San Diego Housing Bubble News and Analysis

SDR,

I've seen that one as well. Palacio isn't my cup of tea, though.

But since you seem to be very knowledgeable about the CV submarket, could I ask you what's the deal with 13025 Candela? It's been on and off the market, listed at around $700K for quite some time now. I think it's been listed at least 3 times in the past year. What's wrong with it (apart from the weird floorplan)? At $700K, it should have moved by now. I'm very surprised it's still sitting.

Hi Daniel

Actually there is not much in Carmel Valley that is my taste either but lots of clients really like it there. The people I showed today have decided to submit an offer on it.

Anyways I have not been into the Candela home. I really like the area to the north off of Newcrest and Landfair. Kind of pricey there though. Anyways like you said Candela has been listed and relisted quite a few times already. However it could very well be that the lender simply did not accept some of the offers submitted. Also note that over 18 months ago 13073 closed at 830k and 13003 closed at 775k. So yeah I do agree that at 700k it should have moved by now. Although there could be other liens that the lender does not want to cover. So you just never know. As you said though, there could be something wrong with the home itself.

Thanks SDR...

You mean this?
http://www.sdlookup.com/MLS-080079759-52...

$699k is good price. I wonder what the final price will be though....

I hope I'm not being unfair with my comment, but my personal preference, I wasn't a big fan with this complex. I recall this complex very well. We looked in this area back in 2004. A lot of people for some reason were infactuated with a 9 hole golf course, and overlooked the extra $300/month HOA fee.

My concerns were:

1) Big HOA fees. I believe it's close to $300/month.
At 6%, I think that's close to $50k in borrowing. I'd rather spend $50k more on a home with $0 HOA or close to $0 (I'm sure I'm not counting this exactly correct though).

2) I wasn't a big fan of the location. It's off a 56 onramp, and in sunken valley. I have a little toddler and like a park, walkable distance to schools, malls,etc.

I hope I'm not being unfair, because what I don't like other people might like, and vice versa. As such, as long as the inspections pass, I'm sure it's fine.

Side note: we'll see a few more of these here and there moving forward priced well. I'm willing to bet money my neighbor will be one of these that lose their home soon.

Side Side Note:

SDR, I still think your client that bought the home posted on OCRenter's site got a good deal, for what it's worth.

The floor plan of these homes off of Candela are all interesting. You walk up stairs to go in, and then you walk down to go into the bedrooms, if I recall.
I believe the bedrooms were downstairs. Been there, done that (in 2004). And being some of these homes are older, double check the other things.

1) Windows double pane? I recall they weren't

2) There is kinda the "old house" smell (at least the one I saw).

Also, consider if you have any elderly folks that will be visiting. And when you buy groceries... :)
Stairs to the main floor ==> not fun.

These things are probably all minor. But, when I move in, the last thing I want to do is remodel.

My opinion. Some of the more newer, and slightly nicer homes should be more readily available soon...And when that happens if you really want these homes, they should be even cheaper.

I'm seeing areas like Sands, Coves, Shores \and the likes are starting to push down. And imho, some of these homes are newer, albeit in Torrey Hills (some people don't like TH). It will be interesting to see what happens in the Pardee communities, Carriage Run.

Daniel, I still have all my sales flyers I collected in 2004, with my color commentary. So if you're interested, I can scan a flyer or two in, along with my notes.

Disclaimer: I'm no RE expert. So it wouldn't be fair for me to tell you to wait to buy a home off 50%. You might be waiting until hell freezes over before that happens...The fact that SDR is reporting that there are multiple offers in the Palacio home (despite it not being some people's cup of tea) should provide yet another data point that there is plenty of pent of demand, even in this economy, despite what some people may or may not want you to believe.

FLU definitely agreed with your comments 100%. I am not a fan of Palacio either for all of the reasons you mentioned. It will be interesting to see what we go going in 6 months. Yes we may get a spring bump but lets see how things look in July.

SDR and FLU, thanks for your thoughts.

SDR, the Candela place being a short sale certainly explains a lot of things (the repeated listings, the sitting, the foot dragging). I suspected it might be a short sale, but I wasn't sure.

FLU, like you, I live in CV, and, also like you, I've become quite knowledgeable about the market, although I can hardly claim I'm an expert. I agree with your observations about both the Palacio and the Candela places, and though neither is quite what I'm looking for, they both seem to be attractive price-wise.

I'm not in the market right now (personal reasons, nothing to do with prices). I'm just educating myself and keeping an eye out so that I can make an informed decision when the time comes.

Just one more thing, SDR. But before that, apologies for hijacking your thread, and apologies to everyone else for keeping the boring CV in the spotlight...

So, how about 4815 Tarantella? Also sitting, also priced not too bad, what's going on? Also short? I'm thinking yes, as they raised the price recently, which is rather unusual. Perhaps the lender didn't feel like taking it in the shorts and asked the seller to try to do better?