This looks like a 1993 owner in La Jolla that just got foreclosed on. What did they do with the MEW? Invest in Real Estate?
2838 CAMINITO TURNBERRY, La Jolla, CA 92037**
List Price: $959,900 – $959,900
Sales History
Date Price
01/29/2007 $760,000 Foreclosure Transaction?
10/15/1993 $402,800
07/07/1988 $366,000
06/06/1986 $330,000
Bedrooms: 3
Full Baths: 2
Partial Baths: 0
Square Feet: 2,063
Lot Size: N/A
Year Built: 1979
Listing Date: 02/20/07
On Market: 1 day
Type: SFR
Status: ACTIVE
MLS #: 076014358
Description
Bank-owned foreclosure!***see cfr for required items!*** you’ll love this sunny detached culdesac home in gated windemere! It offers soaring cathedral ceilings, grassy yard, handsome remod kitch, spacious mbr, bay window, cozy wood/gas fpl, roman tub in mba. See supplement!
The last I heard, Blackhorse is a leasehold from UCSD I believe. La Jolla is a great story. There were countless sales in the ’90s for around $300k – $500k. Since then, these properties have inflated into the $ millions. I think it’s important to look at RE from a fundamental value perspective and ignore the hype and speculation. Here’s an example, in 1997 “a home” in La Jolla Farms overlooking the ocean sold for around $1.5MM. Today it’s for sale around $9MM. Does that make sense? Or is this pure hot air? I think the later of the two. Just remember every asset class is cyclical and the RE market is due for a huge return to the mean or an overcorrection. I am confident that La Jolla, Del Mar, RSF and other high end markets will not be immune to the downturn. Cielo in RSF for instance, it’s so far out there. I question that area being a true RSF address I think it’s more Escondido. Any way, there are a lot of homes for sale up there and have been sitting for a very long time with price reductions.
I think it gets worse from here. Be smart with your money, be creative. There are certain investments that stand to do well in an economic downturn. Do your homework but I would say gold could be one. If you have the money for the required minimums, certain hedge funds strategies are going to flourish.
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