Mira Mesa half-mil $ condos vs. bigger, better, cheaper sfrs

[SDEngineer]

“Wishing price” vs. “Market price” I’d say.

Neither of the condos are short sales or REO’s. Both of the houses are (one is a REO, one is a short sale that apparently has already gotten a negotiated approval).

At least one of the condo’s appears to have it’s valuation directly set by what will get the owner out of his/her mortgage without sustaining a heavy loss (the 2nd condo was bought at a purchase price of 500K last year – assuming a fairly minimal downpayment, the owner is just barely above water at the asking price, is probably trying to get out from under catching that very sharp knife). Not sure about the other, since it was apparently purchased last in the mid 300’s, but perhaps they set their price based on the nearest neighborhood comp – which would be condo #2’s wishing price. Or, of course, it could also be that they HELOC’d the heck out of the home, and 475K is the number that gets them out of debt without resorting to a short or foreclosure.

Based on Mira Mesa market conditions (and the higher quality comps you located), I truly doubt either of those condos gets sold without taking at least another 75K haircut, and probably more.

[SD Transplant]

What you have labeled “condos” in Mira Mesa are actually decent duplex houses West of Calle Cristobal (the community is Tierra Mesa if my memory serves me well). I use to rent there about 14 years ago,and I would say it beats the common Mira Mesa detached house from the 1970’s by far……..

[SD Transplant]

What you have labeled “condos” in Mira Mesa are actually decent duplex houses West of Calle Cristobal (the community is Tierra Mesa if my memory serves me well). I use to rent there about 14 years ago,and I would say it beats the common Mira Mesa detached house from the 1970’s by far……..

[SD Transplant]

What you have labeled “condos” in Mira Mesa are actually decent duplex houses West of Calle Cristobal (the community is Tierra Mesa if my memory serves me well). I use to rent there about 14 years ago,and I would say it beats the common Mira Mesa detached house from the 1970’s by far……..

[SD Transplant]

What you have labeled “condos” in Mira Mesa are actually decent duplex houses West of Calle Cristobal (the community is Tierra Mesa if my memory serves me well). I use to rent there about 14 years ago,and I would say it beats the common Mira Mesa detached house from the 1970’s by far……..

[SD Transplant]

What you have labeled “condos” in Mira Mesa are actually decent duplex houses West of Calle Cristobal (the community is Tierra Mesa if my memory serves me well). I use to rent there about 14 years ago,and I would say it beats the common Mira Mesa detached house from the 1970’s by far……..

[SDEngineer]

SDTransplant –

That is true, but the comparable houses that were mentioned in the post are not the 1970’s houses nearby. The houses mentioned as comparables in the post are post-1990’s real SFR’s built along the same stretch of road (i.e. clearly superior – same age, same quality, larger sq. footage, and standalone as opposed to twinhome construction).

[SDEngineer]

SDTransplant –

That is true, but the comparable houses that were mentioned in the post are not the 1970’s houses nearby. The houses mentioned as comparables in the post are post-1990’s real SFR’s built along the same stretch of road (i.e. clearly superior – same age, same quality, larger sq. footage, and standalone as opposed to twinhome construction).

[SDEngineer]

SDTransplant –

That is true, but the comparable houses that were mentioned in the post are not the 1970’s houses nearby. The houses mentioned as comparables in the post are post-1990’s real SFR’s built along the same stretch of road (i.e. clearly superior – same age, same quality, larger sq. footage, and standalone as opposed to twinhome construction).

[SDEngineer]

SDTransplant –

That is true, but the comparable houses that were mentioned in the post are not the 1970’s houses nearby. The houses mentioned as comparables in the post are post-1990’s real SFR’s built along the same stretch of road (i.e. clearly superior – same age, same quality, larger sq. footage, and standalone as opposed to twinhome construction).

[SDEngineer]

SDTransplant –

That is true, but the comparable houses that were mentioned in the post are not the 1970’s houses nearby. The houses mentioned as comparables in the post are post-1990’s real SFR’s built along the same stretch of road (i.e. clearly superior – same age, same quality, larger sq. footage, and standalone as opposed to twinhome construction).

[nostradamus]

I guess it’s subjective what one calls a condo, for me if you pay an HOA and share any walls and share common areas, that’s a condo. Sellers/owners/agents use nice euphemisms like “duplex” or “townhome” but… these are subsets of the definition of condo.

They are very nice condos but the houses are in the same locale, bigger, better, and cheaper. IMO.

[nostradamus]

I guess it’s subjective what one calls a condo, for me if you pay an HOA and share any walls and share common areas, that’s a condo. Sellers/owners/agents use nice euphemisms like “duplex” or “townhome” but… these are subsets of the definition of condo.

They are very nice condos but the houses are in the same locale, bigger, better, and cheaper. IMO.

[nostradamus]

I guess it’s subjective what one calls a condo, for me if you pay an HOA and share any walls and share common areas, that’s a condo. Sellers/owners/agents use nice euphemisms like “duplex” or “townhome” but… these are subsets of the definition of condo.

They are very nice condos but the houses are in the same locale, bigger, better, and cheaper. IMO.

[nostradamus]

I guess it’s subjective what one calls a condo, for me if you pay an HOA and share any walls and share common areas, that’s a condo. Sellers/owners/agents use nice euphemisms like “duplex” or “townhome” but… these are subsets of the definition of condo.

They are very nice condos but the houses are in the same locale, bigger, better, and cheaper. IMO.

[Author]

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