34% SFR loss in Pacific Beach in just 12 months

[cantab]

Check out 4820 Beryl Way in Pacific Beach, MLS # 086002077:
http://www.redfin.com/stingray/do/printable-listing?listing-id=1383993

It is currently bank-owned and listed for $820,000. The price history is amazing:

New construction in 2002
Sold Dec 30, 2004 for $892,500
Sold Jun 22, 2006 for $1,100,000
Sold Feb 01, 2007 for $1,250,000
Sold Dec 14, 2007 for $1,070,045

My guess is that the last price is more or less the balance owed on the loan. Assuming the house sells for $800,000, the 2007 owner has lost $180,000 and the bank will lose $270,000 in just one year.

Most likely the house will sell for less than $800,000. It is on a tiny lot in the noisiest location in all of Pacific Beach.

[jpinpb]

Thanks for posting info on this place. I was looking in P.B. and this is out of my budget, but people are saying the million dollar homes won’t be affected. This is reassuring. No one will be unaffected. That’s a pretty big hit. Maybe other places in the area will come down. So far people are not wanting to budge much. Holding tight.

[jpinpb]

Thanks for posting info on this place. I was looking in P.B. and this is out of my budget, but people are saying the million dollar homes won’t be affected. This is reassuring. No one will be unaffected. That’s a pretty big hit. Maybe other places in the area will come down. So far people are not wanting to budge much. Holding tight.

[jpinpb]

Thanks for posting info on this place. I was looking in P.B. and this is out of my budget, but people are saying the million dollar homes won’t be affected. This is reassuring. No one will be unaffected. That’s a pretty big hit. Maybe other places in the area will come down. So far people are not wanting to budge much. Holding tight.

[jpinpb]

Thanks for posting info on this place. I was looking in P.B. and this is out of my budget, but people are saying the million dollar homes won’t be affected. This is reassuring. No one will be unaffected. That’s a pretty big hit. Maybe other places in the area will come down. So far people are not wanting to budge much. Holding tight.

[jpinpb]

Thanks for posting info on this place. I was looking in P.B. and this is out of my budget, but people are saying the million dollar homes won’t be affected. This is reassuring. No one will be unaffected. That’s a pretty big hit. Maybe other places in the area will come down. So far people are not wanting to budge much. Holding tight.

[SD Realtor]

I own a place in PB and have a client shopping around up on Soledad and we are seeing pricing move down in PB. Like you said jp alot of people are dug in. After the spring is over it will be interesting to see what happens. In the long run if you can wait until 2010 or 2011 there will be some very good opportunities.

SD Realtor

[SD Realtor]

I own a place in PB and have a client shopping around up on Soledad and we are seeing pricing move down in PB. Like you said jp alot of people are dug in. After the spring is over it will be interesting to see what happens. In the long run if you can wait until 2010 or 2011 there will be some very good opportunities.

SD Realtor

[SD Realtor]

I own a place in PB and have a client shopping around up on Soledad and we are seeing pricing move down in PB. Like you said jp alot of people are dug in. After the spring is over it will be interesting to see what happens. In the long run if you can wait until 2010 or 2011 there will be some very good opportunities.

SD Realtor

[SD Realtor]

I own a place in PB and have a client shopping around up on Soledad and we are seeing pricing move down in PB. Like you said jp alot of people are dug in. After the spring is over it will be interesting to see what happens. In the long run if you can wait until 2010 or 2011 there will be some very good opportunities.

SD Realtor

[SD Realtor]

I own a place in PB and have a client shopping around up on Soledad and we are seeing pricing move down in PB. Like you said jp alot of people are dug in. After the spring is over it will be interesting to see what happens. In the long run if you can wait until 2010 or 2011 there will be some very good opportunities.

SD Realtor

[jpinpb]

Thanks SD Realtor. I don’t have a choice but to wait. My credit is good and my debt is low, but I refuse to get in over my head. I didn’t do any zero-down, interest-only ARMs, thinking I’m doing the right thing being cautious and conservative. Of course in 4+ years have seen prices double. So discouraging.

So now that people have to prove they can afford a place, I’m hoping the prices come down to something reasonable. There’s a place on Law Street that’s listed at 1.3. Been on the market for a verrry LONG time, like a year at least. It goes off the market and relists. In any case, the guy has a NOD and it’ll take 20k to be current. Yet still has not reduced the price.

I don’t get it. W/the way the market is w/defaults and foreclosures and tightening of credit, who is going to buy that place?

[jpinpb]

Thanks SD Realtor. I don’t have a choice but to wait. My credit is good and my debt is low, but I refuse to get in over my head. I didn’t do any zero-down, interest-only ARMs, thinking I’m doing the right thing being cautious and conservative. Of course in 4+ years have seen prices double. So discouraging.

So now that people have to prove they can afford a place, I’m hoping the prices come down to something reasonable. There’s a place on Law Street that’s listed at 1.3. Been on the market for a verrry LONG time, like a year at least. It goes off the market and relists. In any case, the guy has a NOD and it’ll take 20k to be current. Yet still has not reduced the price.

I don’t get it. W/the way the market is w/defaults and foreclosures and tightening of credit, who is going to buy that place?

[jpinpb]

Thanks SD Realtor. I don’t have a choice but to wait. My credit is good and my debt is low, but I refuse to get in over my head. I didn’t do any zero-down, interest-only ARMs, thinking I’m doing the right thing being cautious and conservative. Of course in 4+ years have seen prices double. So discouraging.

So now that people have to prove they can afford a place, I’m hoping the prices come down to something reasonable. There’s a place on Law Street that’s listed at 1.3. Been on the market for a verrry LONG time, like a year at least. It goes off the market and relists. In any case, the guy has a NOD and it’ll take 20k to be current. Yet still has not reduced the price.

I don’t get it. W/the way the market is w/defaults and foreclosures and tightening of credit, who is going to buy that place?

[jpinpb]

Thanks SD Realtor. I don’t have a choice but to wait. My credit is good and my debt is low, but I refuse to get in over my head. I didn’t do any zero-down, interest-only ARMs, thinking I’m doing the right thing being cautious and conservative. Of course in 4+ years have seen prices double. So discouraging.

So now that people have to prove they can afford a place, I’m hoping the prices come down to something reasonable. There’s a place on Law Street that’s listed at 1.3. Been on the market for a verrry LONG time, like a year at least. It goes off the market and relists. In any case, the guy has a NOD and it’ll take 20k to be current. Yet still has not reduced the price.

I don’t get it. W/the way the market is w/defaults and foreclosures and tightening of credit, who is going to buy that place?

[Author]

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