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Bugs.
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May 29, 2008 at 4:30 PM #213838May 29, 2008 at 4:44 PM #213903
Bugs
ParticipantUhh, speaking of not knowing what you’re talking about…..
This is an 1,130 SqFt house on a 4,300 SqFt lot, and it’s not some spectacular remodel. This house is not now and never has been worth more than $800k, let alone $1,000,000.
In fact – this home was listed for 4 months at the very height of the market for this area in 2006 at $775,000, and it didn’t sell then. That failed listing shows what this property wasn’t worth at that time. What does that tell you about the current value?
The very “best” I could do in looking around in that area is the home at 4361 Hermosa, which is on the canyon side of the street (4298 is on the inland side), has a 12,000 Sqft canyon lot (vs. 4298s 4,300 SqFt triangular lot) and the home is 30% larger at 1672 SqFt – with a 3rd bedroom and 3 baths. That home sold for $735,000 in 02/2008 and it positively blows 4298 Hermosa out of the water.
4361 Hermosa is so much better than 4298 that I wouldn’t dare include it as a comparable sale in an appraisal.
This property going into NOD has no effect on the value of every other property in the neighborhood – they’re already worth less now than they were at the height of the market.
BTW, there are 2 homes within a 5 block radius of 4298 Hermosa that have recently sold for $382,000 and $441,000, respectively. If you want to talk about dragging the neighborhood down those are your prime suspects.
May 29, 2008 at 4:44 PM #213871ParticipantUhh, speaking of not knowing what you’re talking about…..
This is an 1,130 SqFt house on a 4,300 SqFt lot, and it’s not some spectacular remodel. This house is not now and never has been worth more than $800k, let alone $1,000,000.
In fact – this home was listed for 4 months at the very height of the market for this area in 2006 at $775,000, and it didn’t sell then. That failed listing shows what this property wasn’t worth at that time. What does that tell you about the current value?
The very “best” I could do in looking around in that area is the home at 4361 Hermosa, which is on the canyon side of the street (4298 is on the inland side), has a 12,000 Sqft canyon lot (vs. 4298s 4,300 SqFt triangular lot) and the home is 30% larger at 1672 SqFt – with a 3rd bedroom and 3 baths. That home sold for $735,000 in 02/2008 and it positively blows 4298 Hermosa out of the water.
4361 Hermosa is so much better than 4298 that I wouldn’t dare include it as a comparable sale in an appraisal.
This property going into NOD has no effect on the value of every other property in the neighborhood – they’re already worth less now than they were at the height of the market.
BTW, there are 2 homes within a 5 block radius of 4298 Hermosa that have recently sold for $382,000 and $441,000, respectively. If you want to talk about dragging the neighborhood down those are your prime suspects.
May 29, 2008 at 4:44 PM #213746ParticipantUhh, speaking of not knowing what you’re talking about…..
This is an 1,130 SqFt house on a 4,300 SqFt lot, and it’s not some spectacular remodel. This house is not now and never has been worth more than $800k, let alone $1,000,000.
In fact – this home was listed for 4 months at the very height of the market for this area in 2006 at $775,000, and it didn’t sell then. That failed listing shows what this property wasn’t worth at that time. What does that tell you about the current value?
The very “best” I could do in looking around in that area is the home at 4361 Hermosa, which is on the canyon side of the street (4298 is on the inland side), has a 12,000 Sqft canyon lot (vs. 4298s 4,300 SqFt triangular lot) and the home is 30% larger at 1672 SqFt – with a 3rd bedroom and 3 baths. That home sold for $735,000 in 02/2008 and it positively blows 4298 Hermosa out of the water.
4361 Hermosa is so much better than 4298 that I wouldn’t dare include it as a comparable sale in an appraisal.
This property going into NOD has no effect on the value of every other property in the neighborhood – they’re already worth less now than they were at the height of the market.
BTW, there are 2 homes within a 5 block radius of 4298 Hermosa that have recently sold for $382,000 and $441,000, respectively. If you want to talk about dragging the neighborhood down those are your prime suspects.
May 29, 2008 at 4:44 PM #213847ParticipantUhh, speaking of not knowing what you’re talking about…..
This is an 1,130 SqFt house on a 4,300 SqFt lot, and it’s not some spectacular remodel. This house is not now and never has been worth more than $800k, let alone $1,000,000.
In fact – this home was listed for 4 months at the very height of the market for this area in 2006 at $775,000, and it didn’t sell then. That failed listing shows what this property wasn’t worth at that time. What does that tell you about the current value?
The very “best” I could do in looking around in that area is the home at 4361 Hermosa, which is on the canyon side of the street (4298 is on the inland side), has a 12,000 Sqft canyon lot (vs. 4298s 4,300 SqFt triangular lot) and the home is 30% larger at 1672 SqFt – with a 3rd bedroom and 3 baths. That home sold for $735,000 in 02/2008 and it positively blows 4298 Hermosa out of the water.
4361 Hermosa is so much better than 4298 that I wouldn’t dare include it as a comparable sale in an appraisal.
This property going into NOD has no effect on the value of every other property in the neighborhood – they’re already worth less now than they were at the height of the market.
BTW, there are 2 homes within a 5 block radius of 4298 Hermosa that have recently sold for $382,000 and $441,000, respectively. If you want to talk about dragging the neighborhood down those are your prime suspects.
May 29, 2008 at 4:44 PM #213824ParticipantUhh, speaking of not knowing what you’re talking about…..
This is an 1,130 SqFt house on a 4,300 SqFt lot, and it’s not some spectacular remodel. This house is not now and never has been worth more than $800k, let alone $1,000,000.
In fact – this home was listed for 4 months at the very height of the market for this area in 2006 at $775,000, and it didn’t sell then. That failed listing shows what this property wasn’t worth at that time. What does that tell you about the current value?
The very “best” I could do in looking around in that area is the home at 4361 Hermosa, which is on the canyon side of the street (4298 is on the inland side), has a 12,000 Sqft canyon lot (vs. 4298s 4,300 SqFt triangular lot) and the home is 30% larger at 1672 SqFt – with a 3rd bedroom and 3 baths. That home sold for $735,000 in 02/2008 and it positively blows 4298 Hermosa out of the water.
4361 Hermosa is so much better than 4298 that I wouldn’t dare include it as a comparable sale in an appraisal.
This property going into NOD has no effect on the value of every other property in the neighborhood – they’re already worth less now than they were at the height of the market.
BTW, there are 2 homes within a 5 block radius of 4298 Hermosa that have recently sold for $382,000 and $441,000, respectively. If you want to talk about dragging the neighborhood down those are your prime suspects.
May 29, 2008 at 4:49 PM #213836ocrenter
ParticipantI seen the $1.5 and $1.7 million listings. they are much bigger. perhaps a large portion of the refi’s went into the updating of the house too. but is it truly worth over $1 million? the size of the house hasn’t changed per zillow, so is the house truly worth more than $880/sqft? I’m not so sure about that.
May 29, 2008 at 4:49 PM #213887ParticipantI seen the $1.5 and $1.7 million listings. they are much bigger. perhaps a large portion of the refi’s went into the updating of the house too. but is it truly worth over $1 million? the size of the house hasn’t changed per zillow, so is the house truly worth more than $880/sqft? I’m not so sure about that.
May 29, 2008 at 4:49 PM #213864ParticipantI seen the $1.5 and $1.7 million listings. they are much bigger. perhaps a large portion of the refi’s went into the updating of the house too. but is it truly worth over $1 million? the size of the house hasn’t changed per zillow, so is the house truly worth more than $880/sqft? I’m not so sure about that.
May 29, 2008 at 4:49 PM #213919ParticipantI seen the $1.5 and $1.7 million listings. they are much bigger. perhaps a large portion of the refi’s went into the updating of the house too. but is it truly worth over $1 million? the size of the house hasn’t changed per zillow, so is the house truly worth more than $880/sqft? I’m not so sure about that.
May 29, 2008 at 4:49 PM #213760ParticipantI seen the $1.5 and $1.7 million listings. they are much bigger. perhaps a large portion of the refi’s went into the updating of the house too. but is it truly worth over $1 million? the size of the house hasn’t changed per zillow, so is the house truly worth more than $880/sqft? I’m not so sure about that.
May 29, 2008 at 4:52 PM #2138324plexowner
ParticipantThese stories will be more and more common as we continue in this correction
Here’s one in La Playa (nice area of Pt Loma) – purchased in 1994 for $300K and ‘owners’ currently owe more than $700K and are trying to short sale
I believe there are lots of people who have been living far beyond their means via the equity in their houses for the past decade
From the outside they look financially successful but a combination of factors is now biting them in the ass:
> house prices have dropped so there is no more equity to be extracted
> house prices have dropped so there is no way to refi the property without putting cash into the deal
> lending standards have gotten tougher – no more ‘fog a mirror’ loans with 0 down
> HELOs have been frozen
> jumbo loan rates are at least a full percentage point higher than non-jumbo rates right now IF you can find a lender willing to do a jumbo refi in CA right nowThis combination of factors means no more housing ATM for many supposedly ‘well-heeled’ San Diegans
It also means that they are stuck in their current loan (almost certainly an ARM) and will have to deal with whatever reset terms they agreed to
As their properties are put on the market in distress sales we will see who has been swimming naked
May 29, 2008 at 4:52 PM #213755ParticipantThese stories will be more and more common as we continue in this correction
Here’s one in La Playa (nice area of Pt Loma) – purchased in 1994 for $300K and ‘owners’ currently owe more than $700K and are trying to short sale
I believe there are lots of people who have been living far beyond their means via the equity in their houses for the past decade
From the outside they look financially successful but a combination of factors is now biting them in the ass:
> house prices have dropped so there is no more equity to be extracted
> house prices have dropped so there is no way to refi the property without putting cash into the deal
> lending standards have gotten tougher – no more ‘fog a mirror’ loans with 0 down
> HELOs have been frozen
> jumbo loan rates are at least a full percentage point higher than non-jumbo rates right now IF you can find a lender willing to do a jumbo refi in CA right nowThis combination of factors means no more housing ATM for many supposedly ‘well-heeled’ San Diegans
It also means that they are stuck in their current loan (almost certainly an ARM) and will have to deal with whatever reset terms they agreed to
As their properties are put on the market in distress sales we will see who has been swimming naked
May 29, 2008 at 4:52 PM #213856ParticipantThese stories will be more and more common as we continue in this correction
Here’s one in La Playa (nice area of Pt Loma) – purchased in 1994 for $300K and ‘owners’ currently owe more than $700K and are trying to short sale
I believe there are lots of people who have been living far beyond their means via the equity in their houses for the past decade
From the outside they look financially successful but a combination of factors is now biting them in the ass:
> house prices have dropped so there is no more equity to be extracted
> house prices have dropped so there is no way to refi the property without putting cash into the deal
> lending standards have gotten tougher – no more ‘fog a mirror’ loans with 0 down
> HELOs have been frozen
> jumbo loan rates are at least a full percentage point higher than non-jumbo rates right now IF you can find a lender willing to do a jumbo refi in CA right nowThis combination of factors means no more housing ATM for many supposedly ‘well-heeled’ San Diegans
It also means that they are stuck in their current loan (almost certainly an ARM) and will have to deal with whatever reset terms they agreed to
As their properties are put on the market in distress sales we will see who has been swimming naked
May 29, 2008 at 4:52 PM #213912ParticipantThese stories will be more and more common as we continue in this correction
Here’s one in La Playa (nice area of Pt Loma) – purchased in 1994 for $300K and ‘owners’ currently owe more than $700K and are trying to short sale
I believe there are lots of people who have been living far beyond their means via the equity in their houses for the past decade
From the outside they look financially successful but a combination of factors is now biting them in the ass:
> house prices have dropped so there is no more equity to be extracted
> house prices have dropped so there is no way to refi the property without putting cash into the deal
> lending standards have gotten tougher – no more ‘fog a mirror’ loans with 0 down
> HELOs have been frozen
> jumbo loan rates are at least a full percentage point higher than non-jumbo rates right now IF you can find a lender willing to do a jumbo refi in CA right nowThis combination of factors means no more housing ATM for many supposedly ‘well-heeled’ San Diegans
It also means that they are stuck in their current loan (almost certainly an ARM) and will have to deal with whatever reset terms they agreed to
As their properties are put on the market in distress sales we will see who has been swimming naked
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