Mira Mesa – 7510 Bannister Ln – 10%+ loss in less than one year – Page 2

This topic has 181 replies, 18 voices, and was last updated 9 years ago by an.

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February 28, 2012 at 11:27 AM #738847

sdrealtor
Participant

[quote=SD Realtor]The home was purchased using FHA financing the first time around. It was just recently short sold. My guess is that this had nothing to do with investors. It was purchased, and now it just completed the short sale process. The people who bought it went FHA and then lost it… surprise surprise.[/quote]

SD R
The talk about investors was in relation to what I see in MM right now. Its crazy out there. You make a full price all cash offer and dont even get a response. That sale at $405K looks like a very very good deal relative to the things I see selling in that price range.

February 28, 2012 at 12:17 PM #738852

SD Realtor
Participant

Got ya sdr.

February 28, 2012 at 1:26 PM #738857

an
Participant

[quote=bearishgurl]Fundamentally, there is no reason for a 1980’s MM tract home to cost $400K+.[/quote]
What fundamentals are you referring to? Inquiring mind like to know.

February 28, 2012 at 1:31 PM #738856

an
Participant

[quote=bearishgurl][quote=EmilyHicks]200 feet from back yard to MM Blvd.[/quote]

If this property is slightly elevated (20-30′) from MM Blvd, then it no doubt has a tremendous echo from the road.[/quote]
It’s not elevated at all. It’s either flat or below MM Blvd. Everyone have different tolerance of noise. I grew up living about that distance to Blvd but at a higher elevation. We had many summer dinners outside and we weren’t bothered by it at all.

February 28, 2012 at 2:08 PM #738859

EmilyHicks
Participant

With 20% down and 3.875% rate, payment of $1524 monthly is very affordable. 3 miles to Qualcomm, 6 miles to La Jolla and UCSD and the biotech clusters. Entry level Engineers can buy this.

[quote=AN][quote=bearishgurl]Fundamentally, there is no reason for a 1980’s MM tract home to cost $400K+.[/quote]
What fundamentals are you referring to? Inquiring mind like to know.[/quote]

February 28, 2012 at 2:28 PM #738862

Wah-Wah
Participant

street noise or power line : http://www.redfin.com/CA/San-Diego/10774-Penara-St-92126/home/4596173

🙂

February 28, 2012 at 3:02 PM #738864

UCGal
Participant

[quote=Wah-Wah]street noise or power line : http://www.redfin.com/CA/San-Diego/10774-Penara-St-92126/home/4596173

:)[/quote]
The house from the OP does not have power line issues.

Or were you talking about Mira Mesa in general?

February 28, 2012 at 4:23 PM #738867

an
Participant

[quote=Wah-Wah]street noise or power line : http://www.redfin.com/CA/San-Diego/10774-Penara-St-92126/home/4596173

:)[/quote]
I’d take street noise (to a certain extent). I’ve lived closer to MM Blvd. before, so this one wouldn’t bother me one bit.

February 28, 2012 at 8:05 PM #738872

blake
Participant

[quote=EmilyHicks]With 20% down and 3.875% rate, payment of $1524 monthly is very affordable. 3 miles to Qualcomm, 6 miles to La Jolla and UCSD and the biotech clusters. Entry level Engineers can buy this.

[quote=AN][quote=bearishgurl]Fundamentally, there is no reason for a 1980’s MM tract home to cost $400K+.[/quote]
What fundamentals are you referring to? Inquiring mind like to know.[/quote][/quote]

The monthly payment is okay, but coming up with 80K down payment for entry level engineers might be a bit tough.

February 28, 2012 at 8:43 PM #738875

sdrealtor
Participant

You would be surprised. I see plenty of young engineers with that and more to put down. Its not coming from parent gifts either.

February 28, 2012 at 9:42 PM #738876

Reality
Participant

[quote=sdrealtor]But the distressed sellers dont have to take distressed prices. The homes arent selling at bargain basement prices. They are getting bid up to retail and more than the comps in many cases. Sometimes they do go cheap like in that case. Having seen everything in MM the last month that house blows away what I am seeing get multiple cash offers at the same price every day.

Longtime bears want to beleive its a buyers market out there but any one who is out there trying to buy something knows that could be more false.[/quote]

Written like a true cheerleader.

February 29, 2012 at 12:15 AM #738885

an
Participant

[quote=blake]The monthly payment is okay, but coming up with 80K down payment for entry level engineers might be a bit tough.[/quote]
Might be tough for entry level engineers, but not that tough for engineers with 5-7 years experience. If you graduate at 22, 5-7 years experience mean you’re around 27-29. That’s still quite young. I don’t think anyone is saying it’s easy for a 22-25 year old to be able to save 80k. If you have a pair of engineers, saving $2k/month combined, that’s $24k/year. So, after 4 years, you’ll have more than $80k to down. Is it that tough to save $2k/month for dual income couple?

February 29, 2012 at 5:31 AM #738890

Coronita
Participant

[quote=JohnAlt91941][quote=sdrealtor]But the distressed sellers dont have to take distressed prices. The homes arent selling at bargain basement prices. They are getting bid up to retail and more than the comps in many cases. Sometimes they do go cheap like in that case. Having seen everything in MM the last month that house blows away what I am seeing get multiple cash offers at the same price every day.

Longtime bears want to beleive its a buyers market out there but any one who is out there trying to buy something knows that could be more false.[/quote]

Written like a true cheerleader.[/quote]

It’s not a cheerleading at all… It’s a fact. I’ve been looking in MM and RB for rental property …..It appears what’s pushing for a lot of buying interest….Much higher rent…Folks looking for rental property are out looking, and folks looking to avoid paying ridiculous rental prices are out there looking….

Back on the CV condo versus UTC condo thread, I ran though the numbers at a particular complex…. Although at CV it still didn’t pencil out at all as a rental , the fact that with a 20% down and current price and current interest environment you can pencil in any type of small of positive number in Carmel Valley was an eyeopener for me. I haven’t seen that in a long time….

Then when I checked at some rental prices. Man, now I know why qualified buyers and qualified investors our out in full force.

Rent…
$1200/month for a 1bedroom in mira mesa?
$1500/month for a 1bedroom in Carmel Valley?
$2300/month for a 2bedroom in Carmel Valley?
$4000/month for a 4-5bedroom in Carmel Valley?

February 29, 2012 at 5:37 AM #738891

Coronita
Participant

[quote=AN]Did I hear someone call my name? :-D. It’s in line with what I’m seeing throughout MM in the last few months. Like sdr mentioned in another thread, it was pretty flat for most of the last year, but in the last 2-3 months or so, I see a big decline (5-10%). I wonder where it’ll go from here.

This house can probably rent for $2200/month. PITI for this house at this price ~$2000/month (assume 20% down). So, it’s a decent deal.[/quote]

Yup…. Agreed…

February 29, 2012 at 5:44 AM #738892

Coronita
Participant

[quote=bearishgurl][quote=SD Realtor] . . . The people who bought it went FHA and then lost it… surprise surprise.[/quote]

I’ve always maintained that the maximum FHA loan should be no more than $300K in this region. The FHA 1-4 unit purchase program was originally put in place to serve first-time and/or moderate income buyers but has been used for move-up and luxury purchases in recent years because of inflated unrealistic caps.

I believe that at least half of MM (older half) fits this description but has been run up in price in recent years by too-high FHA and VA financing caps, as well as sub-prime money. Fundamentally, there is no reason for a 1980’s MM tract home to cost $400K+.[/quote]

BG, please help me find a comparable home in MM for $300k. If you’re successful, and I’d be happy to pay you 4% commission when I close 🙂
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