1st 2001 price in Mira Mesa

[an]

Although this is a 1 bed/1 bath condo conversion, this is the first instance I’ve found in Mira Mesa that’s back to 2001’s price.

linky
It was sold in 10/03/2001 for $136,200 and in 02/28/2008 for $125,000.

[gdcox]

Graham.

Out of interest, any idea how much such a place would rent for. The annual yield achievable on that price may be of significance, along with the historic date you have pointed out .

[akbarpunjabi]

Here is a 2 bedroom 2 bath in the same development with plenty of HOA and special assessment issues. It was a countrywide REO listed at $203,900 and it just recently closed at 187K. A bunch of other similar units sold for 225K-235K last month. They try and rent them for 1500-1600 a month. The one bedrooms I’ve seen people try to get 1000-1200 a month for.

http://www.sdlookup.com/Property-753E5E95-9765_Mesa_Springs_Way_64_San_Diego_CA_92126

[akbarpunjabi]

Here is a 2 bedroom 2 bath in the same development with plenty of HOA and special assessment issues. It was a countrywide REO listed at $203,900 and it just recently closed at 187K. A bunch of other similar units sold for 225K-235K last month. They try and rent them for 1500-1600 a month. The one bedrooms I’ve seen people try to get 1000-1200 a month for.

http://www.sdlookup.com/Property-753E5E95-9765_Mesa_Springs_Way_64_San_Diego_CA_92126

[akbarpunjabi]

Here is a 2 bedroom 2 bath in the same development with plenty of HOA and special assessment issues. It was a countrywide REO listed at $203,900 and it just recently closed at 187K. A bunch of other similar units sold for 225K-235K last month. They try and rent them for 1500-1600 a month. The one bedrooms I’ve seen people try to get 1000-1200 a month for.

http://www.sdlookup.com/Property-753E5E95-9765_Mesa_Springs_Way_64_San_Diego_CA_92126

[akbarpunjabi]

Here is a 2 bedroom 2 bath in the same development with plenty of HOA and special assessment issues. It was a countrywide REO listed at $203,900 and it just recently closed at 187K. A bunch of other similar units sold for 225K-235K last month. They try and rent them for 1500-1600 a month. The one bedrooms I’ve seen people try to get 1000-1200 a month for.

http://www.sdlookup.com/Property-753E5E95-9765_Mesa_Springs_Way_64_San_Diego_CA_92126

[akbarpunjabi]

Here is a 2 bedroom 2 bath in the same development with plenty of HOA and special assessment issues. It was a countrywide REO listed at $203,900 and it just recently closed at 187K. A bunch of other similar units sold for 225K-235K last month. They try and rent them for 1500-1600 a month. The one bedrooms I’ve seen people try to get 1000-1200 a month for.

http://www.sdlookup.com/Property-753E5E95-9765_Mesa_Springs_Way_64_San_Diego_CA_92126

[peterb]

With 20% down, it looks like PITI would be about $8000 to $8,500 a year.HOA is unknown, but probably at least $150 a month. So then it’s pushing $10,000 a year. It could rent for around $10,000 to $12,000 a year if the comps off Craigslist are reliable. All other factors about renting considered and that this will probably be one of the last property types to experience appreciation when and if it finally comes back….I would say this is a “no go”. Just IMO.

[jimmyle]

Yes, rent for an apartment like this in Mira Mesa is around $1050 to $1100. I was looking to rent in this area but then decided to pay $200 more to live in Carmel Valley to be closer to the 5 freeway. My sister in law (a part-time realtor) told me to buy an apartment like this instead of renting. She said with 20% down, my mortgage payment would be much lower than my rent and then later I can buy a house and rent the apartment out.

Let say an apartment is selling for $130K, and you put down $26K (20%), then the principal is $104K
with interest rate around 5.7%, monthly payment is $603

$603
$200 HOA
$140 Tax
—-
$943

It makes sense but I thought prices might still come down lower.

[Coronita]

Jimmyle,

Question for you.

Assuming your rental in CV is $1300/month. This is for a 1 bedroom.. How large?

Also, mind if you disclose which complex you're currently renting from in CV? I just want to get a feel for what CV rents are these days. 

[jimmyle]

Lazy,

Yes, it is $1300 a month for a 1b/1b 792 sq ft. My complex is ‘The Lakes’ on Carmel Vista Rd. near the 5 and 56. This is an older complex (~ early 1980s). You should expect to pay around $1350-1400 for a 1b/1b in other newer complexes.

[Coronita]

Thanks for the datapoint. I had no idea 1b/1b were going from this. If I recall, the lakes is right by the shopping mall with the vons/ace hardware yes/no. If so, if my memory serves me right, you have a covered parking spot outside (not underground or garaged)? I thought lakes was a condo convert project, but I could be wrong.

Just checking… I'm thumbing through some soon to be REO's/short sales comps for 1/1 and 2/2 in newer communities to see when it start to make sense for possibly rental. I'd say Pell Place would be nice, if it weren't for the damn expensive HOA and mello R.

Still waiting and waiting and waiting and waiting.

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[akbarpunjabi]

HOS is 390 regardless if its a 1 or 2 bedroom. Special assessment had many different ways it could be paid. Either a lump sum of 10K or they wrapped it into a few previous special assessments so some people are paying 550-750 a month in HOA and special assessments that last from 3-7 years.

[nostradamus]

IMO the region near those condos and apts. off Carrol Canyon Rd. is the worst area of Mira Mesa. That’s where lots of crime happens due to the proximity of an easy escape route (15 fwy) so there are a lot of thefts and other things going on over there. Cars get snatched from the Edwards Cinema parking lot all the time so watch out next time you take in a movie.

IMO the 2nd-worst area would be Cam. Ruiz from MM Blvd to Capricorn and about 3 blocks deep to the East/West along that route. Lots of ugly, old condos, houses, and apts. and some crime as well.

Of course some of the commercial/industrial areas have crime but I’m just talking about places where people live. I would not buy in the areas I mentioned.

[an]

Well, seems like another REO is taking the price down even lower.

linky

This one is asking for $109k. 10% below the one I mentioned in the OP.

[patientlywaiting]

Interesting, asianautica. We might see 1990 prices again in that complex.

I wonder how many owners in that complex are under water.

[jimmyle]

Lazy,

Yes the lakes is closed to Vons and I have a covered parking with a small storage area overhead.

This area is really safe and Parking on the street is very easy. More than half of the people in the complex are retirees.

[jimmyle]

Lazy,

Yes the lakes is closed to Vons and I have a covered parking with a small storage area overhead.

This area is really safe and Parking on the street is very easy. More than half of the people in the complex are retirees.

[jimmyle]

Lazy,

Yes the lakes is closed to Vons and I have a covered parking with a small storage area overhead.

This area is really safe and Parking on the street is very easy. More than half of the people in the complex are retirees.

[jimmyle]

Lazy,

Yes the lakes is closed to Vons and I have a covered parking with a small storage area overhead.

This area is really safe and Parking on the street is very easy. More than half of the people in the complex are retirees.

[jimmyle]

Lazy,

Yes the lakes is closed to Vons and I have a covered parking with a small storage area overhead.

This area is really safe and Parking on the street is very easy. More than half of the people in the complex are retirees.

[patientlywaiting]

Interesting, asianautica. We might see 1990 prices again in that complex.

I wonder how many owners in that complex are under water.

[patientlywaiting]

Interesting, asianautica. We might see 1990 prices again in that complex.

I wonder how many owners in that complex are under water.

[patientlywaiting]

Interesting, asianautica. We might see 1990 prices again in that complex.

I wonder how many owners in that complex are under water.

[patientlywaiting]

Interesting, asianautica. We might see 1990 prices again in that complex.

I wonder how many owners in that complex are under water.

[an]

Well, seems like another REO is taking the price down even lower.

linky

This one is asking for $109k. 10% below the one I mentioned in the OP.

[an]

Well, seems like another REO is taking the price down even lower.

linky

This one is asking for $109k. 10% below the one I mentioned in the OP.

[an]

Well, seems like another REO is taking the price down even lower.

linky

This one is asking for $109k. 10% below the one I mentioned in the OP.

[an]

Well, seems like another REO is taking the price down even lower.

linky

This one is asking for $109k. 10% below the one I mentioned in the OP.

[nostradamus]

IMO the region near those condos and apts. off Carrol Canyon Rd. is the worst area of Mira Mesa. That’s where lots of crime happens due to the proximity of an easy escape route (15 fwy) so there are a lot of thefts and other things going on over there. Cars get snatched from the Edwards Cinema parking lot all the time so watch out next time you take in a movie.

IMO the 2nd-worst area would be Cam. Ruiz from MM Blvd to Capricorn and about 3 blocks deep to the East/West along that route. Lots of ugly, old condos, houses, and apts. and some crime as well.

Of course some of the commercial/industrial areas have crime but I’m just talking about places where people live. I would not buy in the areas I mentioned.

[nostradamus]

IMO the region near those condos and apts. off Carrol Canyon Rd. is the worst area of Mira Mesa. That’s where lots of crime happens due to the proximity of an easy escape route (15 fwy) so there are a lot of thefts and other things going on over there. Cars get snatched from the Edwards Cinema parking lot all the time so watch out next time you take in a movie.

IMO the 2nd-worst area would be Cam. Ruiz from MM Blvd to Capricorn and about 3 blocks deep to the East/West along that route. Lots of ugly, old condos, houses, and apts. and some crime as well.

Of course some of the commercial/industrial areas have crime but I’m just talking about places where people live. I would not buy in the areas I mentioned.

[nostradamus]

IMO the region near those condos and apts. off Carrol Canyon Rd. is the worst area of Mira Mesa. That’s where lots of crime happens due to the proximity of an easy escape route (15 fwy) so there are a lot of thefts and other things going on over there. Cars get snatched from the Edwards Cinema parking lot all the time so watch out next time you take in a movie.

IMO the 2nd-worst area would be Cam. Ruiz from MM Blvd to Capricorn and about 3 blocks deep to the East/West along that route. Lots of ugly, old condos, houses, and apts. and some crime as well.

Of course some of the commercial/industrial areas have crime but I’m just talking about places where people live. I would not buy in the areas I mentioned.

[nostradamus]

IMO the region near those condos and apts. off Carrol Canyon Rd. is the worst area of Mira Mesa. That’s where lots of crime happens due to the proximity of an easy escape route (15 fwy) so there are a lot of thefts and other things going on over there. Cars get snatched from the Edwards Cinema parking lot all the time so watch out next time you take in a movie.

IMO the 2nd-worst area would be Cam. Ruiz from MM Blvd to Capricorn and about 3 blocks deep to the East/West along that route. Lots of ugly, old condos, houses, and apts. and some crime as well.

Of course some of the commercial/industrial areas have crime but I’m just talking about places where people live. I would not buy in the areas I mentioned.

[akbarpunjabi]

HOS is 390 regardless if its a 1 or 2 bedroom. Special assessment had many different ways it could be paid. Either a lump sum of 10K or they wrapped it into a few previous special assessments so some people are paying 550-750 a month in HOA and special assessments that last from 3-7 years.

[akbarpunjabi]

HOS is 390 regardless if its a 1 or 2 bedroom. Special assessment had many different ways it could be paid. Either a lump sum of 10K or they wrapped it into a few previous special assessments so some people are paying 550-750 a month in HOA and special assessments that last from 3-7 years.

[akbarpunjabi]

HOS is 390 regardless if its a 1 or 2 bedroom. Special assessment had many different ways it could be paid. Either a lump sum of 10K or they wrapped it into a few previous special assessments so some people are paying 550-750 a month in HOA and special assessments that last from 3-7 years.

[akbarpunjabi]

HOS is 390 regardless if its a 1 or 2 bedroom. Special assessment had many different ways it could be paid. Either a lump sum of 10K or they wrapped it into a few previous special assessments so some people are paying 550-750 a month in HOA and special assessments that last from 3-7 years.

[Coronita]

Thanks for the datapoint. I had no idea 1b/1b were going from this. If I recall, the lakes is right by the shopping mall with the vons/ace hardware yes/no. If so, if my memory serves me right, you have a covered parking spot outside (not underground or garaged)? I thought lakes was a condo convert project, but I could be wrong.

Just checking… I'm thumbing through some soon to be REO's/short sales comps for 1/1 and 2/2 in newer communities to see when it start to make sense for possibly rental. I'd say Pell Place would be nice, if it weren't for the damn expensive HOA and mello R.

Still waiting and waiting and waiting and waiting.

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Thanks for the datapoint. I had no idea 1b/1b were going from this. If I recall, the lakes is right by the shopping mall with the vons/ace hardware yes/no. If so, if my memory serves me right, you have a covered parking spot outside (not underground or garaged)? I thought lakes was a condo convert project, but I could be wrong.

Just checking… I'm thumbing through some soon to be REO's/short sales comps for 1/1 and 2/2 in newer communities to see when it start to make sense for possibly rental. I'd say Pell Place would be nice, if it weren't for the damn expensive HOA and mello R.

Still waiting and waiting and waiting and waiting.

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Thanks for the datapoint. I had no idea 1b/1b were going from this. If I recall, the lakes is right by the shopping mall with the vons/ace hardware yes/no. If so, if my memory serves me right, you have a covered parking spot outside (not underground or garaged)? I thought lakes was a condo convert project, but I could be wrong.

Just checking… I'm thumbing through some soon to be REO's/short sales comps for 1/1 and 2/2 in newer communities to see when it start to make sense for possibly rental. I'd say Pell Place would be nice, if it weren't for the damn expensive HOA and mello R.

Still waiting and waiting and waiting and waiting.

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Thanks for the datapoint. I had no idea 1b/1b were going from this. If I recall, the lakes is right by the shopping mall with the vons/ace hardware yes/no. If so, if my memory serves me right, you have a covered parking spot outside (not underground or garaged)? I thought lakes was a condo convert project, but I could be wrong.

Just checking… I'm thumbing through some soon to be REO's/short sales comps for 1/1 and 2/2 in newer communities to see when it start to make sense for possibly rental. I'd say Pell Place would be nice, if it weren't for the damn expensive HOA and mello R.

Still waiting and waiting and waiting and waiting.

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[jimmyle]

Lazy,

Yes, it is $1300 a month for a 1b/1b 792 sq ft. My complex is ‘The Lakes’ on Carmel Vista Rd. near the 5 and 56. This is an older complex (~ early 1980s). You should expect to pay around $1350-1400 for a 1b/1b in other newer complexes.

[jimmyle]

Lazy,

Yes, it is $1300 a month for a 1b/1b 792 sq ft. My complex is ‘The Lakes’ on Carmel Vista Rd. near the 5 and 56. This is an older complex (~ early 1980s). You should expect to pay around $1350-1400 for a 1b/1b in other newer complexes.

[jimmyle]

Lazy,

Yes, it is $1300 a month for a 1b/1b 792 sq ft. My complex is ‘The Lakes’ on Carmel Vista Rd. near the 5 and 56. This is an older complex (~ early 1980s). You should expect to pay around $1350-1400 for a 1b/1b in other newer complexes.

[jimmyle]

Lazy,

Yes, it is $1300 a month for a 1b/1b 792 sq ft. My complex is ‘The Lakes’ on Carmel Vista Rd. near the 5 and 56. This is an older complex (~ early 1980s). You should expect to pay around $1350-1400 for a 1b/1b in other newer complexes.

[Coronita]

Jimmyle,

Question for you.

Assuming your rental in CV is $1300/month. This is for a 1 bedroom.. How large?

Also, mind if you disclose which complex you're currently renting from in CV? I just want to get a feel for what CV rents are these days. 

[Coronita]

Jimmyle,

Question for you.

Assuming your rental in CV is $1300/month. This is for a 1 bedroom.. How large?

Also, mind if you disclose which complex you're currently renting from in CV? I just want to get a feel for what CV rents are these days. 

[Coronita]

Jimmyle,

Question for you.

Assuming your rental in CV is $1300/month. This is for a 1 bedroom.. How large?

Also, mind if you disclose which complex you're currently renting from in CV? I just want to get a feel for what CV rents are these days. 

[Coronita]

Jimmyle,

Question for you.

Assuming your rental in CV is $1300/month. This is for a 1 bedroom.. How large?

Also, mind if you disclose which complex you're currently renting from in CV? I just want to get a feel for what CV rents are these days. 

[jimmyle]

Yes, rent for an apartment like this in Mira Mesa is around $1050 to $1100. I was looking to rent in this area but then decided to pay $200 more to live in Carmel Valley to be closer to the 5 freeway. My sister in law (a part-time realtor) told me to buy an apartment like this instead of renting. She said with 20% down, my mortgage payment would be much lower than my rent and then later I can buy a house and rent the apartment out.

Let say an apartment is selling for $130K, and you put down $26K (20%), then the principal is $104K
with interest rate around 5.7%, monthly payment is $603

$603
$200 HOA
$140 Tax
—-
$943

It makes sense but I thought prices might still come down lower.

[jimmyle]

Yes, rent for an apartment like this in Mira Mesa is around $1050 to $1100. I was looking to rent in this area but then decided to pay $200 more to live in Carmel Valley to be closer to the 5 freeway. My sister in law (a part-time realtor) told me to buy an apartment like this instead of renting. She said with 20% down, my mortgage payment would be much lower than my rent and then later I can buy a house and rent the apartment out.

Let say an apartment is selling for $130K, and you put down $26K (20%), then the principal is $104K
with interest rate around 5.7%, monthly payment is $603

$603
$200 HOA
$140 Tax
—-
$943

It makes sense but I thought prices might still come down lower.

[jimmyle]

Yes, rent for an apartment like this in Mira Mesa is around $1050 to $1100. I was looking to rent in this area but then decided to pay $200 more to live in Carmel Valley to be closer to the 5 freeway. My sister in law (a part-time realtor) told me to buy an apartment like this instead of renting. She said with 20% down, my mortgage payment would be much lower than my rent and then later I can buy a house and rent the apartment out.

Let say an apartment is selling for $130K, and you put down $26K (20%), then the principal is $104K
with interest rate around 5.7%, monthly payment is $603

$603
$200 HOA
$140 Tax
—-
$943

It makes sense but I thought prices might still come down lower.

[jimmyle]

Yes, rent for an apartment like this in Mira Mesa is around $1050 to $1100. I was looking to rent in this area but then decided to pay $200 more to live in Carmel Valley to be closer to the 5 freeway. My sister in law (a part-time realtor) told me to buy an apartment like this instead of renting. She said with 20% down, my mortgage payment would be much lower than my rent and then later I can buy a house and rent the apartment out.

Let say an apartment is selling for $130K, and you put down $26K (20%), then the principal is $104K
with interest rate around 5.7%, monthly payment is $603

$603
$200 HOA
$140 Tax
—-
$943

It makes sense but I thought prices might still come down lower.

[peterb]

With 20% down, it looks like PITI would be about $8000 to $8,500 a year.HOA is unknown, but probably at least $150 a month. So then it’s pushing $10,000 a year. It could rent for around $10,000 to $12,000 a year if the comps off Craigslist are reliable. All other factors about renting considered and that this will probably be one of the last property types to experience appreciation when and if it finally comes back….I would say this is a “no go”. Just IMO.

[peterb]

With 20% down, it looks like PITI would be about $8000 to $8,500 a year.HOA is unknown, but probably at least $150 a month. So then it’s pushing $10,000 a year. It could rent for around $10,000 to $12,000 a year if the comps off Craigslist are reliable. All other factors about renting considered and that this will probably be one of the last property types to experience appreciation when and if it finally comes back….I would say this is a “no go”. Just IMO.

[peterb]

With 20% down, it looks like PITI would be about $8000 to $8,500 a year.HOA is unknown, but probably at least $150 a month. So then it’s pushing $10,000 a year. It could rent for around $10,000 to $12,000 a year if the comps off Craigslist are reliable. All other factors about renting considered and that this will probably be one of the last property types to experience appreciation when and if it finally comes back….I would say this is a “no go”. Just IMO.

[peterb]

With 20% down, it looks like PITI would be about $8000 to $8,500 a year.HOA is unknown, but probably at least $150 a month. So then it’s pushing $10,000 a year. It could rent for around $10,000 to $12,000 a year if the comps off Craigslist are reliable. All other factors about renting considered and that this will probably be one of the last property types to experience appreciation when and if it finally comes back….I would say this is a “no go”. Just IMO.

[gdcox]

Graham.

Out of interest, any idea how much such a place would rent for. The annual yield achievable on that price may be of significance, along with the historic date you have pointed out .

[gdcox]

Graham.

Out of interest, any idea how much such a place would rent for. The annual yield achievable on that price may be of significance, along with the historic date you have pointed out .

[gdcox]

Graham.

Out of interest, any idea how much such a place would rent for. The annual yield achievable on that price may be of significance, along with the historic date you have pointed out .

[gdcox]

Graham.

Out of interest, any idea how much such a place would rent for. The annual yield achievable on that price may be of significance, along with the historic date you have pointed out .

[Author]

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