Big Loss for Agent in San Marcos

[sdrealtor]

sdcellar
Sorry but 92127 doesnt have good data. To prove the point we need to see sales closing in the last 30 days which were bought as resales in late 2003/2004. They just don’t exist, at least I couldnt find any besides the one Santaluz example.

BTW, I know the broader market as well as anyone. My examples were all homes that resold in the same condition with no measureable changes. I know because I was inside these homes prior to both sales. Beebo’s laundry list was a joke full of major remodels, 6 month old sales and high end prime properties that arent impacted the same as the 90% of the general market he referred to yet failed to address. What a clown!

[PerryChase]

Warren Buffet lived with his mistress with his wife’s approval. Susan Buffet setup Warren with Astrid Menks and they signed their holiday cards with all three names. If it works for them, then that’s all that counts. Not a mistake in my book.

[PerryChase]

The weather in San Diego is worse now that it used to be 20 years ago. When I came to San Diego in 1986, we rarely needed air conditioning. Now, because of global warming, I’m having to use A/C in the summer, and I live near the coast.

We’re not even started on the downward slide. If you go to dinner parties, we can still hear people talking about real estate investments, albeit with caution. It won’t hit the general public that RE is down, until they experience the financial pain of having to sell.

[PD]

Perry, I think you are just getting softer in your old age. 🙂

[Anonymous]

You’re right, PC, and reminded me of something. I forgot to list one other mistake by Buffett; he married a flake.

[davelj]

Buffett’s a great investor but he’s made PLENTY of mistakes (which he acknowledges). You can’t follow his decisions blindly and expect to do well… anymore. As an investor if you’re right 65% of the time you’re a genius. But even the geniuses are wrong a lot. Lowes? Don’t know it well but I wouldn’t touch it even if I did invest in the stock market.

[PerryChase]

jg, you may think that Susan Buffet was a flake but Warren never did. By his own account (Charlie Rose interview) Warren was going to put Susan in charge of his money but her death changed his plans. That’s what led him to donate his money to the Bill and Melinda Gates Foundation.

Susan was very smart. She had yearnings of her own and wanted to pursue a singing career rather than live in the shadows of her husband. Of course, she knew very well the kind of woman that Warren would like so Susan introduced him to Astrid.

What a great wife! I don’t mind a wife like Susan Buffet. But prettier, ha.ha. 😉

[farbet]

Whatever happened to 1847 shadetree? Is it in foreclosure?
the zip link does not list it. However, a house on shadetree is in pre. I do not have a subscription to get the full address.

[SD Realtor]

The MLS lists 1847 Shadetree as a cancelled listing. Off market as of 11/13/06.

SD Realtor

[sdcellar]

sdrealtor– Thanks for trying. I hadn’t really thought about it, but I imagine 92127 was tough. Doesn’t seem like much has been selling there lately, so hard to get much in the way of quality data points.

[sdrealtor]

SDC
You are welecome. There are plenty of sales just not the kind we need to prove the drop. Most of the sales are original owners selling homes built in the few years. This greatly understates their purchase price because the homes were generally purched 6 to 12 months prior to occupancy vs. typical resales which average 30 to 60 day escrows. In a rapidly rising market many of these homes had appreciated significantly before the original owner moved in. They also dont include the move in costs associated with painting, landscaping, hardscaping, window treatments etc which can easily total $50 to 100K. Even more for high end homes.

[(former)FormerSanDiegan]

There are plenty of sales just not the kind we need to prove the drop.

Both sets of examples look like data mining to me by both parties.

[sdrealtor]

Not at all. I look for a find homes sold in 2003/2004 that have been resold in the last month or two with no significant changes made. You can’t get a better measure than same store sales. Beebo pulled repeat sales many of which were 6 months ago, had major remodels (one was a virtual teardown with the house taken down to the studs) and pulled the type of properties (many from high end areas) least effected. My selection had no bias just two identical data points Houses) with a 2 to 3 years sales gap.

I will gladly defend all of my examples and invite him to do the same.

[(former)FormerSanDiegan]

OK. I don’t have the resources either of you do so I pulled the latest example I could find in 5 minutes from free web sources in the area that someone asked for … No assumptions, no bias, no conclusion. Draw your own….

17059 Oculto Way, 92127
Sale History
11/15/2006: $515,000
03/25/2003: $375,000
07/22/1999: $235,000

[sdrealtor]

Not a bad example but there is a very big gap in this history between what prices were in early 2003 and the end of 2003/Early 2004. The biggest change in prices occurred in the 12 months from 2/03 to 2/04. It is really impossible to say that we are at 2003 prices unless you add a qualiier for what part of 2003.

In Spring 2004, a similar house on the same street sold for $550,000. I say we are back to late 2003/early 2004 prices in most areas. When you consider the sale in Spring 2004, this sale supports my view.

[Author]

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