Mira Mesa – 7510 Bannister Ln – 10%+ loss in less than one year

[sdrealtor]

The new HARP 2.0 refi programs could take care of the high interst rates which is a real option for those not deeply underwater.

There also seems to be a high appetite for foreclosures in MM among professional flippers. Many of the distressed homes I see in MM are in lousy condition. A professional flipper can pick them up at trustees sale and turn the property around very quickly. There are lots of young professionals working in the area who would love to buy a turnkey newly remodelled home in that area at todays prices and interest rates.

I see more of the same as they gradually work their way through it all. Its worked so far and why would they change course?

FWIW I dont see any way they cant extend the mortgage debt forgiveness act. I could be wrong but it seems like we still have a few years of inventory to work through and those folks couldnt begin to pay the taxes that would be due.

[an]

[quote=sdrealtor]There also seems to be a high appetite for foreclosures in MM among professional flippers. Many of the distressed homes I see in MM are in lousy condition. A professional flipper can pick them up at trustees sale and turn the property around very quickly. There are lots of young professionals working in the area who would love to buy a turnkey newly remodelled home in that area at todays prices and interest rates.[/quote]
Talking about flip, check this one out: http://www.sdlookup.com/MLS-120011726-8147_Gold_Coast_Dr_San_Diego_CA_92126

flipper bought for $300k on 1/13/12. Made upgrades and listed on 3/3/12 for $399k and it just went pending. I’m pretty sure they didn’t put in anywhere near $99k in upgrades.

[Wah-Wah]

wow… this makes the OP’s Bannister house seems like a great deal for the new owner but we all know “pending” means nothing unless it sold 🙂

[EmilyHicks]

Bannister was a great deal, I have seen far inferior house and location selling for similar prices.

This was another great deal in Mira Mesa:
http://www.redfin.com/CA/San-Diego/7407-Mason-Heights-Ln-92126/home/4562310

I am wondering why some people found great deals like these and then some people horribly overpaid.

[quote=Wah-Wah]wow… this makes the OP’s Bannister house seems like a great deal for the new owner but we all know “pending” means nothing unless it sold :)[/quote]

[an]

[quote=EmilyHicks]Bannister was a great deal, I have seen far inferior house and location selling for similar prices.

This was another great deal in Mira Mesa:
http://www.redfin.com/CA/San-Diego/7407-Mason-Heights-Ln-92126/home/4562310

I am wondering why some people found great deals like these and then some people horribly overpaid.

[quote=Wah-Wah]wow… this makes the OP’s Bannister house seems like a great deal for the new owner but we all know “pending” means nothing unless it sold :)[/quote][/quote]
Some people are just more lucky than others.

As I’ve said before, the Bannister house is a pretty decent deal.

Here’s another that went pending: http://www.sdlookup.com/MLS-120003956-7723_Canyon_Point_Ln_San_Diego_CA_92126
This one is on a better street, but the condition is much worse. We’ll see what it closes at, but the current listing price is $447k.

[Coronita]

Yes, MM looks really active… I think with the price point, and location, I really don’t think it’s going to get much better in terms of inventory… Good property seems to get snatched up pretty quickly.

I have an realtor agent friend that has been helping some clients trying to get a SFH 4/2 for some time… She’s at the point which her client has instructed submit offers immediately when they’re available, even before seeing the place.. She says here client is putting down 50%, and still getting beaten serveral times. Sweet spot seems to be around the $400k +-10k

[Wah-Wah]

flu & et al

how does this one $425k (+$100HOA) in RP compare to MM ?
http://www.redfin.com/CA/San-Diego/11189-Avenida-De-Los-Lobos-92127/home/4669447

[sdrealtor]

That is a great deal and I would submit an offer asap. Its a short sale so that price probably wouldnt get approved but anything close would be outstanding.

Time for a little education opportunity. Under the pictures notice lisitng agent is from Newport Beach so he’s out of area. Then look at the details and under the MLS# notice it says CRMLS. That means it is not in the SD MLS as he probably isnt a member. He’s probably trying to find his own buyer. If its a possibility for you I would approach the agent or have your agent do so immediately. The property isnt out for all to see and SD agents likely dont know about it. As soon as they do expect mucho competition.

[sdrealtor]

Prior post was my gut and I wanted to make sure to be certain so I pulled comps. There are several model matches from the last few months.

465
500
507
516

I was right. Its a solid 10% to 20% below the market

[an]

[quote=Wah-Wah]flu & et al

how does this one $425k (+$100HOA) in RP compare to MM ?
http://www.redfin.com/CA/San-Diego/11189-Avenida-De-Los-Lobos-92127/home/4669447%5B/quote%5D
It’s RB, not PQ. Looking at its past sold history, it looks pretty comparable to similar houses in MM. Example would be the one Emily just posted.

11189 AVENIDA DE LOS LOBOS
Feb 29, 2012 Listed (Active) $425,000 — CRMLS #S689724
Sep 30, 2005 Sold (Public Records) $617,000 7.6%/yr Public Records
Sep 15, 1988 Sold (Public Records) $176,394 — Public Records

7407 Mason Heights Ln
Oct 21, 2011 Sold (Public Records) $400,000 -7.9%/yr Public Records
Oct 21, 2011 Sold (MLS) (Sold) $400,000 — SANDICOR #110050901
Sep 15, 2011 Pending — — SANDICOR #110050901
Sep 07, 2011 Listed (Active) $400,000 — SANDICOR #110050901
Aug 08, 2011 Sold (Public Records)
This home was foreclosed and bank-owned. $442,000 — Public Records
Apr 21, 2006 Sold (Public Records) $630,000 10.8%/yr Public Records
Sep 17, 1999 Sold (Public Records) $320,000 6.7%/yr Public Records
Dec 20, 1991 Sold (Public Records) $194,000 — Public Records

Assuming it’ll sell for anywhere near listing. If it sells for higher, then based on historical sold price, the Mason Heights property would be a better value.

[EmilyHicks]

Great deal, I think the improved 15 freeway will help the Rancho Bernardo area. Before, traffic to RB was really bad.

[quote=Wah-Wah]flu & et al

how does this one $425k (+$100HOA) in RP compare to MM ?
http://www.redfin.com/CA/San-Diego/11189-Avenida-De-Los-Lobos-92127/home/4669447%5B/quote%5D

[Wah-Wah]

thank you sdrealtor, AN & EmilyHicks for your insightful comments. realistically, it’s a bit above our budget.

[all]

That might be the lowest sale in the subdivision in the last 10 years if you can get it at that price.

The subdivision is somewhat remote, but you can still walk to the local elementary school, daycare center, convenience store, Jersey Mike’s, an Irish Pub and Red Box (there is an overpass over Camino Del Norte connecting this subdivision with High Country West where all the ‘action’ is).

[quote=Wah-Wah]flu & et al

how does this one $425k (+$100HOA) in RP compare to MM ?
http://www.redfin.com/CA/San-Diego/11189-Avenida-De-Los-Lobos-92127/home/4669447%5B/quote%5D

[sdrealtor]

I love Jersey Mike’s thats reason alone to buy it. About 25 years ago I had a medical sales job and the Jersey Shore was part of my territory. I used to eat at their original store all the time. Its nice to see their success.

[briansd1]

sdrealtor, seems like you had lots of gigs in your lifetime.

[Author]

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