And I thought the real estate bubble had burst in the non-high-end areas such as mira mesa. How come we’re not seeing ratios in the more reasonable 150 range?[/quote]
Zestimate is garbage. They’re pretty consistently well higher than what the market price is these days, and have been since the crash started – their model appears to be quite laggy.
If you’ll look on the MLS, you’ll find comparable area/size 4/2’s going in the 320-350ish range. The highest a 4/2 of that size has closed in the past couple of months is at 375K.
Here’s a close from 3/30 of this year – similar size, area (north of Mira Mesa Blvd), lot, and configuration. Sold for 325K.
That takes it down to about 160-180x. Not investment territory, but not terrible.
But I don’t think MM’s SFR’s have bottomed quite yet. However, they’re pretty clearly a lot closer to the bottom than the ritzier areas. The areas furthest from the city core have come down farther (San Marcos, East County, etc).
