San Diego Housing Bubble News and Analysis

649k? you gotta be kidding.

This is a great example of why Netbank is no more.

Damn who in their right mind is still trying to flip today.

650k in Del Cerro for a 1957 house? Insane...

There is still a loooong way to the bottom if there are still flippers in this market.

It will become a rental (3 months max) because it will not sell! They will take a 1k loss a month... I believe a lot of short sales are a joke you are still buying at 2005-2006 prices in most cases...

Yeah, that's what I don't get. Who would try and flip a house in this market. When I spoke the realtor, she said that it needs to be sold and sold fast. So I bet they have this house bought with a neg am lone.

My bet is, all things considered, including insanity, someone will buy it for around $599k. This person will likely have two kids and a dog, a struggling marriage and can't afford to buy in 4S Ranch because of the over priced market there.

I say sells for 460k, after the bank repos it.

I follow this micro-market area, and I have to say this MIGHT work out for him. Not many houses for sale in the immediate area, and its a nice area- there is a little private swim/tennis club right there and a very good elementary school around the corner. He might get lucky and find a buyer concerned about things other than price.

My favorite WTF???? flip attempt in that area is this one: http://www.sdlookup.com/MLS-076073081-65...

It quickly sold just this July for $825K. Its one of those scary original 1960's never rehabed places that the original owner apparently died in.
It was then listed again almost immediately for $899K- with apparently zero work done to the place. Even most of the MLS pictures are the same as last time. The only difference is the owner/agent (yes, a realtor bought it) is offering plans for a remodel in the sale price this time. I just can't figure out the logic on this one at all.

who would flip now ---and who would lend?

"My favorite WTF???? flip attempt in that area is this one:"

Worth every penny with those popcorn ceilings.

Is it my imagination, or does this place look like a double-wide? Maybe we'll see it parked on the 101 with graffiti on it in a few days.

I can't believe someone out there thinks this place is worth 649K.

so only one person is willing to make a guess. How long and how much..

it'll end up as a rental, I agree.

owner would take it off the market by the end of the year. try to wait out the crash by waiting and renting for a year to rowdy SDSU students, who'll park and pee on the grass, and stain up the walls.

after a year on the rental market and going negative for so long, when the flipper try to put it back on the market the comps would be so bad that he may just give it up to the bank.

LostCat

I think that place would be a nightmare for a college student as a rental, unless they are the studious type (difficult to find at SDSU). The neighbors are super anal and older. The cops would be stopping by every 10-min if it came to that. Besides, the rent is too high in that area for college students.

My guess is property sells for $565,000 in two months. Only because there are insane people out there willing to buy, that have kids and want a good school.

This property had a second open house on Sunday. Not a soul stopped by. Still priced at $645k

Does anyone know how flippers work deals out with realtors? What typically is the commision % to a realtor on a flip?

As long as we are not wise this kind of flippings at least end up with 40% gain. Don't know when American people realise Having House is no more dream to the future live and gone those days with Baby Boomers hit, Economy Globalization shifting from US, living in America is going to be bit equalize with common transportation like City Transit and all like other coutries follow - due to expensive oil prices
out of all this, if life sucks than other countries to live then where is Dream of Having House exists - Just think in a cool manner

5yearswaiter

Does anyone know why this house was taken off the market, but still has the 4sale sign planted in the grass?

eccen in esc
http://www.redfin.com/stingray/do/printa...
yes, there are still flippers out there - I am watching this one next door to my old house I sold in '06

5697 meredith went pending last week. It is in escrow.
SD Realtor