Expensive McMansion for sale

[joec]

I agree that a lot of these mcmansions have no trouble selling. At the end of the day, people HAVE to live somewhere unlike buying a stock so when you are paying 7-8k per month rent to rent a house (guessing on price, but I did find some 5k rentals for < 2k townhomes for rent) for your family of 4 or 5 with a dog, you're stuck having to buy whatever the market prices are. Bay area housing prices are even more insane than I realized after looking at some of these links posted...

[spdrun]

No one here is wrong. The deal didn’t make sense versus renting in 2011 and makes even less sense now. The figure of $5k+/mo is off-base, sorry to say.

You can rent a dog-friendly 3-bedroom in Encinitas for $3150.

http://sandiego.craigslist.org/nsd/apa/5016043874.html

How about 4-bedrooms (cats only) for the same price?

http://sandiego.craigslist.org/nsd/apa/5013325431.html

4 beds, no pets, $2600..
http://sandiego.craigslist.org/nsd/apa/5011035755.html

[bearishgurl]

[quote=spdrun]No one here is wrong. The deal didn’t make sense versus renting in 2011 and makes even less sense now. The figure of $5k+/mo is off-base, sorry to say.

You can rent a dog-friendly 3-bedroom in Encinitas for $3150.

http://sandiego.craigslist.org/nsd/apa/5016043874.html

How about 4-bedrooms (cats only) for the same price?

http://sandiego.craigslist.org/nsd/apa/5013325431.html

4 beds, no pets, $2600..
http://sandiego.craigslist.org/nsd/apa/5011035755.html%5B/quote%5D

In my area, 4/2 SFRs rent for $2200 – $2400, 3/2 SFRs rent for $1800 – $2200 and 2/1 SFRs rent for $1600 – $1800. Most with big backyards, nearly ALL dog/cat friendly, walkable and close to bus lines and trolley 🙂

Approx 10 mi from dtn SD.

[bearishgurl]

[quote=flu] . . . At $1.375, might be tougher to sell, but I think it would move easily around 1.2-1.25 maybe higher …[/quote]

Well, flu claimed the OP’s link was overpriced by $150-$175K. We’ll see what this econobox specimen actually sells for in a few weeks.

[bearishgurl]

[quote=joec]I agree that a lot of these mcmansions have no trouble selling. At the end of the day, people HAVE to live somewhere unlike buying a stock so when you are paying 7-8k per month rent to rent a house (guessing on price, but I did find some 5k rentals for < 2k townhomes for rent) for your family of 4 or 5 with a dog, you’re stuck having to buy whatever the market prices are.

Bay area housing prices are even more insane than I realized after looking at some of these links posted…[/quote]

People don’t “have” to live in an “econobox” on a marginal lot. Not even in North City or North County. There are PLENTY of other options to rent or buy up there.

$5K – $8K rent is NOT representative of what tenants in SD County pay. Not sure where you’re getting those numbers …. luxury homes, perhaps? There aren’t many of those for rent which are truly “SFRs.” Owners of luxury homes don’t want them torn up by long-term tenants, ESPECIALLY families with young kids and pets. Maybe this group might let their luxury homes via VBRO to short-term tenants property vetted in advance with a large deposit, but the reality is that most of these owners can well afford to leave them vacant for a few months or just “test” the market and see if they can get any offers close to their “fantasy price.”

There are a quite a few “luxury” estate-type properties (abt 4500 sf and up on 1/2 to 1 AC) near me which are routinely left vacant for several months per year as their owners live part time in MX (mostly Guadalajara and Mexico City). These owners have service people visit (for landscaping and pool maintenance) during the months they don’t live there.

[Coronita]

[quote=bearishgurl][quote=flu] . . . At $1.375, might be tougher to sell, but I think it would move easily around 1.2-1.25 maybe higher …[/quote]

Well, flu claimed the OP’s link was overpriced by $150-$175K. We’ll see what this econobox specimen actually sells for in a few weeks.[/quote]

Ok. BG… Let’s settle this once and for all…

I just won a $25 iTunes gift card recently, and I’m not an iOS type of person. So if you’re interested in friendly wager, I’ll bet my $25 iTunes gift card that this home sells at $1.2m or higher. If I’m wrong, you can have the $25 gift card. If I’m right, you buy me a $25 gift certificate at TireRack.com or GoodWinRacing.com or Amazon.com (my choice).

Like I said, I haven’t been really active in my hood so maybe I’m off. But just briefly looking at what people are getting for similar homes in similar communities in the same area, it looks like home prices are selling for about $150k-200k above prices when this person bought his/her/theirs.

Interested? If so, let me know.

[Coronita]

On second thought. Forgot the $25 certificate to TireRack, Goodwin, or Amazon.com for me. I don’t need it….

If I win, you can donate $25 to the DMSEF foundation to support science, technology, math, PE enrichment in my kid’s district. http://dmsef.org/

It’s a great deal for you because even if I win (which I’m pretty confident I will), you can still feel good that $25 of your money went to a good cause and is tax deductible for you.

Interested?

[bearishgurl]

[quote=flu]On second thought. Forgot the $25 certificate to TireRack, Goodwin, or Amazon.com for me. I don’t need it….

If I win, you can donate $25 to the DMSEF foundation to support science, technology, math, PE enrichment in my kid’s district. http://dmsef.org/

It’s a great deal for you because even if I win (which I’m pretty confident I will), you can still feel good that $25 of your money went to a good cause and is tax deductible for you.

Interested?[/quote]

I haven’t yet had a chance to study the sold comps for similarly-sized econoboxes in your neck of the woods. I’ll have to let you know in a couple of days.

[Coronita]

[quote=bearishgurl][quote=flu]On second thought. Forgot the $25 certificate to TireRack, Goodwin, or Amazon.com for me. I don’t need it….

If I win, you can donate $25 to the DMSEF foundation to support science, technology, math, PE enrichment in my kid’s district. http://dmsef.org/

It’s a great deal for you because even if I win (which I’m pretty confident I will), you can still feel good that $25 of your money went to a good cause and is tax deductible for you.

Interested?[/quote]

I haven’t yet had a chance to study the sold comps for similarly-sized econoboxes in your neck of the woods. I’ll have to let you know in a couple of days.[/quote]

Oh please do study the comps as much as you want. But since I would assume this person would probably want to close escrow soon, let’s say no more than 3 days in order to be fair?That should be more than enough time for you to sort out the different comps between Carmel Country Highland, Torrey Hills, Del Mar Heights, and that other area off of 56 which I forget the name right now. You’ll probably also be able to figure out which properties belongs to which school and the school boundary lines, since people in this area tend to be really anal about the schools that their homes have access to, so you’ll probably also figure out what those school boundary lines are and which school(s) a given comparable has access to. And if you don’t think those factor into the prices of homes in this area, well I guess you can skip right over that minor detail if you want. There are a couple of other minor details that I forget off the top of my head, but I’m sure you’ll figure it out…

[joec]

[quote=spdrun]No one here is wrong. The deal didn’t make sense versus renting in 2011 and makes even less sense now. The figure of $5k+/mo is off-base, sorry to say.

You can rent a dog-friendly 3-bedroom in Encinitas for $3150.

http://sandiego.craigslist.org/nsd/apa/5016043874.html

How about 4-bedrooms (cats only) for the same price?

http://sandiego.craigslist.org/nsd/apa/5013325431.html

4 beds, no pets, $2600..
http://sandiego.craigslist.org/nsd/apa/5011035755.html%5B/quote%5D

My comment was actually in reference to the bay area, not San Diego. I found 5k/month small < 2k townhomes for rent in and around the tech centers...Hardly saw any homes in my quick search in mountain view, palo alto, etc....

[Coronita]

Bump….. This house closed……

Close to full asking…. $1.35million..

http://www.sdlookup.com/MLS-150014889-10521_Gaylemont_Ln_San_Diego_CA_92130

So, we’re clearly above peak prices…

Like I said, most of you were wrong..

BG, good thing you didn’t bet against me. Wrong again.

[FlyerInHi]

True, certain areas are at or above nominal peak.

But that’s a bifurcated market like we had in the late 80s.

It’s not sign that the overall market is back to nominal peak, despite record low interest rates that allow people to take on larger mortgages.

[Author]

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