Big Losses in Del Sur

[patientlywaiting]

Ok, so some friends convinced me to go to Del Sur. I only looked at 2 two developments before I got hungry and felt we should go bet a bite in Del Mar.

1) It’s a long way to Del Mar from Del Sur.

2) Here’s an example of a loss I noticed.

8280 Katherine Claire Ct.
Purchased for $818,709 07/2006
Now listed for $680,000
MLS #: 076048419
http://www.sdlookup.com/MLS-076048419-8280_Katherine_Claire_Ct_San_Diego_CA_92127

https://arcc.co.san-diego.ca.us/services/propsales/propsales_search.aspx?PropNum=0501920

[patientlywaiting]

The 8280 Katherine Claire Ct has been sitting on the market for 100 days with no luck.

But some idiot has exactly the same house down the street asking a ludicrous $829,000 price. (The cheaper $680k resale has nicer stone facade).

http://www.sdlookup.com/MLS-076074881-15678_New_Park_Terrace_San_Diego_CA_92127

Purchased for $777,900 12/2006

What is the 2nd seller smoking? Only an air head would buy this house especially when the Alcala developer is selling the fully upgraded model for $829,990!! Same price, what a coincidence. (The model has solar also).

[Alex_angel]

Ugly tile and walls. Who picked that salmon color kitchen cabinets. There is no way I would buy this house for $680, since I would have to gut it and add some color to it. What a joke!

[Coronita]

Alex,

 

If I were a doctor, I'd say you have a medium case of sour grapes.

I'd gladly pick up a home like this in Del Sur as a rental if falls below $500k. This area imho is up and coming, which would be relatively decent commute either to RB or Sorrento Valley. The only thing is I don't like how there is a Section 8 housing development around the neighborhood.

 

[Alex_angel]

WHich community is section 8?

[Bugs]

I think Del Sur has great potential – for the next economic cycle. It is now in the same position Fairbanks Ranch was at the outset of the last downtrend. All the infrastructure is done, much of what can be built there has been built, and by the time it comes around again it will be stabilized.

I like Del Sur more than I like the little pocket projects that surround it. However, I think this time around it’s going to get a beatdown.

[patientlywaiting]

I agree with you Bugs about Del Sur. I like it too. The park with pool is nice and the street have a nice strip of trees and landscape between the road and the sidewalks. Once the trees mature, the landscape will look nice. In 20 years, this will be a nice area.

But the prices at Del Sur are high compared to 4S, just 2 miles down the road. You can get more square feet for your money at 4S which is more of a generic development.

But Del Sur is hardly Fairbanks (I live there). You may be thinking Santa Luz which is just south. At Del Sur, perhaps Avaron, Gables Crossings and Sentinels are more Fairbanks like.

[Raybyrnes]

If I had family income 250K a year I would be looking at Del sur. Great School sytem. Good Loacation. I like the homes and the people it is attracting (Higher Wage Earner). Biggest Downside I see is the Higher tax Rates and Mello Roos. This is something I have a very challenging time getting accepting.

[patientlywaiting]

It looks like Shea home has some Del Sur listing on the MLS.

If a 2500sf listing can’t sell for $680,000… what makes them think at 2000sf house can sell for more in the same neighborhood.

8361 Bristol Ridge Ln
San Diego, CA 92127
http://www.sdlookup.com/MLS-071069530-8361_Bristol_Ridge_Ln_San_Diego_CA_92127

Standard Pacific has some listings in the low $600k.
8453 Kern Crescent
San Diego, CA 92127
http://www.sdlookup.com/MLS-076073564-8453_Kern_Crescent_San_Diego_CA_92127

Standard Pacific also has a 2781sf at $698,900
15817 Paseo Del Sur
San Diego, CA 92127
http://www.sdlookup.com/MLS-076075092-15817_Paseo_Del_Sur_San_Diego_CA_92127

It looks like the builders are undercutting the resales in the market place, but also on the MLS.

I predict that 2008 will bring a bloodbath in Del Sur with losses in the $200k for the resellers.

The more expensive houses like Avaron might see $500k losses.

[Alex_angel]

That last house is incorrectly listed as 2700 sqft. I think they meant the lot. Those homes were max 2000 sqft.

[patientlywaiting]

OK, so I have a mild obsession with Del Sur.

This looks like a good price for the sf.

2428sf, $591,9000
15898 Paseo Del Sur #47
San Diego, CA 92127
MLS#: 076075153

http://www.sdlookup.com/MLS-076075153-15898_Paseo_Del_Sur_47_San_Diego_CA_92127

Looks like Casero will get hammered because of they are paired homes competing with single family homes.

http://www.standardpacifichomes.com/findhome/NeighborhoodIntro.aspx?NID=1328&nName=Cassero%20at%20Del%20Sur&OdivName=San%20Diego&MdivName=San%20Diego

[SD Realtor]

You have a good grip on DS PW… Agreed bigtime about Casero.

SD Realtor

[Coronita]

Alex,

 

My mistake this morning. I thought the original post was referring to the RP off of Camino Del Sur instead of Del Sur, Del Sur…

To my knowledge there are no section 8's in del sur. There is some in the 92129 off of Camino Del Sur.

 

 

[robyns_song]

And speaking of fees…some of the houses have 2 HOA fees! Yikes!

[sdcellar]

There are section 8s between Del Sur and 4S Ranch (closer to Del Sur actually).

[Author]

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