San Diego Housing Bubble News and Analysis

Duh, I meant attached townhomes...not detached townhomes.

And NOW begins the "race to the bottom"....Recent buyers/flippers will experience a fiery re-entry back to reality......

Is there such a thing as a detached townhome? I just assume those are SFR's.

Josh

Actually there is something that can be referred to as a detached condo/townhome and they are becoming more prevelent. The lots are too small for SFR setback rules, the front yards are owned and sometimes maintained by the association, but they are not attached. A lot of alley homes/shared driveway homes are technically a condo or hybrid. If the lot is smaller than 4k sq. ft. the odds are it is a detached condo.

Fat lazy union,

The more of these I can show my wife, the better. Please keep these coming!

Yes, a friend of mine and his wife lived in new-ish detached
Town complex in Mira Mesa close to the 15 and Mira Mesa blvd.

While better in terms of privacy than attached units, they were still pretty cozey.

Sincerely yours, HiggyBaby

Temeculaguy, read my reply to myself (first entry). I corrected myself. I meant "attached" instead of "detached". I would have corrected my initial post, but you can't.

fat_lazy -

Did you see the Crest listing for 540k? I went to a listing appt with this seller and recommended a much lower selling price. She did not list with me because she was told by her Zip Realty agent that she should have no problem getting 540k. If you look at the sales comps for that floorplan they do not come close to meeting that price.

SD Realtor

SD Realtor....

I did not personally see the 540k listing. 2/2's don't attract me. I know the units there pretty much cut and dry. I think your prospect seller had a 2/2, not 3/2.5..Nor was it in a prime location.

I believe your seller wanted to list his/her 2/2 at $540k, which was what a 2/2 commanded AT PEAK in 2004.

My point was that the 3/2.5 (not 2/2) in the link is close to $550k. So someone with a 2/2 that has listed (or planing to list ) at $540k is still smoking crack.

There's also a bank owned 3/2.5 1584 (largest 3 bedroom) selling for $584k. No takers yet, to my understanding. Not the best location, as the front faces Ellijah Ct (?) between the complex and where Carmel Pointe is.

http://sandiego.houserebate.com/search/h...

There are a couple of other 1533 units just listed in the $620k-$640k..Uh, good luck.

The fact that both bank owned and short sale units have been on the markets for that many days should be an indication where the condo market in CV is heading.

Also, check out all the for sale units from the condo-converts Carmel Pointe across the street. Whay too much attached inventory imho.

If the 3/2.5 come down to the mid $350-400k, I might be interested again. But, I do know also that they complex has a few issues. There's been a couple of units with water main breaks (seems like inferior piping). And I think they ran the gas lines under where they planted shubbery that requires a lot of watering. There was a time when the gas company had to shut off the lines to because a leak occured from a suspected gas line corrosion.

Did you see the Crest listing for 540k? I went to a listing appt with this seller and recommended a much lower selling price. She did not list with me because she was told by her Zip Realty agent that she should have no problem getting 540k. If you look at the sales comps for that floorplan they do not come close to meeting that price.

SD Realtor, Eweee.. Orange??

http://sandiego.houserebate.com/search/h... ewee...

Nice fish tank though... Although I don't think it quite the same as a third bedroom :)

Fat Lazy when I first posted about the home, you are correct, I incorrectly thought it was a 3/2.5 but as you said it wasnt. It is only a 2/2.5.

My point was that this is simply another case of seller in denial. Unfortunately it also is a case of a Realtor telling her exactly what she wanted to hear. Maybe she will get this price but I don't think so.

SD Realtor

Did you see the Crest listing for 540k? I went to a listing appt with this seller and recommended a much lower selling price. She did not list with me because she was told by her Zip Realty agent that she should have no problem getting 540k. If you look at the sales comps for that floorplan they do not come close to meeting that price.

Blast from the past. Looks like this one finally closed....1 year later

http://www.sdlookup.com/Property-560624E...

Ended not as bad as it could have. -2%, plus carrying cost (and the cost of that expensive fishtank :) ).

Noticed attached inventory in CV has gone down, while detached seems to be growing. Looks like attached market is tracking somewhere in 2003 prices.

selfportrait

----- Sour grapes for everyone!

It still amazes me how well move up areas, especially CV, is holding up compare to the start home areas.

It's close to employment, it's new and most of the homes are in the upper price ranges and were not financed with subprime. A larger percentage of those buyers actually have jobs that can pay those prices, so that will cut down some on the foreclosures. Also CV has been more biased to the Alt-A programs rather than subprime; and those Alt-A loans have been running on a different clock.

CV's turn will come and when it does it will have some significant losses, although probably not as bad as some of the outlying areas. Still, if an $800k house in 4S eventually settles at $500k, the $950k house in CV isn't going to stick at $800k.

Every market segment competes with its alternatives. It's all connected.