La Jolla

[binx]

I have been reading all of your blogs for the past couple of months and have come to respect a lot of what I have read. So….. what kind of data is available for townhouses in Blackhorse in La Jolla? They say that condos are the first to go lose value and the last to gain it. Up until 2004/05 a 2bed/2ba townhouse was 3-400K in that community; then the prices doubled and now the asking prices are 900k and higher. Is La Jolla immune to the housing price slowdown? Last year prices in La Jolla only gained 1%; which was down for the area. But, my realtor(yes all information is taken with the knowledge that she needs to make a living)that the La Jolla market is strong. I love the community, the commute is a just a walk away and the schools work for the kids – am I totally wrong in trying to offer $100k below the asking?????? Or, should i continue to wait at least until the end of 2007? All advice is appreciated! Thanks-

[farbet]

If we don’t offer what we think it’s worth then the sellers will keep believing its the bottom. Go ahead offer !!!

[eagleeye]

I’m facing the same thing in Coronado. Everyone says Coronado is not going to drop despite what happens everywhere else. Sellers are unrealistic.

[SD Realtor]

binx nothing is wrong with offering 100k less then asking. All they can say is no. Ask you realtor to give you the stats of the community (Blackhorse). Include all actives, pendings, solds, expireds, cancelleds and withdrawns in the past 2 years. The fact of the matter is that condos have been hit harder then detached homes in this slowdown. The La Jolla market is strong but there has been depreciation there as well. Looking at the 5 actives that popped on the MLS in the complex ALL of them have been on the market an extensive amount of time. IMO I would come in more then 100k under asking, 200k on the higher end ones, and maybe 150k on the lower end ones. With that in mind, and seeing as there are NO pendings in the complex, and that the last sold was 11/21/06, I think they will trend back down some. Try to at least hold off until August and see if we get the long slow summer we had last year.

SD Realtor

[Anonymous]

Wait! La Jolla is going to crash just like everywhere else, there is no doubt. Especially condos. Just check sdlookup for sales prices from La Jolla condos/townhouses around 1995-97, things were very cheap (relatively) at the end of the last crash. There is no logical reason that La Jolla won’t crash just as bad (or worse) again.

[LookoutBelow]

I agree….La Jolla will get hammered like the rest….and Coronado is no exception either…Wait..the money you save will be your own

[Anonymous]

la jolla prices are coming down. I live in windemere (mt. soledad)…neighbors have been unable to sell their homes for what they paid in 04′. Some forced to rent out home, another took a big loss on sale. Lots of condos up here too, I don’t have specific info on them but have to assume sellers are in trouble.

[PerryChase]

Littlepoint, what would be a good street name to look at sales information that’s representative of what you’re talking about? I’m not asking for info that might indentify you personally but some of us might be interested in researching what you talked about. Post only if you feel comfortable doing so.

My experience from the last downturn is that upscale neighborhoods tend to hold up better at the beginning of the downturn, but they get badly hammered during the protracted slump.

Well-to-do folks (especially the self-made ones) got that way thanks to leverage. But leverage also works in the opposite direction.

[Anonymous]

Try 6667 caminito lindrick. If I calculated correctly, someone took a 330K loss on an 03′ purchase.

Not everyone in LJ is wealthy. People are living beyond their means like everywhere else. Just note the number of tax liens etc. in the 92037 zip code…you’ll find some of the most expensive streets in SD.

[PerryChase]

6667 CAMINITO LINDRICK, La Jolla, CA 92037
Here’s the sale history

09/21/2006: $950,000
02/26/2003: $1,280,000

SDlookup is way behind Zillow in providing sales info. However, SDlookup does provide non MLS sales such as sales from builders.

http://www.zillow.com/HomeDetails.htm?o=North&zprop=16852588
http://sdlookup.com/PropertyDetails/tabid/53/forumid/1/view/topics/pid/76BCACE4/Default.aspx

[Anonymous]

09/21/2006: $950,000
02/26/2003: $1,280,000

Wow! More than 25% drop!
Is this typical for LJ sales in 2006?

[PerryChase]

Can someone who has access to mortgage information tell us if this was a short-sale, foreclosure, or simply a sale to a related party?

[mrquoi]

binx –

Patience will be rewarded. Remember, this year five billion in arms are resetting and next year it’ll be in the trillions.

Here’s a tale from the downturn of the 90s. My parents bought a house in LJ in the early 70s for under $200K. It was a beautiful Spanish style house built in the 1920s, 5br 4br with “maid’s quarters” (now known as an in-law apt), on over an acre off Hillside Dr. Goregous, gorgeous views to the Shores and on up the coast.

My dad took a job away from LJ in the late 80s and my parents decided to sell the place just before the last crash. Since it was on the high end it took a while. And then the crash happened and noone even looked at the place for a year. So, they rented it out and the tenants were horrible. The repairs cost more that my folks got in rent. My parents really wanted to sell and the realtor recommended chopping 30% off the price — so, yes, in 94 you could buy a huge place for $800K where you could sit on the balcony and look for whales with your binoculars while drinking morning coffee. Noone bought it.

It sat for years! They had a friend live there free just to keep an eye on the place. If anyone had made an offer, they probably would have taken it. FINALLY in 99 they decided to list it at just over one million and it sold.

There are good deals to be had if you can wait a bit. They’ll either be banks dumping high-end flips (and there has been plenty of that) or old-timers like my folks who just want out.

[trex]

Isn’t Blackhorse on leased land? Coming due in 25 years or so? Can anyone confirm?

[La Jolla Renter]

I do not believe that Caminito Lindrick is a legit sale at 950k. (it is not in the mls)

La Jolla is definitely not down 25%. If it were, I would be a buyer.

[Author]

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