San Diego Housing Bubble News and Analysis

Shows as active listing since July 14th. http://www.sdlookup.com/MLS-090040220-11... with previous sale in 2002. So, I'd have to guess it's a NTS.

Now listed at $830K. Good buy at $500K (round trip at 2000 price). But it may be up to 6 months before bank yields that much, probably to a cash offer.

Do you really think it will sell for $500k in six months? I'd be really surprised to see it go for $750k in six months. I wish things would get back to 2000 levels quickly but there are too many buyers still willing to pay 2004 prices. In Scripps Ranch, there's not much to choose from and plenty of buyers ready to go.

Some people have found relative deals over the last couple of months but $680k for that house sounds like a trustee sale.

strawberryfields,

Credit is difficult in the above $400K realm (and becomes harder as you go up). Many REO sellers have strong preference for cash buyers since they want the certainty of quick closing. I think 2010 may see many REO sales at 2000-01 prices in the above $500K range. High price homes may resemble commercial RE in price dynamics.

Yes this reconveyed back to the bank in June for 680k.

Strawberryfields you definitely have a better grasp of the market dynamics then those who like to gauge the market from behind a keyboard. I will be curious to see what it goes for as well. I don't think it will go for 500k 6 months from now or 16 months from now.

It went back to the bank on 5/26/09 and recorded on 6/3/09. The opening bid was 680k and nobody at the Trustees sale bid on it and it went back to the bank for 680k. It was a 1st that took it to sale, but not sure why it didn't sale to a 3rd party. It could have had some other senior liens or tax liens. The margin looks good enough for investors.

Of course, I'm being a little bit unrealistic ....

No you won't. I will buy at 600K before you.

Oh, on second thoughts you can have it. If price of this falls to 500K I will probably be looking at a place in Carmel Valley to upgrade to.