Lockeford, Clements, and Acampo.

Just four of the million-dollar homes have sold in that area this year, according to listings provided by Kathy Williams, a Lodi real estate agent who works with buyers and sellers at Sunwest.

"We don't have a lot of activity," she said, noting that even high-end buyers are being more cautious about how much they pay for a home.

"They just want to make sure that they're not overpaying ... and that's true in any price range (of the housing market)."

It's difficult to say whether high-end homes are faring better or worse than homes in the middle of the price pack. There are so few on the market that it's difficult to find trends, said Paul Mertz, past president of the Lodi Association of Realtors.

In the city of Lodi (plus Woodbridge) eight homes sold for $800,000 or more during the first eight months of 2005 — considered the peak of the housing market.

Million-dollar home sales for 2007

Four residential properties have sold this year above $1 million in the Lodi/Galt area, including Acampo, Lockeford and Clements. They include:

• $2.69 million: a 20-acre property on the 10200 block of East Harney Lane with four bedrooms and six baths.

• $1.45 million: a 40-acre property on the 18800 block of East Brandt Road with three bedrooms and three baths.

• $1.225 million: a 2.5-acre property on the 16500 block of North Manor Lane with five bedrooms and four baths.

• $1.125 million: a 5.95-acre property on the 4200 block of East Scottsdale Road with three bedrooms and three baths.

Source: Kathy Williams, Lodi real estate agent.


Most expensive home in America

Making Lodi's mansions look like mince meat, a Beverly Hills estate has gone on the market for $165 million — America's highest listing ever.

The complex — formerly owned by newspaper baron William Randolph Hearst — has 72,000 square feet of living space, six residences, 29 bedrooms, three swimming pools, tennis courts, its own cinema and a nightclub.

It's owned by lawyer and investor Leonard Ross.

The listing bests a Montana compound valued at $155 million and a $135 million Aspen ranch owned by a Saudi prince.

— News-Sentinel staff

So far this year, just three homes have sold at that price or above, Mertz said.

"I think this year is obviously different from the norm," he added.

Two million-dollar home sales are pending in the Lodi/Woodbridge area, but none have closed so far this year, Mertz noted.

Potential high-end buyers — often retirees or families from Southern California or the Bay Area — haven't swarmed the area this year, looking to buy country properties, Murray noted. They've struggled to sell their own homes in their areas.

"Our clients that would have been coming up here in droves and raising our prices — they're not able to close on their properties, and that's really slowing us down," she said.

At least one local agent feels the Lodi area can use more million dollar homes.

Lowell Flemmer has led the marketing charge for Windwood Estates, a set of 29 large lots in Woodbridge. Over time, local builders plan custom homes for each lot, which range from 9,500 feet up to 28,000 feet.

"I really believe that people with money find a way of doing things," Flemmer said. "I feel the market is good."

One Bay Area real estate expert said he sees the region's housing market — high end as well — struggling through 2008.

The large supply of new and expensive homes, especially in areas like Stockton, will weigh the market down.

"The Central Valley is not going to look good for the next couple of years," said Thomas Davidoff, an assistant professor who specializes in real estate at the Haas School of Business at the University of California, Berkeley.

"Five years out, I think things will be fine and dandy," he added.

Contact reporter Chris Nichols at chrisn@lodinews.com.

Reader Feedback

T.Rimby wrote on Aug 25, 2007 12:55 PM:

" again, I have been misunderstood, my point was that the realtor's are aware of the garbage on the market, and yet continue to push it... that was all. "

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Longtime Realtor wrote on Aug 25, 2007 12:20 PM:

" Good for you whatever your name happens to be. Glad you are so successful. I admire successful individuals. Most people work hard to achieve their successes. It's just too bad you feel the need to cast broad based unsubstantiated dispersions about individuals have absolutely no knowledge about. Realtors want to sell homes. Not sit and watch it stay on the market for six months. We don't get paid unless the home sells. It's absolutely no advantage to me to have an overpriced home. I won't take the listing. "

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LodiGal wrote on Aug 25, 2007 1:03 AM:

" To T Rimby: I meant to prepare for court if you people think you can do a FSBO and not make mistakes, the average person cannot sell their own home and cover their butt properly by doing ALL the correct disclosures. SO unfortunately Realtors are usually needed, you don't have to use one but if you choose that route you better do your homework. PS-it is always the buyer's job to know what their getting into, even if it's "garbage" you can hire a home inspector yourself... or don't buy something that's old garbage! "

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Chuck wrote on Aug 24, 2007 6:47 PM:

" FISBO?? what the heck is that??? "

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T. Rimby wrote on Aug 24, 2007 6:46 PM:

" And that is true, but that is also NOT what I am talking about, I am talking about TRASH property, coupled with TRASH financing, the recent developments are not a fluke, been going on and widely accepted for years, Especially in this county, now, all of a sudden Realtors are screaming and pointing fingers, they all knew, still know and will continue to know... "

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To long time realtor 3 wrote on Aug 24, 2007 4:02 PM:

" If you want to really sell, you have to price the house appropriately for the buyers. If there are no buyers, its because the house is too high. Its a very simple equation. More people want money-cash than want a house that eats up most of your income. You can buy food and clothes with money, but not by selling pieces of your house. Maybe I am giving some of you ideas? Would you like butter with that roof shingle? "

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To Long Time Realtor 2 wrote on Aug 24, 2007 4:01 PM:

" Realty is gimme gimme euphemisms (LIES) all day long. How do you Realtors handle it when you "high ball" quote a house to get a listing,a nd then blam the seller for the over priced house? Don't they get mad? No wonder the prices aren't dropping. If you told them that NO HOUSES will sell, unless you lower the price, maybe they will get the hint. Perhaps some sellers just love to have perfect strangers walking through your abode every day....if you are lucky enough. "

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To longtime Realtor wrote on Aug 24, 2007 4:01 PM:

" My E&O covers 5 mill and I never had a questionable sale. I don;t have to worry I AM A PROFESSIONAL salesman, not a REALTOR. A big diffenece. I don't have any monopoly to FORCE people to hire me. If you want to go it alone. Not a problem. Because I provide a service. NO MLS no hype no games. You see it, want the benefits and value, its yours, next. "

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Longtime Realtor wrote on Aug 24, 2007 11:40 AM:

" Just curious how much Error's and Omission's insurance you FISBO's have when the Buyer sues the Seller for some non-disclosed item after the sale? Disclosure information comes from the Seller, not from the agent. I can't tell you how many times a Seller has been upset with me because I insist they disclose a defect the Seller has no interest in disclosing. The courts are full of these cases. "

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T.Rimby wrote on Aug 24, 2007 11:02 AM:

" Prepare for court?? what does that mean?, I was just stating the obvious, and maybe there are a few realtor's who are "honest", my point is that we spend allot of time complaining about corrupt builders, well, the people who sell and resell those homes are aware that they are garbage... "

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Lodi Gal wrote on Aug 24, 2007 12:25 AM:

" To T Rimby: There ARE honest Realtors out there, just because a profession has dishonest people doesn't make them all bad, everyone in any kind of sales position or who owns a business is out to make money, that doesn't mean integrity and honesty has to be compromised. Have you ever sold your own property and used the mounds of paperwork and disclosures correctly? It is a lot of work many people have no idea at all..Do your homework all you FSBO's or prepare for court! "

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Lodian wrote on Aug 23, 2007 8:18 PM:

" T.Rimby: I'm not going to jump on some band-wagon to defend realtors or anything, but geez, that going a bit far. Every business is about making money. There aren't too many businesses that would continue to operate if they weren't making money. That's reality. Besides, there can be corruption in any business, not just the real estate business. "

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Agree with Rimby wrote on Aug 23, 2007 7:02 PM:

" We need to outlaw realtors. If you look at the wages of the owners, they sent much of their lives paying mortgage interest for RE commissions, for realtors who drive around trying to look important. I saw one last week doing real work at the car wash. He was an honest realtor working for a living. I tipped him because he brushed my tires! He earned that money. Next time I see him, I will buy him a side of french fries. Good job "

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Agree with Rimby 3 wrote on Aug 23, 2007 7:01 PM:

" If Realtors "Nick" the house for 6% every seven years, thats more than the $364,000! Now add ONLY the "loan origination- points" fee and over these years you will have spent $100,000 on just so-called "points". This is just a "tip" in the realtor brokers "tip jar", to assure that he can suck out as much money as possible. Brokers also sell mortgages and get another cut in on the deal. "

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Agree with Rimby 2 wrote on Aug 23, 2007 7:00 PM:

" Example: A lodi house built in 1918 originally required a LOW of 20% down and a 15 year loan for about $800 for the house. The lot owner and carpenters got their money in 1918. That same old house today is fetching $365K, two years ago 450K. WHAT happened. The commission on the 365K today is 15 times the original cost of the house and lot. WHY? its the same old decrepit house. If you owned that house and sold it today, you would only make a profit of $364,000. "

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Agree with Rimby and Sam i am wrote on Aug 23, 2007 7:00 PM:

" The amount of money actually paid on principal to pay for land and building costs are less than 5%. Over time, a typical owners have paid in excess of TWENTY times the oringinal cost just for realtors. The more you sell/buy, or churn the more money Realtors, mortgage brokers extract from the value of the house. "

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T.Rimby wrote on Aug 23, 2007 2:41 PM:

" Realty is a corrupt "business", I have never met what I might call an "honest" realter, it is a business to make dollars NOT sell real estate. "

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sam i am wrote on Aug 23, 2007 12:07 PM:

" Most of the homes being sold today are in fact over priced. And why do we need a realtor to sell a house in the first place? paying someone for doing the paper work is a waste. Now that it's a buyers market for buy as they say what dont they lower the prices to sell? And they will but the hide cost will remain. "

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To to Well wrote on Aug 22, 2007 9:26 PM:

" Professional sales is about honestly providing information about BENEFITS. A con artist specializes in selling dreams, fantasies and distorted lies. People don't hate professional salesman. They don't need a monopoly (MLS and 6% tax scam) to help someone buy. But you will find thousands if not millions who would love to face to face with the RE liar who sold them "crap box" labeled as a dreamy estate. Go ahead read the descriptions in the MLS about the "roomy" ( more than 400 sq feet) "estates" and "professionally landscaped"(kid next door) "mansions" on Hilborn. "

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Brian wrote on Aug 22, 2007 8:38 PM:

" Hey To Brian, since when do you have to be an owner of an expensive home to be knowledgable of them? It's called research and reading dimwit. And I haven't lived in those townhomes on Rutledge since 1982. No I didn't have any equity from a sale to buy the townhome I'm in now. Ask before you assume. Also sir or madam, my wife is an expert on high end homes and she has never owned one either. We get around. Do you? "

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Chuck wrote on Aug 22, 2007 7:30 PM:

" we already have PLENTY of housing in Lodi, they need to stop all building, and maybe even knock down a few.... "

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To Audi 5000 wrote on Aug 22, 2007 7:15 PM:

" You are right, this particular Realtor NEVER answers the phone and doesn't always return messages either, not good at customer service at all. "

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Thank you Longtime Realtor wrote on Aug 22, 2007 5:00 PM:

" Possible solution. As I understand it, the only thing a Real estate license lets you do, is sell real estate for a real estate broker? If thats true, if the BROKERS wanted to clean out the skunks and crooks, all they would have to do is not hire them. I think you have to be a realtor first? So freeze out the bad ones so they will have to try another way to make quick green. Door to door magazine subcriptions? "

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Audi 5000 wrote on Aug 22, 2007 2:39 PM:

" Have you ever noticed no one ever goes in or out of this realtor's office on Lockeford St? Lodi is small, Realtors have reputations, ask a local Realtor about this one. "

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well... wrote on Aug 22, 2007 2:12 PM:

" TO: To to Brian: Isn't that what sales is all about? Selling the dream and the image the saleperson sees their client is after. "

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Longtime Realtor wrote on Aug 22, 2007 1:35 PM:

" Those of us in the real estate business for any length of time would love to see the State tighten up on the license requirements for our profession. The CAR has proposed legislations to do just that. Unfortunately our leader interpret our efforts as "protectionism" and refuse to do anything. You'd think they'd be more interested in protecting the public. Any responsible Realtor will tell you this. "

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To to Brian wrote on Aug 22, 2007 11:25 AM:

" What are you smoking camels or another "brand"? You have the attitude typical of shylocks and realtors. We need to increase the requirements, and licensing fees so that fewer grifters go into the business. Realtors sell images, dreams and perception, like a hollywood movie set. No real world in their minds until they cash their big checks. "

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To Brian wrote on Aug 21, 2007 5:36 PM:

" You lived in a condo at Turner & Rutledge with your mom and then took your equity and paid $105K for the same thing in Phoenix. That makes you an expert on higher-end properties? Your first hand knowledge of "mcmansions" is limited to say the least. Maybe you should set your sights a little higher. I have to admit, you're opinions are amusing. "

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Brian wrote on Aug 21, 2007 7:31 AM:

" Someone should resurrect the sears houses of the early 20th century for the masses. They would sell like hotcakes. There are many of them in Stockton. "

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One Block At A Time wrote on Aug 21, 2007 7:30 AM:

" It would be nice if Code Enforcement was proactive, rather than reactive. One officer taking one block at a time, citing the obvious like non-ops, could make a huge difference in a very short time. This is not Detroit or East LA, the area in need of policing is actually very small. Take one year, go one block at a time - "

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Brian wrote on Aug 21, 2007 7:28 AM:

" These mcmansions don't impress me. They mix a varitey of styles into one eclectic theme. I call it pretentious. What ever happened to architectual accuracy? It's all gobbldy goop. This trend started in the 60's and has deteriorated to the monstrocities we see now. Most have no personality at all and tend to be very garish. "

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Wy wrote on Aug 21, 2007 7:22 AM:

" lodigal... no, on that fire truck question. "

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Yeh Oscar wrote on Aug 20, 2007 9:39 PM:

" You are exactly right Oscar. Mr. Wood's is being too accomodating and taking these folks too serious. They will never let him up, nor will they ever call him. They will write all kinds of outlandish garbage and quote ridiculous numbers. I have to admit, even if their elevator doesn't go to the top, they are funny. Mr. Woods don't respond, just sit back and have a giggle. "

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Lodian wrote on Aug 20, 2007 9:33 PM:

" LodiGal: I think I'll keep my house in this 40 year old neighborhood. It's a treasure compared to these new developments. "

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2 Oscar wrote on Aug 20, 2007 7:32 PM:

" Why bother having codes -if they are only for the west side? You park a car 48 hours on my street, you will get a ticket. East Lodi has the same junk cars rotting on the lawns for years. We don't want fights, just answers. Lodi CC has a code enforcement issue over 10 years old--unresolved. Illegal building construction in violation of the codes. But they talk and talk while generations pass through these shacks. These eye-sores are on the east side. They even rent them out! Its "political correctness" all the way. "

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To Lodi gal wrote on Aug 20, 2007 7:25 PM:

" The only really nice houses I know are on Ray Road or the end of Davis. Lockeford has some nice areas, and NO GANGS. If you want to experience another country, move to Thornton. You can get satellite TV, but no cable or DSL. "

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To Oscar wrote on Aug 20, 2007 7:21 PM:

" DID YOU WATCH FRONTLINE ON PBS! See the link. These people still live in the "Umer built", no-code, no-permit garage. It was embarrassing to watch PBS--- "Family Living in a Lodi garage." "

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to puppet wrote on Aug 20, 2007 6:08 PM:

" Mr. Wood, if you weren't so afraid of your job and being just another overpaid city puppet, with the blairbot pulling your strings and talking for you. It certainly clearly shows at the CC meetings. If you've been so busy enforcing the codes, where's the results? Isn't it hard for you to write violations for all those eastside homes and apartments owned by your own city council and good old boys? They'd have your job in a minute. Copy "

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LodiGal wrote on Aug 20, 2007 4:51 PM:

" Not impressed w/ Sunwest Meadows, some nice homes but NO YARDS except corner lots. Oh, and love the narrow streets they have like the FCB homes subdivision!! Can a Firetruck safely get down those streets when other cars are parked on both sides? I think not... At least Windwood will have nice streets and lots, but Oh yeah, the sewage issue.. I think not...Lets get some new quality neighborhoods here!!! "

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LodiGal wrote on Aug 20, 2007 4:47 PM:

" Thank goodness we bought our 1st house in 1995 & our 2nd in 02. With our equity we want to "move-up" again but are waiting until these people trying to sell right now get INTO REALITY! I think the market prices will drop until all the forclosures are gone. There are so many overpriced homes in Sunwest, who wants to pay $800+ for something w/ a shake roof that needs updated? Also, there is a $950K house for sale for almost a year & they haven't dropped the price once, guess they DON'T want to really sell. "

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Caspian wrote on Aug 20, 2007 2:51 PM:

" LNS editor (I know this will not make the blog), Why did you not use my Stockton information? You know it was a good blog: 1) 1 in 27 homes in foreclouser; 2) 8,169 total; 3) 258% increase. the total number of homes Lodi plans to build. I realize you have your own agenda, but why not let the information flow freely (Why the need to control information? Please tell us that story.) Please, show some courage and let the people know that/the truth. Have a good day Marty. "

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Oscar wrote on Aug 20, 2007 1:49 PM:

" Mr. Wood, you are being much too much accommodating. These complainers want to pick a fight. Thank you for your classy response and willingness to help. "

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Joseph Wood wrote on Aug 20, 2007 11:24 AM:

" The Community Improvement Division and my position was created specifically to develop and implement a full-time code enforcement program in February of 1996. I can only answer for what was done from that point forward. With or without a Redevelopment Agency, code enforcement will continue to work hard to respond to these issues. "

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mdj wrote on Aug 20, 2007 11:18 AM:

" I lived next door to a junk yard of a house for 6 years and complained constantly. We finally had enough and moved and the house is still in the same condition. I was told that the city was doing all they could and they were dealing with "mental issues" on the part of the homeowners. So what!! The city should clean it up and then charge them. Or put them in jail for violation of city codes!! Do something so that we know you are serious about cleaning up Lodi!!!!!! "

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Joseph Wood wrote on Aug 20, 2007 11:11 AM:

" I would encourage anyone to tell me of an address where people are living in sheds, garages, etc. I can guarantee that we will respond, inspect and order that the illegal occupancies be discontinued and the properties be brought into compliance. The code enforcement complaint line is 333-6823. My direct line is 333-6800 x2467. I encourage anyone to contact me regarding these issues. "

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To Mr. Wood "code guy" wrote on Aug 20, 2007 8:06 AM:

" How do we let you know of code violations? If you want a bunch, visit the multiple listing services -houses for sale. Many listings specify "converted garage no permits". You don't need permission to enter, because they are either bank-owned or abandoned. Whaat other evidence do you need? They may even have photos in the listing of the converted garage, or other illegal additions, or code violations. These are not only safety hazards, but the permits process can provide us with substantial additional city revenue. "

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To Mr. Wood wrote on Aug 20, 2007 7:50 AM:

" We were reviewing council communication 1997-2003 re: east side illegal building compound (1994, 1997) and found that code violations have not yet been abated as ordered that was TEN years ago. "

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Caspian wrote on Aug 20, 2007 7:46 AM:

" The Eastside is more than a code inforcement issue, it is an immigration issues as well. "

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Brian wrote on Aug 20, 2007 7:44 AM:

" It was less than fifteen years ago that you could buy a decent house in Lodi for less than 100K. And we're talking a decent neighborhood too. Let's compare the average wage in Lodi to the average price of a house in Lodi now. The gap has widened considerably. What a travesty. Opportunistic investors are feeling the pinch too. Maybe they'll look for other ways to make money that doesn't have such a widespread effect on the masses. "

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Brian wrote on Aug 20, 2007 7:37 AM:

" I'm glad I don't live in Lodi anymore. I bought a townhome in Phoenix for 105k last October. It's similar to the one I lived in with my mom on Turner and Rutledge in Lodi. Now I see those same ones are fetching over 200k. The opportunists who started this whole fiasco were just looking for a quick buck. How many people actually know how to benefit form their new found wealth in the equity they have? Oh that equity ATM sure looks inviting. Until the market corrects and many will owe more than the house is worth. "

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To Joseph Wood wrote on Aug 20, 2007 7:36 AM:

" Have you been reading the papers? There was an article in the Stockton Record about a Lodi family living in a garage. Did you check to see if they were violating our safety codes which prohibit families living in garage? Stockton Record: "I don't have anything right now," Hayat said, adding that he supports his family on $550 a month worth of welfare and food stamps while living in a converted garage in Lodi." "

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To Joseph Wood 9 wrote on Aug 20, 2007 12:12 AM:

" We confronted your office 12 years ago, and we told you we thought that the city was trying to let the east side go unenforced so they can "redevelop it". A lot of clean up could have occurred over the past 12 years. Now the CC wants to "fix it" with a redevelopment agency. "

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To Joseph Wood 8 wrote on Aug 20, 2007 12:09 AM:

" We had more complaints where families sleep and live in cars and old vans. They have only been there a few YEARS. I have met several people whose permanent address is the centerfield of a baseball diamond at Blakely park. The supervisor with the white "Lodi parks" station wagon waves to them - I saw him wave while the "homeless" were cooking breakfast on third base. Now tell me more about "the 11 years of hard working agents". "

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To Joseph Wood 7 wrote on Aug 20, 2007 12:04 AM:

" We know of many families living in garages, and shacks and reported this to your office. NO permits and many are illegal structures ie no floor, no plumbing, low ceilings, illegal building materials, long electrical extension cords used as house wiring from the house to the shack. Do you want more? We can give you two addresses where the "house" was added on - from fence to fence with wood panels and families are living, camping out under the panels. We already reported them to you. Try this in Sunwest and see what happens. "

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To Joseph Wood 3 wrote on Aug 19, 2007 11:53 PM:

" 2) We spoke with you several times about the legality of families living in an unfinished garage, with kitchen appliances- food prep areas, portable heaters and fans, numerous "permanent" electrical cords running on the floor, beds/sleeping, and personal hygiene products all in the garage. YOU told us it was ILLEGAL in 2005. Now, I know you read the LNS, and you watch television news? "

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To Joseph Wood 2 wrote on Aug 19, 2007 11:50 PM:

" continued~ 1) Did you know, that the mayor and city council want to spend millions to "redevelop" and stem the "blight" in east Lodi? You should ask them about this - the CC has given your Code Enforcement department a "bad name" by these public statements alleging "blight". In response to these City Council allegations of "blight" , over "the past 11 years of hard work" (quoting you), Have you ever asked for more officers and a larger budget? If you did, Who turned you down? If you didn't, shame on you. "

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To Joseph Wood wrote on Aug 19, 2007 11:44 PM:

" Do you think we believe that? We will show you one at a time. We know you read the LNS since you responded. You don't need a "ride along". Read the LNS or watch TV. Look at these two glaring examples: Lodians want to know your answer. "

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To K Motz wrote on Aug 19, 2007 10:49 PM:

" continued. No expendable expenses are allowed at the "low" income of 100k/year. No vacations, clothing for at least 5 years. NO plastic credit card debt or signature loans allowed. Forget cable TV, dental work and eyeglasses, thats extra and will put you in too much debt to buy one of these old beauties. And if your kids eat too much, you are out of luck. Forget childcare, braces, school supplies, haircuts. All this income to live in a 2 bed cozy "hut" built before your great-grandfather was born. "

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To K Motz wrote on Aug 19, 2007 10:44 PM:

" I agree! In Lodi, there are about 11,264 houses and according to the 2000 Census records, the median salary was $39,550 and 1862 households had reported TOTAL income of over $100,000. This is slightly LESS than the minimum income required to buy a $300,000 2 bed 2 bath shack built in 1922. This assumes that your car never breaks down and you have no large purchases like a car or unexpected medical bills, or home repairs such as roof replacement, termite damage/repair or plumbing problems. "

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to K. Motz wrote on Aug 19, 2007 10:26 PM:

" Are you kidding me? For one thing the old money in Lodi can buy any home in town. The docs, business owners, lawyers and people buying up after selling a home they've lived in for 30 or more years can buy any home in Lodi. I know someone right now that is looking in the Sunwest area and they can have their pick of the offerings and they will be paying off the new home. They just sold their current home. And don't forget the bay area transplants. They love Lodi's home prices. "

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FSBO wrote on Aug 19, 2007 10:19 PM:

" Wow, do I have to do all that just to decide whether to sell now or in a couple years?...LOL! WE will sell eventually as are family will be grown and we longer need such a big house. We've been here for almost 18 years so we will get a nice chunk of money out of the sale of this house. I'd just like to squeeze as much out of it as we can as it will just add to our retirement fund. I think we may either buy a smaller house or go the condo route. We'll see. "

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GET REAL wrote on Aug 19, 2007 10:07 PM:

" the house that Kathy sold was hers in the picture! "

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K. Motz wrote on Aug 19, 2007 6:26 PM:

" This story is most enlightning. There are no jobs in Lodi to support these home prices. Lodi is a $12/hr community! The market is in store for some big corrections over the next 3-5 years. "

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Joseph Wood wrote on Aug 19, 2007 4:50 PM:

" I finally have to speak up regarding these comments about code enforcement. I would encourage those of you who say that there is no "code enforcement" on the Eastside to sign up for a ride-along with one of my Community Improvement Officers. They are hard working individuals who spend 80% of their time working cases on the Eastside. Without their hard work over the past 11 years, this entire community, not just the Eastside, would be in a lot worse condition. Please contact me at 333-6823 to arrange a ride-along. jw "

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To Same + wrote on Aug 19, 2007 3:24 PM:

" I can show you plat maps, the whole shebang. There are few high priced lots but most were not that high. I have "the" list - just give me the situs address, before you peel off those long greens. "

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Reality to Realtor wrote on Aug 19, 2007 3:20 PM:

" Funny thing is the date of the "photoshopping" is sometimes embedded in the photo. I will give you a recent list, if the responsible broker PROMISES IN PUBLIC to plead guilty to an attempt at defrauding buyers. There are some BIG names on these listings! It really is sad, big shots--little people. You have been caught! I am saving the MLS photos in case they miraculously change again. I forgot the photoshopped "stretched" houses, or "heightened" houses. A shack to mansion? You guys are pathetic. "

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Reality to Realtor wrote on Aug 19, 2007 3:19 PM:

" That junk car, I have photos before and after and OLD tickets on the windshield, but the car disappears and appears. I think I'll chalk the tires? I have even seen photoshopped color schemes! That is weird and LAZY, just buy a can of paint. Apparently, the "paint tool" accidentally touched some sky and bushes which also changed color. "

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Reality to Realtor wrote on Aug 19, 2007 3:15 PM:

" One MLS LOdi photo shows a yellow house next door, which is cut off on the next photograph. What we need is an immediate license pull on the BROKER responsible for the salesman. Maybe I should print a list of these faked photos and you drive by to look. Where did the power pole go? the fire hydrant?, that old car thats been sitting there 5 months? "

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Reality to Realtor wrote on Aug 19, 2007 3:12 PM:

" I contacted a worker at the MLS and she advised me that they have an ongoing problem with liar listings. I asked if there were any penalties for this fraud, and she said it was so common that she doubted it. I saw another LODI listing today, that was not photoshopped it was scissor trimmed. Well duh HOW STUPID are we buyers supposed to be? "

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Reality to Realtor wrote on Aug 19, 2007 3:03 PM:

" I saw another photoshopped photo in a metrolistmls listing in Lodi with the next door house photo-shopped completely out. Now how did that WHOLE house disappear? AND WHY? maybe it looked like a gang hideout? Give it up! Be honest - thats all we buyers and sellers want. If/When you lie, your license and your brokers should be pulled within hours. "

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To FSBO wrote on Aug 19, 2007 12:27 PM:

" To be accurate, you must know the date, the house and the terms. These terms were bid on the "value" or comp of the house and are important. Were there other things included/excluded, furniture, cars, drapes, appliances. Were these embedded in the comp? A Ha..you see how the cheaters raise comps to raise their commissions and other house prices even during a down market. They have to keep stirring up the caldron. "Boil boil toil and trouble...tail of newt..." "

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To FSBO wrote on Aug 19, 2007 12:24 PM:

" You should have one bond per month purchased and interest paid. Look at all the money. Thats what you would have made on a very conservative investment. Now go cry some more. You want ALL this money that you would have paid back-- correct? You implied you were considering your house as an "investment". Now get the most recent comps from any title company- they are free. But these are not just numbers. "

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To FSBO wrote on Aug 19, 2007 12:23 PM:

" You are probably crying right now. Thats why Realtors use comps. Its the lazy way. After you finished crying take a deep breath. We are going to find your sales price. Look at the three figures. If you invested the cash or "principal" amount of your mortgage payments (should chnage esch month) in savings bonds at 6% (going rate when you bought the house) dollar cost average your purchase of the bonds each month and go to the bureau of public debt website and calulate your returns. "

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To FSBO wrote on Aug 19, 2007 11:45 AM:

" The appraisers today are lazy and only use comps with a spin up or down depending on their client. You will be looking at your REAL investment value. This will give you an idea about your real costs. Figure out your square footage...accurately. Call up your insurance agent, and have him estimate the dollar cost replacement per square foot of structure only, if you had a fire. Now you have three figures. "

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To FSBO wrote on Aug 19, 2007 11:45 AM:

" Call up your mortgage company and get a summary as of today and the next 6 months on your cash equity (not sales equity) in your house, plus the payoff amounts. Check with the county recorder, for any liens that you don't know about. You may be surprised. "

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To FSBO wrote on Aug 19, 2007 11:44 AM:

" Calculate the average value per square foot of each of these three price points. Call up your mortgage company and get a summary as of today and the next 6 months on your cash equity (not sales equity) in your house, plus the payoff amounts. Check with the county recorder, for any liens that you don't know aThis will give you an idea about your real costs. "

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To FSBO wrote on Aug 19, 2007 11:42 AM:

" Take this data to your tax accountant and tell them you want to get all your money out that you put in. Take this amount and that will be your absolute "break even" point. For a side data point, compute honestly, how much rent you would have paid if you rented the house. "

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To FSBO II wrote on Aug 19, 2007 11:40 AM:

" Add up the costs to move in, the costs of buying (you MUST INCLUDE THIS - no matter "who" paid the Realtor TAX it is a BIG factor). Add the costs of improvements (Paint, toilet repairs, etc),and be honest look at all receipts. Now look at your finances. How much did YOU REALLY pay on the "original basis", add other amenities , sprinklers repairs etc. "

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To FSBO wrote on Aug 19, 2007 11:39 AM:

" Now is an EXCELLENT time to sell and buy. But, only if BOTH parties do their homework. It can easily be a WIN WIN for you both. My calculations predict that most prices in this area will continue to decline for at least 5 years. My calcs are based on variables that can change. But we have to start somewhere. Look at the original costs of your property. "

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Same+ wrote on Aug 19, 2007 11:32 AM:

" Laureen has hit the nail on the head--the rate drop ALWAYS happens leading up to the presidential election. So when the rates drop, see a lag in available homes after the current supply sells and builders scramble to finish homes. Right now, note that the price of land in Lodi and in most of California hasn't dropped at all. Land will only get more expensive and is largely immune to the CA RE cycles. Tony homes like the article describes also make great rental property. Hold firm and wait or panic and sell cheap "

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To History lesson IV wrote on Aug 19, 2007 11:02 AM:

" I would recommend that anyone buying in the area walk the perimeter when its dry AND after a rain. You will never forget what you learn. The housing growth in this area is directly limited by the ability of the sewage handling ability, which is maxed out at present. "

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To History lesson IV wrote on Aug 19, 2007 11:02 AM:

" If you build along the South or East boundaries, you better put up an 8 foot brick wall on a good foundation. I don't know about the soil around there. These settling ponds are all not active, when one fills, there is no way to know. Unless you dont put up a fence. You can watch them, bubble only feet away. That pool could be within a few feet of you "estate". "

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To LOL wrote on Aug 19, 2007 10:56 AM:

" Thanks I'll keep my home in a sleepy little neighborhood. From reading the paper they have more crime than I do. "

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To Lady lauren V wrote on Aug 19, 2007 10:46 AM:

" "Can I get a better return somewhere else" for the same amount of money? Yes, yes, and Yes. When that answer is No, no, and No, you will have buyers at your doorstep with offers. It's just that simple. I would like to see your MLS, next post. "

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To Lady Lauren IV wrote on Aug 19, 2007 10:45 AM:

" That means the buyer needs to pay a higher interest rate of 8% plus over this amount OR must pay cash or get a second. Many higher end buyers are really upset because they can't leverage their purchase the same as the low end buyers. "The little guy" - most of us, does not like to see "rich" people do better. So, think about all the problems this artificial $413K barrier poses to your prospective buyers. I have to always think of the "opportunity" costs of my money. "

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To Lady lauren III wrote on Aug 19, 2007 10:44 AM:

" On your ideas: Many are good, but you forget human nature. Everyone affected by this housing bubble mess wants to blame someone. Realtors are only one segment of a complex problem, that will usher in more regulations - thanks realtors. But one factor you forget is the leverage for the "top end" of the market. Most government loans are capped at $417,000 -"Jumbo". "

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To Lady Lauren II wrote on Aug 19, 2007 10:43 AM:

" The leverage is what makes houses look attractive and it is also the achilles heal. Buying a house on a loan is just like buying stocks on margin, investing in derivatives, or hedge funds. They can be very lucrative but without notice, they can be BIG liabilities. The question then becomes CAN YOU handle the liability? Most middle class wage earners can not handle the consequences of a bad house investment. The Realtor strategy is to "hold and wait", while you are still throwing money at it. "

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To Lady Lauren wrote on Aug 19, 2007 10:42 AM:

" I need some more information on your house. Do you have an MLS number or address? You might have a good deal, will check it out. One factor you did not mention is that not only sub Prime and ALTA borrowers like to leverage. From an investment perspective, houses are NOT intrinsically unsafe, but it is the extreme leverage and 6% sales cut that costs you money. "

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T & C wrote on Aug 19, 2007 8:49 AM:

" Reality, so true are your comments and well spoken. I just hope those realtore your refer to don't have to work delivering newspapers for their own corrupt little towns' paper. They'll know a real con job and see how the exploitation of workers for their hometown rag. Reality will set in. "

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SAME+ wrote on Aug 19, 2007 4:25 AM:

" I have in fact reviewed the prop. records of the homes in that subdivision and the lots alone were $250-350K. There are a number of impressive homes there and in other areas of Lodi and many of the physicians, lawyers, DINKS with degrees or good trade as well as DI1K/e.g.,MBA can in fact easily afford one of these and the other homes that sell in the same ballpark. For my family we have bought now when there's a bit of panic in the air and we'll buy more again like 12 years ago and sell when it returns. "

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FSBO wrote on Aug 19, 2007 4:02 AM:

" I have a home, not for sale "yet", in a lovely area on the west side. Schools, hospital and offices close by, nice street of upper scale homes etc etc etc. All the things you'd consider when thinking great location. It's not in Sunwest, but close to the area. I've been wondering, with all that's going on in the market, if we should try to sell now or wait awhile. We want to sell eventually within the next few years or so due to retirement and want to get as much as we can (of course). Any thoughts? "

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LOL wrote on Aug 19, 2007 3:49 AM:

" Mansions in Sunwest?: I smell jealousy! LOL! "

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well wrote on Aug 19, 2007 3:18 AM:

" Reality 2007: Wow, 11 posts in a row. You've got a lot to say about this topic. I've seen your posts on many other topics. Why don't you use one handle? I know who you are so I was just wondering why you don't use your known handle when posting? Are you afraid of the backlash? Don't want your image tarnished before running for office in Lodi? What is it? "

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Lady Lauren wrote on Aug 19, 2007 1:45 AM:

" As a Sacramento seller, with a current FMV appraisal of $825,000 for exclusive area and ON the Sacramento River, we will wait until a buyer wants to pay the fair market value: Buyers should not think all sellers are dropping prices for executive homes. The Federal Reserve will continue dropping rates and infusion banks for loans~~ that "Bottom" may be here & gone fast: "

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TO: History lesson IV wrote on Aug 19, 2007 12:48 AM:

" When you purchase property in California, you get a NHDS (Natural Hazard Disclosure Statement), all things appurtuant to the property are mentioned and outlined in this disclosure. No, you CAN NOT sue if you failed to read over your disclosures, and YES, all water lines and potential flood zones are CLEARLY outlined and marked in the NHDS. "

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To ijk wrote on Aug 19, 2007 12:35 AM:

" Look at our city officials and their families. If it looks like a duck, walks like a duck...it must be a duck. We do have an advantage. They aren't very smart people, and they think they are. They include religious junkies, political hacks and other wannabes, but they are paranoid about their behavior. So they wonder, look over their shoulder and surround themselves with each other. It reminds me of a bunch of South American generals promoting each other and giving medals back and forth. They are only people who believe their fantasy. "

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to ijk wrote on Aug 19, 2007 12:31 AM:

" We all know they block bust, thats why we have East Lodi. Thats why most of the houses on the east side are controlled or owned directly or indirectly by realtors, appraisers, builders or developers. They are an incestuous family of vipers that will not compete against each other, only against everyone not a member of "the club". "

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To ijk wrote on Aug 19, 2007 12:30 AM:

" So we sell and buy like idiots to protect our "investments" but we secretly know the 6% cut takes us down every time we repeat the cycle. I think the Realtor originated "block busting" has to stop. The only way is to use technplogy to replace the "profession". Realtors are really not essential for anything, they consume and suck the blood out of all property transactions which are borderline decisions at best. "

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To jik wrote on Aug 19, 2007 12:30 AM:

" Like dominoes, owners move out. Code enforcement is a scam for realtors to only work for a few years. Why do you think we have CCR's To clean out the "crap people". So we move again. Each move nets the Realtors 6%. We now have interest on interest. Very few locations are safe. The loser government do-gooders like to see successful people fail so they promote "affordable housing" WHICH ALWAYS BRINGS IN THE CRIMINALs. Few locations that are super expensive are protected, most other locales are not safe. So we move again. "

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To jik wrote on Aug 19, 2007 12:24 AM:

" No one wants to raise kids next door to a child molestor or any other perceived threat. You notice how careful I was with my definitions. Irresponsible people and their friends always want to "move up" to experience what they think is something better. The problem is that many of us, don't want them nearby. So we move, causing a 3% take for a listing agent and a 3% take for the buyers agent. "

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To jik wrote on Aug 19, 2007 12:23 AM:

" Why is the mantra or axiom Location location location so important in the U.S.? Its because after scrimping and saving and working over a long time period, owners or firced to sell. Realtors want to bust the market...and bust the neighborhood to get people selling and buying. If you have a nice neighborhood and excellent location, you only need one "group home", gangbanger or other undesireable to scare the pants off everyone. "

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To jik wrote on Aug 19, 2007 12:23 AM:

" You are obviously very bright. Most people act like sheep when they hear the Baaaah bleat of someone who acts like a pied piper (realtors). Not counting the obvious economic issues of mortgage interest costs, property taxes, repairs, and realtor fees, there are other big problrms that are not discussed in polite company, but EVERYONE understands what is really going on. "

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To T&C last wrote on Aug 18, 2007 11:29 PM:

" You always lik