[quote=Pbranding]Sdr,
What’s going on with 2901 Segovia Way? Looks like it sold for 2.5 just last month and now on the market for 2.375?
Only a few homes away from that serbal home that sold for 3.325 but clearly not as nice… but if that’s not an example of home values going down I don’t know what is.[/quote]
So a few things to say about this. That is not a great house for that model and the neighborhood. Kinda busy street, backyard all pool and minimal upgrades/mostly origianl. I knew original owner and when he sold at peak frenzy in 2005 the house sat for 4 months which says a lot about desiareability of that spot.
So then it sold to an ebuyer last month who overpaid if they paid 2.5M. However, the ebuyers usually record the sales at higher than what they actually pay so it looks better when they resell it quickly. They dont care about a few hundred extra in taxes for a couple month. The reality is the fees and sales charges are close to 10% so my guess is they actually paid closer to 2.25M not 2.5M
With that said the market is definitely slower and softer now. Those conditions hit homes like this that struggled to sell even back in the best of times in 2005 faster and harder than say a house like Serbal which just went for $3.325M There are always trophy buyers for the most coveted “prom dates”
As an aside I was interested in Homelight and searched tax records. They currently own 16 properties in SD County. Some in escrow and some sold but tax records dont reflect yet. I dont know how much they will make on these but collectively should come out without big losses if at all
