Carmel Valley Single Family Home below 600K

[Coronita]

bsrsharma,

Actually, lot's of people get a HELOC for emergency purposes.See, when you're currently well employed, well financially, tt's easy to get a loan, including a HELOC. But suppose you have a bad string of luck, out of a job, get into a big health issue and for some reason insurance isn't up to snuff. You're short on cash, you won't be able take a loan out at that point. Some people get HELOC's when they can, "just" in case. Trying to refinance equity out of a home when your unemployed and need money is not too easy.

It' very similar to dating or employment. When you have a significant other or have a job, it's much easier to find something else. When you really need a significant other or a job when you lose your previous one, it's just that much more difficult….

So several people i know have HELOCs with 0 balance. It's just added "just in case". I've been too lazy to get one myself, but one of these days I will. Ok, the real reason is that I froze my credit files, and forgot where I put the unfreeze pins to allow someone to pull a credit report. Oopps.

[Coronita]

I'll be curious to find out what really is behind this unit.

1) It could be seller is trying to sell $599-$669k with original purchase price of $494k.

or

2) $599k short sale, because of a $494k and a $150k second loan.

The former is hardly considered a desperate seller. The latter would be a desperate seller.

If I would bet money on it, I would say it's #1 more likely than #2. Furthermore, I'd bet that the couple would would rather rent at a loss versus take a bath in the sales loss. Hence, the hanging on to dear life expression i said in another thread. I'm not saying it's smart or dumb… You just have to understand the culture.

I'll bookmark this to see which way it entails. even at $600k, this home is still ridiculously overpriced per sqft…Don't know if any of you noticed, but it's around 1600sqft….

 

[Coronita]

I'll be curious to find out what really is behind this unit.

1) It could be seller is trying to sell $599-$669k with original purchase price of $494k.

or

2) $599k short sale, because of a $494k and a $150k second loan.

The former is hardly considered a desperate seller. The latter would be a desperate seller.

If I would bet money on it, I would say it's #1 more likely than #2. Furthermore, I'd bet that the couple would would rather rent at a loss versus take a bath in the sales loss. Hence, the hanging on to dear life expression i said in another thread. I'm not saying it's smart or dumb… You just have to understand the culture.

I'll bookmark this to see which way it entails. even at $600k, this home is still ridiculously overpriced per sqft…Don't know if any of you noticed, but it's around 1600sqft….

 

[sdworker]

I actually looked at this property this week as a rental. The listing agent showed it to me and they purchased a larger home in Carmel Valley somewhere. So they went to the “hang on and rent” option. It was in very nice condition, was upgraded to some degree and had a very decent sized back yard for the size of the home.

[sdworker]

I actually looked at this property this week as a rental. The listing agent showed it to me and they purchased a larger home in Carmel Valley somewhere. So they went to the “hang on and rent” option. It was in very nice condition, was upgraded to some degree and had a very decent sized back yard for the size of the home.

[sdworker]

I actually looked at this property this week as a rental. The listing agent showed it to me and they purchased a larger home in Carmel Valley somewhere. So they went to the “hang on and rent” option. It was in very nice condition, was upgraded to some degree and had a very decent sized back yard for the size of the home.

[sdworker]

I actually looked at this property this week as a rental. The listing agent showed it to me and they purchased a larger home in Carmel Valley somewhere. So they went to the “hang on and rent” option. It was in very nice condition, was upgraded to some degree and had a very decent sized back yard for the size of the home.

[sdworker]

I actually looked at this property this week as a rental. The listing agent showed it to me and they purchased a larger home in Carmel Valley somewhere. So they went to the “hang on and rent” option. It was in very nice condition, was upgraded to some degree and had a very decent sized back yard for the size of the home.

[Coronita]

I actually looked at this property this week as a rental. The listing agent showed it to me and they purchased a larger home in Carmel Valley somewhere. So they went to the "hang on and rent" option. It was in very nice condition, was upgraded to some degree and had a very decent sized back yard for the size of the home.

 

I thought that would be the case…I guess  I'm still looking for the asian family that violates the "hanging on no matter what" syndrome…Although I think I might have found one. One of my neighbors that bought about 5-6 months ago and overpaid just put their home on the block again. Interesting.

[Coronita]

I actually looked at this property this week as a rental. The listing agent showed it to me and they purchased a larger home in Carmel Valley somewhere. So they went to the "hang on and rent" option. It was in very nice condition, was upgraded to some degree and had a very decent sized back yard for the size of the home.

 

I thought that would be the case…I guess  I'm still looking for the asian family that violates the "hanging on no matter what" syndrome…Although I think I might have found one. One of my neighbors that bought about 5-6 months ago and overpaid just put their home on the block again. Interesting.

[Coronita]

I actually looked at this property this week as a rental. The listing agent showed it to me and they purchased a larger home in Carmel Valley somewhere. So they went to the "hang on and rent" option. It was in very nice condition, was upgraded to some degree and had a very decent sized back yard for the size of the home.

 

I thought that would be the case…I guess  I'm still looking for the asian family that violates the "hanging on no matter what" syndrome…Although I think I might have found one. One of my neighbors that bought about 5-6 months ago and overpaid just put their home on the block again. Interesting.

[Coronita]

I actually looked at this property this week as a rental. The listing agent showed it to me and they purchased a larger home in Carmel Valley somewhere. So they went to the "hang on and rent" option. It was in very nice condition, was upgraded to some degree and had a very decent sized back yard for the size of the home.

 

I thought that would be the case…I guess  I'm still looking for the asian family that violates the "hanging on no matter what" syndrome…Although I think I might have found one. One of my neighbors that bought about 5-6 months ago and overpaid just put their home on the block again. Interesting.

[Coronita]

I actually looked at this property this week as a rental. The listing agent showed it to me and they purchased a larger home in Carmel Valley somewhere. So they went to the "hang on and rent" option. It was in very nice condition, was upgraded to some degree and had a very decent sized back yard for the size of the home.

 

I thought that would be the case…I guess  I'm still looking for the asian family that violates the "hanging on no matter what" syndrome…Although I think I might have found one. One of my neighbors that bought about 5-6 months ago and overpaid just put their home on the block again. Interesting.

[Eugene]

Last sale on 10/31/2003 was for $494,621. So, did they borrow another $100K+ on top? Wow! a lot of middle and upper middle class families with negative net worth.

It gets much worse than that. I’ve been researching the situation in 92122 a couple of days ago. It’s basically a big island of denial, stable prices, very few listings, low foreclosure rates, etc.. What caught my attention was the kind of foreclosures they were getting.

2/3 of all foreclosures are coming from condo conversions in Nobel Drive area. The ones coming from single family houses are more interesting.

5135 Maynard St: purchased for $455,000 in 2000; estimated default $683,453
4311 Robbins St: purchased for $275,000 in 1998; estimated default $617,765
5131 Bothe Ave: purchased for $218,000 in 1984; estimated default $628,123
6294 Lakewood St: purchased for $191,700 in 1983; estimated default $798,027

[Eugene]

Last sale on 10/31/2003 was for $494,621. So, did they borrow another $100K+ on top? Wow! a lot of middle and upper middle class families with negative net worth.

It gets much worse than that. I’ve been researching the situation in 92122 a couple of days ago. It’s basically a big island of denial, stable prices, very few listings, low foreclosure rates, etc.. What caught my attention was the kind of foreclosures they were getting.

2/3 of all foreclosures are coming from condo conversions in Nobel Drive area. The ones coming from single family houses are more interesting.

5135 Maynard St: purchased for $455,000 in 2000; estimated default $683,453
4311 Robbins St: purchased for $275,000 in 1998; estimated default $617,765
5131 Bothe Ave: purchased for $218,000 in 1984; estimated default $628,123
6294 Lakewood St: purchased for $191,700 in 1983; estimated default $798,027

[Author]

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