I have to say that this smells like fraud to me. As much as I would like to think that prices are dropping that fast, I just can’t believe anybody paid $580K for that thing. The lender and the cops better start figuring out what happened there.
Ouch is right. On the flip side, how about the person who bought the house in Aug 05 for $495k and sold it 5 months later for a $85k gain. Capitalism at its finest…
The Assessor/Recorder/County Clerk’s Office is providing a sales listing for those who are applying for an appeal of their assessed value with the Clerk of The Board of Supervisors.
This listing is being provided as a public service and consists of the most recent 24 months of property transfers. The file is updated by the seventh of each month.
This doesn’t make sense. I found it on Ziprealty as well, and it shows no price reductions and DOM 24 days. Why would they buy it in January for $85k over its August sale date, to put it on the market seven months later for $130-160k less?
Doesn’t add up. Not for a desperate seller, flipper or even real estate economist.
I had a neighbor also who did this, they bought the townhouse near us for 550k supposedly on the san diego assessor record and also on zillow in May2005, and they listed it now for 399,999 – 409,000. And the weird part is that back in May last year, the townhouses in our neighborhood at most were going for 470k(most were in the 440k), but they bought theirs at 550k(and they had no upgrades, nothing). I am confused on this , unless they were dumb enough to pay almost 80k higher then what the comparable sales were at the time, it does not add up.
Maybe they had an “arrangement” with the seller – ie, funneling money to the seller via a real estate transaction would give them an opportunity to launder the excess.
Or – maybe they were trying to do a 1031 exchange and had to pay in excess of what they sold their other property for? The seller then turned around and handed them a “rebate” and kept some cash for the hassle?
hoow desirable is the place to live ? i lived in an apartment complex on camino ruiz.
I actually live about a mile from that place. This is what I have to say about Mira Mesa:
-It varies DRAMATICALLY from block to block. Some blocks are just awful (chain-link fences, barking dogs) and then some are surprisingly nice. However, “surprisingly nice” is about as good as it gets.
-Not sure I’d want to bring kids up here.
-It’s VERY close to work, if you work in Sorrento Valley. I now ride my bike to work along 5 miles of pretty flat roads, along a bike path. I love the commute.
-There are much nicer places out in Rancho Penawhatever for similar money just a few miles away.
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