Nice place with a decent reduction in 92127

[larrylujack]

for those that may be interested in a newer, decent tract home in Santa Monica, 92127. Probably could be had for 1.1.

http://www.sdlookup.com/MLS-076047893-7435_Las_Lunas_San_Diego_CA_92127

[bsrsharma]

Probably could be had for 1.1

If you are serious, you may get lucky @ 0.8.

[larrylujack]

BTW, the map makes it look real close to the 56, but it is not at all, I did a drive by. I have no idea how those dopey maps can be so inaccurate.
also, not affiliated.

[NotCranky]

“BTW, the map makes it look real close to the 56, but it is not at all”

The map makes it look real close to Rancho Santa Fe too. My how Rancho Santa Fe has grown!

[socrattt]

I hope you are joking. If you have a tract home east of the 5 chances are you are in a dream world with everyone else that over inflates their home prices by 20%. I think closer to the 15 they seem to have sellers hoping for more like a 30% kick above reality.

[5yearwaiter]

In 4S Ranch and in IVY gate area almost 3900 Sqft home came to the price range of 850K with fully upgrded homes. This listing is still high and sure to wait on this is better

5yearswaiter

[meadandale]

Bought in May for 1.125 million. Big price drop! Looks like they are still hoping for a $125k appreciation in a dropping market. Even after broker fees, they still be pocketing $60k+ in cash for 5 months worth of ‘work’.

LOL!

[patientlywaiting]

Definitely a flip and not a principal residence. No homeowners exemption on the tax records.

Wait and see how much staying power they have. Bleeding cash every month is no way to make money. They are hoping for the next sucker to bail them out.

[NotCranky]

Other than being pretty big, this house doesn’t really have anything special about it.Very cheap to build in a production scheme like the builders use.It a gated community tract home. Kind of reminds me of going to the public storage… they have got a gate there too. I am not a house snob, just observing that the prices attained and the magnitude of the developement that was going on are mind boggling.

[gverdi]

In the old days for >1.0M you use to get a nice ocean view…
The house and lot are big, but c’mon >1M for a tract house in the middle of what? Penasquitos Canyon?

As I said it before we are a long way to the bottom since some idiots are still trying to do a quick flip in this market!

[NotCranky]

I know we tend to think an 11k lot is a big lot,probably because there are so many 4k lot developements. But an expensive home, lacking incredible views or beach location or a truly prestigious location, needs a much bigger lot validate that much affect on the price IMO.

There are a couple of guys on this blog that like the replacement cost approach to appraisal for figuring out a bottom.They should have a field day with this one and the likes.In any case these homes have a long way to fall.

If it is about the schools those schools are costing about 500k up front.

This property has a big lot and decent schools. How much are those things worth? http://www.sdlookup.com/MLS-076041335-13718_Silver_Lake_Dr_Poway_CA_92064

[Author]

Posts