115k loss in Scripps Ranch

[what_a_disasta]

These people are trying to sell their house in Scripps Ranch.

http://www.sdlookup.com/MLS-076038091-11294_Pepperview_Terrace_San_Diego_CA_92131

679k for 4 bedrooms

If they get that, they will down 112k+++ after commisions etc. They paid 750k in 05.

You got to feel sorry for the folks down the street, they are still trying to shift the exact same house for 789-819k after over a year on the market. Delusional!

if this one sells for 300/sqft then all the other dreamers in that neightborhood asking as much as 375 are going to get a rude awakening.

[an]

I just noticed that property as well. It didn’t say that it’s a short sale or anything, so the sale price doesn’t make much sense to me.

[what_a_disasta]

Maybe it is priced to sell, rather than priced to vegitate and depreciate?

[JJGittes]

Ick. Talk about a cookie cutter unimpressive development.

[no_such_reality]

Looks priced to sell, the neighborhood as a few comps in the low/mid 700s that have languished on the market 30/60/90 days. Plenty of competition at that size at the mid-700 range. The owner is 10% below that.

[SD Realtor]

Yep looks priced to sell. I had a listing appt with one of the Pepperview Terrace homes that is currently in escrow at 710. They didn’t select me because at the time I recommended a lp of 700-725 so they went with the Coldwell Banker agent that told them they would get 770k. Like I said it is now in escrow at 710k. This entire area north of Spring Canyon is not much different then Sabre Springs except for the zip code. It has already seen some pretty good depreciation and will continue to ride downward. Personally not my cup of tea.

SD Realtor

[what_a_disasta]

looks like a recent relist:
http://www.trulia.com/property/1039427022-11238-Pepperview-Ter-San-Diego-CA-92131

a swift 100k haircut. I wonder what caused them to suddenly take the rose-tinted spectacles off.

[23109VC]

isn’t that whole area in basically a big hole? i’m very familiar with scripps as I grew up there and my parents still own in the “wine county” area. no they didn’t burn up…but some close by did..

anyway…a lot of the homes in that area are in what i feel is like a hole…i’d rather be up on a hill rather than at the bottom of one…. it’s near the St. Gregory church…

how low will stuff like that go to… anyone care to guess?

[what_a_disasta]

I’d give them 5% appreciation a year from the original 2000 price.

140% of 304k = 425k

[SD Realtor]

23109 – The fire burned from South of Pomerado to North. Old Scripps was hit hardest by the fire. These homes are all in North Scripps. I wouldn’t say that they are in a hill but basically they are all in that terrain that runs down hill, north of Spring Canyon and south of Scripps Poway Parkway. I rent in wine country as well and I like it alot. Older that 70s show homes but nice sized lots.. a couple of homes burned in that subdivision as well but not many.

I think newer homes like that have a ways to go, easily another 15-30% IMO before rock bottom.

SD Realtor

[an]

Another big loss in 92131:

11053 DOVERHILL RD, SD – Scripps Miramar, CA 92131

Bought in 03/08/05 for $748,000. Listing for $640,000 – $700,876. It’s now pending but I don’t know for how much. This property make the other one seems expensive.

[DaCounselor]

“looks like a recent relist:
http://www.trulia.com/property/1039427022-11238-Pepperview-Ter-San-Diego-CA-92131

a swift 100k haircut. I wonder what caused them to suddenly take the rose-tinted spectacles off.”
___________________________

I don’t understand the “haircut” reference here. The link provided shows an ’03 purchase for $545K and a list price of $799K. Even if they sell considerably down off of list, doesn’t it appear as if they will take a very nice profit on this deal? What does a “haircut” mean in this scenario?

[an]

what_a_disasta, the 2 link you gave are of 2 different properties. One is 11294 and the other is 11238. I don’t understand your “haircut” reference either. Seems like you got those 2 properties confused as one. The 11238 was never sold, at least not based on Zillow. However, the 11294 was sold for $750k on 04/18/2005 and $519k on 01/24/2003. 11232 was sold for $700k on 07/07/2006. 11232 is also 100 sq-ft smaller too. Also 11238 is 300 sq-ft bigger than 11294. 11262 was sold for $750k on 05/26/2004. So, it seems like we’re below spring 2004 level but still above 2003 level.

[what_a_disasta]

Sorry! My mistake.. they all look the same to me.

Fancy that, 3 almost identical houses for sale on the same street. It’s hard to imagine that those size differences are real. They are the exact same models.

[SD Realtor]

AN haircut is a reference to a loss… Someone getting a haircut = someone losing alot of money…Once more this is new Scripps… Cobble Creek…Down further they will go!

SD Realtor

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