Detroit Mansion Goes Viral as Price Point Drives Buyer Attention

Good morning everybody. I'm Ed Parcaut here with Mike Kelly, Real Estate Jerky Daily, and we are episode 650 in this show. That's crazy. How many with me? 14, right? 12. 650, that's a lot of shows. But it seems like seems like 2,000 with you. Yeah. It feels much worse than that, right? Yeah. Oh my lord. You're not You're not so We're about the same granny on uh Instagram right now. Well, you uh Good morning everybody. found out that my camera was set on 720 instead of 1080, although Well, I don't know if that's it. It told me so many different things. The things I know, I'm reading this over here. Yeah. So. Good thing Claude's here to help you. Well, first I was trying to do it on Oh, you must have put this on a different computer.

That's correct. You caught on. Yes, you did that. All right, what do we got today? You going to go first? For that way I can see how grainy you get. What do we got? Okay. Um come on. There we go. Look at that. Still a little grainy. Can you see that? Mhm. Okay. Um we got an an increase in closed transactions by the number of 10. Wow. Oh, that's since yesterday. So 10 closings. 827 active. Yeah, 827 and 344. We were at 348 pending sales yesterday. So some of those closed down there in the bottom. Uh I know you're out of the office. Okay, so that was pretty exciting. This means that um the county of Stanislaus is actually cooking with uh propane today. Uh charcoal. Charcoal was yesterday, but we increased by 10.

So now we got the propane going on. Yeah, so 10 10 closed transactions and three of them were with loans. Probably. Actually, No, like 30% usually is uh Yeah, that's most likely true. Yeah. That means a lot of lenders. There's lenders that are making pretty good money and there's lenders that are like, god, I hate working at Safemart. Well, there's people getting lenders are getting by. Yeah. I mean, but bigger numbers because you make more money on the larger transactions. So that helps, but it's not like the volume we're used to or what we're used to anymore. So. True. True. Let's see, the 10-year uh so 10-year is up to 5. 30 on that. I can't believe I'm saying that number. And the rates got worse by 20 basis points today.

There It was all over yesterday, volatile, all over the place. And uh you know, what are you going to do? You just have to Dow's down 214 and it looks like NASA something landing right now with parachutes into the ocean. Today live? Yeah, supposedly. Wow. What what went up? I don't know. I don't follow that stuff. I just saw it because it was on the news channel. Yeah. The news channel. Uh what are we saying? The biggest one of the biggest issues is oil again, the fact that the war, you know, they're saying stuff again about the more, you know, bombings, other stuff that's happening. Reports say White House asked Pentagon for strike options and that's not helping. No. Yeah. On the water, the tanker was hit north of Qatar yesterday.

Reuters reports tanker attacks in the Strait of Hormuz last week were the most of any week since the war began. And who attacked them? Supposedly the second issue that we have is tropical storm is in the Gulf. Um also Chevron and Shell are pulling crews. About a quarter of all US Gulf production was shut down as of Wednesday, more than 510,000 barrels a day because of that tropical storm. Hmm. I mean, a little rain, you have to stop working? Well, you do because of the the 200 mph winds or whatever it is. Um Is that what it is? I yeah, I saw something this morning that said that one of the hurricanes was expected to hit Vegas. I'm like, this can't be real. I I What Vegas Where's the Vegas at?

Um in California in Nevada. In You don't even know. California California right there close to the border. Not that close to the border, but Hurricane or tornado? It said hurricane, but I they probably meant tornado. Usually tornadoes are on land and hurricanes come off the ocean, but who what do I know? Right. But how close to the ocean is Vegas? Not very close at all. So it could couldn't be one of those hurries. Yeah. What else is going on in the world? Uh well then, you know, again, European having issues with their bonds and German bonds up today. The Bund is up today. So it's oil Everything is a perfect storm right now. Initial jobless claims came in, which measures individual filings for unemployment for the first time, fell 2,000 to 197,000.

Uh-huh. The level of firings continue to remain extremely muted and is part of the reason why the Fed can really focus their attention on inflation side of the mandate. Continuing claims, those who continue to stay on benefits after their initial claims change little changed at 1. 7 million. And that's also super low compared to what we've seen in the before. So basically, long story short, jobless claims again, strong employment market is happening right now. Everybody's getting laid off because AI. Well, actually, you just proved the point. No, they're not. Yeah, I mean, and you know, you can do so much with it these days. So just go learn it. How about that? Don't fight it, learn it. Learn it.

This is totally different. I mean, it can help you so many ways to make your life so much easier. I tell you, because it's it's made me work harder for the last week and a half to get some stuff done, but it's but that's going to make my life so much better going forward because I have to keep hitting this button yes always allow. As it does all the work. It does. You Yeah, but you have to have a plan for it to follow or work it out first with it before you move forward. Let's see what I have. Is there anything Did you talked about sales, right? There's existing sales for September. That's list on the list for two That's for Tuesday next week. Oh, okay. Yeah. Is that all the all the closings for September across the what the nation?

Yeah, that would be yes, yeah, that's the one that'll be released by NAR. We talked about Yeah, K. Schiller and that. Um Fannie May own application index week ending October 2nd. What are we at right now? We're October 8th. Purchase volume down. We already talked about 3. 2% on the week and uh down at 14. 3% a year ago. Ooh, that's ugly. Single family homes, don't care. Let's move on. Economic data, we talked about that. And California, anything great in California? The fair plan. Yeah, going up 29%. Just round it to 30. Yeah, on the on the 17th, right? Uh it is the 15th, but close. Yeah. Oh, 15th. Yeah. You were close. I was, but no cigar. Mhm. Uh what else we have? Extra jerky. Nine bedroom house that broke a phone.

What? Detroit, Michigan in a 1938 house on Rutland Street, nine bedrooms, 6,800 square feet, list price 260,000. Wow, cuz you got to wear You live in Detroit? Yeah, that's one of the reasons. A home tour accounted a home tour account with around 2 million followers posted a walkthrough, 1. 7 million views, probably because of the 260,000 price point. Came then like came to the open house, about 200 people, then 200 more showings. The agent Mark Relling, 37 years in the business, said he logged more new area codes in those two weeks than his whole career. It's again, it's the price point. It's 260,000 for 6,800 square feet. Right. Yeah. Six offers that sold for 303 303,000, about 43,000 over asking.

Well, that's not that much above asking. What are you talking about? That's a lot over asking. That's more than 10%. Was that 15%? Well, yeah, you know, I had that place out there on uh Paulette. Was it Paulette? No, Paulette's not No, Pauline. Um 105,000 over asking, but that was a while ago. Yeah, but this is talking about there it had a million views, but there was only six buyers. That's crazy. So how did it break Yeah, how did it break the phone? That's what it That's what it was. The fact that so many people were calling about it and looking into it, but only, you know, six people wrote offers. Only six offers. Yeah. And it probably had to do with the fact of the price point was great price point, but what you had to do to the place was a lot of work, I'm sure.

Yeah. 600 6,800 square feet's a big house. That's huge. That's a lot. Who wants to live in a 6,800 square foot home? Not I. Who's going to Who's going to do the rooms? Who's Who's going to clean the house? Who's going to heat the place? You're going to be closing things off. Somebody with a lot of kids. How many families? Uh-huh. Yep, you're going to heat four rooms. Well, the worst part was it probably only had uh one air conditioner. Probably in '38 probably didn't even have an air conditioner. Yeah, they right. Oh, they they need air conditioners in Detroit though, don't they? No, they need You need air conditioners everywhere. Yeah. I mean, I remember in San Diego when I first got down there, there was a lot of places who didn't have it and it's like, you don't need it.

We're this BS. We're hot during the day. Yeah. You sweat, you know, I don't care what they say. Sweat like a I can't finish that sentence. In church. Yeah. Mike Mike in church. Mike Mike. Okay. Now you want to go over our community corner a little bit? Yeah, is there anything on there that they need somebody needs to do today? Yeah, somebody needs to know that tomorrow in Oakdale, Oakdale Fall Jubilee and Steak Cookoff between 5:00 and 8:30 p. m. at the Oakdale Rodeo Grounds. That's going to be a lot of fun. And then, you know, there's a farmer's market everywhere. Um Silent Sky at the Prospect Theater is still running through the 11th. Um it's 1900 and not only does Henry live in the middle of nowhere, and then you got to go see the rest.

Go to community corner, go check it out. And we are still looking for friends of Real Estate Jerky. Yeah. Yes, if you'd like to help sponsor us. Those are people Well, no, friends is people who we've done business with. Oh. Yes. There's two We got three different things. Community corner with events. People are friends of Real Estate Jerky means that we've worked with them and they worked well for us and so have them come, you know, be part of the show and we can refer them. But then the other thing is we are looking for a few sponsors for the radio show. There's a couple different segments and the community corner is looking for a sponsor. Um we want to let other people get their voice out there too besides you and I.

Uh there's an article, will mortgage rates near 8% force lenders to make cuts or close their doors? Yes. Yeah, because Yeah, because the problem is they will a lot of people thinking that rates were going to go sub six this year. And I I said this in the beginning of the year, right? I told everybody just to get out. Don't Don't keep pushing it because it's not going to work. And again, we had another year that is just not as great as everybody thought it was going to be. And uh it's probably time to go. If you If you're not making money in this industry, go do something else. Yeah. Yeah, cuz it's got to be frustrating. You got to just be down on yourself, just kicking yourself in the back of the Well, it's just you don't have money to do stuff, you know?

And and life's too short to keep waiting for something to turn around. Go do something else. It's an opportunity. You need to look at it, did this happen to me or for me? And if you look at it, it's happened for me, then that means there's something else out there for you. If it happened to you like I did the first year, um then you'd just be pissy like me. Yeah. Hey, on on Sunday, that's October 10th, right? Mhm. Um the Mendocino Latin Music Dance Festival happening at Grissom Park um starting at 11:00 a. m. going till 5:00 at Mendocini Bowl. They said that traditional uh folklorico music and Bach, they said. I don't know that they really mean Bach, but hey, that's happening in our community this Sunday.

All right, there you go. Go check it out. All right. And I would love to So the next thing uh it there was something else I have to do over there because that was the next step because fixing what we did did not fix you. Yeah. Because you're still grainy and and yucky? Yes. Well, not I don't know if you're yucky, but you still But I'm pretty yucky. People who know me just say that all the time. All right, well, make it a great day. We'll be back tomorrow. Bye. Bye.