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

[an]

Here’s another one:
linky
It was bought in ’05 at $542k.
Now asking $399,888 to $449,888.

linky
It was bought in ’06 at $515k.
Now asking $399,888 to $449,888.

linky
It was bought in ’04 at $500k
Now asking $375,000 to $425,000.

[stockstradr]

Looking back, isn’t it bizarre people bought 1450 sq ft homes like this for close to 600 grand, expecting them to just keep going up in value? Six-hundred grand for a 3 bedroom SFH in a so-so neighborhood!; it really shows the level of insanity and speculation. But I guess it can be understood in the frenzy of hoards of sheep (buyers) all running in the same direction and believing prices will just keep going up and UP.

I remember when our 3 BR/2BTH, no garage, 1200 sq ft condo in a so-so part of RB went over four-hundred grand on price. I saw it was insanity. That condo was an apartment convert and such a POS. That valuation had completely lost touch with reality.

[stockstradr]

Looking back, isn’t it bizarre people bought 1450 sq ft homes like this for close to 600 grand, expecting them to just keep going up in value? Six-hundred grand for a 3 bedroom SFH in a so-so neighborhood!; it really shows the level of insanity and speculation. But I guess it can be understood in the frenzy of hoards of sheep (buyers) all running in the same direction and believing prices will just keep going up and UP.

I remember when our 3 BR/2BTH, no garage, 1200 sq ft condo in a so-so part of RB went over four-hundred grand on price. I saw it was insanity. That condo was an apartment convert and such a POS. That valuation had completely lost touch with reality.

[stockstradr]

Looking back, isn’t it bizarre people bought 1450 sq ft homes like this for close to 600 grand, expecting them to just keep going up in value? Six-hundred grand for a 3 bedroom SFH in a so-so neighborhood!; it really shows the level of insanity and speculation. But I guess it can be understood in the frenzy of hoards of sheep (buyers) all running in the same direction and believing prices will just keep going up and UP.

I remember when our 3 BR/2BTH, no garage, 1200 sq ft condo in a so-so part of RB went over four-hundred grand on price. I saw it was insanity. That condo was an apartment convert and such a POS. That valuation had completely lost touch with reality.

[SD Realtor]

There are few that track Mira Mesa as much as AN does. I would agree with the posts here expressing skepticism of whether the lender would accept any of these prices. Remember that in a short sale listing, the lender does not have control of what the listing agent advertises as a price. Inherently, the lender does not care and will not get into the picture unless an offer is received AND the sellers have completed all of the required documentation proving a hardship. Sans all of that, it doesn’t matter one way or another.

Also no I don’t believe anything in Mira Mesa pencils out as a rental yet.

Now, once the dominoes start falling and one lender starts accepting the 375-400k offers then we will see the non distressed properties start to catch up. Also there is diversity in Mira Mesa… Yes alot of people on this board snub that zip code but don’t expect the calle cristobal homes to go for the same cost as homes in other parts of Mira Mesa.

SD Realtor

[SD Realtor]

There are few that track Mira Mesa as much as AN does. I would agree with the posts here expressing skepticism of whether the lender would accept any of these prices. Remember that in a short sale listing, the lender does not have control of what the listing agent advertises as a price. Inherently, the lender does not care and will not get into the picture unless an offer is received AND the sellers have completed all of the required documentation proving a hardship. Sans all of that, it doesn’t matter one way or another.

Also no I don’t believe anything in Mira Mesa pencils out as a rental yet.

Now, once the dominoes start falling and one lender starts accepting the 375-400k offers then we will see the non distressed properties start to catch up. Also there is diversity in Mira Mesa… Yes alot of people on this board snub that zip code but don’t expect the calle cristobal homes to go for the same cost as homes in other parts of Mira Mesa.

SD Realtor

[SD Realtor]

There are few that track Mira Mesa as much as AN does. I would agree with the posts here expressing skepticism of whether the lender would accept any of these prices. Remember that in a short sale listing, the lender does not have control of what the listing agent advertises as a price. Inherently, the lender does not care and will not get into the picture unless an offer is received AND the sellers have completed all of the required documentation proving a hardship. Sans all of that, it doesn’t matter one way or another.

Also no I don’t believe anything in Mira Mesa pencils out as a rental yet.

Now, once the dominoes start falling and one lender starts accepting the 375-400k offers then we will see the non distressed properties start to catch up. Also there is diversity in Mira Mesa… Yes alot of people on this board snub that zip code but don’t expect the calle cristobal homes to go for the same cost as homes in other parts of Mira Mesa.

SD Realtor

[CAwireman]

How often will a home seller bring a check to closing?

Will a bank make a loan to someone for the balance between
what they owe and what the buyer will pay?

Anyone know about this?

HiggyBaby

[CAwireman]

How often will a home seller bring a check to closing?

Will a bank make a loan to someone for the balance between
what they owe and what the buyer will pay?

Anyone know about this?

HiggyBaby

[CAwireman]

How often will a home seller bring a check to closing?

Will a bank make a loan to someone for the balance between
what they owe and what the buyer will pay?

Anyone know about this?

HiggyBaby

[jimmyle]

SD Realtor,

There was a very attractive single story house on Torrell Way (~1750 sq ft) in the Calle Cristobal area that was listed around $530K-$560K. It was gone really quick. You probably know what I am talking about. Is there any way you find out how much it was sold for?

Here is another one on the same street but slightly larger and pricier. Any way I think it would be around $700K 2 years ago now listing at $595K. The lanscaping alone worths $40K.
http://www.sdlookup.com/MLS-076062818-8334_Torrell_Way_San_Diego_CA_92126

[jimmyle]

SD Realtor,

There was a very attractive single story house on Torrell Way (~1750 sq ft) in the Calle Cristobal area that was listed around $530K-$560K. It was gone really quick. You probably know what I am talking about. Is there any way you find out how much it was sold for?

Here is another one on the same street but slightly larger and pricier. Any way I think it would be around $700K 2 years ago now listing at $595K. The lanscaping alone worths $40K.
http://www.sdlookup.com/MLS-076062818-8334_Torrell_Way_San_Diego_CA_92126

[jimmyle]

SD Realtor,

There was a very attractive single story house on Torrell Way (~1750 sq ft) in the Calle Cristobal area that was listed around $530K-$560K. It was gone really quick. You probably know what I am talking about. Is there any way you find out how much it was sold for?

Here is another one on the same street but slightly larger and pricier. Any way I think it would be around $700K 2 years ago now listing at $595K. The lanscaping alone worths $40K.
http://www.sdlookup.com/MLS-076062818-8334_Torrell_Way_San_Diego_CA_92126

[an]

“Now, once the dominoes start falling and one lender starts accepting the 375-400k offers then we will see the non distressed properties start to catch up.”

SD Realtor, I’m still waiting for this day to come. All it takes is a few dominoes to fall. I’ve been waiting for houses in north Calle Cristobal to get until $600k and there’s finally one on Thomas Hayes that’s listing @ $599k. So it’s getting there.

[an]

“Now, once the dominoes start falling and one lender starts accepting the 375-400k offers then we will see the non distressed properties start to catch up.”

SD Realtor, I’m still waiting for this day to come. All it takes is a few dominoes to fall. I’ve been waiting for houses in north Calle Cristobal to get until $600k and there’s finally one on Thomas Hayes that’s listing @ $599k. So it’s getting there.

[Author]

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