Nice haircut in Mira Mesa

[Anonymous]

Hmmmmmmmm

What about MLS #066071510 + MLS #066066575 – ? Same scenario?

[gzz]

3/22/2007 Sold $405,000 (-14.3%) $298/sqft

Now zestimated $850k.

Had to bump because of comment two above this one.

[an]

If only I can go back in time. That house would have sold for around $250-275k in 2009-2010. I’d by 4 of those.

[sdrealtor]

[quote=gzz]3/22/2007 Sold $405,000 (-14.3%) $298/sqft

Now zestimated $850k.

Had to bump because of comment two above this one.[/quote]

The passage of time is very powerful. Places change over time….sometimes a lot. Where I live in NCC does not resemble where I moved to 25 years ago. It is a very different place here now. When I moved to my current home my neighbors were school teachers, park rangers, firemen etc. They could never hope to buy here now. Now my new neighbors are engineers, execs and business owners. The transformation has been stunning and picked up its pace in a big way the last couple years. MM is on that track now also. Its best days are ahead

[gzz]

Here’s a MM 5/2 (only 3/1 permitted) that sold for $269k in 2009:

https://www.zillow.com/homes/7916-Peach-Point-Ave-San-Diego,-CA-92126_rb/16786665_zpid/

[sdrealtor]

I know that location. Those are nice big oversized lots

[an]

[quote=gzz]Here’s a MM 5/2 (only 3/1 permitted) that sold for $269k in 2009:

https://www.zillow.com/homes/7916-Peach-Point-Ave-San-Diego,-CA-92126_rb/16786665_zpid/%5B/quote%5D
Imagine if you have the income/asset to qualify to buy 10 at this price and put down 20% each. Down payment would have been ~$540k. Today, that house would sell for ~$750k today, so that’s a gain of ~$4.5m w/in 13 years.

I think RE is the only investment vehicle where you’re only required to put in 5-20% and borrow the rest. Also, you and the house want the same thing.

[Escoguy]

[quote=an][quote=gzz]Here’s a MM 5/2 (only 3/1 permitted) that sold for $269k in 2009:

https://www.zillow.com/homes/7916-Peach-Point-Ave-San-Diego,-CA-92126_rb/16786665_zpid/%5B/quote%5D
Imagine if you have the income/asset to qualify to buy 10 at this price and put down 20% each. Down payment would have been ~$540k. Today, that house would sell for ~$750k today, so that’s a gain of ~$4.5m w/in 13 years.

I think RE is the only investment vehicle where you’re only required to put in 5-20% and borrow the rest. Also, you and the house want the same thing.[/quote]

I hit about 3.5M with 8 but yes these would have needed a lower downpayment and thus higher ROE, but we roll with with what we get.

If I had to venture a guess, I’d say 200-300K more appreciation per unit over next 13 years can be in the cards.

[gzz]

Some low end Phoenix condos sold for under 17k at the bottom, and are now worth about 80-100k.

What was the lowest down payment in 2009-2011 for a condo investment loan? SFH? I have no idea but probably not 20%, and probably not 5-10 in a year.

[sdrealtor]

Many if not most of those condos were in complexes that had issues which made them not possible to finance especially as an investment. I bought one in North Park in 11 that I had to pay cash for. I suspect those did also

[Author]

Posts