San Diego Housing Bubble News and Analysis

http://bubbletracking.blogspot.com/searc...

at this price we are looking at a little over $200k decline in pricing in 2 years (first purchased summer of '06).

with the other del sur builders selling 2300 sqft back-loading garage homes in the $570k range, the $609k asking price for this REO is actually on the mark. let's see how long this one would take.

Considering the current turmoil in the banking industry especially due to this mortgage crunch which leads Fanni Mae and Fessie Mac to the down should sure to lead another -15% hit with in a months and there is no doubt in this. Falling nife now get some speed - so now watch the sharp declines in 4S and Delsur and futher Carmel Valley - having said that I am not ignoring the unemployement hit would add much further !!

I still laugh at the clowns in 4s ranch that try to sell their tiny boxes on FieldThorn for anything over 400K and the other clowns in the New Rochelle area trying to unload theirs for close to 600s.

Lots of people still are oblivious.

If that listing on Ralphs Ranch Road sells for under 500K, it should help push things down a bit.

With that REO going for 609K, the new houses from Pasado seem like a terrible deal now, since buying a new house requires putting in landscaping and other options. Besides, do you really want a side yard and ally way garage?

Does anyone know the builder and or have a floor plan layout by chance on these? Im just wondering what the floorplan looks like.

Also, 618 bucks for Mello Roos and HOA. Add in the tax rate of say 1.2 or 1.3 (I could be off on that) and you are looking at over 7200 in taxes a year or another 610 a month so over 1200 bucks a month before touching the mortgage payment. Ouch.

I believe these are Alcala from William Lyons. Just to show you how far prices have fallen, when Del Sur opened up 2 years ago, Bridgewalk was the cheapest one going for in the high 500's/low 600's. And those look like glorified townhouses.

Hi LAAFTERHOURS

As per the trend going on you can wait a while and these should come down to 500 or low Level. How the money created? when public hammered with Gasoline, comodities and shifted global economic policy especially today Bernanke's slow upcome with real figures of economy and how that blazes US in the future. One can think about money to spend when they are going to have, but buying home is already wasting money - so how really buyers available. Until this time Government saving a lot to slowly fall these prices and now Govt has no more magic they have to away from this and "let it ride". When Prices come down your Property tax comes down - could be a bargain in Melorose too. Not a dream but a reality now

Thanks for the response and Im not trying to sound rude but please clean up your sentence structure so as to better communicate your points. It was difficult to follow your response but I got the underlying message.

http://sandiego.lyonhomes.com/homes/comm...

Thanks SDCoastal - the above link is to the floorplans.

The funny thing is that Bridewalk is still priced at mid-high 500s now. This particular REO home has been listed for short sale for a long long time. Is there anything wrong with this home?

I drove by it this morning and its at the end of claire ct and there is like an extended driveway at the left side of it, which is like a small cul de sac of sorts but thats all I can tell from the outside.

From the pictures, the back yard is very very shallow. It is similar to many 2000sf homes in 4S ranch but the house is larger. Compare to Pasado, you have a long drive way. What is the use other than parking RV?

If the HOA allows it I would put up a gate hooked up to an automated clicker - it would provide a nice barrier for your kids to play in your driveway and give some privacy.. just a thought.

But yes in some regards, a waste of space.

This house has been discussed in two previous threads.

September 23 last year, listed at $680,000:
http://piggington.com/big_losses_in_del_sur

And $610,000 on March 2 of this year:
http://piggington.com/8280_katherine_cla...

I've noticed that places with super-high mello roos and/or hoa fees seem to be going down the fastest. Notably Stonebridge and the places mentioned on this thread. I guess during the frenzy, people just figured they'd make so much money on their houses,it wouldn't matter. They looked at it as part of their "investment" that they'd get back when their house shot up in price. Now, they look at it as a monthly expense that they have to pay out of their own wages. That's a huge difference psychologically.

Looks like Standard Pacific is screwed. Based on the Alcala model, this home should be priced no higher than $475K.

http://www.redfin.com/CA/San-Diego/8464-...

I wouldn't prefer this model even if the price is 475K.

if you buy this REO you will essentially have to
do the same things as when buying a new home, except
you also have the "privilege" of it being broken
in. i live in del sur and checked this REO out on
sunday [just from the outside looking in the windows]

NO landscaping was ever done, the fridge and all
window treatments are gone, the carpet looks like
a disaster, and the tile in the kitchen looks
extremely cheap.

-mdk

This house looks fine, the carpet and tile look fine. The fridge never comes with the house, unless the seller and buyer negotiate over it. And I doubt any vandals would come to a neighborhood like Del Sur. The front yard has landscaping.

that's because most of the front yards/areas are
maintained by the landscape company contracted out
by HOA.

and, with respect to the tile looking fine, i guess
we have different tastes. since the original purchase
price was north of $800K, i would have expected
better choices than 8x8 tile

-mdk