Mira Mesa prices

[feraina]

[quote=maynard]Anyway, I don’t think that rental is a good comp for the MM rental market. While that is in one of nicer parts of MM, I couldn’t see it renting for more than 2100. I’d figure 1950 is more realistic.[/quote]

I agree that a sample of 1 is too small to rely on. But I’ve been tracking the rental market in MM for about a month, because I actually considered renting there, and this one doesn’t seem totally unreasonably priced to me. There was a 4/2 townhome (1800sf) in the Tierra Mesa complex, a neighbor of the 3/3 home I posted the link to before, and it was asking for $2200 on Craigslist and went very quickly — it’s an attached twin home with a tiny backyard/sideyard in a dense complex.

Here’s another 3/2 (townhome?) with a tiny yard asking for $2200:
http://sandiego.craigslist.org/csd/apa/747765648.html

I’m only interested in NW MM, which is maybe the most expensive part. I’m sad to report that after a month, I didn’t find a single 3BR house (with wooden floor, which is really important to us) in NW MM for under $2000. (Instead we’ll rent a 2BR condo in La Jolla.)

Still, there was a comment earlier about maybe the nicest 3/2’s in MM would land in the low 300’s, and I’m just not sure about that (though I would luuuuuuuurve for it to be true).

Nice 3/2’s in NW MM is asking for around $450K now. I’m hoping for another 15% drop, which would make it around $380K. SDR says in another current thread that he can’t see another 20% drop in MM prices unless there is some extraordinary external factor, like a large rise in unemployment or a big spike in mortgage rates. Oh, and he also says that lately investors have been mopping up the lower priced inventory in MM.

[SD Realtor]

This is true… from what I have seen there seems to be alot of activity for these homes that are listed in that 330-350k range based on the location. My read on these are that they are indeed investors looking to find cash flow or break even properties, then to hold them and then sell them down the road. Will these current investors continue to support the new foreclosure inventory that comes on the market? I don’t know but for now it seems they may be able to.

Also one thing that is never discussed are bulk purchases. How many of these bulk purchases will be made in the future? I don’t know nor do I claim to know but I do know that there are investment groups that approach lenders for bulk purchases of many properties at discounted prices. Thus these foreclosure inventories never hit the market.

No I am not trying to say that bulk purchases will support the market either… yet to me, I really don’t see alot of 225k 3/2 homes coming on the market in MM. Could a few spot sales turn up? Yeah perhaps if you want to live right on Flanders or Capricorn or something like that. Also perhaps some total scrapers. Okay that could happen. Yet to think that the majority of 3/2 homes will be at a median price of 225k or 250k… I am not of that opinion at the moment unless something serious interest rate hikes or unemployment happens.

I guess we will see.

[SD Realtor]

This is true… from what I have seen there seems to be alot of activity for these homes that are listed in that 330-350k range based on the location. My read on these are that they are indeed investors looking to find cash flow or break even properties, then to hold them and then sell them down the road. Will these current investors continue to support the new foreclosure inventory that comes on the market? I don’t know but for now it seems they may be able to.

Also one thing that is never discussed are bulk purchases. How many of these bulk purchases will be made in the future? I don’t know nor do I claim to know but I do know that there are investment groups that approach lenders for bulk purchases of many properties at discounted prices. Thus these foreclosure inventories never hit the market.

No I am not trying to say that bulk purchases will support the market either… yet to me, I really don’t see alot of 225k 3/2 homes coming on the market in MM. Could a few spot sales turn up? Yeah perhaps if you want to live right on Flanders or Capricorn or something like that. Also perhaps some total scrapers. Okay that could happen. Yet to think that the majority of 3/2 homes will be at a median price of 225k or 250k… I am not of that opinion at the moment unless something serious interest rate hikes or unemployment happens.

I guess we will see.

[SD Realtor]

This is true… from what I have seen there seems to be alot of activity for these homes that are listed in that 330-350k range based on the location. My read on these are that they are indeed investors looking to find cash flow or break even properties, then to hold them and then sell them down the road. Will these current investors continue to support the new foreclosure inventory that comes on the market? I don’t know but for now it seems they may be able to.

Also one thing that is never discussed are bulk purchases. How many of these bulk purchases will be made in the future? I don’t know nor do I claim to know but I do know that there are investment groups that approach lenders for bulk purchases of many properties at discounted prices. Thus these foreclosure inventories never hit the market.

No I am not trying to say that bulk purchases will support the market either… yet to me, I really don’t see alot of 225k 3/2 homes coming on the market in MM. Could a few spot sales turn up? Yeah perhaps if you want to live right on Flanders or Capricorn or something like that. Also perhaps some total scrapers. Okay that could happen. Yet to think that the majority of 3/2 homes will be at a median price of 225k or 250k… I am not of that opinion at the moment unless something serious interest rate hikes or unemployment happens.

I guess we will see.

[SD Realtor]

This is true… from what I have seen there seems to be alot of activity for these homes that are listed in that 330-350k range based on the location. My read on these are that they are indeed investors looking to find cash flow or break even properties, then to hold them and then sell them down the road. Will these current investors continue to support the new foreclosure inventory that comes on the market? I don’t know but for now it seems they may be able to.

Also one thing that is never discussed are bulk purchases. How many of these bulk purchases will be made in the future? I don’t know nor do I claim to know but I do know that there are investment groups that approach lenders for bulk purchases of many properties at discounted prices. Thus these foreclosure inventories never hit the market.

No I am not trying to say that bulk purchases will support the market either… yet to me, I really don’t see alot of 225k 3/2 homes coming on the market in MM. Could a few spot sales turn up? Yeah perhaps if you want to live right on Flanders or Capricorn or something like that. Also perhaps some total scrapers. Okay that could happen. Yet to think that the majority of 3/2 homes will be at a median price of 225k or 250k… I am not of that opinion at the moment unless something serious interest rate hikes or unemployment happens.

I guess we will see.

[SD Realtor]

This is true… from what I have seen there seems to be alot of activity for these homes that are listed in that 330-350k range based on the location. My read on these are that they are indeed investors looking to find cash flow or break even properties, then to hold them and then sell them down the road. Will these current investors continue to support the new foreclosure inventory that comes on the market? I don’t know but for now it seems they may be able to.

Also one thing that is never discussed are bulk purchases. How many of these bulk purchases will be made in the future? I don’t know nor do I claim to know but I do know that there are investment groups that approach lenders for bulk purchases of many properties at discounted prices. Thus these foreclosure inventories never hit the market.

No I am not trying to say that bulk purchases will support the market either… yet to me, I really don’t see alot of 225k 3/2 homes coming on the market in MM. Could a few spot sales turn up? Yeah perhaps if you want to live right on Flanders or Capricorn or something like that. Also perhaps some total scrapers. Okay that could happen. Yet to think that the majority of 3/2 homes will be at a median price of 225k or 250k… I am not of that opinion at the moment unless something serious interest rate hikes or unemployment happens.

I guess we will see.

[DWCAP]

Houses in MM are flying off the shelf because they are the only game in town north of the 52, south of the 78, and still within a reasonable distance of the ocean (IE no ESCO or Romona). If you want to live in this area, and are looking to buy, your choices are some superfixer upper in Poway or Rb, or a MM sfr. When the “fortress” areas finally start taking their Alt-A/ Option Arm licking’s, new games will open up in town and MM will move lower. This will take time, something like late 2010.

Also, as for rents. I have been tracking rents in MM since early 06. I have noticed a steep rise in asking prices as of late (2008). I dont have any clue why, but I am guessing it falls along the same lines as being the only game in town. Where else can you rent a 3/2-4/2 for under 2000/month in north county? This wasn’t hard to find last year, but has mostly disappeared now. I guess alot of people are trying to save cash, and influencing demand.

I see no more than a 20-25% drop in the future. I use to think more, but this rental surge has caught me off guard (I thought rents would take a hit with the faultering economy too, but this has been discussed plenty before in other threads). I still believe MM 3/2’s will go sub 300k, just not as much as I use to.

[DWCAP]

Houses in MM are flying off the shelf because they are the only game in town north of the 52, south of the 78, and still within a reasonable distance of the ocean (IE no ESCO or Romona). If you want to live in this area, and are looking to buy, your choices are some superfixer upper in Poway or Rb, or a MM sfr. When the “fortress” areas finally start taking their Alt-A/ Option Arm licking’s, new games will open up in town and MM will move lower. This will take time, something like late 2010.

Also, as for rents. I have been tracking rents in MM since early 06. I have noticed a steep rise in asking prices as of late (2008). I dont have any clue why, but I am guessing it falls along the same lines as being the only game in town. Where else can you rent a 3/2-4/2 for under 2000/month in north county? This wasn’t hard to find last year, but has mostly disappeared now. I guess alot of people are trying to save cash, and influencing demand.

I see no more than a 20-25% drop in the future. I use to think more, but this rental surge has caught me off guard (I thought rents would take a hit with the faultering economy too, but this has been discussed plenty before in other threads). I still believe MM 3/2’s will go sub 300k, just not as much as I use to.

[DWCAP]

Houses in MM are flying off the shelf because they are the only game in town north of the 52, south of the 78, and still within a reasonable distance of the ocean (IE no ESCO or Romona). If you want to live in this area, and are looking to buy, your choices are some superfixer upper in Poway or Rb, or a MM sfr. When the “fortress” areas finally start taking their Alt-A/ Option Arm licking’s, new games will open up in town and MM will move lower. This will take time, something like late 2010.

Also, as for rents. I have been tracking rents in MM since early 06. I have noticed a steep rise in asking prices as of late (2008). I dont have any clue why, but I am guessing it falls along the same lines as being the only game in town. Where else can you rent a 3/2-4/2 for under 2000/month in north county? This wasn’t hard to find last year, but has mostly disappeared now. I guess alot of people are trying to save cash, and influencing demand.

I see no more than a 20-25% drop in the future. I use to think more, but this rental surge has caught me off guard (I thought rents would take a hit with the faultering economy too, but this has been discussed plenty before in other threads). I still believe MM 3/2’s will go sub 300k, just not as much as I use to.

[DWCAP]

Houses in MM are flying off the shelf because they are the only game in town north of the 52, south of the 78, and still within a reasonable distance of the ocean (IE no ESCO or Romona). If you want to live in this area, and are looking to buy, your choices are some superfixer upper in Poway or Rb, or a MM sfr. When the “fortress” areas finally start taking their Alt-A/ Option Arm licking’s, new games will open up in town and MM will move lower. This will take time, something like late 2010.

Also, as for rents. I have been tracking rents in MM since early 06. I have noticed a steep rise in asking prices as of late (2008). I dont have any clue why, but I am guessing it falls along the same lines as being the only game in town. Where else can you rent a 3/2-4/2 for under 2000/month in north county? This wasn’t hard to find last year, but has mostly disappeared now. I guess alot of people are trying to save cash, and influencing demand.

I see no more than a 20-25% drop in the future. I use to think more, but this rental surge has caught me off guard (I thought rents would take a hit with the faultering economy too, but this has been discussed plenty before in other threads). I still believe MM 3/2’s will go sub 300k, just not as much as I use to.

[DWCAP]

Houses in MM are flying off the shelf because they are the only game in town north of the 52, south of the 78, and still within a reasonable distance of the ocean (IE no ESCO or Romona). If you want to live in this area, and are looking to buy, your choices are some superfixer upper in Poway or Rb, or a MM sfr. When the “fortress” areas finally start taking their Alt-A/ Option Arm licking’s, new games will open up in town and MM will move lower. This will take time, something like late 2010.

Also, as for rents. I have been tracking rents in MM since early 06. I have noticed a steep rise in asking prices as of late (2008). I dont have any clue why, but I am guessing it falls along the same lines as being the only game in town. Where else can you rent a 3/2-4/2 for under 2000/month in north county? This wasn’t hard to find last year, but has mostly disappeared now. I guess alot of people are trying to save cash, and influencing demand.

I see no more than a 20-25% drop in the future. I use to think more, but this rental surge has caught me off guard (I thought rents would take a hit with the faultering economy too, but this has been discussed plenty before in other threads). I still believe MM 3/2’s will go sub 300k, just not as much as I use to.

[Eugene]

I’m only interested in NW MM, which is maybe the most expensive part. I’m sad to report that after a month, I didn’t find a single 3BR house (with wooden floor, which is really important to us) in NW MM for under $2000. (Instead we’ll rent a 2BR condo in La Jolla.)

Right now on Craigslist there are 23 listings of 3BR and 4BR houses and condos in Rancho Bernardo, and 12 listings in Rancho Penasquitos, under $2000. I think everyone will agree that MM is cheaper than both RB and RP.

Just because someone wants to get 2200 or 2300 for their 3br rental in MM, does not mean that the market will bear that price.

Also all these “investors” snapping up 300-350k properties in MM will soon start bringing their houses on the market and that will have a serious impact on rents.

[Eugene]

I’m only interested in NW MM, which is maybe the most expensive part. I’m sad to report that after a month, I didn’t find a single 3BR house (with wooden floor, which is really important to us) in NW MM for under $2000. (Instead we’ll rent a 2BR condo in La Jolla.)

Right now on Craigslist there are 23 listings of 3BR and 4BR houses and condos in Rancho Bernardo, and 12 listings in Rancho Penasquitos, under $2000. I think everyone will agree that MM is cheaper than both RB and RP.

Just because someone wants to get 2200 or 2300 for their 3br rental in MM, does not mean that the market will bear that price.

Also all these “investors” snapping up 300-350k properties in MM will soon start bringing their houses on the market and that will have a serious impact on rents.

[Eugene]

I’m only interested in NW MM, which is maybe the most expensive part. I’m sad to report that after a month, I didn’t find a single 3BR house (with wooden floor, which is really important to us) in NW MM for under $2000. (Instead we’ll rent a 2BR condo in La Jolla.)

Right now on Craigslist there are 23 listings of 3BR and 4BR houses and condos in Rancho Bernardo, and 12 listings in Rancho Penasquitos, under $2000. I think everyone will agree that MM is cheaper than both RB and RP.

Just because someone wants to get 2200 or 2300 for their 3br rental in MM, does not mean that the market will bear that price.

Also all these “investors” snapping up 300-350k properties in MM will soon start bringing their houses on the market and that will have a serious impact on rents.

[Eugene]

I’m only interested in NW MM, which is maybe the most expensive part. I’m sad to report that after a month, I didn’t find a single 3BR house (with wooden floor, which is really important to us) in NW MM for under $2000. (Instead we’ll rent a 2BR condo in La Jolla.)

Right now on Craigslist there are 23 listings of 3BR and 4BR houses and condos in Rancho Bernardo, and 12 listings in Rancho Penasquitos, under $2000. I think everyone will agree that MM is cheaper than both RB and RP.

Just because someone wants to get 2200 or 2300 for their 3br rental in MM, does not mean that the market will bear that price.

Also all these “investors” snapping up 300-350k properties in MM will soon start bringing their houses on the market and that will have a serious impact on rents.

[Author]

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