Mission Hills: Low End Trends

[jpinpb]

Yes. Exactly. Prices were insane back then. And now that we are seeing declines that are significant, we are to dsiregard them as a select few. But I think it could be new comps starting a trend.

[pemeliza]

jp, 1.27M seems like a fair price for that house on W. Lewis. Its “twin” next door sold for 2.2M in 2005:

http://www.zillow.com/homedetails/910-W-Lewis-St-San-Diego-CA-92103/59310586_zpid/

1.27/2.2 = 58%

So the house sold for around 42% off of the peak price which is pretty typical for distressed properties in that price range.

I am relieved that the house on Lewis was a legit. sale and not a scam as we often see with short sales. It does seem that there are fewer short steals in 92103 as most of the shorts seem to end up as REOs. My guess is that the buyer of Lewis really wanted the property and pretty much paid what the bank was asking to get the deal done (the house was listed in late October of last year).

The house we bought in north MH has a similar view, better location, and a better lot but then again it is smaller and almost 100 years old (well built but very dated). I can see why someone would pay up for newer construction with the set of features that location on W. Lewis offers. It is an awesome neighborhood.

[pemeliza]

jp, 1.27M seems like a fair price for that house on W. Lewis. Its “twin” next door sold for 2.2M in 2005:

http://www.zillow.com/homedetails/910-W-Lewis-St-San-Diego-CA-92103/59310586_zpid/

1.27/2.2 = 58%

So the house sold for around 42% off of the peak price which is pretty typical for distressed properties in that price range.

I am relieved that the house on Lewis was a legit. sale and not a scam as we often see with short sales. It does seem that there are fewer short steals in 92103 as most of the shorts seem to end up as REOs. My guess is that the buyer of Lewis really wanted the property and pretty much paid what the bank was asking to get the deal done (the house was listed in late October of last year).

The house we bought in north MH has a similar view, better location, and a better lot but then again it is smaller and almost 100 years old (well built but very dated). I can see why someone would pay up for newer construction with the set of features that location on W. Lewis offers. It is an awesome neighborhood.

[pemeliza]

jp, 1.27M seems like a fair price for that house on W. Lewis. Its “twin” next door sold for 2.2M in 2005:

http://www.zillow.com/homedetails/910-W-Lewis-St-San-Diego-CA-92103/59310586_zpid/

1.27/2.2 = 58%

So the house sold for around 42% off of the peak price which is pretty typical for distressed properties in that price range.

I am relieved that the house on Lewis was a legit. sale and not a scam as we often see with short sales. It does seem that there are fewer short steals in 92103 as most of the shorts seem to end up as REOs. My guess is that the buyer of Lewis really wanted the property and pretty much paid what the bank was asking to get the deal done (the house was listed in late October of last year).

The house we bought in north MH has a similar view, better location, and a better lot but then again it is smaller and almost 100 years old (well built but very dated). I can see why someone would pay up for newer construction with the set of features that location on W. Lewis offers. It is an awesome neighborhood.

[pemeliza]

jp, 1.27M seems like a fair price for that house on W. Lewis. Its “twin” next door sold for 2.2M in 2005:

http://www.zillow.com/homedetails/910-W-Lewis-St-San-Diego-CA-92103/59310586_zpid/

1.27/2.2 = 58%

So the house sold for around 42% off of the peak price which is pretty typical for distressed properties in that price range.

I am relieved that the house on Lewis was a legit. sale and not a scam as we often see with short sales. It does seem that there are fewer short steals in 92103 as most of the shorts seem to end up as REOs. My guess is that the buyer of Lewis really wanted the property and pretty much paid what the bank was asking to get the deal done (the house was listed in late October of last year).

The house we bought in north MH has a similar view, better location, and a better lot but then again it is smaller and almost 100 years old (well built but very dated). I can see why someone would pay up for newer construction with the set of features that location on W. Lewis offers. It is an awesome neighborhood.

[pemeliza]

jp, 1.27M seems like a fair price for that house on W. Lewis. Its “twin” next door sold for 2.2M in 2005:

http://www.zillow.com/homedetails/910-W-Lewis-St-San-Diego-CA-92103/59310586_zpid/

1.27/2.2 = 58%

So the house sold for around 42% off of the peak price which is pretty typical for distressed properties in that price range.

I am relieved that the house on Lewis was a legit. sale and not a scam as we often see with short sales. It does seem that there are fewer short steals in 92103 as most of the shorts seem to end up as REOs. My guess is that the buyer of Lewis really wanted the property and pretty much paid what the bank was asking to get the deal done (the house was listed in late October of last year).

The house we bought in north MH has a similar view, better location, and a better lot but then again it is smaller and almost 100 years old (well built but very dated). I can see why someone would pay up for newer construction with the set of features that location on W. Lewis offers. It is an awesome neighborhood.

[jpinpb]

Looks like another decline. 3524 Jackdaw sold for 570k. I know Hillcrest is a desirable part of San Diego, but is it just me or was the 2008 price of 915k just crazy. A decline of 38% is a nice comp. This is a cute place.

[jpinpb]

Looks like another decline. 3524 Jackdaw sold for 570k. I know Hillcrest is a desirable part of San Diego, but is it just me or was the 2008 price of 915k just crazy. A decline of 38% is a nice comp. This is a cute place.

[jpinpb]

Looks like another decline. 3524 Jackdaw sold for 570k. I know Hillcrest is a desirable part of San Diego, but is it just me or was the 2008 price of 915k just crazy. A decline of 38% is a nice comp. This is a cute place.

[jpinpb]

Looks like another decline. 3524 Jackdaw sold for 570k. I know Hillcrest is a desirable part of San Diego, but is it just me or was the 2008 price of 915k just crazy. A decline of 38% is a nice comp. This is a cute place.

[jpinpb]

Looks like another decline. 3524 Jackdaw sold for 570k. I know Hillcrest is a desirable part of San Diego, but is it just me or was the 2008 price of 915k just crazy. A decline of 38% is a nice comp. This is a cute place.

[pemeliza]

JP, that is a nice house for the $$$. Looks like prices are settling in around 35-40% off peak in 92103. That is a very high price for early 2008. I thought by then the market was already starting to get hit.

[pemeliza]

JP, that is a nice house for the $$$. Looks like prices are settling in around 35-40% off peak in 92103. That is a very high price for early 2008. I thought by then the market was already starting to get hit.

[pemeliza]

JP, that is a nice house for the $$$. Looks like prices are settling in around 35-40% off peak in 92103. That is a very high price for early 2008. I thought by then the market was already starting to get hit.

[pemeliza]

JP, that is a nice house for the $$$. Looks like prices are settling in around 35-40% off peak in 92103. That is a very high price for early 2008. I thought by then the market was already starting to get hit.

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