4S Ranch REO–still too high

[4spotentialbuyer]

http://www.sandiego-mls.com/detail-new.asp?frequency=83188&totalpage=40&mlsnum=76065866&hometype=detached&curPage=20

17019 Sienna Ridge Dr, San Diego, 92127
– Price $925,900
This 2 Story , 5 bedroom, 5 bath home was built in 2005.
Estimated Sq Ft: 3729

What is your take on this? How low should it go and how long do you think it will take? It seems that 4S Ranch is still overpriced and has a way to go….

[5yearwaiter]

The real worth for this kind of home when built was around 577K in the year of 2003. I will add 6% to this amount from that period which means it supposed to be worth of 737000. Above this price I consider all is overpriced. But the trend showing now this supposed to go and fit at around 706000 ONLY if my guess goes correct.

Remember at 4S Ranch the Melarose is alomst 4000 per anum for this kind of house – so who is going to really pay those mortgage.

5yearswaiter

[5yearwaiter]

The real worth for this kind of home when built was around 577K in the year of 2003. I will add 6% to this amount from that period which means it supposed to be worth of 737000. Above this price I consider all is overpriced. But the trend showing now this supposed to go and fit at around 706000 ONLY if my guess goes correct.

Remember at 4S Ranch the Melarose is alomst 4000 per anum for this kind of house – so who is going to really pay those mortgage.

5yearswaiter

[5yearwaiter]

The real worth for this kind of home when built was around 577K in the year of 2003. I will add 6% to this amount from that period which means it supposed to be worth of 737000. Above this price I consider all is overpriced. But the trend showing now this supposed to go and fit at around 706000 ONLY if my guess goes correct.

Remember at 4S Ranch the Melarose is alomst 4000 per anum for this kind of house – so who is going to really pay those mortgage.

5yearswaiter

[temeculaguy]

The only comp on that street I found in 5 minutes of research was for about that price but it was in June so it sold probably in March, it was a different world then. There is one on that street at the end of the cul de sac for a mil but it has a pool sized lot (no pics on redfin so maybe it has a pool) that this repo lacks and it is nearing the 50 d.o.m. mark., That zip code has only 30 nots and 56 nods, hardly the number I would think 4-s would be at by now, maybe we are wrong, maybe all the 4-s buyers were move ups with lots of cash down and conventional financing, I just don’t believe it but I am wrong a lot. Lets give it three months and see how it holds up since the jumbo was placed on the endangered species list, I’m guessing it’s gonna take a hit. I like what the others have said, 700k range, this is by no means the average house or the average neighborhood, it’s never going to 400k, even in a crash this is not blue collar housing or first time buyer housing so it will not settle in blue collar or first time buyer territory.

[temeculaguy]

The only comp on that street I found in 5 minutes of research was for about that price but it was in June so it sold probably in March, it was a different world then. There is one on that street at the end of the cul de sac for a mil but it has a pool sized lot (no pics on redfin so maybe it has a pool) that this repo lacks and it is nearing the 50 d.o.m. mark., That zip code has only 30 nots and 56 nods, hardly the number I would think 4-s would be at by now, maybe we are wrong, maybe all the 4-s buyers were move ups with lots of cash down and conventional financing, I just don’t believe it but I am wrong a lot. Lets give it three months and see how it holds up since the jumbo was placed on the endangered species list, I’m guessing it’s gonna take a hit. I like what the others have said, 700k range, this is by no means the average house or the average neighborhood, it’s never going to 400k, even in a crash this is not blue collar housing or first time buyer housing so it will not settle in blue collar or first time buyer territory.

[temeculaguy]

The only comp on that street I found in 5 minutes of research was for about that price but it was in June so it sold probably in March, it was a different world then. There is one on that street at the end of the cul de sac for a mil but it has a pool sized lot (no pics on redfin so maybe it has a pool) that this repo lacks and it is nearing the 50 d.o.m. mark., That zip code has only 30 nots and 56 nods, hardly the number I would think 4-s would be at by now, maybe we are wrong, maybe all the 4-s buyers were move ups with lots of cash down and conventional financing, I just don’t believe it but I am wrong a lot. Lets give it three months and see how it holds up since the jumbo was placed on the endangered species list, I’m guessing it’s gonna take a hit. I like what the others have said, 700k range, this is by no means the average house or the average neighborhood, it’s never going to 400k, even in a crash this is not blue collar housing or first time buyer housing so it will not settle in blue collar or first time buyer territory.

[ocrenter]

17019 Sienna Ridge Dr, San Diego, CA 92127 (3,729 sqft)
–03/16/2006: purchase from builder for $1,064,500.
–$150 down, 99.98% financing from First Franklin.
–10/25/2006: listed on MLS for $1,135,500.
–11/10/2006: shaking in his boots and cutting asking price to $935,000.
–11/15/2006: sleepless nights driving more price cut to $895,888.
–11/30/2006: bank refuses short sale, price back up to $965,000.
–12/13/2006: maybe the bank will be ok with $950,000.
–12/18/2006: price drop again to $905,000.
–02/02/2007: NOD with Deutsche Bank.

see the picture at BMIT

[ocrenter]

17019 Sienna Ridge Dr, San Diego, CA 92127 (3,729 sqft)
–03/16/2006: purchase from builder for $1,064,500.
–$150 down, 99.98% financing from First Franklin.
–10/25/2006: listed on MLS for $1,135,500.
–11/10/2006: shaking in his boots and cutting asking price to $935,000.
–11/15/2006: sleepless nights driving more price cut to $895,888.
–11/30/2006: bank refuses short sale, price back up to $965,000.
–12/13/2006: maybe the bank will be ok with $950,000.
–12/18/2006: price drop again to $905,000.
–02/02/2007: NOD with Deutsche Bank.

see the picture at BMIT

[ocrenter]

17019 Sienna Ridge Dr, San Diego, CA 92127 (3,729 sqft)
–03/16/2006: purchase from builder for $1,064,500.
–$150 down, 99.98% financing from First Franklin.
–10/25/2006: listed on MLS for $1,135,500.
–11/10/2006: shaking in his boots and cutting asking price to $935,000.
–11/15/2006: sleepless nights driving more price cut to $895,888.
–11/30/2006: bank refuses short sale, price back up to $965,000.
–12/13/2006: maybe the bank will be ok with $950,000.
–12/18/2006: price drop again to $905,000.
–02/02/2007: NOD with Deutsche Bank.

see the picture at BMIT

[lindismith]

ocrenter, keep up the great work!

I am going to email Zuckerman at the WSJ a link to all your work. He doesn’t understand how ‘prices in some markets are still going up.’ I just posted a link to his interview with Shiller in another thread.

If he read your blog for 5 minutes he’d get it.

[lindismith]

ocrenter, keep up the great work!

I am going to email Zuckerman at the WSJ a link to all your work. He doesn’t understand how ‘prices in some markets are still going up.’ I just posted a link to his interview with Shiller in another thread.

If he read your blog for 5 minutes he’d get it.

[lindismith]

ocrenter, keep up the great work!

I am going to email Zuckerman at the WSJ a link to all your work. He doesn’t understand how ‘prices in some markets are still going up.’ I just posted a link to his interview with Shiller in another thread.

If he read your blog for 5 minutes he’d get it.

[temeculaguy]

WOW OC, who knew you had this tracked back a year. I gotta get out more and see other sites. I took a link journey from BMIT and ended up watching a video of Cramer saying the inland empire needs to be plowed under and he is calling for 100% default rate on 2/28’s, I think he’s a bit of a nut but it’s nice to know he even knows the I.E. exists, hey were famous.

[temeculaguy]

WOW OC, who knew you had this tracked back a year. I gotta get out more and see other sites. I took a link journey from BMIT and ended up watching a video of Cramer saying the inland empire needs to be plowed under and he is calling for 100% default rate on 2/28’s, I think he’s a bit of a nut but it’s nice to know he even knows the I.E. exists, hey were famous.

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