Gila monster rears its ugly head > Regions/Neighborhoods

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Subject: Gila monster rears its ugly head

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jpinpb
Posts:1450

08/10/2008 7:04 PM	Alert
Another street showing some signs of stress. 4445 Gila Scary short sale for 270k. Foreclosure on 6-16 postponed? 4528 Gila Been on the market since 2/2008. Now listed for 425k. 4522 Gila SOLD for 355k. 4574 Gila was on the market for some time. Started out trying to sell for 679k. Reduced down to 599k. Bought in 2006 for 432k. Now removed. 4433 Gila is not listed for sale. A NOD was filed in January. Original loan was 469k. Foreclosure was scheduled on 5-6-08. Outstanding loan went up to 535k. I'm going to go out on a limb and say that's bank owned stealth about now. It looks like they never even tried to sell the place before the bank took it. More on the way?

NCgirl
Posts:206

08/10/2008 7:55 PM	Alert
Isn't this kind of a crappy area anyway? That first one you listed was horrible...with the broken down car in the "yard". These houses would take take 100k to bring back to life. What about the area north of Clairmont dr, or Clairmont closer to PB? I have a friend with a house on Mt Gaywas... that's a nice little street and close to the beach. Gila is ghetto.

jpinpb
Posts:1450

08/10/2008 8:36 PM	Alert
I won't argue, the area is NOT the best. However did you check the peak prices? At one time banks were loaning upward of half a million. Just in January of 2006, 482k for 4528 Gila. In June 2006 the bank loaned 432k for 4574 Gila. The bank loaned 469k for 4433 Gila. So at one time this not so nice neighborhood was priced at close to half a million. The market is adjusting and the land tsunami is approaching the coast.

NCgirl
Posts:206

08/10/2008 8:49 PM	Alert
Yes , crazy that someone would pay 1/2 a mill for a house in that area. I'm a native San Diegan born and raised and have lived in many parts of SD in my lifetime .. some of these prices for certain areas are insane, and I'm sure they will adjust back down to an appropriate level . Location, location, location. I remember looking a a piece of crap house in Coronado on Glorrietta in 97, they wanted 500k for it . I thought they must be crazy..oh if I only had a crystal ball, I 'd be rich rich now ;-)

mydogneedsayard
Posts:23

08/10/2008 9:13 PM	Alert
Gila monster is the perfect name. This street is so scary I would not live there if it was free! Clairemont is challenging as you can go from ghetto to nice neighborhood in less than two blocks, and then back to the ghetto. I am married to a Clairemont dude so know that is where we will buy.

gus2008
Posts:6

08/10/2008 10:11 PM	Alert
Gila means CRAZY in Indonesian, so it fits the bill lol

LoonyQT
Posts:894

08/11/2008 5:54 AM	Alert
jp - you are seeing the writing on the wall for the coast. Your predicted tsunami is just about to hit...

David_K
Posts:61

08/11/2008 9:11 AM	Alert
It will hit, but it won't be as severe or long lasting. Its kind of like oil - the price of oil is dictated by how much it costs to produce the last barrel sold. In RE its the price of desperation. In areas like Clairemont, Foreclosures and bad loans have pulled down the prices significantly. On the coast, the prices will mostly be pulled down by the necessity to move as there exists such a large inventory. Things like job relocation, divorce, etc. will be the main drivers, which will pull prices down much less than a foreclosure will. Percentage wise, although you will see some, there will be far fewer short sales and foreclosures.

hibiscus
Posts:42

08/11/2008 10:40 AM	Alert
David, you are simply wrong. Many of the houses bought on the coast over the last few years were with exotic mortgages, bought by people whose incomes have dropped subsantially with the economic downturn. In my immediate area, foreclosures are leading the way down. And even THEY aren't selling at 25% off peak, in some instances. I made an offer on a short sale on the coast at about 40% off peak pricing, only to have the bank drag it's feet until we gave up and rented. And now? The house is bank-owned and listed for what we offered. And it is sitting. There are simply too many $2M to $4M houses for sale from LJ up to Cardiff, with many of them being short sales because people got in over their heads. Few people can afford them, tnd there just aren't that many wealthy Europeans who want to fly 10 hours to get to a vacation home. Foreclosures over the next year will right that situation.

jpinpb
Posts:1450

08/12/2008 7:24 PM	Alert
4528 just got a NOD. So much for that. Probably seeing foreclosure down the road, bank owned and future stealth. You all know the drill by now.

jpinpb
Posts:1450

08/30/2008 8:46 AM	Alert
4528 removed from market. Will it relist for less?

punstress
Posts:123

08/30/2008 8:00 PM	Alert
Posted By NCgirl on 08/10/2008 8:49 PM Yes , crazy that someone would pay 1/2 a mill for a house in that area. I'm a native San Diegan born and raised and have lived in many parts of SD in my lifetime .. some of these prices for certain areas are insane, and I'm sure they will adjust back down to an appropriate level . Location, location, location. I remember looking a a piece of crap house in Coronado on Glorrietta in 97, they wanted 500k for it . I thought they must be crazy..oh if I only had a crystal ball, I 'd be rich rich now ;-) Ha, I remember passing around a pic of what looked like a broken-down garage to my co-workers, laughing at their nerve to charge $250,000 that outrageous sum just because it was in Coronado. It was probably even later, maybe '98 or '99. What gets me is that that was a price for the rich just 10 years ago, and now it's below a price for the poor. OK maybe "poor" is a bit dramatic but salaries certainly haven't gone up that much. There is still a lot of room to fall.

jpinpb
Posts:1450

jpinpb
Posts:1450

jpinpb
Posts:1450

09/29/2008 9:28 PM	Alert
4433 List Price: $283,500 MLS#: 080063224 Listed: 09/10/2008, Beds/Baths: 3 / 1 Square Feet: 1,524 sf PPSF: $186 Lot Size: 5,898 sf Last sold 07/10/1991 $159,500

jpinpb
Posts:1450

09/29/2008 9:30 PM	Alert
4546 Price: $435,000 to $465,000 Beds/Baths: 3 / 2 Square Feet: 1,471 sf PPSF: $296 Lot Size: 6,100 sf Last sale 01/13/2003 $268,355

jpinpb
Posts:1450

10/02/2008 7:04 PM	Alert
4574 Gila Relisted. MLS# 086009999 Price: $550,000 to $575,000 Listed: 02/07/2008 Beds/Baths: 4 / 3 Square Feet: 1,800 sf PPSF: $333 Lot Size: 6,500 sf 2 car garage

jpinpb
Posts:1450

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