PB Cash Flow Positive

[Raybyrnes]

Bella Pacific is a nice complex. I seriously considered renting there. Rents are going to fetch between 1500 and 2000. At 182K purchase price this pencils out. I wonder what the final sales price is going to be. I think there are 3 or 4 foreclosures over there.

Friday
5/15/2009 10:00:00 AM
Address: 4887 Bella Pacific Row #140

City: SAN DIEGO
State: CA
Zip: 92109
County: San Diego
APN: 417-760-16-02
Sale Status: Postponed to 05/15/2009 10:00 am
(Beneficiary’s Request)
TS Number: 118409610
ASAP Number: 3002121
Notice of Sale Amt: $182,019.70
Opening Bid Amt: 0
Sold Amt: 0
Sale Location: At the South entrance to the County Courthouse, 220 West Broadway, San Diego, CA.

Trustee: Cal-Western Reconveyance Corp.
Trustee Phone#: (619)590-9200

[jpinpb]

Bella Pacific does have some pain. The condos are the hardest hit in PB. There are a TON of upside-down places in the Plaza and many NODs/foreclosures. Prices have really come down there and some just about pencil out for now, (as long as there are no future declines in rent prices, which there’s discussion about that being likely).

Some of the listings are still high in the Plaza, but I suspect b/c they can’t reduce b/c that’s how much their loan is. In other words, how long can they hold out before they get a NOD/foreclosure. Lots of short sales going on there.

Also, just saw a studio close at Pacific Shores for 152k. That was a 52% drop from peak. Starting to see small drops in townhouses. Armstrong has been resistant in reducing, but recently closed one of the townhomes off Felspar in the 600ks. One of the posters on SDL offered that much last July and they refused to accept the offer. Only took them 9 months to reconsider that price.

The houses are still clinging. I suspect b/c OPP refuses to lower their prices. They’ve been trying to sell their multi-million dollar places for at least 2 years now, but their peak sales set the benchmark for the high-end.

I also think that the high-end just can’t reduce. Those are the Alt-A and Option ARMs. They’re trying to get out now while they can before the resets start to hit. Should be real interesting to see what happens.

[jpinpb]

Bella Pacific does have some pain. The condos are the hardest hit in PB. There are a TON of upside-down places in the Plaza and many NODs/foreclosures. Prices have really come down there and some just about pencil out for now, (as long as there are no future declines in rent prices, which there’s discussion about that being likely).

Some of the listings are still high in the Plaza, but I suspect b/c they can’t reduce b/c that’s how much their loan is. In other words, how long can they hold out before they get a NOD/foreclosure. Lots of short sales going on there.

Also, just saw a studio close at Pacific Shores for 152k. That was a 52% drop from peak. Starting to see small drops in townhouses. Armstrong has been resistant in reducing, but recently closed one of the townhomes off Felspar in the 600ks. One of the posters on SDL offered that much last July and they refused to accept the offer. Only took them 9 months to reconsider that price.

The houses are still clinging. I suspect b/c OPP refuses to lower their prices. They’ve been trying to sell their multi-million dollar places for at least 2 years now, but their peak sales set the benchmark for the high-end.

I also think that the high-end just can’t reduce. Those are the Alt-A and Option ARMs. They’re trying to get out now while they can before the resets start to hit. Should be real interesting to see what happens.

[jpinpb]

Bella Pacific does have some pain. The condos are the hardest hit in PB. There are a TON of upside-down places in the Plaza and many NODs/foreclosures. Prices have really come down there and some just about pencil out for now, (as long as there are no future declines in rent prices, which there’s discussion about that being likely).

Some of the listings are still high in the Plaza, but I suspect b/c they can’t reduce b/c that’s how much their loan is. In other words, how long can they hold out before they get a NOD/foreclosure. Lots of short sales going on there.

Also, just saw a studio close at Pacific Shores for 152k. That was a 52% drop from peak. Starting to see small drops in townhouses. Armstrong has been resistant in reducing, but recently closed one of the townhomes off Felspar in the 600ks. One of the posters on SDL offered that much last July and they refused to accept the offer. Only took them 9 months to reconsider that price.

The houses are still clinging. I suspect b/c OPP refuses to lower their prices. They’ve been trying to sell their multi-million dollar places for at least 2 years now, but their peak sales set the benchmark for the high-end.

I also think that the high-end just can’t reduce. Those are the Alt-A and Option ARMs. They’re trying to get out now while they can before the resets start to hit. Should be real interesting to see what happens.

[jpinpb]

Bella Pacific does have some pain. The condos are the hardest hit in PB. There are a TON of upside-down places in the Plaza and many NODs/foreclosures. Prices have really come down there and some just about pencil out for now, (as long as there are no future declines in rent prices, which there’s discussion about that being likely).

Some of the listings are still high in the Plaza, but I suspect b/c they can’t reduce b/c that’s how much their loan is. In other words, how long can they hold out before they get a NOD/foreclosure. Lots of short sales going on there.

Also, just saw a studio close at Pacific Shores for 152k. That was a 52% drop from peak. Starting to see small drops in townhouses. Armstrong has been resistant in reducing, but recently closed one of the townhomes off Felspar in the 600ks. One of the posters on SDL offered that much last July and they refused to accept the offer. Only took them 9 months to reconsider that price.

The houses are still clinging. I suspect b/c OPP refuses to lower their prices. They’ve been trying to sell their multi-million dollar places for at least 2 years now, but their peak sales set the benchmark for the high-end.

I also think that the high-end just can’t reduce. Those are the Alt-A and Option ARMs. They’re trying to get out now while they can before the resets start to hit. Should be real interesting to see what happens.

[jpinpb]

Bella Pacific does have some pain. The condos are the hardest hit in PB. There are a TON of upside-down places in the Plaza and many NODs/foreclosures. Prices have really come down there and some just about pencil out for now, (as long as there are no future declines in rent prices, which there’s discussion about that being likely).

Some of the listings are still high in the Plaza, but I suspect b/c they can’t reduce b/c that’s how much their loan is. In other words, how long can they hold out before they get a NOD/foreclosure. Lots of short sales going on there.

Also, just saw a studio close at Pacific Shores for 152k. That was a 52% drop from peak. Starting to see small drops in townhouses. Armstrong has been resistant in reducing, but recently closed one of the townhomes off Felspar in the 600ks. One of the posters on SDL offered that much last July and they refused to accept the offer. Only took them 9 months to reconsider that price.

The houses are still clinging. I suspect b/c OPP refuses to lower their prices. They’ve been trying to sell their multi-million dollar places for at least 2 years now, but their peak sales set the benchmark for the high-end.

I also think that the high-end just can’t reduce. Those are the Alt-A and Option ARMs. They’re trying to get out now while they can before the resets start to hit. Should be real interesting to see what happens.

[Raybyrnes]

Mission Valley starting to look opportunistic

6780 Friars Rd Unit 237
San Diego, CA 92108
Source: Public Records
SOLD FOR: $121,000 (02/11/2009)
BEDS: 2
BATHS: 2
SQFT: 957
STYLE: Condo/Coop
YEAR BUILT: 1972

roperty History
Date Event Price Appreciation Source
Feb 11, 2009 Sold $121,000 -24.7%/yr Public Records
Jul 29, 2005 Sold $331,000 16.9%/yr Public Records
Mar 15, 2001 Sold $167,000 19.8%/yr Public Records
Sep 28, 1998 Sold $107,000 >1,000%/yr Public Records
Aug 12, 1998 Sold $62,141 -4.1%/yr Public Records
Mar 13, 1991 Sold $85,000 6.2%/yr Public Records
Jun 15, 1989 Sold $76,500 — Public Records

[Raybyrnes]

Mission Valley starting to look opportunistic

6780 Friars Rd Unit 237
San Diego, CA 92108
Source: Public Records
SOLD FOR: $121,000 (02/11/2009)
BEDS: 2
BATHS: 2
SQFT: 957
STYLE: Condo/Coop
YEAR BUILT: 1972

roperty History
Date Event Price Appreciation Source
Feb 11, 2009 Sold $121,000 -24.7%/yr Public Records
Jul 29, 2005 Sold $331,000 16.9%/yr Public Records
Mar 15, 2001 Sold $167,000 19.8%/yr Public Records
Sep 28, 1998 Sold $107,000 >1,000%/yr Public Records
Aug 12, 1998 Sold $62,141 -4.1%/yr Public Records
Mar 13, 1991 Sold $85,000 6.2%/yr Public Records
Jun 15, 1989 Sold $76,500 — Public Records

[Raybyrnes]

Mission Valley starting to look opportunistic

6780 Friars Rd Unit 237
San Diego, CA 92108
Source: Public Records
SOLD FOR: $121,000 (02/11/2009)
BEDS: 2
BATHS: 2
SQFT: 957
STYLE: Condo/Coop
YEAR BUILT: 1972

roperty History
Date Event Price Appreciation Source
Feb 11, 2009 Sold $121,000 -24.7%/yr Public Records
Jul 29, 2005 Sold $331,000 16.9%/yr Public Records
Mar 15, 2001 Sold $167,000 19.8%/yr Public Records
Sep 28, 1998 Sold $107,000 >1,000%/yr Public Records
Aug 12, 1998 Sold $62,141 -4.1%/yr Public Records
Mar 13, 1991 Sold $85,000 6.2%/yr Public Records
Jun 15, 1989 Sold $76,500 — Public Records

[Raybyrnes]

Mission Valley starting to look opportunistic

6780 Friars Rd Unit 237
San Diego, CA 92108
Source: Public Records
SOLD FOR: $121,000 (02/11/2009)
BEDS: 2
BATHS: 2
SQFT: 957
STYLE: Condo/Coop
YEAR BUILT: 1972

roperty History
Date Event Price Appreciation Source
Feb 11, 2009 Sold $121,000 -24.7%/yr Public Records
Jul 29, 2005 Sold $331,000 16.9%/yr Public Records
Mar 15, 2001 Sold $167,000 19.8%/yr Public Records
Sep 28, 1998 Sold $107,000 >1,000%/yr Public Records
Aug 12, 1998 Sold $62,141 -4.1%/yr Public Records
Mar 13, 1991 Sold $85,000 6.2%/yr Public Records
Jun 15, 1989 Sold $76,500 — Public Records

[Raybyrnes]

Mission Valley starting to look opportunistic

6780 Friars Rd Unit 237
San Diego, CA 92108
Source: Public Records
SOLD FOR: $121,000 (02/11/2009)
BEDS: 2
BATHS: 2
SQFT: 957
STYLE: Condo/Coop
YEAR BUILT: 1972

roperty History
Date Event Price Appreciation Source
Feb 11, 2009 Sold $121,000 -24.7%/yr Public Records
Jul 29, 2005 Sold $331,000 16.9%/yr Public Records
Mar 15, 2001 Sold $167,000 19.8%/yr Public Records
Sep 28, 1998 Sold $107,000 >1,000%/yr Public Records
Aug 12, 1998 Sold $62,141 -4.1%/yr Public Records
Mar 13, 1991 Sold $85,000 6.2%/yr Public Records
Jun 15, 1989 Sold $76,500 — Public Records

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