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jpinpb
Posts:1450
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| 09/02/2008 2:56 PM |
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I've got another good one for PB.
1531 Missouri #3 now selling for 475k
Neighbors at peak:
1531 Missouri St #2 5/17/2005 $710,000
1531 Missouri St #4 4/29/2005 $635,000
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Eugene
Posts:258
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| 09/02/2008 2:58 PM |
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982 Adirondack, 91914
08/18/2008 $630,000
02/26/2007 $1,249,999
Although some people would say that it's not "nice" by definition b/c it's Chula Vista. |
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NCgirl
Posts:206
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| 09/02/2008 3:07 PM |
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Posted By Just Someone on 09/02/2008 2:53 PM
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
The location of this house is beyond bad.
I understand that there were a lot of houses that were selling for more than they are worth..more than any sane person should pay. Bad location, need to be gutted ETC...
My point is these houses suck and should come way down in price. If you think you are going to pick up a good house in a great location in a great neighborhood for 2002 prices, I doubt it. A bad house in a bad location in a good neighborhood for 2002 prices ...maybe. I don't know who would want to live on the corner of Requza and Westlake.
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jpinpb
Posts:1450
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| 09/02/2008 3:12 PM |
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| I already posted 1069 Archer. Good house, good location. Significant drop from peak AND we are not at bottom yet. Stand by NC. IMO People will be able to pick up a good house in a good location for 2002 prices. It will happen. It's taking a little longer, but this last run up was over the course of 6+ years. We won't see major drops in good locations overnite. |
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NCgirl
Posts:206
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| 09/02/2008 3:37 PM |
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They paid too much for Archer in 2005...1.7mill. That house should have come down in price. What did it end up selling for now? Was that the one owned by those sketchy people?
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Brian
Posts:2210
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| 09/02/2008 4:16 PM |
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As I said, I'm expecting Year 2000 prices, notwithstanding desirability of the areas.
Here's a good link:
When Will Southern California Home Prices Bottom?
Seen another way, nominal SoCal median house prices will not bottom until prices return to the '99-'01 levels, implying another 20-30% avg. decline in prices hereafter; but even then nominal prices will likely not rise more than inflation for many years thereafter.
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jpinpb
Posts:1450
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| 09/02/2008 5:32 PM |
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| Yes, NC, they paid too much for Archer AND MANY OTHERS were overpriced at peak. That is the point. The market will adjust. That place on Archer was 100% financed. It hasn't closed yet. |
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Just Someone
Posts:157
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| 09/02/2008 6:49 PM |
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2002 prices in Blackhorse...
http://www.sdlookup.com/MLS-080047826-9612_Claiborne_Square_La_Jolla_Ca_92037
http://www.sdlookup.com/Property-ABAD4249-9612_Claiborne_Square_La_Jolla_CA_92037#36580
Status: Sold
Sold Price: $785,000
Original list 1050k, so thats 25% off. |
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jpinpb
Posts:1450
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| 09/02/2008 8:33 PM |
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| Thanks, JS, for posting Blackhorse. 25% off on the immune coast. Last I heard, La Jolla is a nice neighborhood. And it's not UTC. It is LJ. And we are not at bottom yet. |
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PolarBearKing
Posts:161
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| 09/02/2008 8:59 PM |
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Here is a nice "condo" although the pics look like a SFR that sold for 32% less than what it sold for in '05
http://www.sdlookup.com/MLS-081013436-4548_Cove_Dr_Carlsbad_Ca_92008 |
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NCgirl
Posts:206
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| 09/02/2008 9:07 PM |
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Posted By jpinpb on 09/02/2008 8:33 PM
Thanks, JS, for posting Blackhorse. 25% off on the immune coast. Last I heard, La Jolla is a nice neighborhood. And it's not UTC. It is LJ. And we are not at bottom yet.
Not really that nice of an area. right across from the school backed up to busy Torrey Pines rd. :0
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PolarBearKing
Posts:161
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| 09/02/2008 9:12 PM |
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I'd like to know the story behind this one. Actually, I'd like to meet the person who "flipped" this one. Bought in June for 23% less than it was sold for in '03. Then turned around and sold it in August for a 50% profit. Not bad...
]http://www.sdlookup.com/MLS-080041141-3953_Foothill_Carlsbad_Ca_92010
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PolarBearKing
Posts:161
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| 09/02/2008 9:13 PM |
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| NCGirl, you are a picky one... |
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NCgirl
Posts:206
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| 09/02/2008 9:14 PM |
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Posted By PolarBearKing on 09/02/2008 8:59 PM
Here is a nice "condo" although the pics look like a SFR that sold for 32% less than what it sold for in '05
http://www.sdlookup.com/MLS-081013436-4548_Cove_Dr_Carlsbad_Ca_92008
Wow! That is a good price for that area and size of house. I'm not a fan of C-Bad north of Palomar Airport Rd ...but for $565k . They got a good deal fo sho.
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NCgirl
Posts:206
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| 09/02/2008 9:15 PM |
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Posted By PolarBearKing on 09/02/2008 9:13 PM
NCGirl, you are a picky one...
Totally! ;-)
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jpinpb
Posts:1450
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| 09/02/2008 9:28 PM |
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NC - How about this one in Emerald Cove? Though not a monster drop, I say for that area, 20% off and not a bottom yet must say something for the market.
I'm glad she agrees she's picky. That wouldn't be a place I'd pick for that money, but neverthless it is still in LJ where we were not supposed to see any signs of distress at all. |
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LJczar
Posts:115
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| 09/02/2008 10:00 PM |
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| La Jolla condos have come down as much as 30%. SFRs are holding their own but inventory is building, down maybe 10-15% in some price ranges. Same story in PB and UC. The Fall should be interesting. And yeah bad homes on small lots located on busy streets go first. |
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NCgirl
Posts:206
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| 09/02/2008 10:10 PM |
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Look I'm not saying that prices won't drop. They are, and will. But the higher end / more desirable areas will not go down to what is considered affordable to most people. That Emerald Cove house is still a million dollars. That Little house in Blackhorse is 785K. All areas will show distress in this market. Just not as much as a lot of people are hoping for. Those places PBK posted looked good. I don't know where Foothill is but the house looks turnkey.
As for being picky. I have learned from my mistakes. I'm picky and proud! |
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Brian
Posts:2210
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| 09/02/2008 11:25 PM |
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The
Blackhorse listing is interesting.
It looks like it sold for $429,000 in 1992 (if you believe the pretty taxes).
It just sold for $785,000 today, not even a doubling of prices in 16 years.
For a house in 92037, the return was very mediocre compared to the less desirable areas in the county.
So, it's worth repeating that the high tier increased less, so it will also drop less.
If you look at % return on investment, the high tier was a lousy performer. Low tier did better as flippers.
Also remember that high tier houses require more maintenance, remodeling and HOA which eats into profits.
http://piggington.com/return_to_2003_again_or_possibly_2002
voiceofsandiego.org - Desirable Yes, Immune No.
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ownhomeinSD
Posts:163
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| 09/02/2008 11:56 PM |
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Posted By Just Someone on 09/02/2008 6:49 PM
2002 prices in Blackhorse...
http://www.sdlookup.com/MLS-080047826-9612_Claiborne_Square_La_Jolla_Ca_92037
http://www.sdlookup.com/Property-ABAD4249-9612_Claiborne_Square_La_Jolla_CA_92037#36580
Status: Sold
Sold Price: $785,000
Original list 1050k, so thats 25% off.
This is only one I checked and found $785,000 is actually close 2005 price!
http://www.zillow.com/homedetails/charts/17204149_zpid,10years_chartDuration
Price drop? a little. |
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