Massive loss in Mira Mesa, purchased $570K, listing at $399K-$450K

[jimmyle]

This house was bought for $570K in 2005.

Assuming that this house will be sold at $415K. That is still a 27% loss. Can we assume that home prices in Mira Mesa has dropped about 25% since 2005? With inflation accounted for, it might be nearer to %30. Can’t wait until the Fall of 2008, at this rate, a house similar to this might cost only $350K-$380K.

http://www.sdlookup.com/MLS-076060456-8580_New_Salem_St_36_San_Diego_CA_92126

[SD Realtor]

Yep some parts have held up better then that but others have indeed lost 20+ in extreme cases. Hang in there Jimmy

SD Realtor

[SD Realtor]

Yep some parts have held up better then that but others have indeed lost 20+ in extreme cases. Hang in there Jimmy

SD Realtor

[SD Realtor]

Yep some parts have held up better then that but others have indeed lost 20+ in extreme cases. Hang in there Jimmy

SD Realtor

[JWM in SD]

This house is very close to where I live in Mira Mesa. I rent a 2000 Sq ft 30 year old ranch for $1,900/month. These prices have a lot further to fall in my opinion.

[JWM in SD]

This house is very close to where I live in Mira Mesa. I rent a 2000 Sq ft 30 year old ranch for $1,900/month. These prices have a lot further to fall in my opinion.

[JWM in SD]

This house is very close to where I live in Mira Mesa. I rent a 2000 Sq ft 30 year old ranch for $1,900/month. These prices have a lot further to fall in my opinion.

[SHILOH]

Are the property taxes recalculated on the sale price?

[SHILOH]

Are the property taxes recalculated on the sale price?

[SHILOH]

Are the property taxes recalculated on the sale price?

[PadreBrian]

yep.

That house should go back to the 2002 levels. 300k.

[PadreBrian]

yep.

That house should go back to the 2002 levels. 300k.

[PadreBrian]

yep.

That house should go back to the 2002 levels. 300k.

[cantab]

Looks like a decent house with some upgrades, but no backyard.

I know someone who has bought a couple of houses in Mira Mesa to rent out as minidorms. He says he knows in which floorplans he can build interior walls to make extra bedrooms, and then he can get positive cashflow at purchase prices from last year.

The students are the hard-working UCSD type, not the party-hearty SDSU type, so the neighbors don’t mind, and he doesn’t add any square footage to the houses

Would this be something profiable to do with this house?

[cantab]

Looks like a decent house with some upgrades, but no backyard.

I know someone who has bought a couple of houses in Mira Mesa to rent out as minidorms. He says he knows in which floorplans he can build interior walls to make extra bedrooms, and then he can get positive cashflow at purchase prices from last year.

The students are the hard-working UCSD type, not the party-hearty SDSU type, so the neighbors don’t mind, and he doesn’t add any square footage to the houses

Would this be something profiable to do with this house?

[Author]

Posts