Biggest percentage loss in San Diego, purchased price vs. list or sold price

[jimmyle]

I thought it would be fun to do this. Can some body starts? Please include when and how much the house was bought for.

[jimmyle]

Listing at $562,999 to $579,999
Sale History
08/12/2005: $710,000
08/23/2004: $680,000

21% loss (calculated using the low end of the list price)

http://www.sdlookup.com/MLS-078067948-11803_Westview_Pkwy_San_Diego_CA_92126

[WaitingToExhale]

Listing at $789,900
Sale History
04/21/2006: $1,015,000
07/18/2003: $710,000

22% loss!

http://www.sdlookup.com/Property-69AE5A89-10228_Lone_Dove_St_San_Diego_CA_92127

[ocrenter]

855 Antilla Way, San Marcos, CA 92078
–5 beds, 4.5 baths, 3,607 sqft.
–07/2005: purchased for $872,000 ($242/sqft).
–07/2007: listed for $849,000.
–09/2007: reduced to $699,000 ($194/sqft).

$173,000 loss or $20% drop in 2 years.

[temeculaguy]

Can I play too, is there a handicap formula we can use like I have to give up 10% to make it fair. That would be too easy, maybe 20% would be fair.

02/06 760K
repo’s back for 402k
listed for 498k

33% off if it sells at list.

http://www.redfin.com/stingray/do/printable-listing?listing-id=1089382

580k 02/06
listed for 375k but it’s a short sale, still 205k off.

http://www.redfin.com/stingray/do/printable-listing?listing-id=1125872

This one is only 20k over it’s 2002 price

http://www.redfin.com/stingray/do/printable-listing?listing-id=1181307

Come to think of it, I shouldn’t be allowed to play, I found these in five minutes and they were in one square mile, never left the same page on redfin, it’s like taking candy from a baby.

[betting on fall]

Temeculaguy is right. We could probably go on forever with this. I am already thinking of some bank repo condos I have seen at half price. We could exclude bank repos, riverside county, and any places where the stench of mortgage fraud still lingers. (all three rules resulting in the exclusion of Temecula listings)

But then we would be missing half the fun!

This thread can be a great way to gauge just how bad things are getting out there. After seeing some houses get marked way down then sell all summer, now I am seeing some houses get way marked down, then still NOT selling (see highwood st house above). How low do they need to go to sell a house in this market??? This thread might help us find out.

[betting on fall]

http://www.sdlookup.com/MLS-076009343-7760_Highwood_Ave_La_Mesa_CA_91941

4 beds, 3.5 bath, 3,987 sqft
purchased 01/03/2006 for $1,029,385 (new from developer)
Original list- $1.1-1.2m. Now on market 246 days.
Current list- $750,000.

$279,385 or 27% drop- if it goes for list price.

ocrenter- this is in the Serramar development in La Mesa. Great place for a “wish I waited” since the entire development sold at the height of the market. This place is the largest model, but if it sells, it will be close to the lowest price anyone paid for any model.

[ocrenter]

betting, great find on the La Mesa home, I’ll put it up on BMIT soon.

some ground rule such as just SD county proper? (sorry temeculaguy, you are right, it is too easy).

[justdoitstewart]

how bout we make the min requirement for post 30% off past sale…

[Artifact]

Here is one in Escondido:

843 Daisy Street, Escondido (http://www.sdlookup.com/MLS-071065229-843_Daisy_St_Escondido_CA_92027)

Listed at 299,000 to 350,000
Bought 1/10/2006 for 480,000

That is 37.8% off at 299K (27% at 350k)

It only gives sales history of the one sale though, so it is a little strange – but in the 2 months it has been on the market (roughly) they have dropped the asking price from 450K to 495K all the way to the current price.

[sdrealtor]

Can I play too?

How about this yummy one in La Costa? Built in 2005, this 3BR/2.5Ba townhome with all the bells and whistles resold in 2006 for $585,000. It’s now listed as an REO with an asking price of $399,900!

That’s 32% off at the current asking price.

http://www.sdlookup.com/MLS-071054304-3169_Via_Iris_Carlsbad_CA_92009

[jimmyle]

La Costa sounds expensive. If HOA fee is not very high and another another 15% off then I think it is a nice place to live.

[patientlywaiting]

wow, sdrealtor, looks like a great deal in La Costa. $399k? We’re beginning to see some nice properties for decent prices.

[bsrsharma]

The La Costa & Escondido homes are starting to show real distress. 200K+ loss in two years probably starts to create depression in the neighborhoods catalyzing further falls. They are also interesting in crossing the $417K divide.

[sdrealtor]

Not so fast bsrsbarma. This one is an exception. Lender dropped price 100K trying to dump it quickly. Sorry but not seeing anything close to real distress en mass.

[SD Realtor]

Unfortunately I don’t have buyers looking for townhomes in La Costa. They want single family detached homes.

If you are looking for townhomes or condos it is pretty easy to find some good deals.

The age old quote by sdr is engrained and in effect… alot of good deals but not alot of good properties out there.

SD Realtor

[bsrsharma]

Still, something is going on. La Costa is pretty good quality for the bank to develop cold feet so soon. Also, What may be the story behind the Escondido house? Looks like they dropped price by $150K in a weeks time. That much fall in so short a time on fairly modest homes means something.

[SD Realtor]

Yes I agree with you on the point that something is happening. It was only a matter of time. One thing that to me was nice to see was the Carmel Valley home going for 675k (it was an REO) that someone posted about a few days ago. It was originally listed at 749k as well in an area of 800k homes.

So this is very good to see.

Again, yes a 150k drop on a small home in Escondido..

Would you live there?

***

Don’t get me wrong… this is all good and long overdue…

However all of these falling prices don’t seem to have stopped people from buying in 4S Ranch. We see posts here and there about people making offers there don’t we? Seems like people are also still looking for homes in Fairbanks Ranch and other high end spots. These are also the people brave enough to post here. For all of them that do I am sure they are plenty of them that do not.

Again, I am not trying to rain on the parade. I am just saying what I said before… lots of good deals, not lots of good properties (at least not where I want to live)… I am confident that over a longer period of time that they (the good properties where I want to live) will come down to where I want them to… However I think you and I may have different thoughts about that timeframe.

You see what I am saying?

SD Realtor

[drunkle]

because the internet is a series of pipes, pipes that get clogged up with spam and porno, not everyone has been able to visit housing sites like this one. so they don’t know what’s going on and realtors are more than happy to exploit their ignorance.

now, if the internet was a big truck, people could simply sit back and have all this information dumped right on top of them.

[temeculaguy]

SDR it’s good and it’s overdue but now that it has started it will spread, it’s the invisible hand at work. I should have paid more attention in my economics classes but Adam Smith’s theories still hold true a few hundred years later. You may not want that house in Esco or condo in La Costa but one of you competitors for Old Scripps will, thus reducing the demand for your market, and less demand results in lower prices. I’ve skipped a couple of communities, the esco home isn’t in competition with Scripps, there are a few communities in between but you get the point.

The best analogy I’ve heard is the line at a brothel. Imagine there are ten prostitutes working at a brothel and on a scale of 1-10 there is a woman working whose beauty could be scored from 1-10, with one woman representing each rating. The price is $10 multiplied by the number of men in line when it’s your turn (2 people in line=$20, 30 people in line=$300) You are in the line for the woman who is a ten, along with 50 other guys, there are ten guys in line for the 5 and nobody is in line for the 1. At some point one of the guys in the line for the 3 decides he will just switch to the 1 and wait less and pay less, then another switches from the 4 line to the 2. Ultimately there is no waiting at many of the lines rated 7 and under and the line you are in starts to fall apart, with guys switching to all sorts of lines. You can downgrade and wait/pay less or hold your ground and still wait/pay less since 30 or 40 guys got out of your line and nobody is getting in line behind you, you still wait longer but you benefit from the impatience and frugality of others.

Get it now, economics and markets can always be simplified buy using analogies involving women, alcohol or gambling, because when you boil it down that’s what we understand.

[bsrsharma]

I think a variant of this “treasure hunt” would be interesting too. Instead of looking at the price drops, consider the velocity of fall. $100K per 30 days seems like a good indicator of economic/psychological depression. The La Costa and Escondido homes fall in that group. A rise in these “Escape Velocity” homes is probably a good indicator/predictor of price collapse.

[sdrealtor]

BS,
I’d agree to a point. One case does not make a trend…….YET. When we see more cases, it will.

[SD Realtor]

tg I knew it… that brothel analogy of yours had to be a late night post…i read the post but didn’t look at the timestamp…then i checked the timestamp.. if you didn’t live in temecula I would have bet you were down in south mission at the beachcomber sloshing around, only to come home late at night and post a gem like that…

anyways, my point is not that it will not happen, but that it will happen, albeit at a slower point then some people suggest and that most people want. however let us return to your analogy.

Lets say that the lines in the house of ill repute in this case are not populated by single men… in fact they are populated by couples. lets explore shall we…perhaps (I just had to delete what I typed and you can guess why) some of the males have wives who are bisexual… most of these wives will not allow a buydown as you have offered up in your example…in fact they may DEMAND that the husband stay in line for the prime cuts… furthermore maybe some of these wives only like some of the working women of certain race, or certain locations…some of them may even force the husband to upgrade! can you imagine that, thus keeping a demand for the higher end working women and propping up the market for a longer period of time….perhaps the demand will stay strong for the working women from a certain part of town?

the horror!!!

anyways back to reality… yes the market will drop in the desireable areas… yes we will be able to pick and find certain good deals in the desireable areas as well… hey there are more now then there were last year and there will be more next year then this year…I still think it will happen but not with the ferocity that some claim and that we all hope for…

lots of good deals but perhaps not lots of great properties… yet…

SD Realtor

[temeculaguy]

Excellent take on the analogy, but I must say that any wait and any price would be worth it in your version so we really can’t use that version of the analogy it just doesn’t translate, it’s so wonderful it has a “if I won the lottery” feel to it.

Back to reality, while your wife may not accept the bargain areas don’t think for a minute there are enough like her to keep the market propped up. Most couples who have children in S.D. also have a working mom who is bombarded by Dr. Laura, et al, that she should not work and should be home with her kids even if it means a smaller home or a less desirable school district. The next time you have a couple with small kids shopping for R/E and they see an 800k scripps home and a 400k home elsewhere, look to see if there is a twinkle in the woman’s eyes, because she has run the numbers in her head and the numbers equal stay at home mom. Those moms would not live in the ghetto and dodge stray gunfire but they will drop down a notch or two to a decent suburb if the price is right. What happens when that 400k home elsewhere hits 300k, still think nobody will jump lines. They wouldn’t jump when the prices were close and it meant being a working mom and living in a marginal area but we are getting closer to having the middle drop and I know it will take the high with it.

I’m still laughing at a few of those quotes, “prime cuts” “upgrade” “the horror,” that was some of you best work. There was a time in the past I was sloshing around at the Beachcomber, but until they throw in a high speed rail line, my sloshing is confined within taxi range.

[SD Realtor]

True… it will happen… eventually…

SD Realtor

[Raybyrnes]

$S Ranch

16406 Calloway Dr San Diego CA 92127
09/28/2005 750000
Listed 635000
Loss 115000

Better Property than others listed

[WaitingToExhale]

Mira Mesa
10865 Whitehall Rd
San Diego, CA 92126

Listed at $375,000
Sale History
10/04/2006 $547,000
02/02/1999 $175,000

Loss: $172,000
Percentage: 31%

http://www.sdlookup.com/MLS-076075762-10865_Whitehall_Rd_San_Diego_CA_92126

It’s a short sale… I wonder if they should count, since the lender might not approve it.

[bsrsharma]

Wow! The poor guy probably took a Jumbo or Second for this humble abode. { The pictures of Jesus and Guadalupe/Mary add symbolism to his desperation }. Most likely, it was a zero down; so mercifully it is the lenders who will be taken to the cleaners.

Even if the lender agrees, hard to imagine anyone offering more than $300K for this.

[patientlywaiting]

Short sales don’t qualify. I’ve seen short sales get foreclosed and relisted at higher prices. But then they sit, sit and sit.

[4runner]

Here’s a 3 bedroom in “South Mission Hills” (i.e., Middleton).

http://www.sdlookup.com/Property-63DC2E3A-3603_Union_St_San_Diego_CA_92103

Prior sale: 03/21/2006 $850,000

It was listed for $589,500. The last sale hasn’t shown up, but it is now assessed at $528,850.

The loss is in the 30-37% range…

[4runner]

Here’s a 3 bedroom in “South Mission Hills” (i.e., Middleton).

http://www.sdlookup.com/Property-63DC2E3A-3603_Union_St_San_Diego_CA_92103

Prior sale: 03/21/2006 $850,000

It was listed for $589,500. The last sale hasn’t shown up, but it is now assessed at $528,850.

The loss is in the 30-37% range…

[patientlywaiting]

Short sales don’t qualify. I’ve seen short sales get foreclosed and relisted at higher prices. But then they sit, sit and sit.

[betting on fall]

Here’s a SOLD house at 30% loss.
I recall this one might have been on the block at the last REDC auction, but I can’t pull up anything to confirm that.

6883 Halifax Street, 92119 (Del Cerro/Allied Gardens)
Sale price 8/30/04- $735,000
Sale price 9/07/07- $514,500

This is a newer (2003) home in a very central area. While this is the kind of drop I expect to see in outlying/overbuilt areas, its a surprise to see it here. As negative as I am about the market, these folks got a good deal and these kinds of prices make me consider getting back in the game.

The last sale price is provided via tax records I was able to access from a non-public source.
Zillow shows the 2004 sale and the early 2007 “sale” where the bank took it back for 519,430. Funny thing is the zeestimate in this place is still $771,000-
http://www.zillow.com/Charts.htm?chartDuration=5years&testAds=false&zpid=51080327

[betting on fall]

Here’s a SOLD house at 30% loss.
I recall this one might have been on the block at the last REDC auction, but I can’t pull up anything to confirm that.

6883 Halifax Street, 92119 (Del Cerro/Allied Gardens)
Sale price 8/30/04- $735,000
Sale price 9/07/07- $514,500

This is a newer (2003) home in a very central area. While this is the kind of drop I expect to see in outlying/overbuilt areas, its a surprise to see it here. As negative as I am about the market, these folks got a good deal and these kinds of prices make me consider getting back in the game.

The last sale price is provided via tax records I was able to access from a non-public source.
Zillow shows the 2004 sale and the early 2007 “sale” where the bank took it back for 519,430. Funny thing is the zeestimate in this place is still $771,000-
http://www.zillow.com/Charts.htm?chartDuration=5years&testAds=false&zpid=51080327

[bsrsharma]

Wow! The poor guy probably took a Jumbo or Second for this humble abode. { The pictures of Jesus and Guadalupe/Mary add symbolism to his desperation }. Most likely, it was a zero down; so mercifully it is the lenders who will be taken to the cleaners.

Even if the lender agrees, hard to imagine anyone offering more than $300K for this.

[WaitingToExhale]

Mira Mesa
10865 Whitehall Rd
San Diego, CA 92126

Listed at $375,000
Sale History
10/04/2006 $547,000
02/02/1999 $175,000

Loss: $172,000
Percentage: 31%

http://www.sdlookup.com/MLS-076075762-10865_Whitehall_Rd_San_Diego_CA_92126

It’s a short sale… I wonder if they should count, since the lender might not approve it.

[Diego Mamani]

Are you guys deducting the 5%-6% agent commission from the asking price when computing the % loss?

[Arraya]

http://www.sdlookup.com/Property-D1759F8E-339_W_University_Ave_B_San_Diego_CA_92103

Listing $175,000

Sale History
6/7/2005 $300,000
10/6/2004 $235,000

41% loss

[WaitingToExhale]

http://www.sdlookup.com/Property-D1759F8E-339_W_University_Ave_B_San_Die…

Listing $175,000

Sale History
6/7/2005 $300,000
10/6/2004 $235,000

41% loss

Wow, this is a big one. I’m focused on SFRs, not condos, but nice find.

[5yearwaiter]

We need to keep this thread live and this gives real meaning for this site answering many like – is this bubble? or crash? or still to go more ? – keep posted

5yearswaiter

[justdoitstewart]

“We need to keep this thread live and this gives real meaning for this site answering many like – is this bubble? or crash? or still to go more ? – keep posted”

I completely agree…please keep adding…be nice to see some in Imperial Beach…

[patientlywaiting]

nice one Arraya. 🙂

[Anonymous]

I know you are looking at SFH on this link but I couldn’t resist posting this Penthouse condo in Little Italy…

Purchased 06/24/2005 $983,000
Listed 10/05/2007 $635,900

That is $347K loss in a little over two years. The other tenants in this building must be loosing there minds.
A whopping 45% loss!!!

http://www.sdlookup.com/Property-ACBE2491-425_W_Beech_St_1703_San_Diego_CA_92101#2480

The Sky is Falling!!!

[bsrsharma]

Can any one explain these huge price differentials for adjacent units?

425 W Beech St #1701 10/28/2005 $1,500,000
425 W Beech St #1702 10/18/2005 $750,000
425 W Beech St #1704 10/17/2005 $750,000
425 W Beech St #1705 12/23/2004 $2,100,000
425 W Beech St #1706 8/8/2005 $845,000
425 W Beech St #1707 8/23/2005 $825,000

I have a suspicion: these are probably drug/crime involved. A million $ doesn’t mean much for a upper level narco trafficker. Like me buying tomatoes whether a buck or 2 per lb.

[sdrealtor]

Easy to explain. These are all penthouse units and the higher prices were nearly twice as large 2500 sq ft vs 1300 sq ft

[bsrsharma]

sdr,

2.1M for a 2500 sqft penthouse in little Italy? I haven’t been there much; but it felt very ordinary and even a bit run down. { honestly, felt like Oceanside or Escondido }

[Author]

Posts