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Brian
Posts:2210
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| 09/02/2008 9:10 AM |
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This thread is dedicated to monster price drops in nice areas.
Please feel to chime in about which neighborhoods you feel are nice areas.
I'll start off with this house in Encinitas.
1715_Old_Mill_Ct_Encinitas_CA_92024
MLS-080058761-1715_Old_Mill_Encinitas_Ca_92024
Sold 06/28/2005 $717,000
Now: $434,900.
Loss: 282,100 loss of value + 3 years of "thrown away" mortgage payments for the previous owner who lost this house to foreclosure. Has the sky fallen for them?
PS: It would be nice if you post clickable links. :)
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NCgirl
Posts:206
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| 09/02/2008 10:07 AM |
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Would this house actually sell for 434K..or is this just the teaser rate the bank is listing it for to get the bids in?
Also , Villiage Park area is the "cheaper" area of Encinitas, not nice. They were crazy to buy that house for 700k in 2005. This house will probably sell for around 500-550k. It needs a lot of work, at *least* 70k in my guesstimate. |
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NCgirl
Posts:206
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| 09/02/2008 10:07 AM |
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Would this house actually sell for 434K..or is this just the teaser rate the bank is listing it for to get the bids in?
Also , Villiage Park area is the "cheaper" area of Encinitas, not nice. They were crazy to buy that house for 700k in 2005. This house will probably sell for around 500-550k. It needs a lot of work, at *least* 70k in my guesstimate. |
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78TTop
Posts:88
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| 09/02/2008 12:25 PM |
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| Monster Price Drops in Nice Areas ---> ha ha ha |
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Brian
Posts:2210
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| 09/02/2008 12:38 PM |
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Posted By NCgirl on 09/02/2008 10:07 AM
Also , Villiage Park area is the "cheaper" area of Encinitas, not nice.
Didn't your mom tell you that there'll always be someone who is richer, smarter and better looking than you?
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Eugene
Posts:258
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| 09/02/2008 12:39 PM |
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My favorite "trouble in the paradise" hotspot - Ivy Gate in 4S Ranch:
http://www.sdlookup.com/MLS-086033571-10067_Winecrest_Rd_San_Diego_CA_92127
Status: Sold
Sold Price: $1,065,000
Sale Date: 06/24/2008
Original sale: 11-28-2006 for $1,516,000
http://www.sdlookup.com/MLS-086019200-10117_Winecrest_Rd_San_Diego_CA_92127
Status: Sold
Sold Price: $1,175,000
Sale Date: 07/31/2008
Original sale: 11-28-2006 for $1,628,000
The runner-up: Mirasol in Santaluz
http://www.sdlookup.com/Property-E72D1114-7362_Rancho_Catalina_Trl_San_Diego_CA_92127
Sales History: 06/24/2005 $1,518,823
List Price: $1,240,000
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Eugene
Posts:258
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Eugene
Posts:258
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| 09/02/2008 12:50 PM |
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| Does 91914 count as a "nice area"? I think I can dig up a couple of 50% off's there. |
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NCgirl
Posts:206
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| 09/02/2008 12:57 PM |
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Posted By Brian on 09/02/2008 12:38 PM Posted By NCgirl on 09/02/2008 10:07 AM
Also , Villiage Park area is the "cheaper" area of Encinitas, not nice. [/quote]
Didn't your mom tell you that there'll always be someone who is richer, smarter and better looking than you?
Nope. I'm an only child, therefore perfect in my parents eyes ;-) |
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The Moar You Know
Posts:1
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| 09/02/2008 12:59 PM |
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| The 2005 buyer overpaid - badly. I live right there in Village Park and we have gotten the stuffing hammered out of us as far as prices, but it was pretty predictable - the neighborhood is good but not the best that Encinitas has to offer, so it tends to get driven up excessively during boom times and take a dive during bad ones. I've lived through this before. |
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NCgirl
Posts:206
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| 09/02/2008 1:08 PM |
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These are apartment conversions. I rented one in my 20's when it was "Nobel Court", it was like living in a dorm..you can hear everything your neighbors are up to. I think it 's funny when people refer to this area as La Jolla, it's not. It's University City. Those Villa Malorcca (spl?) are in "La Jolla" 92037...but they are horrible too. Concrete jungle.
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Eugene
Posts:258
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Brian
Posts:2210
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| 09/02/2008 1:11 PM |
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It's not really my cup of tea, but if I were hungry for a McMansion in the suburbs, that would be it.
I do like the front gate so that the dog can roam around.
That's a pretty monstrous price drop after all the improvements that they made. Decorating and landscaping a 5300sf house is not cheap.
It looks like they have plans for a pool but never got around to building it.
Of course, the seller in a mortgage broker. Any surprise? |
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Eugene
Posts:258
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PolarBearKing
Posts:161
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| 09/02/2008 1:35 PM |
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I put this one in the other thread but thought I'd place it here as well.
Selling price more than $1M less than original asking price.
http://www.sdlookup.com/MLS-071066546-2339_Pio_Pico_Dr_Carlsbad_Ca_92008 |
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78TTop
Posts:88
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| 09/02/2008 2:07 PM |
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>>> Selling price more than $1M less than original asking price.
So the owners over-priced their place by $1M and you consider that sale a Monster Price Drop? This one will need further review from the SDlookup forum refs....
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jpinpb
Posts:1450
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| 09/02/2008 2:43 PM |
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Eugene, ah, yes. The Poison Ivy Gate McMansions. I've posted about those on other threads. Good one to post here.
For those who are now commenting regarding declines of prices on certain properties, not the best house or best area, or whatever, KIM that at peak those places were selling for ridiculous prices and people bought them, no matter how bad you think the place or area is, at one time was valued at whatever the peak price was.
My thoughts on that are that not too long ago people were saying the declines were limited to Temecula, Chula Vista, Oceanside and peripheral areas of San Diego County. We are coming around the drain. |
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Eugene
Posts:258
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| 09/02/2008 2:43 PM |
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I believe this is the largest authentic %-wise drop to date of a non-trashed property in a "nice" part of the county: 43% off
4820 Beryl Way, 92109
06/05/2008 $715,000
02/01/2007 $1,250,000
This one is close - almost 40% off.
863 Van Nuys St, 92109
07/29/2008 $820,000
12/19/2006 $1,350,000
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jpinpb
Posts:1450
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| 09/02/2008 2:45 PM |
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| Oh, Eugene. If you want to address PB (the immune coast) let's not leave out my now favorite place, though not officially sold yet and supposedly pending 1069 Archer |
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Just Someone
Posts:157
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| 09/02/2008 2:53 PM |
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Price drops as advertising, increase price for one day... then tout price reduction.
"$550,000 price reduction! "
Price Reduced: 08/28/2008 from $1,700,000 to $1,150,000
Price Increased: 08/27/2008 from $1,150,000 to $1,700,000
http://www.sdlookup.com/Property-DFCD7132-680_Westlake_St_Encinitas_CA_92024#25011 |
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