North park flips… relatistic prices?

[blahblahblah]

[quote=temeculaguy]I was recently in Southpark (which appears to be the southern part of north park but actually on the east side of the park, not sure why they call it southpark), I liked the vibe of the area, I started thinking that after the kids head to college I could totally live in a place like this, checked out some listings and sales on redfin and holy schnikes, some people are crazy. Most of these homes are three wall knockdowns at best, to include north park. Paint and grass isn’t going to fix 60 year old houses that were low end when built, yet the prices were as if there was never a blip in the real estate world, let alone a meltdown. It was then that i fully realized the frustration of san diegans, it is as if everyone in the world got a christmas present and you got coal in your stocking. Something is wrong, the rest of the country just went through an epic half off houses cleansing, with the exception of san diego. Things rarely stay out of whack, eventually they normalize, I’d wait this one out if i were looking down there.[/quote]

We did have epic half-off (and more!) sales here in SD County. Temecula, Murietta, Alpine, CV, Eastlake, Bonita, there were screaming deals galore. A lot of people did really well for themselves buying homes in those areas in the last few years. The combination of low interest rates and good prices was rare.

Central SD is another story. For whatever reason, the area has a certain cachet and people are willing to pay big bucks for it. In my neighborhood for example, we have a lot of high-earning DINK households, many gay couples with good jobs, lots of people with no kids and no interest in having kids. They all want to live in central SD and will pay a premium to be close to the restaurants, shops, and of course the park. Because so many don’t have kids they will throw that part of their budget at the house issue. More money chasing after a basically constant supply means prices go up or at least sort of stay up when times are tough.

How long this will last is anyone’s guess. But it is still hanging in there much longer than I ever thought it would. That’s a big reason why we finally gave in and bought last year.

[jpinpb]

[quote=temeculaguy]I was recently in Southpark … It was then that i fully realized the frustration of san diegans, it is as if everyone in the world got a christmas present and you got coal in your stocking. [/quote]

Thanks for understanding some of our pain.

True that the outerlying areas have seen the big cuts, East County, Chula Vista, Escondido. But Central San Diego and Coastal have been trying hard to hold on. I’ve seen condos take some big hits along those lines.

I’ve seen SFR suffer averaging 15 to 30% off. The higher end of the percentage were fixers. But recently, the pick up in inventory, the low rates, the FHA, the spring/summer shopping season, the tax incentives all have allowed for some bold pricing.

Honestly, I didn’t buy during the bubble b/c it didn’t make sense. I sure as hell am not doing it now. These don’t pencil out compared to rent, unless you’re putting 20% down. And it’s close to 2005 pricing when you had 0 down.

I see this and I don’t know if it’s the government’s way to insist you buy to strategically default or they just want you to be a mortgage slave.

These prices are shocking, stunning, baffling and boggles my mind. (even more so when you factor in unemployment – though improved – and underemployment – pay cuts, furloughs, uncertainty, etc)

And then when I see it sell, well, then, I just want to throw in the towel and wait unti it’s time for me to go to a nursing home and not bother to buy at all.

Just beyond frustrating.

[jpinpb]

[quote=temeculaguy]I was recently in Southpark … It was then that i fully realized the frustration of san diegans, it is as if everyone in the world got a christmas present and you got coal in your stocking. [/quote]

Thanks for understanding some of our pain.

True that the outerlying areas have seen the big cuts, East County, Chula Vista, Escondido. But Central San Diego and Coastal have been trying hard to hold on. I’ve seen condos take some big hits along those lines.

I’ve seen SFR suffer averaging 15 to 30% off. The higher end of the percentage were fixers. But recently, the pick up in inventory, the low rates, the FHA, the spring/summer shopping season, the tax incentives all have allowed for some bold pricing.

Honestly, I didn’t buy during the bubble b/c it didn’t make sense. I sure as hell am not doing it now. These don’t pencil out compared to rent, unless you’re putting 20% down. And it’s close to 2005 pricing when you had 0 down.

I see this and I don’t know if it’s the government’s way to insist you buy to strategically default or they just want you to be a mortgage slave.

These prices are shocking, stunning, baffling and boggles my mind. (even more so when you factor in unemployment – though improved – and underemployment – pay cuts, furloughs, uncertainty, etc)

And then when I see it sell, well, then, I just want to throw in the towel and wait unti it’s time for me to go to a nursing home and not bother to buy at all.

Just beyond frustrating.

[jpinpb]

[quote=temeculaguy]I was recently in Southpark … It was then that i fully realized the frustration of san diegans, it is as if everyone in the world got a christmas present and you got coal in your stocking. [/quote]

Thanks for understanding some of our pain.

True that the outerlying areas have seen the big cuts, East County, Chula Vista, Escondido. But Central San Diego and Coastal have been trying hard to hold on. I’ve seen condos take some big hits along those lines.

I’ve seen SFR suffer averaging 15 to 30% off. The higher end of the percentage were fixers. But recently, the pick up in inventory, the low rates, the FHA, the spring/summer shopping season, the tax incentives all have allowed for some bold pricing.

Honestly, I didn’t buy during the bubble b/c it didn’t make sense. I sure as hell am not doing it now. These don’t pencil out compared to rent, unless you’re putting 20% down. And it’s close to 2005 pricing when you had 0 down.

I see this and I don’t know if it’s the government’s way to insist you buy to strategically default or they just want you to be a mortgage slave.

These prices are shocking, stunning, baffling and boggles my mind. (even more so when you factor in unemployment – though improved – and underemployment – pay cuts, furloughs, uncertainty, etc)

And then when I see it sell, well, then, I just want to throw in the towel and wait unti it’s time for me to go to a nursing home and not bother to buy at all.

Just beyond frustrating.

[jpinpb]

[quote=temeculaguy]I was recently in Southpark … It was then that i fully realized the frustration of san diegans, it is as if everyone in the world got a christmas present and you got coal in your stocking. [/quote]

Thanks for understanding some of our pain.

True that the outerlying areas have seen the big cuts, East County, Chula Vista, Escondido. But Central San Diego and Coastal have been trying hard to hold on. I’ve seen condos take some big hits along those lines.

I’ve seen SFR suffer averaging 15 to 30% off. The higher end of the percentage were fixers. But recently, the pick up in inventory, the low rates, the FHA, the spring/summer shopping season, the tax incentives all have allowed for some bold pricing.

Honestly, I didn’t buy during the bubble b/c it didn’t make sense. I sure as hell am not doing it now. These don’t pencil out compared to rent, unless you’re putting 20% down. And it’s close to 2005 pricing when you had 0 down.

I see this and I don’t know if it’s the government’s way to insist you buy to strategically default or they just want you to be a mortgage slave.

These prices are shocking, stunning, baffling and boggles my mind. (even more so when you factor in unemployment – though improved – and underemployment – pay cuts, furloughs, uncertainty, etc)

And then when I see it sell, well, then, I just want to throw in the towel and wait unti it’s time for me to go to a nursing home and not bother to buy at all.

Just beyond frustrating.

[jpinpb]

[quote=temeculaguy]I was recently in Southpark … It was then that i fully realized the frustration of san diegans, it is as if everyone in the world got a christmas present and you got coal in your stocking. [/quote]

Thanks for understanding some of our pain.

True that the outerlying areas have seen the big cuts, East County, Chula Vista, Escondido. But Central San Diego and Coastal have been trying hard to hold on. I’ve seen condos take some big hits along those lines.

I’ve seen SFR suffer averaging 15 to 30% off. The higher end of the percentage were fixers. But recently, the pick up in inventory, the low rates, the FHA, the spring/summer shopping season, the tax incentives all have allowed for some bold pricing.

Honestly, I didn’t buy during the bubble b/c it didn’t make sense. I sure as hell am not doing it now. These don’t pencil out compared to rent, unless you’re putting 20% down. And it’s close to 2005 pricing when you had 0 down.

I see this and I don’t know if it’s the government’s way to insist you buy to strategically default or they just want you to be a mortgage slave.

These prices are shocking, stunning, baffling and boggles my mind. (even more so when you factor in unemployment – though improved – and underemployment – pay cuts, furloughs, uncertainty, etc)

And then when I see it sell, well, then, I just want to throw in the towel and wait unti it’s time for me to go to a nursing home and not bother to buy at all.

Just beyond frustrating.

[SD Realtor]

CAR the flippers have little if no impact whatsoever on the pricing. Don’t take it from me. Go to any of the sites, fidelity or priority posting and pick any random day of auction. Then look at the number of homes scheduled for sale on that day and then look at the number actually sold. Today for instance there were originally over 350 homes downtown. As of now there are maybe 40 that are even for sale, all the rest are pushed out. By the end of the day maybe of those 40, I bet more then half will be pushed out. Thus out of those 20 left maybe 10 will be bid on.

Honestly the impact of the flippers is much less then people make them out to be. The impact of the banks behavior with the loan mods DWARFS the flipper impact with respect to available inventory.

[SD Realtor]

CAR the flippers have little if no impact whatsoever on the pricing. Don’t take it from me. Go to any of the sites, fidelity or priority posting and pick any random day of auction. Then look at the number of homes scheduled for sale on that day and then look at the number actually sold. Today for instance there were originally over 350 homes downtown. As of now there are maybe 40 that are even for sale, all the rest are pushed out. By the end of the day maybe of those 40, I bet more then half will be pushed out. Thus out of those 20 left maybe 10 will be bid on.

Honestly the impact of the flippers is much less then people make them out to be. The impact of the banks behavior with the loan mods DWARFS the flipper impact with respect to available inventory.

[SD Realtor]

CAR the flippers have little if no impact whatsoever on the pricing. Don’t take it from me. Go to any of the sites, fidelity or priority posting and pick any random day of auction. Then look at the number of homes scheduled for sale on that day and then look at the number actually sold. Today for instance there were originally over 350 homes downtown. As of now there are maybe 40 that are even for sale, all the rest are pushed out. By the end of the day maybe of those 40, I bet more then half will be pushed out. Thus out of those 20 left maybe 10 will be bid on.

Honestly the impact of the flippers is much less then people make them out to be. The impact of the banks behavior with the loan mods DWARFS the flipper impact with respect to available inventory.

[SD Realtor]

CAR the flippers have little if no impact whatsoever on the pricing. Don’t take it from me. Go to any of the sites, fidelity or priority posting and pick any random day of auction. Then look at the number of homes scheduled for sale on that day and then look at the number actually sold. Today for instance there were originally over 350 homes downtown. As of now there are maybe 40 that are even for sale, all the rest are pushed out. By the end of the day maybe of those 40, I bet more then half will be pushed out. Thus out of those 20 left maybe 10 will be bid on.

Honestly the impact of the flippers is much less then people make them out to be. The impact of the banks behavior with the loan mods DWARFS the flipper impact with respect to available inventory.

[SD Realtor]

CAR the flippers have little if no impact whatsoever on the pricing. Don’t take it from me. Go to any of the sites, fidelity or priority posting and pick any random day of auction. Then look at the number of homes scheduled for sale on that day and then look at the number actually sold. Today for instance there were originally over 350 homes downtown. As of now there are maybe 40 that are even for sale, all the rest are pushed out. By the end of the day maybe of those 40, I bet more then half will be pushed out. Thus out of those 20 left maybe 10 will be bid on.

Honestly the impact of the flippers is much less then people make them out to be. The impact of the banks behavior with the loan mods DWARFS the flipper impact with respect to available inventory.

[meadandale]

[quote=pemeliza]Right now, the mission hills premium as compared to NP seems low. For example here a few that recently closed in north mission hills.

http://www.sdlookup.com/MLS-100027536-1869_Montecito_Way_San_Diego_CA_92103

http://www.sdlookup.com/MLS-100025947-4243_Jackdaw_St_San_Diego_CA_92103%5B/quote%5D

$534k for a 2/1 under 1000 feet? I’d say that the MH premium is still rather high. Nice kitchen…from the 70’s.

The built-ins are nice but there’s no way I’d pay that much for that place.

[meadandale]

[quote=pemeliza]Right now, the mission hills premium as compared to NP seems low. For example here a few that recently closed in north mission hills.

http://www.sdlookup.com/MLS-100027536-1869_Montecito_Way_San_Diego_CA_92103

http://www.sdlookup.com/MLS-100025947-4243_Jackdaw_St_San_Diego_CA_92103%5B/quote%5D

$534k for a 2/1 under 1000 feet? I’d say that the MH premium is still rather high. Nice kitchen…from the 70’s.

The built-ins are nice but there’s no way I’d pay that much for that place.

[meadandale]

[quote=pemeliza]Right now, the mission hills premium as compared to NP seems low. For example here a few that recently closed in north mission hills.

http://www.sdlookup.com/MLS-100027536-1869_Montecito_Way_San_Diego_CA_92103

http://www.sdlookup.com/MLS-100025947-4243_Jackdaw_St_San_Diego_CA_92103%5B/quote%5D

$534k for a 2/1 under 1000 feet? I’d say that the MH premium is still rather high. Nice kitchen…from the 70’s.

The built-ins are nice but there’s no way I’d pay that much for that place.

[meadandale]

[quote=pemeliza]Right now, the mission hills premium as compared to NP seems low. For example here a few that recently closed in north mission hills.

http://www.sdlookup.com/MLS-100027536-1869_Montecito_Way_San_Diego_CA_92103

http://www.sdlookup.com/MLS-100025947-4243_Jackdaw_St_San_Diego_CA_92103%5B/quote%5D

$534k for a 2/1 under 1000 feet? I’d say that the MH premium is still rather high. Nice kitchen…from the 70’s.

The built-ins are nice but there’s no way I’d pay that much for that place.

[Author]

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