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jakob
Posts:549
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| 03/24/2008 4:45 PM |
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SFH with 53% price drop in hard-hit Spring Valley:
http://www.sdlookup.com/MLS-086005560-9126_Lamar_St_Spring_Valley_CA_91977
56% price drop.
http://www.sdlookup.com/MLS-076078906-816_La_Presa_Spring_Valley_CA_91977
Incomes could never support the insane price inflation without the "creative financing" of liar loans, 100% LTV, neg am, etc. That artificial support is gone now. Lending standards have tightened and the floor is falling in the inland areas. Got 20% down payment? Nope. Houses are literally selling for 50 cents on the 2005 dollar. Amazing to see this actually happening.
Only a matter of time before the coasts deflate. Taking longer than I expected, but it is happening. And the decline will be long my friends. |
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ElPato
Posts:378
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| 03/24/2008 8:10 PM |
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http://www.sdlookup.com/Property-74A02037-1615_Pentecost_Way_2_San_Diego_CA_92105
Close to 60% off 2004 prices. $95k for a 2/1. |
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ElPato
Posts:378
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| 03/24/2008 8:13 PM |
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$205k in 2004, $79K today!
http://www.sdlookup.com/Property-D92AD056-4460_Delta_St_21_San_Diego_CA_92113 |
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ElPato
Posts:378
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| 03/24/2008 8:15 PM |
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http://www.sdlookup.com/Property-B10AB22F-237_50th_St_32_San_Diego_CA_92102
$305K in 2006, $135K today! |
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ElPato
Posts:378
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| 03/24/2008 8:29 PM |
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http://www.sdlookup.com/MLS-086000719-9270_Amys_St_1_Spring_Valley_CA_91977
$340K in 2005, $150K now! This is a 3/2.
I'd say Mr. Market can sort this out right quick, no bailouts or intervention from anyone required. |
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ElPato
Posts:378
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| 03/24/2008 8:34 PM |
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http://www.sdlookup.com/Property-CA5EBF57-300_Filbert_St_5_El_Cajon_CA_92020
$349K 2005, $140K now. |
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Just Someone
Posts:159
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| 03/25/2008 6:51 AM |
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How about the opposite direction, 47% from last sale less than two years ago.
http://www.sdlookup.com/MLS-088022254-875_La_Jolla_Corona_Ct_La_Jolla_CA_92037
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ElPato
Posts:378
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| 03/25/2008 8:40 AM |
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$238K in 2005, $100K now.
http://www.sdlookup.com/Property-6736C016-1667_Pentecost_Way_8_San_Diego_CA_92105 |
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ElPato
Posts:378
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| 03/25/2008 3:07 PM |
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http://www.sdlookup.com/Property-2983709E-5316_Caminito_Mindy_San_Diego_CA_92105
1994 prices, after adjusting for inflation. I thought I'd see it, but not in 2008. Wow. |
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ElPato
Posts:378
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| 03/25/2008 4:39 PM |
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http://www.sdlookup.com/Property-4DFD1E4E-3516_Del_Sol_Blvd_E_San_Diego_CA_92154
60% off 2005 prices, $89K for a 2/1. According to the MLS this place rents for $1200. That's less than 100x rent. |
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jakob
Posts:549
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| 03/25/2008 5:10 PM |
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| nice finds. after accounting for HOA and prop tax, that's a 12% yield on your 89000. before maintenance expenses and if you get 100% occupancy at 1200. 75% occupancy and your yield drops to 8% before maintenance costs. shows it's really not screamingly attractive even at this really low price. |
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kharris92130
Posts:8
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| 03/26/2008 3:00 AM |
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| The price drops listed are truly impressive. However, none are in areas most desirable for families with school-aged children. What about Carmel Valley, Poway, La Jolla, RSF, Solana Beach? When prices in these areas experience "monster price drops" I'll start salivating. |
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Just Someone
Posts:159
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Brian
Posts:2614
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| 03/26/2008 9:38 AM |
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Just someone, those million dollar houses in La Jolla are not typical of the housing market. You should start a separate thread for them. Using such outliers to provide a different view of the market is way over-the-top. Use some examples that middle class folks can actually afford.
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ElPato
Posts:378
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| 03/26/2008 12:51 PM |
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>>75% occupancy and your yield drops to 8% before maintenance costs. shows it's really not screamingly attractive even at this really low price.
jakob, I agree completely. It shocks me how far out of line prices got with income/rents. Prices still have a long way to fall. Folks are going to be shocked. |
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ElPato
Posts:378
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| 03/26/2008 12:53 PM |
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>> The price drops listed are truly impressive. However, none are in areas most desirable for families with school-aged children. What about Carmel Valley, Poway, La Jolla, RSF, Solana Beach? When prices in these areas experience "monster price drops" I'll start salivating
The rot starts in the marginal areas and spreads to the nicer areas. Patience :) |
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jpinpb
Posts:1687
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| 03/26/2008 12:59 PM |
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| Pato- agree. Land tsunami theory. |
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ElPato
Posts:378
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| 03/26/2008 8:44 PM |
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Ok, I think I have the record so far with 74% off 2005 pricing.
http://www.sdlookup.com/Property-2D725C8F-810_Holtville_Ave_Jacumba_CA_91934 |
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Brian
Posts:2614
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| 03/26/2008 10:50 PM |
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Great find, ElPato. Now I know where Jacumba is. :)
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BarBroker
Posts:0
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| 03/27/2008 10:02 AM |
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" Now I know where Jacumba is. :)"
But do you know how to pronounce it?
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