Big Loss for Agent in San Marcos

[PerryChase]

1847 SHADETREE DR, San Marcos, CA 92078**
List Price: $755,000 – $769,990

Bedrooms: 4
Full Baths: 5
Partial Baths: 0
Square Feet: 3,575
Lot Size: 12,000 Sq. Ft.
Year Built: 2005
Listing Date: 08/19/06
On Market: 79 days
Type: SFR
Status: ACTIVE
MLS #: 061071975

Purchase Price
03/23/2005 $793,199

Claims $85,000 in upgrades (looks like it).

Price Reduced: 08/21/06 — $789,000 to $779,000
Price Reduced: 08/22/06 — $779,000 to $774,000
Price Reduced: 09/11/06 — $774,000 to $765,000
Price Reduced: 09/25/06 — $765,000 to $755,000

————–

If the professionals can get in trouble, think of all the Joe Blows out there who are still oblivious to the downturn.

SDLookup Details

ZipRealty Listing

[img_assist|nid=1996|title=San Marcos in Trouble|desc=|link=node|align=left|width=100|height=75]

[JES]

Finally someone with the courage to show a full address!

[sdcellar]

Perry– Good find, but when did you start to consider any old real estate agent a professional?

(and I mean this as no slight to the agents that peruse this site. There are plenty of professional out there I’m sure, but for every one of those…)

[sdrealtor]

Typical young hotshot Realtor (cant be much older than 25)who started to believe his own press releases. Bought a house he had no business buying and had no need to buy. I guess he’s learning his lesson.

[powayseller]

sdrealtor, would you say we’re back at 2004 prices?

[sdrealtor]

Most definitely and even a little below. Spring 2004 represented absolute peak pricing for many homes and 2003 was a very fast moving market all year. Prices rose steadily throughout 2003, then rose dramatically in the Fall of 2003 and then shot through the moon in Early 2004. In many areas prices jumped $100 to $200K almost overnite in late Jan/early Feb 2004.

In many cases we are back to late 2003 prices. My guess is that we will go back to early to mid 2003 prices.

[ibjames]

it doesn’t seem like prices have dropped much

[farbet]

I agree the prices have not dropped as SD realtor says.

[Steve Beebo]

“In many cases we are back to late 2003 prices????”

sdrealtor – you are certifiably nuts.

There are some properties that are at their 2004 levels – mainly condo conversions and some newer tracts, but the great, great, great majority of properties in San Diego have values well above their sale prices in 2004.

I have recently seen some, (not a lot, but some), properties that are worth more today than they were in early to mid 2005. I have seen some properties that sold in early 2005, that have resold recently at higher prices. Granted, almost all areas are currently in at least a slight amount of decline, and nobody really knows how low they will go until the market stabilizes, but to make a blnaket statement that right now we are at 2004 prices is just plain incorrect.

[JJGittes]

From what I have seen, the cream of the crop, as long as it is priced in the 2004-2005 range is still selling. What has changed is that 1-2 years ago it would have been the smaller model houses on the worst, smallest and most noisy lots that sold at the premium price. Now, the junk just sits, while the motivated buyers pick off the primo properties at prices that may be at or even slightly above the mean/median of a year ago. Thus, the stats don’t reflect the reality for the 90% of homes that are not the best in neighborhood and have dropped in value 5-15%, if they’d sell at all now.

Don’t know if I am making sense, but this is what I think is going on….

(also, I actually looked at the house profiled above. Its nice enough, but that back neighbor just stares right down at you. No thanks for 3/4 mill and probably $12k a year in taxes. They also have kind of wierd floorplans.)

[sdrealtor]

Beebo-you are certifiably an idiot

While you see individual transactions I see the entire market. here is a perfect example of what I see. Santa Fe Trails is one of the best neighborhoods in So carlsbad/Encinitas. It is about 8 years old and has low mello roos and hoa fees. Children CAN WALK to elementary (Olivenhain Pioneer a perenial top 10 school in SD County),Diegueno Jr (very good) and La Costa Canyon HS (very good). It sits on the Olivenhain border. It is one of the best communities in what is a very prime area and they dont get much better than this.

There is a house that just sold for the 4th time in about 5 years. It was the largest model, well upgraded, on one of the best streets, on a cul de sac, with a much larger yard than most, a beuatiful in ground pool and sits on a the rim of a natural preserve/canyon. They dont get much better than this. REALLY!!! Here is the sales history

04/01 $675,000
06/02 $730,000
10/03 $870,000

It did not sell during the peak years of 2004 and 2005. Anyone who was around at the beginning of 2004 knows that prices jumped between $100,000 and $200,000 between Fall 2003 and Summer 2004. This house could easily have sold for close to $1.1M in May 2004. An inferior home sold for $1M in March 2006 after prices had already fallen about 5% in the area.

It just closed at $915,000 and the sellers were very lucky to get that. This house which is a great house in a great neighborhood in a great location (overall and within the neighborhood just closed at a price well below what it would have sold for in January 2004. I could spend all day and nite posting similar scenarios but have better things to do.

It is not me who is incorrect.

[sdrealtor]

A couple more for good measure

787X Calle Olivia (prime house in great neighborhood)
7/04 $1.35M
8/06 $1.16M

667X Cabela (prime house, prime area with great view)
6/04 $1.225M (sold without any landscaping)
7/06 $1.2M (sold after seller invested over $100K in landscaping, paint, window teatments etc.)

293X Segovia 9/04 $639K sold in 7 days on busy street in original 1978 condition. Great area with no fees, great schools and mostly 1/4 acre lots.

31XX Quebrada Ct same floorplan on cul de sac with pool and much larger lot. It has been on market 49 day priced at $550K to $585K with no takers

I could do this all day and all night and all day and all night and all day and all night.

[lendingbubblecontinues]

Hear, hear sdr!!

Obviously there are still a few bubble deniers left…not for long, though. Your examples should begin to strike fear into the hearts of such fools.

[sdrealtor]

Carmel valley anyone?

Lexington – one of the trophy neighborhoods in Carmel Valley. This is an example of 5BR/5.5BA 4700 sq ft home with a pool on a canyon view lot.

581X Brittany Forest
12/03 $1.31M (actually went into escrow in October BEFORE the big jump in early 2004)

In 2004/2005 it could have sold for $1.5M +. Hell homes a few doors down that were 1000 sq ft smaller w/ less BR’s/BA’s and w/o pools were selling at $1.4M+.

This beauty just closed for $1.33M. ESSENTIALLY the same price it sold for in Fall of 2003.

Need more proof? Post a ZIP code…any ZIP code and I’ll provide a similar example but be forewarned. It could be even uglier.

[powayseller]

Isn’t that the neighborhood where docteur lives? I think prices held up there for a long time though.

sdr, to what would you attribute the percentage drop in values? Why are some places falling less than others? Do you think the high end home market is stronger than the first time buyer market? Are lenders looser than ever with their standards (thanks to lots of cash from foreigners looking for a place to put their dollars)?

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