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wilson
Posts:670
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| 08/31/2008 5:14 PM |
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Ok, I'll bite. What is the purpose of documenting "monster price drops" on bad properties in bad neighborhoods?
Are you going to buy one?
Are you looking at these as comps for good neighborhoods?
Eveyone should already know that prices have crashed in the bad areas. The fewer foreclosures in better neighborhoods are getting bid up when priced attractively.
I don't get it. |
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Sparky
Posts:172
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| 08/31/2008 6:43 PM |
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| I agree. They only post properties-data-statistics that support their preconceived notions that "THE SKY IS FALLING!". |
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Dirtcheap
Posts:39
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| 08/31/2008 8:30 PM |
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| just to clarify this one, its not bank owned, but an NOD has been filed. It was refied for 658k in 10/2007- AMAZING. It will still be a few months before sale if it doesn't sell short. |
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Dirtcheap
Posts:39
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| 08/31/2008 8:31 PM |
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| the previous post refers to 9683 Limar Way |
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LoonyQT
Posts:931
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| 08/31/2008 8:41 PM |
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sparky, I wouldn't classify 92129 as an undesirable neighborhood- quite contrary.
Btw dirtcheap I just pulled that listing off of a color like crimson-fin |
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jspoto
Posts:222
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| 08/31/2008 8:54 PM |
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I checked out about 10 of the MONSTER price drops and at least 5-6 are already pending or sold. Lets all give a whole-hearted congrats to the buyers who are forming the bottom for the rest of us
!!! |
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Eugene
Posts:303
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| 08/31/2008 9:23 PM |
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9683 Limar Way
San Diego, Ca 92129
Price: $574,900
Beds/Baths: 4 / 3
Square Feet: 2,520 sf
PPSF: $228
Lot Size: 10,237 sf
Acres: 0.235
34% over the 2001 sale. Very reasonable price for PQ south of 56, IMHO. Drop another 50k and I'll make an offer myself. |
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wilson
Posts:670
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| 08/31/2008 9:28 PM |
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But the Limar houe in 92129 is listed at $575k and $228/sf. You got bad info on the pricing. Significantly higher than 2001 prior sales price. No way $85/sf listing.
Dropping a listing price from an unrealistic level is hardly a monster price drop. Same mistake as house on Whittier in Point Loma. Dropping from an unrealistic high listing level to give the impression of value is an old trick you shouldn't fall for. |
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ElPato
Posts:378
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| 09/02/2008 8:06 AM |
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http://www.sdlookup.com/MLS-080058761-1715_Old_Mill_Encinitas_Ca_92024
40% off 2005 prices in Encinitas for a SFR. |
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ElPato
Posts:378
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| 09/02/2008 8:12 AM |
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>> Eveyone should already know that prices have crashed in the bad areas.
Maybe if you read it here. But if you all you read is the UT, you'd never, ever know it.
>> What is the purpose of documenting "monster price drops" on bad properties in bad neighborhoods?
Purely information, feel free to ignore it.
FYI, In most SD real estate crashes, prices fall first (and fastest) in the outlying areas. These would be the bad neighborhoods you mention. These price drops spread towards the more desireable ares. For example, the price crash in (eastern neighbor) Nestorhas spread west to Imperial Beach. Similar price drops are probably coming to a coastal city near you given the recession we're entering. |
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ElPato
Posts:378
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| 09/02/2008 8:32 AM |
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>> I checked out about 10 of the MONSTER price drops and at least 5-6 are already pending or sold. Lets all give a whole-hearted congrats to the buyers who are forming the bottom for the rest of us.
This is another great point. These prices are indeed forming a bottom and clearing inventory. The quicker that process gets done, the quicker we'll hit bottom, and the quicker we can all go buy our dream home :)
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ElPato
Posts:378
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| 09/02/2008 8:35 AM |
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http://www.sdlookup.com/Property-684E0DDA-354_Calle_Mariposa_Oceanside_CA_92057
Below 2000 prices (nominal) for a SFR. |
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ElPato
Posts:378
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| 09/02/2008 8:39 AM |
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http://www.sdlookup.com/Property-C43B43A4-377_Calle_Mariposa_Oceanside_CA_92057
Just down the street from the last post, 66% off 2005 prices, and less than 50% of 2003 prices. |
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ElPato
Posts:378
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| 09/02/2008 8:46 AM |
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http://www.sdlookup.com/MLS-080057068-516_Sears_San_Diego_Ca_92114
68% off 2004 prices for a SFR. Almost back to 1991 prices in nominal dollars. |
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Brian
Posts:2623
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| 09/02/2008 8:48 AM |
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Posted By Sparky on 08/31/2008 6:43 PM
I agree. They only post properties-data-statistics that support their preconceived notions that "THE SKY IS FALLING!".
The sky has fallen for millions of Americans who saw their life savings evaporate and have lost their homes to foreclosure.
How much percentage value loss on your house would qualify as a calamity? If you have plenty of money not to have to worry, then what's the problem? All is fine! Champagne is being served with lunch and dinner.
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ElPato
Posts:378
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| 09/02/2008 8:54 AM |
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http://www.sdlookup.com/MLS-080043293-3240_Clay_San_Diego_Ca_92113
Back to 2000 for a SFR zoned MFR. What is interesting to me is the speed the prices are dropping on this one.
Price Reduced: 08/30/2008 from $199,900 to $149,900
Price Reduced: 08/07/2008 from $206,900 to $199,900
Price Reduced: 07/29/2008 from $212,900 to $206,900
This is a 30% price cut IN A MONTH. Never, ever have I seen this before, and never, ever do I expect to see it again in my lifetime.
Brian, I know you don't hear this very often, but I don't think you were pessimistic enough as 2000 prices being the bottom. It looks like prices are going to overshoot well below 2000 prices, at least until we work through the foreclosure backlog.
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jakob
Posts:549
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NCgirl
Posts:263
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| 11/10/2008 12:00 PM |
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| I think I'd prefer to be homeless. A park bench looks more appealing than that dump. |
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jakob
Posts:549
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| 11/10/2008 12:22 PM |
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| LOL. Hey at 6% it's only $650 a month. :) It's a project but there is major cashflow potential in these. |
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