-20% loss in Sorrento Valley

[jimmyle]

So far the most affected areas are usually older and less desirable neighborhoods. I have been watching the Sorrento Valley area (although I don’t think I can afford the homes here) and this is the first major price reduction I see in this tiny city.

This house was sold in June 2005 for $775K and now listing at $615K-$674K. At $625K it would be a 20% loss. With inflation running at 3 percent per year this is a 26% real loss.

http://www.ziprealty.com/buy_a_home/logged_in/search/home_detail.jsp?listing_num=071077657&page=1&property_type=SFR&mls=mls_sandiego&cKey=lk2z4k5q&source=SANDICOR

[an]

This house is relatively expensive compare to other house in Sorrento Valley. Here’s one that’s bigger at a slightly higher price: Linky.

This one is 2527 sq-ft asking for $650,000 – $690,000. Which equates to $257-$273/sq-ft. While the one you linked to is 1832 sq-ft asking for $615-674k, which equates to $335-$368/sq-ft.

[jimmyle]

Asia,

Yes, in term of ppsf then it is more expensive. However, it is a single story house with a bigger lot and I think more upgrades inside.

Anyway, this house was purchased at $775K and yours was purchased at $770K so I wanted to show the bigger price drop to make it a little more dramatic.

[nostradamus]

I’m sure you guys have seen this one up the hill. It’s been posted a couple of times. Great house, great ‘hood, huge lot.

Sold 06/25/2004: $715,000
Currently asking $595,000 (17% loss)
On the market for 249 days
PPSF $283
linky linky

[nostradamus]

I’m sure you guys have seen this one up the hill. It’s been posted a couple of times. Great house, great ‘hood, huge lot.

Sold 06/25/2004: $715,000
Currently asking $595,000 (17% loss)
On the market for 249 days
PPSF $283
linky linky

[nostradamus]

I’m sure you guys have seen this one up the hill. It’s been posted a couple of times. Great house, great ‘hood, huge lot.

Sold 06/25/2004: $715,000
Currently asking $595,000 (17% loss)
On the market for 249 days
PPSF $283
linky linky

[nostradamus]

I’m sure you guys have seen this one up the hill. It’s been posted a couple of times. Great house, great ‘hood, huge lot.

Sold 06/25/2004: $715,000
Currently asking $595,000 (17% loss)
On the market for 249 days
PPSF $283
linky linky

[SD Realtor]

guys fyi there are 4 pendings right now over there as well. one 1532 sf priced 598-628, one 2527 priced at 875, one 2765 priced at 795-875, and one 2765 priced at 795-875…

I am sure those pendings pissed off the other two actives that are the exact same floorplan but priced at 875-975 and 980 even.

SD Realtor

[SD Realtor]

guys fyi there are 4 pendings right now over there as well. one 1532 sf priced 598-628, one 2527 priced at 875, one 2765 priced at 795-875, and one 2765 priced at 795-875…

I am sure those pendings pissed off the other two actives that are the exact same floorplan but priced at 875-975 and 980 even.

SD Realtor

[SD Realtor]

guys fyi there are 4 pendings right now over there as well. one 1532 sf priced 598-628, one 2527 priced at 875, one 2765 priced at 795-875, and one 2765 priced at 795-875…

I am sure those pendings pissed off the other two actives that are the exact same floorplan but priced at 875-975 and 980 even.

SD Realtor

[SD Realtor]

guys fyi there are 4 pendings right now over there as well. one 1532 sf priced 598-628, one 2527 priced at 875, one 2765 priced at 795-875, and one 2765 priced at 795-875…

I am sure those pendings pissed off the other two actives that are the exact same floorplan but priced at 875-975 and 980 even.

SD Realtor

[an]

Jimmy, the 770k was in 2004 while the 775k one was bought in 2005. We all know there’s a big price difference between 2004 and 2005. This just come to down we’re already below mid 2004 price in SV. SD R, thanks for the pending info. There’s another one active with 2893 sq-ft listing for $749,000 – $819,000. I wonder if the guy who’s buying the 2527 sq-ft one for $875k is aware of another one but in less desire lot going for $650k. Some how, I don’t buy a $225k lot premium, but that’s just me. Also, I’m sure the $980k listing is pissed, especially when they bought it for over $1M and get the road noise since it’s right next to SV Blvd. nostradamus, I’m also watching that house as well. There’s a new one that came onto the market on River Rim Rd. listing for $589k w/ bigger lot and same size house w/ canyon view.

[jimmyle]

Yes, I have been watching both the River Rim and the Prairie Shadow houses. SDlookup shows that the River Rim has been in the market for 367 days but I only notice it recently.

Interestingly both of these houses still have the old wooden garage doors.

How about the 2300+ sq ft houses in Westview? You see the prices coming down like $10K every month since June.

[jimmyle]

Yes, I have been watching both the River Rim and the Prairie Shadow houses. SDlookup shows that the River Rim has been in the market for 367 days but I only notice it recently.

Interestingly both of these houses still have the old wooden garage doors.

How about the 2300+ sq ft houses in Westview? You see the prices coming down like $10K every month since June.

[jimmyle]

Yes, I have been watching both the River Rim and the Prairie Shadow houses. SDlookup shows that the River Rim has been in the market for 367 days but I only notice it recently.

Interestingly both of these houses still have the old wooden garage doors.

How about the 2300+ sq ft houses in Westview? You see the prices coming down like $10K every month since June.

[jimmyle]

Yes, I have been watching both the River Rim and the Prairie Shadow houses. SDlookup shows that the River Rim has been in the market for 367 days but I only notice it recently.

Interestingly both of these houses still have the old wooden garage doors.

How about the 2300+ sq ft houses in Westview? You see the prices coming down like $10K every month since June.

[an]

Jimmy, the 770k was in 2004 while the 775k one was bought in 2005. We all know there’s a big price difference between 2004 and 2005. This just come to down we’re already below mid 2004 price in SV. SD R, thanks for the pending info. There’s another one active with 2893 sq-ft listing for $749,000 – $819,000. I wonder if the guy who’s buying the 2527 sq-ft one for $875k is aware of another one but in less desire lot going for $650k. Some how, I don’t buy a $225k lot premium, but that’s just me. Also, I’m sure the $980k listing is pissed, especially when they bought it for over $1M and get the road noise since it’s right next to SV Blvd. nostradamus, I’m also watching that house as well. There’s a new one that came onto the market on River Rim Rd. listing for $589k w/ bigger lot and same size house w/ canyon view.

[an]

Jimmy, the 770k was in 2004 while the 775k one was bought in 2005. We all know there’s a big price difference between 2004 and 2005. This just come to down we’re already below mid 2004 price in SV. SD R, thanks for the pending info. There’s another one active with 2893 sq-ft listing for $749,000 – $819,000. I wonder if the guy who’s buying the 2527 sq-ft one for $875k is aware of another one but in less desire lot going for $650k. Some how, I don’t buy a $225k lot premium, but that’s just me. Also, I’m sure the $980k listing is pissed, especially when they bought it for over $1M and get the road noise since it’s right next to SV Blvd. nostradamus, I’m also watching that house as well. There’s a new one that came onto the market on River Rim Rd. listing for $589k w/ bigger lot and same size house w/ canyon view.

[an]

Jimmy, the 770k was in 2004 while the 775k one was bought in 2005. We all know there’s a big price difference between 2004 and 2005. This just come to down we’re already below mid 2004 price in SV. SD R, thanks for the pending info. There’s another one active with 2893 sq-ft listing for $749,000 – $819,000. I wonder if the guy who’s buying the 2527 sq-ft one for $875k is aware of another one but in less desire lot going for $650k. Some how, I don’t buy a $225k lot premium, but that’s just me. Also, I’m sure the $980k listing is pissed, especially when they bought it for over $1M and get the road noise since it’s right next to SV Blvd. nostradamus, I’m also watching that house as well. There’s a new one that came onto the market on River Rim Rd. listing for $589k w/ bigger lot and same size house w/ canyon view.

[jimmyle]

Asia,

Yes, in term of ppsf then it is more expensive. However, it is a single story house with a bigger lot and I think more upgrades inside.

Anyway, this house was purchased at $775K and yours was purchased at $770K so I wanted to show the bigger price drop to make it a little more dramatic.

[jimmyle]

Asia,

Yes, in term of ppsf then it is more expensive. However, it is a single story house with a bigger lot and I think more upgrades inside.

Anyway, this house was purchased at $775K and yours was purchased at $770K so I wanted to show the bigger price drop to make it a little more dramatic.

[jimmyle]

Asia,

Yes, in term of ppsf then it is more expensive. However, it is a single story house with a bigger lot and I think more upgrades inside.

Anyway, this house was purchased at $775K and yours was purchased at $770K so I wanted to show the bigger price drop to make it a little more dramatic.

[an]

This house is relatively expensive compare to other house in Sorrento Valley. Here’s one that’s bigger at a slightly higher price: Linky.

This one is 2527 sq-ft asking for $650,000 – $690,000. Which equates to $257-$273/sq-ft. While the one you linked to is 1832 sq-ft asking for $615-674k, which equates to $335-$368/sq-ft.

[an]

This house is relatively expensive compare to other house in Sorrento Valley. Here’s one that’s bigger at a slightly higher price: Linky.

This one is 2527 sq-ft asking for $650,000 – $690,000. Which equates to $257-$273/sq-ft. While the one you linked to is 1832 sq-ft asking for $615-674k, which equates to $335-$368/sq-ft.

[an]

This house is relatively expensive compare to other house in Sorrento Valley. Here’s one that’s bigger at a slightly higher price: Linky.

This one is 2527 sq-ft asking for $650,000 – $690,000. Which equates to $257-$273/sq-ft. While the one you linked to is 1832 sq-ft asking for $615-674k, which equates to $335-$368/sq-ft.

[nostradamus]

BTW jimmyle that house backs up right onto Sorrento Valley Rd, a very high traffic corridor. I know many people who have moved in then moved out because of that.

[nostradamus]

BTW jimmyle that house backs up right onto Sorrento Valley Rd, a very high traffic corridor. I know many people who have moved in then moved out because of that.

[nostradamus]

BTW jimmyle that house backs up right onto Sorrento Valley Rd, a very high traffic corridor. I know many people who have moved in then moved out because of that.

[nostradamus]

BTW jimmyle that house backs up right onto Sorrento Valley Rd, a very high traffic corridor. I know many people who have moved in then moved out because of that.

[Author]

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