10640_Penara_St. in Mira Mesa, Decent Price

[bsrsharma]

The reason that I think this house will be sold at $510K

Only if the buyers come up with $100K. Remember the new magic number – $417K. That is going to influence the pricing a lot. My guess is the sellers will jump with joy on an offer better than $440K; (i.e. if they have any sense and are reading the news)

 

 

 

[sdrealtor]

FWIW
1 story homes always sell at a premium. In my experience you can add 10 to 20% to the sq ftage of a 1 story to get a comparablely priced 2 story.

[sdrealtor]

FWIW
1 story homes always sell at a premium. In my experience you can add 10 to 20% to the sq ftage of a 1 story to get a comparablely priced 2 story.

[sdrealtor]

FWIW
1 story homes always sell at a premium. In my experience you can add 10 to 20% to the sq ftage of a 1 story to get a comparablely priced 2 story.

[enron_by_the_sea]

Listing description says that it is a short sale. So it might be a long way for this sale to materialize even at this price

[enron_by_the_sea]

Listing description says that it is a short sale. So it might be a long way for this sale to materialize even at this price

[enron_by_the_sea]

Listing description says that it is a short sale. So it might be a long way for this sale to materialize even at this price

[Ex-SD]

bsrsharma & enron_by_the_sea hit the key problems in their posts above.

You can’t sell a house in this type of neighborhood and price range unless the borrower is “all cash” or doesn’t need to finance more than $417k………….neither of which is probable. Then, there is the problem with getting an appraisal in a falling market. This is not gloom & doom talking…………..just reality.

If you’re renting, I would continue to do so for a minimum of two more years and see where things go. When prices finally hit the bottom, they’re not going to go back up for years. My guess is that you will be able to buy a similar house in that neighborhood for $400-420k and if you wait another year or so beyond that, you may be able to purchase a similar home for $325-$350k. What happened this week is just the tip of the iceberg. You’re in a market that has growing inventory, rising foreclosures and new loan restrictions and requirements for the borrower. Only a tiny percentage of the population will be able to qualify for a mortgage. If you buy too early and then have to sell before 5-7 years have passed, it his highly likely that you will wind up, upside down. Time to be careful with you hard earned $$$$$.

[Ex-SD]

bsrsharma & enron_by_the_sea hit the key problems in their posts above.

You can’t sell a house in this type of neighborhood and price range unless the borrower is “all cash” or doesn’t need to finance more than $417k………….neither of which is probable. Then, there is the problem with getting an appraisal in a falling market. This is not gloom & doom talking…………..just reality.

If you’re renting, I would continue to do so for a minimum of two more years and see where things go. When prices finally hit the bottom, they’re not going to go back up for years. My guess is that you will be able to buy a similar house in that neighborhood for $400-420k and if you wait another year or so beyond that, you may be able to purchase a similar home for $325-$350k. What happened this week is just the tip of the iceberg. You’re in a market that has growing inventory, rising foreclosures and new loan restrictions and requirements for the borrower. Only a tiny percentage of the population will be able to qualify for a mortgage. If you buy too early and then have to sell before 5-7 years have passed, it his highly likely that you will wind up, upside down. Time to be careful with you hard earned $$$$$.

[Ex-SD]

bsrsharma & enron_by_the_sea hit the key problems in their posts above.

You can’t sell a house in this type of neighborhood and price range unless the borrower is “all cash” or doesn’t need to finance more than $417k………….neither of which is probable. Then, there is the problem with getting an appraisal in a falling market. This is not gloom & doom talking…………..just reality.

If you’re renting, I would continue to do so for a minimum of two more years and see where things go. When prices finally hit the bottom, they’re not going to go back up for years. My guess is that you will be able to buy a similar house in that neighborhood for $400-420k and if you wait another year or so beyond that, you may be able to purchase a similar home for $325-$350k. What happened this week is just the tip of the iceberg. You’re in a market that has growing inventory, rising foreclosures and new loan restrictions and requirements for the borrower. Only a tiny percentage of the population will be able to qualify for a mortgage. If you buy too early and then have to sell before 5-7 years have passed, it his highly likely that you will wind up, upside down. Time to be careful with you hard earned $$$$$.

[HereWeGo]

There’s no doubt that there will be a strong pull towards 417K from this point on.

[HereWeGo]

There’s no doubt that there will be a strong pull towards 417K from this point on.

[HereWeGo]

There’s no doubt that there will be a strong pull towards 417K from this point on.

[SD Realtor]

Jimmy it may get 510 and it may not…. I guess we will see. I have a listing right near by in Summerset on Granby. Actually it is a very nice place but my seller is… well I won’t comment. We have been in escrow twice and he has turned down another offer. I am quite surprised at the amount of traffic we are getting even in times like this.

Anyways… did you guys get inside Penara and take a look? I mean it is okay. The sellers have taken care of it and the yard is okay size for the area. However the home needs to be staged. It just doesn’t show with anything that makes you go okay I really want this home. They may indeed get the 510.

SD Realtor

[SD Realtor]

Jimmy it may get 510 and it may not…. I guess we will see. I have a listing right near by in Summerset on Granby. Actually it is a very nice place but my seller is… well I won’t comment. We have been in escrow twice and he has turned down another offer. I am quite surprised at the amount of traffic we are getting even in times like this.

Anyways… did you guys get inside Penara and take a look? I mean it is okay. The sellers have taken care of it and the yard is okay size for the area. However the home needs to be staged. It just doesn’t show with anything that makes you go okay I really want this home. They may indeed get the 510.

SD Realtor

[Author]

Posts