1763 Law St – sold for 150% profit on ’02 purchase

[Lickitysplit]

Well, looks like some sellers are still getting out quite nicely. Just found this recent sale in north PB:

http://www.sdlookup.com/Property-05D61277-1763_Law_St_San_Diego_CA_92109

Sales History:
Date Price Held Return Annual
02/14/2008 $1,035,000 5y 12m 146% 16%
02/14/2002 $419,999 n/a – –

Granted the house had a “fantastic addition” and remodel in ’05. Anyone following PB and have insight into how it’s holding up? My specific interests are north PB & Crown Point. Yes, I know many consider PB a dump.

[SD Realtor]

Hi Lickity –

Yes I agree PB gets hammered around here pretty hard. I like the two areas you mentioned and still own a property in Crown Point that I lived in for over 10 years. In general the submarkets you are referring to have indeed gone down some. Not anything like 30% or anything like that but the same premiums they used to receive are indeed gone. I believe they will come down more but it will take time and they will be on the backside of the depreciation cycle. Alot of stubborness and many of the homeowners have pretty strong equity stakes as they have been established for awhile.

Others have done alot of upgrades and remodels. There will be distress here and there and people will pick out some problematic properties. I think the first properties to have problems will be the small developments you see here and there that have been built in the past few years and were purchased at ludicrous prices.

SD Realtor

[SD Realtor]

Hi Lickity –

Yes I agree PB gets hammered around here pretty hard. I like the two areas you mentioned and still own a property in Crown Point that I lived in for over 10 years. In general the submarkets you are referring to have indeed gone down some. Not anything like 30% or anything like that but the same premiums they used to receive are indeed gone. I believe they will come down more but it will take time and they will be on the backside of the depreciation cycle. Alot of stubborness and many of the homeowners have pretty strong equity stakes as they have been established for awhile.

Others have done alot of upgrades and remodels. There will be distress here and there and people will pick out some problematic properties. I think the first properties to have problems will be the small developments you see here and there that have been built in the past few years and were purchased at ludicrous prices.

SD Realtor

[SD Realtor]

Hi Lickity –

Yes I agree PB gets hammered around here pretty hard. I like the two areas you mentioned and still own a property in Crown Point that I lived in for over 10 years. In general the submarkets you are referring to have indeed gone down some. Not anything like 30% or anything like that but the same premiums they used to receive are indeed gone. I believe they will come down more but it will take time and they will be on the backside of the depreciation cycle. Alot of stubborness and many of the homeowners have pretty strong equity stakes as they have been established for awhile.

Others have done alot of upgrades and remodels. There will be distress here and there and people will pick out some problematic properties. I think the first properties to have problems will be the small developments you see here and there that have been built in the past few years and were purchased at ludicrous prices.

SD Realtor

[SD Realtor]

Hi Lickity –

Yes I agree PB gets hammered around here pretty hard. I like the two areas you mentioned and still own a property in Crown Point that I lived in for over 10 years. In general the submarkets you are referring to have indeed gone down some. Not anything like 30% or anything like that but the same premiums they used to receive are indeed gone. I believe they will come down more but it will take time and they will be on the backside of the depreciation cycle. Alot of stubborness and many of the homeowners have pretty strong equity stakes as they have been established for awhile.

Others have done alot of upgrades and remodels. There will be distress here and there and people will pick out some problematic properties. I think the first properties to have problems will be the small developments you see here and there that have been built in the past few years and were purchased at ludicrous prices.

SD Realtor

[SD Realtor]

Hi Lickity –

Yes I agree PB gets hammered around here pretty hard. I like the two areas you mentioned and still own a property in Crown Point that I lived in for over 10 years. In general the submarkets you are referring to have indeed gone down some. Not anything like 30% or anything like that but the same premiums they used to receive are indeed gone. I believe they will come down more but it will take time and they will be on the backside of the depreciation cycle. Alot of stubborness and many of the homeowners have pretty strong equity stakes as they have been established for awhile.

Others have done alot of upgrades and remodels. There will be distress here and there and people will pick out some problematic properties. I think the first properties to have problems will be the small developments you see here and there that have been built in the past few years and were purchased at ludicrous prices.

SD Realtor

[jpinpb]

That’s an impressive return. Have to say, picking up a place for 420k in 2002 was already a great deal. Almost incredible to me.

This sale is not going to help these people:
http://www.sdlookup.com/MLS-076086991-1844_Law_St_San_Diego_CA_92109

MLS# 076086991
1844 Law St

Been on the market for a while on and off w/NODs.

I have to agree w/SD Realtor. PB seems to be defiantly retaining value against many other places in San Diego whose prices are sinking. Other places that are nicer. I guess PB is immune.

[jpinpb]

That’s an impressive return. Have to say, picking up a place for 420k in 2002 was already a great deal. Almost incredible to me.

This sale is not going to help these people:
http://www.sdlookup.com/MLS-076086991-1844_Law_St_San_Diego_CA_92109

MLS# 076086991
1844 Law St

Been on the market for a while on and off w/NODs.

I have to agree w/SD Realtor. PB seems to be defiantly retaining value against many other places in San Diego whose prices are sinking. Other places that are nicer. I guess PB is immune.

[jpinpb]

That’s an impressive return. Have to say, picking up a place for 420k in 2002 was already a great deal. Almost incredible to me.

This sale is not going to help these people:
http://www.sdlookup.com/MLS-076086991-1844_Law_St_San_Diego_CA_92109

MLS# 076086991
1844 Law St

Been on the market for a while on and off w/NODs.

I have to agree w/SD Realtor. PB seems to be defiantly retaining value against many other places in San Diego whose prices are sinking. Other places that are nicer. I guess PB is immune.

[jpinpb]

That’s an impressive return. Have to say, picking up a place for 420k in 2002 was already a great deal. Almost incredible to me.

This sale is not going to help these people:
http://www.sdlookup.com/MLS-076086991-1844_Law_St_San_Diego_CA_92109

MLS# 076086991
1844 Law St

Been on the market for a while on and off w/NODs.

I have to agree w/SD Realtor. PB seems to be defiantly retaining value against many other places in San Diego whose prices are sinking. Other places that are nicer. I guess PB is immune.

[jpinpb]

That’s an impressive return. Have to say, picking up a place for 420k in 2002 was already a great deal. Almost incredible to me.

This sale is not going to help these people:
http://www.sdlookup.com/MLS-076086991-1844_Law_St_San_Diego_CA_92109

MLS# 076086991
1844 Law St

Been on the market for a while on and off w/NODs.

I have to agree w/SD Realtor. PB seems to be defiantly retaining value against many other places in San Diego whose prices are sinking. Other places that are nicer. I guess PB is immune.

[atr]

but dontcha know. . . those artistically displayed wine glasses definitely make that second house worth more.

[atr]

but dontcha know. . . those artistically displayed wine glasses definitely make that second house worth more.

[atr]

but dontcha know. . . those artistically displayed wine glasses definitely make that second house worth more.

[atr]

but dontcha know. . . those artistically displayed wine glasses definitely make that second house worth more.

[Author]

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