92104 Distressed Market

[Duranimal]

In case anyone’s interested, I’ve been looking in North Park, and I was just told by a lender that 92104 is considered a distressed market and that a minimum down payment would have to be at least 15% and perhaps even more.

[(former)FormerSanDiegan]

I wonder if it they considered it being in a distressed market because it is :

a.) in Zip code 92104
b.) in San Diego
or
c.) in Southern California

[(former)FormerSanDiegan]

I wonder if it they considered it being in a distressed market because it is :

a.) in Zip code 92104
b.) in San Diego
or
c.) in Southern California

[(former)FormerSanDiegan]

I wonder if it they considered it being in a distressed market because it is :

a.) in Zip code 92104
b.) in San Diego
or
c.) in Southern California

[luxuryglow]

or
d.) ALL OF THE ABOVE

[luxuryglow]

or
d.) ALL OF THE ABOVE

[luxuryglow]

or
d.) ALL OF THE ABOVE

[JerseyGrl]

Toots

I live in North Park, close to the border of South Park. It seems like houses are selling in “Burlingame” but not other neighborhoods like Alta Dena. We know someone who’s been trying to sell her house for almost 6 months, with three or four price reductions. It probably would have helped to take the bars off the windows……ya think? Who’s going to spend 650K for a house with bars on every window…

We are seeing more “bank owned” signs, like this tiny house at 2136 Bancroft. Check out this sales history:

Sale History
09/10/2007: $485,000
07/10/2007: $547,122
08/01/2005: $635,000
08/01/2005: $635,000
02/17/2004: $479,000
09/13/1999: $193,000

What’s going on there?

There are still a few flippers, like one on 3175 Olive. It was on the market for a long time before it sold this summer. I was so surprised to see the for sale sign go up again, and they’re asking 750-825 K for it. It’s sales history is:

06/19/2007: $630,000
No other sale data is available

If I hear one more person say “it’s a buyer’s market” I’ll puke. These houses are still grossly overpriced. We rent a pretty nice little house that would cost us twice as much to own as rent, probably more.

I’d be very interested in hearing more about what’s happening in 92104. A LOT of people bought here in the last four years, and their houses must be worth substantially less than what they paid for them…….especially the condos between University and El Cajon.

[JerseyGrl]

Toots

I live in North Park, close to the border of South Park. It seems like houses are selling in “Burlingame” but not other neighborhoods like Alta Dena. We know someone who’s been trying to sell her house for almost 6 months, with three or four price reductions. It probably would have helped to take the bars off the windows……ya think? Who’s going to spend 650K for a house with bars on every window…

We are seeing more “bank owned” signs, like this tiny house at 2136 Bancroft. Check out this sales history:

Sale History
09/10/2007: $485,000
07/10/2007: $547,122
08/01/2005: $635,000
08/01/2005: $635,000
02/17/2004: $479,000
09/13/1999: $193,000

What’s going on there?

There are still a few flippers, like one on 3175 Olive. It was on the market for a long time before it sold this summer. I was so surprised to see the for sale sign go up again, and they’re asking 750-825 K for it. It’s sales history is:

06/19/2007: $630,000
No other sale data is available

If I hear one more person say “it’s a buyer’s market” I’ll puke. These houses are still grossly overpriced. We rent a pretty nice little house that would cost us twice as much to own as rent, probably more.

I’d be very interested in hearing more about what’s happening in 92104. A LOT of people bought here in the last four years, and their houses must be worth substantially less than what they paid for them…….especially the condos between University and El Cajon.

[JerseyGrl]

Toots

I live in North Park, close to the border of South Park. It seems like houses are selling in “Burlingame” but not other neighborhoods like Alta Dena. We know someone who’s been trying to sell her house for almost 6 months, with three or four price reductions. It probably would have helped to take the bars off the windows……ya think? Who’s going to spend 650K for a house with bars on every window…

We are seeing more “bank owned” signs, like this tiny house at 2136 Bancroft. Check out this sales history:

Sale History
09/10/2007: $485,000
07/10/2007: $547,122
08/01/2005: $635,000
08/01/2005: $635,000
02/17/2004: $479,000
09/13/1999: $193,000

What’s going on there?

There are still a few flippers, like one on 3175 Olive. It was on the market for a long time before it sold this summer. I was so surprised to see the for sale sign go up again, and they’re asking 750-825 K for it. It’s sales history is:

06/19/2007: $630,000
No other sale data is available

If I hear one more person say “it’s a buyer’s market” I’ll puke. These houses are still grossly overpriced. We rent a pretty nice little house that would cost us twice as much to own as rent, probably more.

I’d be very interested in hearing more about what’s happening in 92104. A LOT of people bought here in the last four years, and their houses must be worth substantially less than what they paid for them…….especially the condos between University and El Cajon.

[drunkle]

that’s funny. at current “valuations”, 15% down is a veritable fortune. in the ghetto. for shitboxes (mexican prisons, adobe blocks with all the bars on the windows).

to be blunt, that lender just doesn’t want to loan you the money. which is fine, drive the market back down to reality.

[drunkle]

that’s funny. at current “valuations”, 15% down is a veritable fortune. in the ghetto. for shitboxes (mexican prisons, adobe blocks with all the bars on the windows).

to be blunt, that lender just doesn’t want to loan you the money. which is fine, drive the market back down to reality.

[drunkle]

that’s funny. at current “valuations”, 15% down is a veritable fortune. in the ghetto. for shitboxes (mexican prisons, adobe blocks with all the bars on the windows).

to be blunt, that lender just doesn’t want to loan you the money. which is fine, drive the market back down to reality.

[SD Realtor]

toots my read is that what few quality buyers there are that are left out there, are those that are looking for value, good school districts, somewhere they can either retire or raise a family. I think this will have the greatest impact on communities like the central area. I am not trying to be disparaging to the communities in 92104, 92116, etc… I am just saying that I think with an already thin pool of buyers, these places will really be hurting and should come down quicker then other areas that are discussed here alot.

SD Realtor

[SD Realtor]

toots my read is that what few quality buyers there are that are left out there, are those that are looking for value, good school districts, somewhere they can either retire or raise a family. I think this will have the greatest impact on communities like the central area. I am not trying to be disparaging to the communities in 92104, 92116, etc… I am just saying that I think with an already thin pool of buyers, these places will really be hurting and should come down quicker then other areas that are discussed here alot.

SD Realtor

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