North Park Loss ($75k)

[GoUSC]

House for sale in North Park (sorta North Park)

http://www.sdlookup.com/MLS-076052001-3236_31st_St_San_Diego_CA_92104

Asking $649,999 to $669,000

11/10/2005 $685,000
04/05/1999 $160,000
02/08/1993 $140,000

Assumes $649,999 sale, less 6% costs, that’s a $75,000 loss

Unlikely they will get their asking price. As is typical the seller financed 100% but the broker stated it is not a short sale. Interesting to see what it ends up selling for.

[drunkle]

the current owner is toast. if anyone takes it from him over 500, the new owner will also be toast. so on down the line until it floors around 200k.

i’m more interested in the previous owner who cashed out at a great time. where did they go? did they buy into CV and are now also being toasted? or…?

[drunkle]

the current owner is toast. if anyone takes it from him over 500, the new owner will also be toast. so on down the line until it floors around 200k.

i’m more interested in the previous owner who cashed out at a great time. where did they go? did they buy into CV and are now also being toasted? or…?

[enriquecoronado]

Another North Park loss

I was just about to start a new thread when radelow posted this one. Definitely a trend around here in North Park. Here is one I’ve been tracking for a while now. Its a house very close to my (rented) house- 3151 Palm Ave. 92104

Sales History-
06/11/2007: $695,000
10/03/2006: $755,000
08/24/2001: $441,000
(from zillow, looks like sdlookup doesn’t have the latest data yet)

These guys tried to rent this place for a few months and didn’t appear to have any luck. As soon as I saw the house back on the market, I knew trouble was brewing! Here is the rich (or poor) part – they listed the house for between 799-899K… hmmm very hopeful indeed. Looks like the rather strong market forces prevailed- if you factor in a 6% broker fee, thats over a $100K loss.. ouch!

[enriquecoronado]

Another North Park loss

I was just about to start a new thread when radelow posted this one. Definitely a trend around here in North Park. Here is one I’ve been tracking for a while now. Its a house very close to my (rented) house- 3151 Palm Ave. 92104

Sales History-
06/11/2007: $695,000
10/03/2006: $755,000
08/24/2001: $441,000
(from zillow, looks like sdlookup doesn’t have the latest data yet)

These guys tried to rent this place for a few months and didn’t appear to have any luck. As soon as I saw the house back on the market, I knew trouble was brewing! Here is the rich (or poor) part – they listed the house for between 799-899K… hmmm very hopeful indeed. Looks like the rather strong market forces prevailed- if you factor in a 6% broker fee, thats over a $100K loss.. ouch!

[4plexowner]

$200K is too low

It’s worth $216K to me as a rental unit – a 1400 SQFT, 2/2 with a 1 car garage is a pretty good rental unit

[4plexowner]

$200K is too low

It’s worth $216K to me as a rental unit – a 1400 SQFT, 2/2 with a 1 car garage is a pretty good rental unit

[drunkle]

is that assuming current rental rates?

[drunkle]

is that assuming current rental rates?

[taz]

drunkle –

by “CV” did you mean Carmel Valley?

Please people, don’t assume that Carmel Valley is real estate mecca to everyone!!! I personally would remain in North Park before I’d move to the cookie cutter subdivisions in CV.

[taz]

drunkle –

by “CV” did you mean Carmel Valley?

Please people, don’t assume that Carmel Valley is real estate mecca to everyone!!! I personally would remain in North Park before I’d move to the cookie cutter subdivisions in CV.

[drunkle]

whatever. i’m just curious what they did and where they went as a snapshot of behaviour; did they profit only to sink it all back into RE? did they rent? did they retire to palm springs?

[drunkle]

whatever. i’m just curious what they did and where they went as a snapshot of behaviour; did they profit only to sink it all back into RE? did they rent? did they retire to palm springs?

[4plexowner]

drunkle – I was mostly kidding – I’m expecting to find far better properties than this when it is time to buy again

at $1500/month rent the $216K is about 12 times yearly rents – without a healthy down payment the property would have negative cashflow using traditional financing

given the condition of the current market and the location of this property, I wouldn’t offer more than 8 times rents which would be $144K

this would be my offer: $144K cash, 15 day escrow, no contingencies

[4plexowner]

drunkle – I was mostly kidding – I’m expecting to find far better properties than this when it is time to buy again

at $1500/month rent the $216K is about 12 times yearly rents – without a healthy down payment the property would have negative cashflow using traditional financing

given the condition of the current market and the location of this property, I wouldn’t offer more than 8 times rents which would be $144K

this would be my offer: $144K cash, 15 day escrow, no contingencies

[Author]

Posts