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ElPato
Posts:378
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| 07/17/2008 8:07 AM |
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60% off 2005 price for an SFR.
http://sdlookup.com/MLS-080050073-2318_I_National_City_Ca_91950
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ElPato
Posts:378
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| 07/17/2008 8:12 AM |
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54% off 2003 for a SFR on a MFR zoned lot.
http://sdlookup.com/MLS-080050081-1225_Linalda_El_Cajon_Ca_92021 |
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ElPato
Posts:378
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| 07/17/2008 8:14 AM |
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60% off 2007 prices for a SFR
http://www.sdlookup.com/Property-838B36A7-209_Via_Bandita_Oceanside_CA_92057 |
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BigTrace
Posts:195
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| 07/17/2008 9:31 PM |
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| A little off topic, but today I saw a condo on the MLS in Las Vegas that was about 3 doors down from a condo I had purchased back in late 2003 for $160k. I sold that condo in 2005 for somewhere around $285k in just 2 weeks. The MLS I saw, same floorplan, more upgraded than ours was listing at $187k with no bites. Ouch..... |
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jpinpb
Posts:1687
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| 07/17/2008 9:40 PM |
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| 2003 prices are being seen here already. Brian predicts 2000 prices. I'm hesitant to say that, at least not in the areas I'm looking in, but 2001/2002 prices would not surprise me. |
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BigTrace
Posts:195
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| 07/17/2008 9:49 PM |
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| One more off topic, but I just found another condo I had bought for my daughter back in May of 2004. 1bd, 1ba for $97k. She didn't like Vegas so I sold it 5 months later for $140k with multiple offers. Now, drum roll please............. , $74 - $82k.... MONSTER drops!! |
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ElPato
Posts:378
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| 07/17/2008 10:00 PM |
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>>I'm hesitant to say that, at least not in the areas I'm looking in, but 2001/2002 prices would not surprise me.
I think this will over shoot on the way down. It almost has to. |
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jpinpb
Posts:1687
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| 07/17/2008 10:05 PM |
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| Pato - I hope you're right. Sometimes holding out takes a lot of me. I've held out this long. I have my stubborn moments and refuse to cave in. Any time I feel weakness where I'm tempted to settle for something, all that does is bum me out. I just won't allow myself to settle now. |
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BigTrace
Posts:195
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| 07/17/2008 10:07 PM |
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jp,
I'd be interested on your take on the new condo units I'm seeing all over PB now. Lots of lots being scrubbed with 3 story town home and row homes going up. Sounds like your pretty in touch down there. Do you know anything about the background of these? Also would like to know more about Armstrong Construction. They seem to build a quality product, just a bit too pricey right now. I think they'll be forced down by the market soon after the summer is over. What's your take?? |
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wilson
Posts:670
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| 07/17/2008 10:08 PM |
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| Big Trace is a flipper! Crucify him! Crucify him!!!!!!!! |
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jpinpb
Posts:1687
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| 07/17/2008 10:30 PM |
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Armstrong Construction had NODs on his townhome on Garnet and in the 2200 block of Felspar. He has been trying to sell one of his mult-zoned places in the 800 block of Reed for a very long time, I want to say since November? but not sure. I'm not sure why he would want to sell that place. I would imagine he bought it to tear it down and put in his usual 4-6 townhomes. Maybe there's a limit to how many he can build at that location or maybe he figured the market is slowing and not a good time to take on more construction projects and best to liquidate? or he needs cash to cover what he's got on his plate? I'm speculating. All I know is there are some NODs out there and he's trying to sell one of his multi-zoned places. Deduce what you will from that info.
As far as quality, I hear it's done well, but IMO overpriced. Those townhomes were sprouting all over PB, like mushrooms. Condos in PB are taking a major hit. Townhomes are suffering a little. SFH are feeling it, but banks are taking their time. Two easy examples that quickly come to mind are: 1844 Law or |
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Brian
Posts:2614
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| 07/17/2008 10:34 PM |
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Posted By wilson on 07/17/2008 10:08 PM
Big Trace is a flipper! Crucify him! Crucify him!!!!!!!!
Nothing wrong with flipping. At least Big Trace calls is like it is. So, he's taking advantage of the downturn. Good for him.
Realtors, however, who flip but deceive buyers into "buying for the long term" are not honorable and should be outed.
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Brian
Posts:2614
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| 07/17/2008 10:38 PM |
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jpinpb, thanks for your updates on PB. I don't watch that zip but I will. If all share info, we can have all of SD County covered.
How about reposting your comments on a PB thread for future reference? |
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jpinpb
Posts:1687
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| 07/17/2008 11:02 PM |
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I think I have mentioned it before on PB threads, probably the places that have the NODs and the place for sale on Reed. I'll repost it on the PB foreclosure thread, though they're not being foreclosed.
OAN - a somewhat know realtor in PB IS going to foreclosure on his place on Fanuel.
The place that got cut off on the previous post was 1104 Missouri. |
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92101Resident
Posts:141
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| 07/18/2008 7:06 AM |
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Posted By wilson on 07/17/2008 10:08 PM
Big Trace is a flipper! Crucify him! Crucify him!!!!!!!!
Wilson: You are beginning to sound like the retarded kid in class who just yells out whatever "intelligent" thoughts that comes to his/her mind. I guess we just need to tune you out like all those real estate leaches who are always yelling "now is the time to buy"!
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BigTrace
Posts:195
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| 07/18/2008 8:20 AM |
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Actually, I'm not a "flipper", just a person who looks for deals and gets out when the timing is good (and bad). By trade, I've been a government contractor for the past 20 years and have turned that business into commercial real estate for the past 6 years. I don't own any property right now residentially other than my home, but I do own 2 office buildings in the kearny mesa area and have put into place a business plan to get me retired in the next 5 years. I have been very fortunate in my real estate ventures and thought I could lend some of my knowledge on things that I've done to make money to help some others around here. Even if I was a "flipper', is that so bad??? people take advantage of the stock market everyday. Speculators and investors look for the rise of real estate just like the bulls do on Wall Street. Right now the Bears are in the real estate market and the Bears on Wall Street short stocks. Since you can't short real estate (per sey), you need to sell when you feel the timing is right, whether thats 1 month, 1 year or 10 years. I look at situations and say to myself "better to be a "pig" than a "hog"". I was definitely right in Las Vegas and was able to net about $200k when I left the area after all the properties I purchased and sold. With that, I did something real stupid, bought a Motorhome. It's my one vice I suppose, but because it was basically free (playing on house money), I figured, what the hell, I'm not getting and younger.
I know I don't have to justify who I am and what I'm doing here, just want to contribute like evryone else and learn from others more knowledgable than I. In my current state, my current home is paid for and I'm looking for my next investment which will be in the beach area. When I retire, I'd like to occupy that home permanently as the one I'm in now is way too big as all my kids are starting to leave the nest.
To keep the thread on track, I'll start another thread on the PB board where we can discuss future development, contractors and locations if that's OK with everyone. I love this site and am glad I found it recently. Thanks |
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613867
Posts:62
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| 07/18/2008 9:18 AM |
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| Big Trace-I am stunned by the big downturn of property values in places like Vegas and Phoenix. by now they must be running out of land in places like az and nev. Probably a big scaracity-is there any left for development??? |
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BigTrace
Posts:195
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| 07/18/2008 11:00 AM |
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| From what I understood from realtors, NV, especially Vegas, is mostly BLM land so they were "pushing" people to buy because of the "scarcity" of it. I called BS and saw the handwriting on the wall. The influx of people was un-believable 2-3 years ago. People were clamouring one on top of the other to buy something. The bigger problem with Vegas in the future is going to be water, not land, IMO. |
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613867
Posts:62
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| 07/18/2008 11:19 AM |
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| A little known fact about water use in CA is that only 10% of the water is being used by the urban centers. The other 90% is being used by agriculture. They are actually growing rice in rice paddies in areas that should be considered a desert. But God love them, the farmers are going to give up their water entitllements for those selfish "ne er do wells" in the cities. Farmers are the backbone of this country and don't you forget it. Even if they are growing rice in rice paddies in desert conditions. |
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BigTrace
Posts:195
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| 07/18/2008 11:28 AM |
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| I didn't know that so that is good info. I do expect though that the media spin on water will bring a sort of panic to real estate prices around the areas being hit the hardest. Vegas has already been in the spot light because of Lake Mead's decreasing water levels. And again, it's all about "global warming" :-) |
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