More Normal Heights Insanity

[Mark Holmes]

So stopped in on a Normal Heights open house, just curious, have started to look a little since prices have begun to decline. A little (and I mean little – 619 sq. ft) bungalow. Exchange greetings with the agent, she hands me the info sheet, says “It’s a 2 Bedroom, 1 Bath, Five and a Quarter-” I stop her there. I ask “Five Hundred and Twenty Five Thousand Dollars?” She replies yes, I hand her back the info sheet and thank her and leave.

My question?

Is this insanity ever going to stop? This house was bought in 2000 for 183K. Zillow values it at 427K (ridiculous in itself.) And these people have the cojones to slap a price tag like that on it? My God, maybe it is time to start reconsidering a move to another state.

Anyone curious as to just how ridiculous this price is, its 5157 Benton Pl., 92116.

[NotCranky]

Normal Heights is sort of hanging in there. The gentrification element of the last decade or so must be why. This is not the Normal Heights of the 90’s bust. I look at active pending last night and for other clues that it might be ready to crack. The ratio was weak but not terrible. Only the doggiest house is looking anything like depressed. Little declines despite the fact that Normal Heights probably appreciated as much as any other area. some years in the neighborhood of 30% on top decent apprecitation before that. Crazy is right. How much Middle class/bohemian /eclectic can you find in San Diego?It is centrally located and it is adjacent to better places not worse,Kensington and Universtiy Heights. That just must be it. I was hoping to buy one of the few lots left where a second unit can be built there but that action isn’t anywhere near penciling out. 92104 is much weaker in the more degraded parts now especially. I think it is just a matter of time until you see Normal Heights take some hard hits.How hard will be interesting to see.I would think it happens in the next six months a year at the latest. Having rented, owned a few houses and worked around Adams ave. I understand the shock. I have mixed feelings because I am glad of the changes for my friends who own businesses and live there still and disappointed in the lack of opportunity for the rest who like the place and face sticker shock still.
I met my wife at Lestat’s btw and I knew it could happen after the changes started occuring. Before it was more or less out of the question meeting someone like my wife there.Gotta take the good with the bad!

[NotCranky]

Normal Heights is sort of hanging in there. The gentrification element of the last decade or so must be why. This is not the Normal Heights of the 90’s bust. I look at active pending last night and for other clues that it might be ready to crack. The ratio was weak but not terrible. Only the doggiest house is looking anything like depressed. Little declines despite the fact that Normal Heights probably appreciated as much as any other area. some years in the neighborhood of 30% on top decent apprecitation before that. Crazy is right. How much Middle class/bohemian /eclectic can you find in San Diego?It is centrally located and it is adjacent to better places not worse,Kensington and Universtiy Heights. That just must be it. I was hoping to buy one of the few lots left where a second unit can be built there but that action isn’t anywhere near penciling out. 92104 is much weaker in the more degraded parts now especially. I think it is just a matter of time until you see Normal Heights take some hard hits.How hard will be interesting to see.I would think it happens in the next six months a year at the latest. Having rented, owned a few houses and worked around Adams ave. I understand the shock. I have mixed feelings because I am glad of the changes for my friends who own businesses and live there still and disappointed in the lack of opportunity for the rest who like the place and face sticker shock still.
I met my wife at Lestat’s btw and I knew it could happen after the changes started occuring. Before it was more or less out of the question meeting someone like my wife there.Gotta take the good with the bad!

[NotCranky]

Normal Heights is sort of hanging in there. The gentrification element of the last decade or so must be why. This is not the Normal Heights of the 90’s bust. I look at active pending last night and for other clues that it might be ready to crack. The ratio was weak but not terrible. Only the doggiest house is looking anything like depressed. Little declines despite the fact that Normal Heights probably appreciated as much as any other area. some years in the neighborhood of 30% on top decent apprecitation before that. Crazy is right. How much Middle class/bohemian /eclectic can you find in San Diego?It is centrally located and it is adjacent to better places not worse,Kensington and Universtiy Heights. That just must be it. I was hoping to buy one of the few lots left where a second unit can be built there but that action isn’t anywhere near penciling out. 92104 is much weaker in the more degraded parts now especially. I think it is just a matter of time until you see Normal Heights take some hard hits.How hard will be interesting to see.I would think it happens in the next six months a year at the latest. Having rented, owned a few houses and worked around Adams ave. I understand the shock. I have mixed feelings because I am glad of the changes for my friends who own businesses and live there still and disappointed in the lack of opportunity for the rest who like the place and face sticker shock still.
I met my wife at Lestat’s btw and I knew it could happen after the changes started occuring. Before it was more or less out of the question meeting someone like my wife there.Gotta take the good with the bad!

[NotCranky]

Normal Heights is sort of hanging in there. The gentrification element of the last decade or so must be why. This is not the Normal Heights of the 90’s bust. I look at active pending last night and for other clues that it might be ready to crack. The ratio was weak but not terrible. Only the doggiest house is looking anything like depressed. Little declines despite the fact that Normal Heights probably appreciated as much as any other area. some years in the neighborhood of 30% on top decent apprecitation before that. Crazy is right. How much Middle class/bohemian /eclectic can you find in San Diego?It is centrally located and it is adjacent to better places not worse,Kensington and Universtiy Heights. That just must be it. I was hoping to buy one of the few lots left where a second unit can be built there but that action isn’t anywhere near penciling out. 92104 is much weaker in the more degraded parts now especially. I think it is just a matter of time until you see Normal Heights take some hard hits.How hard will be interesting to see.I would think it happens in the next six months a year at the latest. Having rented, owned a few houses and worked around Adams ave. I understand the shock. I have mixed feelings because I am glad of the changes for my friends who own businesses and live there still and disappointed in the lack of opportunity for the rest who like the place and face sticker shock still.
I met my wife at Lestat’s btw and I knew it could happen after the changes started occuring. Before it was more or less out of the question meeting someone like my wife there.Gotta take the good with the bad!

[NotCranky]

Normal Heights is sort of hanging in there. The gentrification element of the last decade or so must be why. This is not the Normal Heights of the 90’s bust. I look at active pending last night and for other clues that it might be ready to crack. The ratio was weak but not terrible. Only the doggiest house is looking anything like depressed. Little declines despite the fact that Normal Heights probably appreciated as much as any other area. some years in the neighborhood of 30% on top decent apprecitation before that. Crazy is right. How much Middle class/bohemian /eclectic can you find in San Diego?It is centrally located and it is adjacent to better places not worse,Kensington and Universtiy Heights. That just must be it. I was hoping to buy one of the few lots left where a second unit can be built there but that action isn’t anywhere near penciling out. 92104 is much weaker in the more degraded parts now especially. I think it is just a matter of time until you see Normal Heights take some hard hits.How hard will be interesting to see.I would think it happens in the next six months a year at the latest. Having rented, owned a few houses and worked around Adams ave. I understand the shock. I have mixed feelings because I am glad of the changes for my friends who own businesses and live there still and disappointed in the lack of opportunity for the rest who like the place and face sticker shock still.
I met my wife at Lestat’s btw and I knew it could happen after the changes started occuring. Before it was more or less out of the question meeting someone like my wife there.Gotta take the good with the bad!

[DCRogers]

Normal Heights is also split in the quantity of foreclosure activity between North and South of Adams… I’ve been watching some pretty heavy foreclosure action on the south side of Adams (Meade/Monroe/Madison), esp. in the condo conversions. (There’s a condo conversion on Meade that must have a dozen foreclosures in it now.) While condo conversions and SFHs aren’t exactly exchangeable, the instability can’t be a good thing for an only-recently stabilized neighborhood. North of Adams, not so much, and most have been resold.

I live a few blocks from that bubble-priced Benton Place house, and if it sells anywhere near that price (or even the Zillow price, marked to $/SF), there will be a lot of happy neighbors hugging the new comp. But I’d give sweet odds the delusional owner will still be the owner come this autumn.

[DCRogers]

Normal Heights is also split in the quantity of foreclosure activity between North and South of Adams… I’ve been watching some pretty heavy foreclosure action on the south side of Adams (Meade/Monroe/Madison), esp. in the condo conversions. (There’s a condo conversion on Meade that must have a dozen foreclosures in it now.) While condo conversions and SFHs aren’t exactly exchangeable, the instability can’t be a good thing for an only-recently stabilized neighborhood. North of Adams, not so much, and most have been resold.

I live a few blocks from that bubble-priced Benton Place house, and if it sells anywhere near that price (or even the Zillow price, marked to $/SF), there will be a lot of happy neighbors hugging the new comp. But I’d give sweet odds the delusional owner will still be the owner come this autumn.

[DCRogers]

Normal Heights is also split in the quantity of foreclosure activity between North and South of Adams… I’ve been watching some pretty heavy foreclosure action on the south side of Adams (Meade/Monroe/Madison), esp. in the condo conversions. (There’s a condo conversion on Meade that must have a dozen foreclosures in it now.) While condo conversions and SFHs aren’t exactly exchangeable, the instability can’t be a good thing for an only-recently stabilized neighborhood. North of Adams, not so much, and most have been resold.

I live a few blocks from that bubble-priced Benton Place house, and if it sells anywhere near that price (or even the Zillow price, marked to $/SF), there will be a lot of happy neighbors hugging the new comp. But I’d give sweet odds the delusional owner will still be the owner come this autumn.

[DCRogers]

Normal Heights is also split in the quantity of foreclosure activity between North and South of Adams… I’ve been watching some pretty heavy foreclosure action on the south side of Adams (Meade/Monroe/Madison), esp. in the condo conversions. (There’s a condo conversion on Meade that must have a dozen foreclosures in it now.) While condo conversions and SFHs aren’t exactly exchangeable, the instability can’t be a good thing for an only-recently stabilized neighborhood. North of Adams, not so much, and most have been resold.

I live a few blocks from that bubble-priced Benton Place house, and if it sells anywhere near that price (or even the Zillow price, marked to $/SF), there will be a lot of happy neighbors hugging the new comp. But I’d give sweet odds the delusional owner will still be the owner come this autumn.

[DCRogers]

Normal Heights is also split in the quantity of foreclosure activity between North and South of Adams… I’ve been watching some pretty heavy foreclosure action on the south side of Adams (Meade/Monroe/Madison), esp. in the condo conversions. (There’s a condo conversion on Meade that must have a dozen foreclosures in it now.) While condo conversions and SFHs aren’t exactly exchangeable, the instability can’t be a good thing for an only-recently stabilized neighborhood. North of Adams, not so much, and most have been resold.

I live a few blocks from that bubble-priced Benton Place house, and if it sells anywhere near that price (or even the Zillow price, marked to $/SF), there will be a lot of happy neighbors hugging the new comp. But I’d give sweet odds the delusional owner will still be the owner come this autumn.

[PadreBrian]

Give it another year. It will top out at 300.

[PadreBrian]

Give it another year. It will top out at 300.

[PadreBrian]

Give it another year. It will top out at 300.

[PadreBrian]

Give it another year. It will top out at 300.

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