(bad) sign of the times in Chula Vista

[betting on fall]

Here is a listing that illustrates just how bad things are getting in Chula Vista’s Otay Ranch, and how bad things may be soon in other neighborhoods that were built in the middle of the boom.

http://www.sdlookup.com/Property-9F3433B3-1624_Hillsborough_St_Chula_Vista_CA_91913

A foreclosure listed for 80 days, now over $200,000 below 2005 sales price, and it still won’t sell. Every house on the street also went for around 900k in 2005, so when this does sell, they will all see at least 200k of their “asset” gone. Even those that put down 20%-30% are back to $0 real housing wealth!

Almost no one on this street will be able to refi even with good credit, since their LTV will be over 100% based on this comp. How many are going to be able to pay an 800k loan when the full payments kick in? Even if they can, how many will want to pay an 800k loan off when the house is now worth 500k or less?

Its going to get ugly.

[bsrsharma]

“when this does sell”

Some one should tell such sellers: there is this magic number called $417,000. Price it below, you may have a (slim) chance; else it will be your estate to your heirs. Obviously, this house has to go through REO route before that happens.

[bsrsharma]

“when this does sell”

Some one should tell such sellers: there is this magic number called $417,000. Price it below, you may have a (slim) chance; else it will be your estate to your heirs. Obviously, this house has to go through REO route before that happens.

[bsrsharma]

“when this does sell”

Some one should tell such sellers: there is this magic number called $417,000. Price it below, you may have a (slim) chance; else it will be your estate to your heirs. Obviously, this house has to go through REO route before that happens.

[SD Realtor]

IMO I think the 912,913,914, and 915 zips could see some of the biggest drops percentage wise in the entire county… Right up there with downtown.

SD Realtor

[SD Realtor]

IMO I think the 912,913,914, and 915 zips could see some of the biggest drops percentage wise in the entire county… Right up there with downtown.

SD Realtor

[SD Realtor]

IMO I think the 912,913,914, and 915 zips could see some of the biggest drops percentage wise in the entire county… Right up there with downtown.

SD Realtor

[lonestar2000]

bsrsharma,

That number can be higher if the buyer puts in skin (his own money, i.e. down payment). It is the actual loan amount that counts.

[lonestar2000]

bsrsharma,

That number can be higher if the buyer puts in skin (his own money, i.e. down payment). It is the actual loan amount that counts.

[lonestar2000]

bsrsharma,

That number can be higher if the buyer puts in skin (his own money, i.e. down payment). It is the actual loan amount that counts.

[GoUSC]

I could not imagine losing $200k of my wealth like that. Holy crap. And yes SD, Chula Vista is going to be one of the hardest hit by far if not THE hardest hit. It will most likely go down as one of the hardest hit in the country.

I do like that $221psf sales price….Now if only that would transfer to houses in Mission Hills/Hillcrest/etc.

🙂

[GoUSC]

I could not imagine losing $200k of my wealth like that. Holy crap. And yes SD, Chula Vista is going to be one of the hardest hit by far if not THE hardest hit. It will most likely go down as one of the hardest hit in the country.

I do like that $221psf sales price….Now if only that would transfer to houses in Mission Hills/Hillcrest/etc.

🙂

[GoUSC]

I could not imagine losing $200k of my wealth like that. Holy crap. And yes SD, Chula Vista is going to be one of the hardest hit by far if not THE hardest hit. It will most likely go down as one of the hardest hit in the country.

I do like that $221psf sales price….Now if only that would transfer to houses in Mission Hills/Hillcrest/etc.

🙂

[temeculaguy]

This one is already a bank owned, the 200k+ loss is the lender’s loss, we don’t know if the buyer had any skin in the game. 80 days on the market and still no buyer, good thing the banks are made of money and can ride us out. I looked at the pictures and it is a nice place, someone will buy it when they get the price right. In the last downturn I remember lener owned properties always advertised better than market rates and 0 down just to get someone in the house paying, I’m not seeing that this time around, guess they have had their fill of that particular dish.

[temeculaguy]

This one is already a bank owned, the 200k+ loss is the lender’s loss, we don’t know if the buyer had any skin in the game. 80 days on the market and still no buyer, good thing the banks are made of money and can ride us out. I looked at the pictures and it is a nice place, someone will buy it when they get the price right. In the last downturn I remember lener owned properties always advertised better than market rates and 0 down just to get someone in the house paying, I’m not seeing that this time around, guess they have had their fill of that particular dish.

[Author]

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