VGC has skyrocketed! 335 per point

[Nursemanit]

About as long as it takes to drink the water in the 6 states which have even higher median house prices than California which are - Hawaii, Wyoming, Massachusetts, Alaska, Connecticut, and Washington (the state.)

Only Hawaii is higher ( which has an obvious explanation) Cal is 100 k over Mass the next highest. Connecticut and Alaska are not in the top 10.

But my point was that California comes with wildly different building rules than the rest of the US

 

[sndral]

Only Hawaii is higher ( which has an obvious explanation) Cal is 100 k over Mass the next highest. Connecticut and Alaska are not in the top 10.

But my point was that California comes with wildly different building rules than the rest of the US

Well, according to my google search those 6 states had higher median prices for 2022, but I’m not an expert. California is a large & very populated state & we read the headlines about high SoCal & Bay Area real estate prices - but the rest of the state is far less expensive.
We do have very high standards for high rise building construction because…earthquakes….

 

[DonMacGregor]

If you look at the other purchasing VGC thread this contract was already discussed as it went from $260 pre-VDH, then $285 the morning after VDH, to where it is now a few hours later. This definitely is not the market price, but a delusional broker.

I wouldn't be surprised if it is broker-owned. See if you can find a dupe and if not, continue to rent. I can see the slowdown on rental prices maybe motivating some of these brokers that own points to possibly unload some.

 

[DonMacGregor]

Only Hawaii is higher ( which has an obvious explanation) Cal is 100 k over Mass the next highest. Connecticut and Alaska are not in the top 10.

But my point was that California comes with wildly different building rules than the rest of the US

As a general contractor licensed in 5 states (including both California and Florida), and having worked as a consultant in at least a dozen more, I can tell you that building rules in all states conform to the most current version of the IBC/IRC. Some states (like California) may emphasize seismic design, while other may emphasize wind (Florida) or freeze/thaw (Massachusetts, etc.), but ALL of those design criteria are included in the Code, often augmented by the local authority.

Now, ZONING may be significantly different (building along the California coast versus the Florida coast for example), and sometimes practically nonexistent (Texas). That can certainly affect the buildability of a site, but not the actual "rules" for construction (which, in all fairness, may be what you meant).

Let's also not forget California's LOW property tax rates. I pay about 25% less than several of our employees in Texas, for a house appraised at 3 times theirs.

 

[Stank]

As a general contractor licensed in 5 states (including both California and Florida), and having worked as a consultant in at least a dozen more, I can tell you that building rules in all states conform to the most current version of the IBC/IRC. Some states (like California) may emphasize seismic design, while other may emphasize wind (Florida) or freeze/thaw (Massachusetts, etc.), but ALL of those design criteria are included in the Code, often augmented by the local authority.

Now, ZONING may be significantly different (building along the California coast versus the Florida coast for example), and sometimes practically nonexistent (Texas). That can certainly affect the buildability of a site, but not the actual "rules" for construction (which, in all fairness, may be what you meant).

Let's also not forget California's LOW property tax rates. I pay about 25% less than several of our employees in Texas, for a house appraised at 3 times theirs.

Meh, everything balances out. No income tax, lower fuel prices, lower sales taxes, lower utilities…but enough of that…

VGC at $335 when it may be the lone one on market….might be able to sell under such circumstances.

But for those who can wait 6-8 months, you’ll have 20-30+ contracts on market with prices, I’ll say, at $235 and trending lower.

VDH might be the perfect resale contract. Restrictions, high tax (and can’t escape as you’re restricted to VDH-only), high initial dues that’ll likely not increase as much as others year-over-year, no guaranteed “free” parking, seems like a contract no one wants, and all the reason to be interesting.

 

[elenex]

So here's my story on this contract. I own VGC with Feb UY and was looking for 100 points after VDH pictures started circulating, so this was perfect. When prices were free falling in response to the death of the ROFR monster, things bottomed out around 225pp.

It was at this time that I put in a bid for $200pp to start negotiations. The broker called me within 5 minutes, had an extended talk with me and said he liked what I did, that it was a good offer in this market, and he's going to suggest to the seller that he takes it. I wait a day, 2 days, then 3. Put in a call and email to broker, no reply. After a few more days, I put in a bid of 215pp. The broker called me this time and left a VM, no clue who I was. Said that the seller isn't going that low. Over the following week or so I incrementally increased my bid to as high as 250pp when it was listed for 265. Completely ignored. Tried to call the broker, left a voicemail, an email... Silence. I was honestly kind of stunned since I've bought from fidelity multiple times and everyone's been nice there.

During that first week or so of waiting, I missed out on a number of other good contracts I had my eye on, because I was led to believe I had a good shot at this one. I would be even more upset had I not ended up getting a contract at a reasonable price, albeit less ideal, before the VGC drought came.

So no, I don't think it's broker-owned. I just think he's a terrible broker and not a nice guy and everyone should avoid this contract.

 

[FFMickey]

So here's my story on this contract. I own VGC with Feb UY and was looking for 100 points after VDH pictures started circulating, so this was perfect. When prices were free falling in response to the death of the ROFR monster, things bottomed out around 225pp.

It was at this time that I put in a bid for $200pp to start negotiations. The broker called me within 5 minutes, had an extended talk with me and said he liked what I did, that it was a good offer in this market, and he's going to suggest to the seller that he takes it. I wait a day, 2 days, then 3. Put in a call and email to broker, no reply. After a few more days, I put in a bid of 215pp. The broker called me this time and left a VM, no clue who I was. Said that the seller isn't going that low. Over the following week or so I incrementally increased my bid to as high as 250pp when it was listed for 265. Completely ignored. Tried to call the broker, left a voicemail, an email... Silence. I was honestly kind of stunned since I've bought from fidelity multiple times and everyone's been nice there.

During that first week or so of waiting, I missed out on a number of other good contracts I had my eye on, because I was led to believe I had a good shot at this one. I would be even more upset had I not ended up getting a contract at a reasonable price, albeit less ideal, before the VGC drought came.

So no, I don't think it's broker-owned. I just think he's a terrible broker and not a nice guy and everyone should avoid this contract.

Wow, unbelievable. It sounds like the seller either doesn’t really want to sell or the broker is trying to get the most commission by raising the prices. I’m in ROFR for my first resale contract and have heard on the boards over the years to avoid that company.

 

[Stldisney]

So here's my story on this contract. I own VGC with Feb UY and was looking for 100 points after VDH pictures started circulating, so this was perfect. When prices were free falling in response to the death of the ROFR monster, things bottomed out around 225pp.

It was at this time that I put in a bid for $200pp to start negotiations. The broker called me within 5 minutes, had an extended talk with me and said he liked what I did, that it was a good offer in this market, and he's going to suggest to the seller that he takes it. I wait a day, 2 days, then 3. Put in a call and email to broker, no reply. After a few more days, I put in a bid of 215pp. The broker called me this time and left a VM, no clue who I was. Said that the seller isn't going that low. Over the following week or so I incrementally increased my bid to as high as 250pp when it was listed for 265. Completely ignored. Tried to call the broker, left a voicemail, an email... Silence. I was honestly kind of stunned since I've bought from fidelity multiple times and everyone's been nice there.

During that first week or so of waiting, I missed out on a number of other good contracts I had my eye on, because I was led to believe I had a good shot at this one. I would be even more upset had I not ended up getting a contract at a reasonable price, albeit less ideal, before the VGC drought came.

So no, I don't think it's broker-owned. I just think he's a terrible broker and not a nice guy and everyone should avoid this contract.

I bought the another VGC contract last month with the same company but different agent. I used Bonnie and she presented my offer immediately and had the contract prepared within a few hours after we agreed on price. I’ve bought 5 contacts with her and can’t recommend her highly enough. I’ve never used the other agent on this $335 listing though so can’t speak to experience with them

 

[FFMickey]

Looks like that one either sold or was pulled.

 

[ClaraOswald]

Looks like that one either sold or was pulled.

Which one? I still see the 335 one and it says "hot deal."

 

[FFMickey]

Which one? I still see the 335 one and it says "hot deal."

It didn’t pop up on my search, but I guess it’s still active! Quite the opposite of a “Hot Deal”!

 

[elenex]

Wow, unbelievable. It sounds like the seller either doesn’t really want to sell or the broker is trying to get the most commission by raising the prices. I’m in ROFR for my first resale contract and have heard on the boards over the years to avoid that company.

I bought the another VGC contract last month with the same company but different agent. I used Bonnie and she presented my offer immediately and had the contract prepared within a few hours after we agreed on price. I’ve bought 5 contacts with her and can’t recommend her highly enough. I’ve never used the other agent on this $335 listing though so can’t speak to experience with them

I've also bought 4 other contracts through fidelity through 4 different agents, one through Bonnie. Always professional, always quick responses. I've liked working with them and still would recommend the company. It's just the broker and maybe to some degree this seller that's a problem.

 

[ClaraOswald]

Any guesses on how long the recent contract listed at 289 will last? I bet it will be gone by Thursday.

 

[FFMickey]

Any guesses on how long the recent contract listed at 289 will last? I bet it will be gone by Thursday.

Maybe tomorrow since it's an 80 pt contract.

 

[Canchaser143]

Would have to wait forever to close, 1/24 !

 

[ClaraOswald]

Oh, dang! I didn't see that. In that case, I feel like it will stick around even longer, especially at the price!

Also, if it can't close until January, why wouldn't they bank those current UY points? Makes no sense to me.

 

[sndral]

Would have to wait forever to close, 1/24 !

Ouch, waiting 8 months to close? In a volatile market delayed closing doesn’t make sense to me as a potential buyer, if the market goes down I’m stuck w/ my now too high price or losing my deposit to walk away. If the market goes up the sellers have no skin in the game & could just walk away, sure they’d technically owe commission but realistically it’s not worth the effort it would take for the broker to pursue.

 

[DonMacGregor]

Ouch, waiting 8 months to close? In a volatile market delayed closing doesn’t make sense to me as a potential buyer, if the market goes down I’m stuck w/ my now too high price or losing my deposit to walk away. If the market goes up the sellers have no skin in the game & could just walk away, sure they’d technically owe commission but realistically it’s not worth the effort it would take for the broker to pursue.

This right here. On my last contract, I had a $1,500 deposit sitting in escrow, but the commission, based on the contract, was only $200 (small contract). The buyer definitely has more skin in the game, particularly on smaller contracts.

On my first contract, I jumped on a nice SSR resale for 200 points, but the closing was 5 months out. After 2 months or so, I got tired of waiting to be a member, and cancelled the contract, took the hit on the $1,600 deposit, and bought direct...LOL.

 

[AmicusDye]

Is there a website that aggregates all the listings from the various brokers? Meaning, when people say "there's only 3 contracts available on the market" are they just going site to site and adding them up or are they getting that from a specific website? TIA!

 

[elenex]

Is there a website that aggregates all the listings from the various brokers? Meaning, when people say "there's only 3 contracts available on the market" are they just going site to site and adding them up or are they getting that from a specific website? TIA!

There is, but i believe we are blocked from linking it. I'll give it a shot to comply with board rules: http://**********