Mira Mesa SFH for less than 300K

[CA renter]

Remember when TG described the “popcorn” effect, where you’d see a single, exceptionally good deal in a sea of overpriced listings…then, it’s like popcorn, and everything else starts “popping.”

I’d like to think this might be a leading indicator, but I’m an optimist that way. 😉

FWIW, there are some similar deals that have recently been showing up in the areas I watch in L.A. These areas have held firm until the past few months, and there seems to be some weakness there. We suddenly dropped into 2003 levels, and a lot of it looks like it’s due to either short sales or *investors* who apparently got some screaming good deals at the courthouse steps or might be unloading some of the bulk REOs that have been trading hands behind the scenes. As much as I rail against them, the investors are actually making the market work right now (in L.A., not so much down here).

[Coronita]

[quote=SD Realtor]You two guys are great….

So you guys know me. Definitely skeptical when it comes to people claiming this transaction or that transaction was fraudulent.

Yet in this case I am having a hard time with this one. Seriously it is more then a little out of whack with regards to the comps. The activity history on the home is crazy as well. Since September of 09 it has been as high as 370k and as low as 245k. It has been in and out of pending a few times as well. It had expired in March then went active again and that is when they put it at 355k. Then it went expired, contingent pending all over the map. Most recently it was pending up until June 1 and then it went to active again and then it went pending again on June 14 and at then same time list price went down into the 330s and now we close 8 days later.

AN you pegged it, I have priced out the area alot because of trustee sales and this defies all comps there.

So… something is odd here. I know this for a fact, the bank DEFINITELY did not get as much as they could have on this home.[/quote]

Maybe this was a ploy by the agent and the prospect buyer to convince the bank this property is difficult to sell. I mean, afterall, let’s just speculate that the agent keeps putting it on the market, pulling it off, etc. Wouldn’t the bank eventually get to a point and think, gee this property isn’t sellable?

[Coronita]

[quote=SD Realtor]You two guys are great….

So you guys know me. Definitely skeptical when it comes to people claiming this transaction or that transaction was fraudulent.

Yet in this case I am having a hard time with this one. Seriously it is more then a little out of whack with regards to the comps. The activity history on the home is crazy as well. Since September of 09 it has been as high as 370k and as low as 245k. It has been in and out of pending a few times as well. It had expired in March then went active again and that is when they put it at 355k. Then it went expired, contingent pending all over the map. Most recently it was pending up until June 1 and then it went to active again and then it went pending again on June 14 and at then same time list price went down into the 330s and now we close 8 days later.

AN you pegged it, I have priced out the area alot because of trustee sales and this defies all comps there.

So… something is odd here. I know this for a fact, the bank DEFINITELY did not get as much as they could have on this home.[/quote]

Maybe this was a ploy by the agent and the prospect buyer to convince the bank this property is difficult to sell. I mean, afterall, let’s just speculate that the agent keeps putting it on the market, pulling it off, etc. Wouldn’t the bank eventually get to a point and think, gee this property isn’t sellable?

[Coronita]

[quote=SD Realtor]You two guys are great….

So you guys know me. Definitely skeptical when it comes to people claiming this transaction or that transaction was fraudulent.

Yet in this case I am having a hard time with this one. Seriously it is more then a little out of whack with regards to the comps. The activity history on the home is crazy as well. Since September of 09 it has been as high as 370k and as low as 245k. It has been in and out of pending a few times as well. It had expired in March then went active again and that is when they put it at 355k. Then it went expired, contingent pending all over the map. Most recently it was pending up until June 1 and then it went to active again and then it went pending again on June 14 and at then same time list price went down into the 330s and now we close 8 days later.

AN you pegged it, I have priced out the area alot because of trustee sales and this defies all comps there.

So… something is odd here. I know this for a fact, the bank DEFINITELY did not get as much as they could have on this home.[/quote]

Maybe this was a ploy by the agent and the prospect buyer to convince the bank this property is difficult to sell. I mean, afterall, let’s just speculate that the agent keeps putting it on the market, pulling it off, etc. Wouldn’t the bank eventually get to a point and think, gee this property isn’t sellable?

[Coronita]

[quote=SD Realtor]You two guys are great….

So you guys know me. Definitely skeptical when it comes to people claiming this transaction or that transaction was fraudulent.

Yet in this case I am having a hard time with this one. Seriously it is more then a little out of whack with regards to the comps. The activity history on the home is crazy as well. Since September of 09 it has been as high as 370k and as low as 245k. It has been in and out of pending a few times as well. It had expired in March then went active again and that is when they put it at 355k. Then it went expired, contingent pending all over the map. Most recently it was pending up until June 1 and then it went to active again and then it went pending again on June 14 and at then same time list price went down into the 330s and now we close 8 days later.

AN you pegged it, I have priced out the area alot because of trustee sales and this defies all comps there.

So… something is odd here. I know this for a fact, the bank DEFINITELY did not get as much as they could have on this home.[/quote]

Maybe this was a ploy by the agent and the prospect buyer to convince the bank this property is difficult to sell. I mean, afterall, let’s just speculate that the agent keeps putting it on the market, pulling it off, etc. Wouldn’t the bank eventually get to a point and think, gee this property isn’t sellable?

[Coronita]

[quote=SD Realtor]You two guys are great….

So you guys know me. Definitely skeptical when it comes to people claiming this transaction or that transaction was fraudulent.

Yet in this case I am having a hard time with this one. Seriously it is more then a little out of whack with regards to the comps. The activity history on the home is crazy as well. Since September of 09 it has been as high as 370k and as low as 245k. It has been in and out of pending a few times as well. It had expired in March then went active again and that is when they put it at 355k. Then it went expired, contingent pending all over the map. Most recently it was pending up until June 1 and then it went to active again and then it went pending again on June 14 and at then same time list price went down into the 330s and now we close 8 days later.

AN you pegged it, I have priced out the area alot because of trustee sales and this defies all comps there.

So… something is odd here. I know this for a fact, the bank DEFINITELY did not get as much as they could have on this home.[/quote]

Maybe this was a ploy by the agent and the prospect buyer to convince the bank this property is difficult to sell. I mean, afterall, let’s just speculate that the agent keeps putting it on the market, pulling it off, etc. Wouldn’t the bank eventually get to a point and think, gee this property isn’t sellable?

[sdrealtor]

Unfortunately you need alot more than one kernel for things to get popping. When I see one obviously underpriced sale, I almost always ignore it as do most agents. Outliers are just that. Similarly when I see one obviously overpriced sale, I almost always ignore that also. TG’s Popcorn effect is nice analogy but I just dont see things working that way on the street level.

If a buyer tries to use the low sale as a comp my response is simple and straight forward. – “Yes that was a great deal. You should go buy it today!”

[sdrealtor]

Unfortunately you need alot more than one kernel for things to get popping. When I see one obviously underpriced sale, I almost always ignore it as do most agents. Outliers are just that. Similarly when I see one obviously overpriced sale, I almost always ignore that also. TG’s Popcorn effect is nice analogy but I just dont see things working that way on the street level.

If a buyer tries to use the low sale as a comp my response is simple and straight forward. – “Yes that was a great deal. You should go buy it today!”

[sdrealtor]

Unfortunately you need alot more than one kernel for things to get popping. When I see one obviously underpriced sale, I almost always ignore it as do most agents. Outliers are just that. Similarly when I see one obviously overpriced sale, I almost always ignore that also. TG’s Popcorn effect is nice analogy but I just dont see things working that way on the street level.

If a buyer tries to use the low sale as a comp my response is simple and straight forward. – “Yes that was a great deal. You should go buy it today!”

[sdrealtor]

Unfortunately you need alot more than one kernel for things to get popping. When I see one obviously underpriced sale, I almost always ignore it as do most agents. Outliers are just that. Similarly when I see one obviously overpriced sale, I almost always ignore that also. TG’s Popcorn effect is nice analogy but I just dont see things working that way on the street level.

If a buyer tries to use the low sale as a comp my response is simple and straight forward. – “Yes that was a great deal. You should go buy it today!”

[sdrealtor]

Unfortunately you need alot more than one kernel for things to get popping. When I see one obviously underpriced sale, I almost always ignore it as do most agents. Outliers are just that. Similarly when I see one obviously overpriced sale, I almost always ignore that also. TG’s Popcorn effect is nice analogy but I just dont see things working that way on the street level.

If a buyer tries to use the low sale as a comp my response is simple and straight forward. – “Yes that was a great deal. You should go buy it today!”

[an]

Here are some closed listings around the same size, condition, and location:

http://www.sdlookup.com/MLS-100021306-8048_Flanders_Dr_San_Diego_CA_92126 (worse location, 1 car garage vs 2), closed @ 380k.

http://www.sdlookup.com/MLS-100019114-10025_Embry_Way_San_Diego_CA_92126 (slightly better location, same floor plan, similar condition) closed at $414k

http://www.sdlookup.com/MLS-100016557-10215_Trails_End_Cir_San_Diego_CA_92126 (smaller house, 3/2 vs 4/2, not as good condition?) closed at $345k

http://www.sdlookup.com/MLS-100014903-10168_Baroness_Ave_San_Diego_CA_92126 (worse location, similar size, 3/2 vs 4/2) closed at $398k

http://www.sdlookup.com/MLS-100008502-10469_Parkdale_Ave_San_Diego_CA_92126 (worse location, 2/2 vs 4/2) closed at $325k

http://www.sdlookup.com/MLS-100011841-7974_Goleta_Rd_San_Diego_CA_92126 (similar location, 3/2 vs 4/2, worse condition) closed at $380k

I’m sure I can dig up more examples but these should give you a good idea of where the current market is at for these house.

[an]

Here are some closed listings around the same size, condition, and location:

http://www.sdlookup.com/MLS-100021306-8048_Flanders_Dr_San_Diego_CA_92126 (worse location, 1 car garage vs 2), closed @ 380k.

http://www.sdlookup.com/MLS-100019114-10025_Embry_Way_San_Diego_CA_92126 (slightly better location, same floor plan, similar condition) closed at $414k

http://www.sdlookup.com/MLS-100016557-10215_Trails_End_Cir_San_Diego_CA_92126 (smaller house, 3/2 vs 4/2, not as good condition?) closed at $345k

http://www.sdlookup.com/MLS-100014903-10168_Baroness_Ave_San_Diego_CA_92126 (worse location, similar size, 3/2 vs 4/2) closed at $398k

http://www.sdlookup.com/MLS-100008502-10469_Parkdale_Ave_San_Diego_CA_92126 (worse location, 2/2 vs 4/2) closed at $325k

http://www.sdlookup.com/MLS-100011841-7974_Goleta_Rd_San_Diego_CA_92126 (similar location, 3/2 vs 4/2, worse condition) closed at $380k

I’m sure I can dig up more examples but these should give you a good idea of where the current market is at for these house.

[an]

Here are some closed listings around the same size, condition, and location:

http://www.sdlookup.com/MLS-100021306-8048_Flanders_Dr_San_Diego_CA_92126 (worse location, 1 car garage vs 2), closed @ 380k.

http://www.sdlookup.com/MLS-100019114-10025_Embry_Way_San_Diego_CA_92126 (slightly better location, same floor plan, similar condition) closed at $414k

http://www.sdlookup.com/MLS-100016557-10215_Trails_End_Cir_San_Diego_CA_92126 (smaller house, 3/2 vs 4/2, not as good condition?) closed at $345k

http://www.sdlookup.com/MLS-100014903-10168_Baroness_Ave_San_Diego_CA_92126 (worse location, similar size, 3/2 vs 4/2) closed at $398k

http://www.sdlookup.com/MLS-100008502-10469_Parkdale_Ave_San_Diego_CA_92126 (worse location, 2/2 vs 4/2) closed at $325k

http://www.sdlookup.com/MLS-100011841-7974_Goleta_Rd_San_Diego_CA_92126 (similar location, 3/2 vs 4/2, worse condition) closed at $380k

I’m sure I can dig up more examples but these should give you a good idea of where the current market is at for these house.

[an]

Here are some closed listings around the same size, condition, and location:

http://www.sdlookup.com/MLS-100021306-8048_Flanders_Dr_San_Diego_CA_92126 (worse location, 1 car garage vs 2), closed @ 380k.

http://www.sdlookup.com/MLS-100019114-10025_Embry_Way_San_Diego_CA_92126 (slightly better location, same floor plan, similar condition) closed at $414k

http://www.sdlookup.com/MLS-100016557-10215_Trails_End_Cir_San_Diego_CA_92126 (smaller house, 3/2 vs 4/2, not as good condition?) closed at $345k

http://www.sdlookup.com/MLS-100014903-10168_Baroness_Ave_San_Diego_CA_92126 (worse location, similar size, 3/2 vs 4/2) closed at $398k

http://www.sdlookup.com/MLS-100008502-10469_Parkdale_Ave_San_Diego_CA_92126 (worse location, 2/2 vs 4/2) closed at $325k

http://www.sdlookup.com/MLS-100011841-7974_Goleta_Rd_San_Diego_CA_92126 (similar location, 3/2 vs 4/2, worse condition) closed at $380k

I’m sure I can dig up more examples but these should give you a good idea of where the current market is at for these house.

[Author]

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