Del Cerro not Allied Gardens

[LostCat]

Anyone out there have a good indication of the real value of a home in Del Cerro, near or off of Del Cerro Blvd?

I went by a Short Sale about 2-months ago. Apparently a lady bought the house in 05 for $700k. She put some nasty “upgrades” into the property. She couldn’t make the payments and was about to forclose. Apparently she put over $200k down.

The bank”s” ended up selling it about a month ago for $520k. Right on the corner of Meredith Ave and Del Cerro Blvd. Some guys are there to fix it up and sell it.

Anyone out there have a good idea of what houses would sale for in OLD DEL CERRO given the exisitng conditions of the housing market and the problems that are forthcoming?

[PadreBrian]

3 beds 2.0 bath 2,048 sqft, Lot 12,000 sqft Built in 1957

$520k is about right if someone picked it up today.

[CMcG]

I think whoever bought that got a pretty good deal. I grew up in that general area and would love to be able to buy there. Yes, it’s on the corner of Del Cerro Blvd., but Del Cerro Blvd. east of College Avenue (once past the shopping center)isn’t as trafficky as the west portion. Hearst Elementary is one of the best elems in the San Diego Unified School District (I didn’t go there).

Possible problems: It’s just above the Del Cerro Community Center/pool (that might be a plus for some). Also, SDSU’s expansion plans call for putting in a lot of housing in western Del Cerro. That’s gonna make for a lot more traffic in all of Del Cerro (it will especially impact College Ave.), and a lot of residents are very pissed off about the plan.

[betting on fall]

That “Olde” del cerro section had places that size reaching well into the 700k’s at peak. Here is one right now- apparently fully rehabed- looking for at least 700k.
http://www.sdlookup.com/MLS-076053621-5624_Del_Cerro_Ave_San_Diego_CA_92120

I could see a well re-done place going for $600-650 even through next year. There is low turnover in that area, so there won’t be a ton of inventory to pressure prices down.

[Bugs]

I’m somewhat surprised at how fast some of the prices in these areas are moving. Del Cerro is very central to employment, and even though those neighborhoods are older they’re still what I would consider to be very marketable overall.

I would have thought those prices would have held up a little better than this.

[LostCat]

So maybe fear is driving the prices down vs true value? It so difficult to understand in this market. I wonder what the median income for that area is? If you buy a house for $520 and put 20% down, you’re talking about a $410K and probably around $3,000 a month, no HOA and no Melaroos. So a family pulling in about $120,000 a year is taking in, likely around $6k-7K a month. Plus they don’t have to drive to far to employment areas (10-miles to downtown). Hmm

Problem is, not much is available east of College Ave. Only one or two homes up for sale.

[Author]

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