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

[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 }

[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.

[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.

[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.

[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

[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…

[Author]

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