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  • September 16, 2010 at 4:10 AM #17953
    pemeliza
    Participant

    There has been a lot made lately of the double dip and I think evidence of that is definitely starting to materialize not only in the high end but also the low end.

    Here is an example in Mission Hills at the low end of the price range. The comparison is between three starter bungalow style homes all on the same block of Goldfinch. All three bungalows are 3 bedroom 1 bath and are on similar sized lots.

    The first sale price was $520k and closed 2/26/10. It is on a corner lot.

    http://www.redfin.com/CA/San-Diego/3792-Goldfinch-St-92103/home/5359550

    Next comes the REO sale of which the buyer probably thought they were getting a good deal given the February sale. This house closed 8/13/10 for $465k which is $55k less than the previous comp in Feb.

    http://www.sdlookup.com/MLS-100034966-3768_Goldfinch_St_San_Diego_CA_92103

    This morning I spot a new listing for sale on Goldfinch:

    http://www.sdlookup.com/MLS-100055317-3752_Goldfinch_St_San_Diego_CA_92103

    On a corner lot and priced at $465k which is exactly the sales price of the REO that sold a month prior. It is on a corner lot and the landscaping and interior look to be in much better condition than the foreclosure. The backyard of the foreclosure was bizarre looking.

    Admittedly this is a fairly busy street but these are definitely decent starter homes in Mission Hills. They seem like decent condo alternatives if you don’t mind living in an older home.

    Considering the condition of the properties involved and where interest rates are currently at, the new listing at 3752 should fly off the market at that price. Will it?

    If it does sell at 465k, then the next bank deal is going to have to be at least 10% lower than that to get a buyer to think they are getting a “good deal”.

    September 16, 2010 at 8:03 AM #605263
    UCGal
    Participant

    It will be interesting to watch…

    September 16, 2010 at 8:03 AM #605351
    UCGal
    Participant

    It will be interesting to watch…

    September 16, 2010 at 8:03 AM #605902
    UCGal
    Participant

    It will be interesting to watch…

    September 16, 2010 at 8:03 AM #606009
    UCGal
    Participant

    It will be interesting to watch…

    September 16, 2010 at 8:03 AM #606327
    UCGal
    Participant

    It will be interesting to watch…

    September 16, 2010 at 8:09 AM #605273
    sdrealtor
    Participant

    The first sale was not an open market sale. It may have been a FSBO( not uncommon for buyers unrepresented to overpay) or a related party sale with something going on.

    The 2nd sale was 125 sq ft smaller and very dated. It looked in no better than fair condition. It was an REO that fell out of escrow and when that happens its not unusual for them to sell for less the 2nd tikme around as the intial frenzy has died down.

    The 3rd sale is a trust sale. Its dated also but the pictures looked adorable. Trust sales are generally listed low and the market will determine price on it. It will be interesting to see what happens and it should sell quickly though it has a slower time of year to contend with.

    The interesting thing is none of these are traditional open market sales so what happens next is very unpredictable. Even if it sells for 465K its impossible and probably inaccurate to say the next one will have to be 10% lower. It is actually a pretty unique situation subject to many different interpretations next time around.

    September 16, 2010 at 8:09 AM #605361
    sdrealtor
    Participant

    The first sale was not an open market sale. It may have been a FSBO( not uncommon for buyers unrepresented to overpay) or a related party sale with something going on.

    The 2nd sale was 125 sq ft smaller and very dated. It looked in no better than fair condition. It was an REO that fell out of escrow and when that happens its not unusual for them to sell for less the 2nd tikme around as the intial frenzy has died down.

    The 3rd sale is a trust sale. Its dated also but the pictures looked adorable. Trust sales are generally listed low and the market will determine price on it. It will be interesting to see what happens and it should sell quickly though it has a slower time of year to contend with.

    The interesting thing is none of these are traditional open market sales so what happens next is very unpredictable. Even if it sells for 465K its impossible and probably inaccurate to say the next one will have to be 10% lower. It is actually a pretty unique situation subject to many different interpretations next time around.

    September 16, 2010 at 8:09 AM #605912
    sdrealtor
    Participant

    The first sale was not an open market sale. It may have been a FSBO( not uncommon for buyers unrepresented to overpay) or a related party sale with something going on.

    The 2nd sale was 125 sq ft smaller and very dated. It looked in no better than fair condition. It was an REO that fell out of escrow and when that happens its not unusual for them to sell for less the 2nd tikme around as the intial frenzy has died down.

    The 3rd sale is a trust sale. Its dated also but the pictures looked adorable. Trust sales are generally listed low and the market will determine price on it. It will be interesting to see what happens and it should sell quickly though it has a slower time of year to contend with.

    The interesting thing is none of these are traditional open market sales so what happens next is very unpredictable. Even if it sells for 465K its impossible and probably inaccurate to say the next one will have to be 10% lower. It is actually a pretty unique situation subject to many different interpretations next time around.

    September 16, 2010 at 8:09 AM #606019
    sdrealtor
    Participant

    The first sale was not an open market sale. It may have been a FSBO( not uncommon for buyers unrepresented to overpay) or a related party sale with something going on.

    The 2nd sale was 125 sq ft smaller and very dated. It looked in no better than fair condition. It was an REO that fell out of escrow and when that happens its not unusual for them to sell for less the 2nd tikme around as the intial frenzy has died down.

    The 3rd sale is a trust sale. Its dated also but the pictures looked adorable. Trust sales are generally listed low and the market will determine price on it. It will be interesting to see what happens and it should sell quickly though it has a slower time of year to contend with.

    The interesting thing is none of these are traditional open market sales so what happens next is very unpredictable. Even if it sells for 465K its impossible and probably inaccurate to say the next one will have to be 10% lower. It is actually a pretty unique situation subject to many different interpretations next time around.

    September 16, 2010 at 8:09 AM #606337
    sdrealtor
    Participant

    The first sale was not an open market sale. It may have been a FSBO( not uncommon for buyers unrepresented to overpay) or a related party sale with something going on.

    The 2nd sale was 125 sq ft smaller and very dated. It looked in no better than fair condition. It was an REO that fell out of escrow and when that happens its not unusual for them to sell for less the 2nd tikme around as the intial frenzy has died down.

    The 3rd sale is a trust sale. Its dated also but the pictures looked adorable. Trust sales are generally listed low and the market will determine price on it. It will be interesting to see what happens and it should sell quickly though it has a slower time of year to contend with.

    The interesting thing is none of these are traditional open market sales so what happens next is very unpredictable. Even if it sells for 465K its impossible and probably inaccurate to say the next one will have to be 10% lower. It is actually a pretty unique situation subject to many different interpretations next time around.

    September 16, 2010 at 8:31 AM #605288
    UCGal
    Participant

    By trust sale – do you mean estate sale? Where the owner has died and the executor or the heirs are selling the home?

    If this isn’t a good description of a trust sale – can you explain what a trust sale is. (Always looking to expand my knowledge.)

    I’ve seen plenty of seriously overpriced list prices where the children of the previous owner felt the house was “special” and priced it way above market… I’ve seen this a lot more than estate situations that were under-priced.

    September 16, 2010 at 8:31 AM #605376
    UCGal
    Participant

    By trust sale – do you mean estate sale? Where the owner has died and the executor or the heirs are selling the home?

    If this isn’t a good description of a trust sale – can you explain what a trust sale is. (Always looking to expand my knowledge.)

    I’ve seen plenty of seriously overpriced list prices where the children of the previous owner felt the house was “special” and priced it way above market… I’ve seen this a lot more than estate situations that were under-priced.

    September 16, 2010 at 8:31 AM #605927
    UCGal
    Participant

    By trust sale – do you mean estate sale? Where the owner has died and the executor or the heirs are selling the home?

    If this isn’t a good description of a trust sale – can you explain what a trust sale is. (Always looking to expand my knowledge.)

    I’ve seen plenty of seriously overpriced list prices where the children of the previous owner felt the house was “special” and priced it way above market… I’ve seen this a lot more than estate situations that were under-priced.

    September 16, 2010 at 8:31 AM #606034
    UCGal
    Participant

    By trust sale – do you mean estate sale? Where the owner has died and the executor or the heirs are selling the home?

    If this isn’t a good description of a trust sale – can you explain what a trust sale is. (Always looking to expand my knowledge.)

    I’ve seen plenty of seriously overpriced list prices where the children of the previous owner felt the house was “special” and priced it way above market… I’ve seen this a lot more than estate situations that were under-priced.

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