Mission Hills: Low End Trends

[CA renter]

[quote=pemeliza]CAR, I have not seen this new redfin feature in action yet. How does the number of “shadow inventory” homes you are seeing compare with the current “available inventory”. Is it 2x, 3x, or more?

That one on California seems very close to the I-5.

On another note, the list prices in 92103 for detached homes continue to tank:

Total Houses 88
Average Price $986,181
Median Price $767,500
Average PPSF $451
Median PPSF $443

Judging by the sales volume these prices don’t really seem to be all that close to market clearing levels either.[/quote]

pemeliza,

It depends greatly on the neighborhood. Surprisingly, some of the areas that have seen the greatest declines are still showing a greater number of foreclosures.

In our area, the “forclosed and sitting for months/years” inventory is pretty small compared to listed inventory; maybe 1/4 to 1/3 of the size of listed inventory in certain areas, even less than that in others.

[jpinpb]

I know this isn’t Hillcrest, but I thought I’d insert it here anyway. 2341 2nd Ave sold for 560k, 49% off 2004 price. It is a major fixer, IMO. But I think it’s a Mills Act. Pretty good deal

[jpinpb]

I know this isn’t Hillcrest, but I thought I’d insert it here anyway. 2341 2nd Ave sold for 560k, 49% off 2004 price. It is a major fixer, IMO. But I think it’s a Mills Act. Pretty good deal

[jpinpb]

I know this isn’t Hillcrest, but I thought I’d insert it here anyway. 2341 2nd Ave sold for 560k, 49% off 2004 price. It is a major fixer, IMO. But I think it’s a Mills Act. Pretty good deal

[jpinpb]

I know this isn’t Hillcrest, but I thought I’d insert it here anyway. 2341 2nd Ave sold for 560k, 49% off 2004 price. It is a major fixer, IMO. But I think it’s a Mills Act. Pretty good deal

[jpinpb]

I know this isn’t Hillcrest, but I thought I’d insert it here anyway. 2341 2nd Ave sold for 560k, 49% off 2004 price. It is a major fixer, IMO. But I think it’s a Mills Act. Pretty good deal

[jpinpb]

As pemeliza pointed out, it is on the freeway, but one heck of a drop from the 2006 price. 2940 Columbia sold for 725k, 57% off. I just can’t imagine how insane someone was to buy it during the bubble for almost 1.7 million. More than double the 2002 price. And if you ask me, sitting right there on the freeway, it’s still quite a chunk of change at 725k. Beautiful place and great view. I’m not sure about the location. In 2009 they were still trying to fetch 1.5 million. The bank approved the short sale last summer for 950k.

[jpinpb]

As pemeliza pointed out, it is on the freeway, but one heck of a drop from the 2006 price. 2940 Columbia sold for 725k, 57% off. I just can’t imagine how insane someone was to buy it during the bubble for almost 1.7 million. More than double the 2002 price. And if you ask me, sitting right there on the freeway, it’s still quite a chunk of change at 725k. Beautiful place and great view. I’m not sure about the location. In 2009 they were still trying to fetch 1.5 million. The bank approved the short sale last summer for 950k.

[jpinpb]

As pemeliza pointed out, it is on the freeway, but one heck of a drop from the 2006 price. 2940 Columbia sold for 725k, 57% off. I just can’t imagine how insane someone was to buy it during the bubble for almost 1.7 million. More than double the 2002 price. And if you ask me, sitting right there on the freeway, it’s still quite a chunk of change at 725k. Beautiful place and great view. I’m not sure about the location. In 2009 they were still trying to fetch 1.5 million. The bank approved the short sale last summer for 950k.

[jpinpb]

As pemeliza pointed out, it is on the freeway, but one heck of a drop from the 2006 price. 2940 Columbia sold for 725k, 57% off. I just can’t imagine how insane someone was to buy it during the bubble for almost 1.7 million. More than double the 2002 price. And if you ask me, sitting right there on the freeway, it’s still quite a chunk of change at 725k. Beautiful place and great view. I’m not sure about the location. In 2009 they were still trying to fetch 1.5 million. The bank approved the short sale last summer for 950k.

[jpinpb]

As pemeliza pointed out, it is on the freeway, but one heck of a drop from the 2006 price. 2940 Columbia sold for 725k, 57% off. I just can’t imagine how insane someone was to buy it during the bubble for almost 1.7 million. More than double the 2002 price. And if you ask me, sitting right there on the freeway, it’s still quite a chunk of change at 725k. Beautiful place and great view. I’m not sure about the location. In 2009 they were still trying to fetch 1.5 million. The bank approved the short sale last summer for 950k.

[sdrealtor]

jp
Someone wasnt insane to buy it during the bubble for almost $1.7M, it wasnt their money. Someone was insane for lending them the money to do it. The buyer didnt care because they had no skin in the game. That is why some seriously undesireable properties sold for insane prices when they should have struggled to sell at all even at a well below market price. That property not only sits on the freeway but it overlooks what is probably the busiest runway at a major airport in the US. Examples like this are why I ignore flawed properties when analyzing the market. Well informed buyers of the type I work with would never consider a property like that and they dont impact the market we are shopping in.

[sdrealtor]

jp
Someone wasnt insane to buy it during the bubble for almost $1.7M, it wasnt their money. Someone was insane for lending them the money to do it. The buyer didnt care because they had no skin in the game. That is why some seriously undesireable properties sold for insane prices when they should have struggled to sell at all even at a well below market price. That property not only sits on the freeway but it overlooks what is probably the busiest runway at a major airport in the US. Examples like this are why I ignore flawed properties when analyzing the market. Well informed buyers of the type I work with would never consider a property like that and they dont impact the market we are shopping in.

[sdrealtor]

jp
Someone wasnt insane to buy it during the bubble for almost $1.7M, it wasnt their money. Someone was insane for lending them the money to do it. The buyer didnt care because they had no skin in the game. That is why some seriously undesireable properties sold for insane prices when they should have struggled to sell at all even at a well below market price. That property not only sits on the freeway but it overlooks what is probably the busiest runway at a major airport in the US. Examples like this are why I ignore flawed properties when analyzing the market. Well informed buyers of the type I work with would never consider a property like that and they dont impact the market we are shopping in.

[sdrealtor]

jp
Someone wasnt insane to buy it during the bubble for almost $1.7M, it wasnt their money. Someone was insane for lending them the money to do it. The buyer didnt care because they had no skin in the game. That is why some seriously undesireable properties sold for insane prices when they should have struggled to sell at all even at a well below market price. That property not only sits on the freeway but it overlooks what is probably the busiest runway at a major airport in the US. Examples like this are why I ignore flawed properties when analyzing the market. Well informed buyers of the type I work with would never consider a property like that and they dont impact the market we are shopping in.

[Author]

Posts