Mira Mesa on fire-prices have started increasing

[Coronita]

[quote=ltsdd][quote=The-Shoveler]Me I think as long as Europe does not drag us down into a bottomless hole, housing should recover slowly.
But I had to share this just because of the title.
This guy has a different opinion.

Your House Is in a Wealth Spiral
http://www.fool.com/investing/general/2012/06/05/your-house-is-in-a-wealth-spiral.aspx%5B/quote%5D

You’re not suggesting that we should believe what one of those “Fools” had to say about the housing market, do you? How dare for the guy to say such things about the housing market when I bet that he wasn’t out on the street looking at properties everyday. Can’t trust a guy and his research if all he did is study and analyze information he found on the internet. If you want honest, reliable information about the housing market, which is on fire, you should consult with the experts we have here on this forum. I tell you the market is on fire.[/quote]

Depends on how many different articles one wants to read.
http://www.utsandiego.com/news/2012/jun/05/mortgage-defaults-6-year-low/

[outtamojo]

[quote=flu]Wow…piggington is sure turning into a pissing match…[/quote]

A housing related pissing match is a beautful thing…

[ltsddd]

[quote=flu][quote=ltsdd][quote=The-Shoveler]Me I think as long as Europe does not drag us down into a bottomless hole, housing should recover slowly.
But I had to share this just because of the title.
This guy has a different opinion.

Your House Is in a Wealth Spiral
http://www.fool.com/investing/general/2012/06/05/your-house-is-in-a-wealth-spiral.aspx%5B/quote%5D

You’re not suggesting that we should believe what one of those “Fools” had to say about the housing market, do you? How dare for the guy to say such things about the housing market when I bet that he wasn’t out on the street looking at properties everyday. Can’t trust a guy and his research if all he did is study and analyze information he found on the internet. If you want honest, reliable information about the housing market, which is on fire, you should consult with the experts we have here on this forum. I tell you the market is on fire.[/quote]

Depends on how many different articles one wants to read.
http://www.utsandiego.com/news/2012/jun/05/mortgage-defaults-6-year-low/%5B/quote%5D

Month-to-month NODs is down, foreclosures is up…all we need is for the state to pump in a few more billions that it doesn’t have to help distressed homeowners and the housing market would not be just on fire but a raging inferno.

[sdrealtor]

Just received this email back from an agent on a property I submitted an offer on. You can decide whether on fire is appropriate or not.

Hello All,
Thank you so much for your offer on XXXXXXXXXXX. We really appreciate the time and effort you spent sending us your offer. We received 18 offers and many of them were Cash Buyers. The Sellers spent all of last night reviewing the offers and have decided on another offer.

They wanted me to share that it was a challenging decision because they were all really good offers. We will be holding your offer as back-up in the case this Buyer falls out.

Thanks again, and I look forward to future deals we can have together.

BTW, the offer I submitted was all cash and above asking price

[ocrenter]

[quote=sdrealtor]Just received this email back from an agent on a property I submitted an offer on. You can decide whether on fire is appropriate or not.

Hello All,
Thank you so much for your offer on XXXXXXXXXXX. We really appreciate the time and effort you spent sending us your offer. We received 18 offers and many of them were Cash Buyers. The Sellers spent all of last night reviewing the offers and have decided on another offer.

They wanted me to share that it was a challenging decision because they were all really good offers. We will be holding your offer as back-up in the case this Buyer falls out.

Thanks again, and I look forward to future deals we can have together.

BTW, the offer I submitted was all cash and above asking price[/quote]

Hey sdr, are we back to writing letters about how someone is simply a young couple starting out and love to raise their cute toddlers in this beautiful house? (pictures of the little toddlers included of course).

[Coronita]

[quote=ocrenter][quote=sdrealtor]Just received this email back from an agent on a property I submitted an offer on. You can decide whether on fire is appropriate or not.

Hello All,
Thank you so much for your offer on XXXXXXXXXXX. We really appreciate the time and effort you spent sending us your offer. We received 18 offers and many of them were Cash Buyers. The Sellers spent all of last night reviewing the offers and have decided on another offer.

They wanted me to share that it was a challenging decision because they were all really good offers. We will be holding your offer as back-up in the case this Buyer falls out.

Thanks again, and I look forward to future deals we can have together.

BTW, the offer I submitted was all cash and above asking price[/quote]

Hey sdr, are we back to writing letters about how someone is simply a young couple starting out and love to raise their cute toddlers in this beautiful house? (pictures of the little toddlers included of course).[/quote]

How cute.

ocrenter… Um, no….

[an]

[quote=SD Realtor]Those damn flippers….[/quote]
Yep, another dam flipper making bank… http://www.sdlookup.com/MLS-120020678-9023_Kirby_Ct_San_Diego_CA_92126

[The-Shoveler]

Wow, Flipper Bank indeed, 41% or about 110K in 4-5 months, not bad, wonder what the fix-up costs were.

Getting back to markets on Fire, MM has nothing on Sao Paulo Brazil (23% rise in prices), of course Brazil has high inflation 5-7% in the last year so that accounts for some of this.

Canada still going up as well, about 7% last year.

Seems it’s just US.

[an]

My uneducated guess is, they spent around $20-30k max to fix that place up. So, the profit is probably around $80-90k. Still amazing return for just 4-5 months.

[sdrealtor]

9 offers and counting on this one. BTW, the photos are more surgically enhanced than the house.

http://www.redfin.com/CA/San-Diego/10504-Feller-Cv-92126/home/4587879

Just checked last 30 days of closings. There were 34 houses with at least 3BR/2BA.

19 closed either above asking, at asking or within asking range.

10 closed within 10K of asking.

[bearishgurl]

[quote=sdrealtor]9 offers and counting on this one. BTW, the photos are more surgically enhanced than the house.

http://www.redfin.com/CA/San-Diego/10504-Feller-Cv-92126/home/4587879

….[/quote]

Another wonderful candidate for being built with polybutylene plumbing :=0

“Caveat emptor” on this one.

[an]

Talking about jobs in MM, looks like good time is here again: http://www.utsandiego.com/news/2012/jun/11/shire-add-several-hundred-biotech-jobs/?sciquest

Here’s another one, a block away: http://www.sdlookup.com/MLS-120028338-7815_Dancy_Rd_San_Diego_CA_92126. Went pending after a few days with multiple offers. Take a look at the interior. That’s straight out of the 80s. Take a look at the asking price too, that’s $50k more than the Feller Cv house. I guess that’s the difference between short sale and equity sale.

[Coronita]

[quote=bearishgurl][quote=sdrealtor]9 offers and counting on this one. BTW, the photos are more surgically enhanced than the house.

http://www.redfin.com/CA/San-Diego/10504-Feller-Cv-92126/home/4587879

….[/quote]

Another wonderful candidate for being built with polybutylene plumbing :=0

“Caveat emptor” on this one.[/quote]

Does it make money? That’s all that matters.

[an]

[quote=bearishgurl][quote=sdrealtor]9 offers and counting on this one. BTW, the photos are more surgically enhanced than the house.

http://www.redfin.com/CA/San-Diego/10504-Feller-Cv-92126/home/4587879

….[/quote]

Another wonderful candidate for being built with polybutylene plumbing :=0

“Caveat emptor” on this one.[/quote]
I can say for certain that you’re 100% wrong on this one. The houses in this part of Mira Mesa have 100% copper piping. So, please, don’t add “caveat emptor” when it doesn’t apply…

[sdrealtor]

[quote=AN]Talking about jobs in MM, looks like good time is here again: http://www.utsandiego.com/news/2012/jun/11/shire-add-several-hundred-biotech-jobs/?sciquest

Here’s another one, a block away: http://www.sdlookup.com/MLS-120028338-7815_Dancy_Rd_San_Diego_CA_92126. Went pending after a few days with multiple offers. Take a look at the interior. That’s straight out of the 80s. Take a look at the asking price too, that’s $50k more than the Feller Cv house. I guess that’s the difference between short sale and equity sale.[/quote]

Its a range price on Dancy from 450 to 500K. My guess would be closer to 450K but we will have to see. Shouldnt be much of a difference on final sales prices.

[Author]

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