Fashion Valley

[citydweller]

I recently found this site and am amazed at the amount of information you all seem to have access to.

I’m curious about some recent condo sales at 6780 Friars Rd. 92108. Unit 301 was purchased in June 2004 for $365K, the absolute peak for a 2br at this address. It shows on Zillow now as having sold this month (March 2007) for just $264K. Was this a foreclosure?

A one bedroom unit, #134 sold in October of 2004 for $300K, also an all time high, and just sold again in January 2007 for $219K. Again, was this a foreclosure?

Both of these took a 27% loss, could this possibly be the bottom? Or is it going to get much worse?

[JWM in SD]

Man there are some people posting really stupid questions here lately. Hey sheeple, guess what, this is only the beginning. It’s going to get far worse. Do you even understand what is bound to happen with Alt A loans soon??? Probably not.

[citydweller]

JWM

Ouch! I’m new here so cut me some slack. I was just repeating what my realtor said. “Oh, this is definitely the bottom, you should buy now before prices start going back up”

I’ve done some of my own research and there are currently 4 1BR units listed at this complex, 2 of them at 215K, 1 at 219K and one at $240K (good luck).

I agree with you that it will get much worse. The 1BR units were going for approx. $130K in 2002. Do you think we’ll see those prices again.

Also, I’m still curious as to whether the 2 units I mentioned before were foreclosures or short sales. How can I find out?

Thanks

[lindismith]

Welcome to Piggington.

It’s going to get waaaaaaaaaaaaaaaaaay worse.

Most likely one of our real estate agents will be able to answer this for you, either sdrealtor, or SDrealtor (Adam).

[drunkle]

“$130K in 2002”

that’s funny yet sick. in 2002, RE values were still inflated from the bubble.com.

http://www.businessweek.com/magazine/content/02_32/c3795028.htm

[Rockemsock]

http://www.foreclosure.com has a few at that address. #134 was listed as foreclosure, as well as #128 and #109. Not sure about the accuracy of the site, perhaps others can comment.

[citydweller]

Wow, I’m impressed, how do you just pull up a relevant article from 2002? And no, I’m not being sarcastic.

I was lucky enough to have purchased a 1br unit in this complex in 1998 for $58K. So yes, a 100% increase in 4 years would certainly signal a bubble. But to then double again in the next 4 years is just insane.

A 1br unit now rent for apprx. $1000 per month, so taking into consideration the $200 per month HOA fee, a reasonable price for one of these units would be around 120K

[Anonymous]

Recontrust Co sold the #301 unit to Bank of New York for $263,250.00. The sold price on 6/2/2004 was $365k.

Qualtiy Loan Service Corp sold unit #134 to Deutsche Bank for $221k on 1/2/2007. The sold price on 10/27/2004 was for $300k.

[citydweller]

Rockemsock,
Thanks for the link. But it only lists the street name, not the address. Do I have to subscribe to get all the info?

Realtor in Uptown,
Sorry if this is a stupid question, but does that mean that both of those were foreclosures? And if so, why is the 2007 sales price so much lower than the 2004 price? Did these people put $100K and $80K down?

[PerryChase]

” A 1br unit now rent for apprx. $1000 per month, so taking into consideration the $200 per month HOA fee, a reasonable price for one of these units would be around 120K”
——–

You sound fairly knowledgeable about the market and answered your own question.

[drunkle]

i’m a black belt 5th degree in google-fu. i’m also a level 15 nerd.

yeah, the insanity is irritating. it kept me from buying in early 2k; how could prices possibly go up any higher? not to mention, everyone in the media was talking about a “housing shortage” rather than retarded interest rates and cracker jack loans. i was too busy drinking at the time to bother with doing any of my own research. and hey, if NPR says it’s a shortage, it surely is, right? (fcking gloria penner and her round table of UT hacks.)

rents are going down so your reasonable price may also go down. not to mention, as prices go down, the standard of measure goes up. ie., for 120k, why not hold out for a 2 bd? or even, a house out in the boonies? and a condo in fashion valley doesn’t look that great when carmel valley is coming into range…

[Anonymous]

301 seems to have had a first for $292k and a second for $73k. 134 seller owed about $103k.
Not sure if they were NODs. Based on the prices it looks like they are foreclosures. Could find out later for sure.

I have noticed many bank owned homes and condos now on the MLS way below the sold price of a few years ago. Many sellers are now way below the price they paid just a few years ago. Example in 92107 with a ocean view.

Purchased 8/11/05 $1.4 million
Listed 9/22/06 $1,399,000.00
Reduced $1,150,000.00-1,250,000
Listing expired
Relisted 3/22/07 $1,150,000.00-1,250,000

[citydweller]

Realtor in Uptown,

So if these 2 units are now owned by the bank, does that mean they’ll be coming on the market soon?

[Anonymous]

citydweller,

Maybe in the next 6 to 8 months. Depends on a few things. The people might have to be evicted and the place might need to be cleaned. When they hit the market I could let you know.

[Anonymous]

citydweller,

Just looked to see what is listed on 6780 Friars Rd. Unit #134 was listed on 1/23/2007 for $224,900.00. Now its listed for $207,500.00. The unit is vacant and has been on the market 65 days. Price is still high.

[Author]

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