Pain in La Jolla

[La Jolla Renter]

Xbox,

Good find… probably one of the record losses for La Jolla.

There are 2 more condos listed for $1M each on the same floor facing the ocean, the purchase price was less, but none the less, more pain on the way.

The carrying costs on these units are brutal, so add an extra 200k loss over 3 years. Not to mention commissions.

[peterb]

I wonder if you can go on the county tax records and see if any of these are hehind on their payments?

[peterb]

I wonder if you can go on the county tax records and see if any of these are hehind on their payments?

[peterb]

I wonder if you can go on the county tax records and see if any of these are hehind on their payments?

[peterb]

I wonder if you can go on the county tax records and see if any of these are hehind on their payments?

[peterb]

I wonder if you can go on the county tax records and see if any of these are hehind on their payments?

[La Jolla Renter]

More Pain:

11/10/2008 $850,000 1y 10m -17%
12/21/2006 $1,020,000

http://www.sdlookup.com/MLS-080061494-6464_Dowling_Dr_La_Jolla_Ca_92037

I remember at the peak, you could not find anything selling below $1M, not even a 800 sqft teardown. Now, it is happening on a regular basis.

This place might rent for 3k a month, so 850k is far from a deal.

[La Jolla Renter]

More Pain:

11/10/2008 $850,000 1y 10m -17%
12/21/2006 $1,020,000

http://www.sdlookup.com/MLS-080061494-6464_Dowling_Dr_La_Jolla_Ca_92037

I remember at the peak, you could not find anything selling below $1M, not even a 800 sqft teardown. Now, it is happening on a regular basis.

This place might rent for 3k a month, so 850k is far from a deal.

[La Jolla Renter]

More Pain:

11/10/2008 $850,000 1y 10m -17%
12/21/2006 $1,020,000

http://www.sdlookup.com/MLS-080061494-6464_Dowling_Dr_La_Jolla_Ca_92037

I remember at the peak, you could not find anything selling below $1M, not even a 800 sqft teardown. Now, it is happening on a regular basis.

This place might rent for 3k a month, so 850k is far from a deal.

[La Jolla Renter]

More Pain:

11/10/2008 $850,000 1y 10m -17%
12/21/2006 $1,020,000

http://www.sdlookup.com/MLS-080061494-6464_Dowling_Dr_La_Jolla_Ca_92037

I remember at the peak, you could not find anything selling below $1M, not even a 800 sqft teardown. Now, it is happening on a regular basis.

This place might rent for 3k a month, so 850k is far from a deal.

[La Jolla Renter]

More Pain:

11/10/2008 $850,000 1y 10m -17%
12/21/2006 $1,020,000

http://www.sdlookup.com/MLS-080061494-6464_Dowling_Dr_La_Jolla_Ca_92037

I remember at the peak, you could not find anything selling below $1M, not even a 800 sqft teardown. Now, it is happening on a regular basis.

This place might rent for 3k a month, so 850k is far from a deal.

[XBoxBoy]

[quote=La Jolla Renter]I remember at the peak, you could not find anything selling below $1M, not even a 800 sqft teardown. Now, it is happening on a regular basis.[/quote]

When this was on sale in 2006, a realtor my wife and I were using highly recommended this place. (Guess that’s part of why we aren’t working with her any more!)

What I think is hard to establish, is just how much LJ has softened in the last several of months. Most houses were not bought in the last couple of years, so you can’t prove that the price they are currently selling at is less than it would have fetched a couple years ago. But from watching the market closely for the last four years it’s my opinion that there are a number of places on the market at prices 30-40% less than they would have easily sold for in 2005, and they aren’t going pending. That indicates to me a lot more softness than people think.

‘course that’s just my two cents, and I’ve been known to be wrong before…

XBoxBoy

[XBoxBoy]

[quote=La Jolla Renter]I remember at the peak, you could not find anything selling below $1M, not even a 800 sqft teardown. Now, it is happening on a regular basis.[/quote]

When this was on sale in 2006, a realtor my wife and I were using highly recommended this place. (Guess that’s part of why we aren’t working with her any more!)

What I think is hard to establish, is just how much LJ has softened in the last several of months. Most houses were not bought in the last couple of years, so you can’t prove that the price they are currently selling at is less than it would have fetched a couple years ago. But from watching the market closely for the last four years it’s my opinion that there are a number of places on the market at prices 30-40% less than they would have easily sold for in 2005, and they aren’t going pending. That indicates to me a lot more softness than people think.

‘course that’s just my two cents, and I’ve been known to be wrong before…

XBoxBoy

[XBoxBoy]

[quote=La Jolla Renter]I remember at the peak, you could not find anything selling below $1M, not even a 800 sqft teardown. Now, it is happening on a regular basis.[/quote]

When this was on sale in 2006, a realtor my wife and I were using highly recommended this place. (Guess that’s part of why we aren’t working with her any more!)

What I think is hard to establish, is just how much LJ has softened in the last several of months. Most houses were not bought in the last couple of years, so you can’t prove that the price they are currently selling at is less than it would have fetched a couple years ago. But from watching the market closely for the last four years it’s my opinion that there are a number of places on the market at prices 30-40% less than they would have easily sold for in 2005, and they aren’t going pending. That indicates to me a lot more softness than people think.

‘course that’s just my two cents, and I’ve been known to be wrong before…

XBoxBoy

[XBoxBoy]

[quote=La Jolla Renter]I remember at the peak, you could not find anything selling below $1M, not even a 800 sqft teardown. Now, it is happening on a regular basis.[/quote]

When this was on sale in 2006, a realtor my wife and I were using highly recommended this place. (Guess that’s part of why we aren’t working with her any more!)

What I think is hard to establish, is just how much LJ has softened in the last several of months. Most houses were not bought in the last couple of years, so you can’t prove that the price they are currently selling at is less than it would have fetched a couple years ago. But from watching the market closely for the last four years it’s my opinion that there are a number of places on the market at prices 30-40% less than they would have easily sold for in 2005, and they aren’t going pending. That indicates to me a lot more softness than people think.

‘course that’s just my two cents, and I’ve been known to be wrong before…

XBoxBoy

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