Point Loma reducing a little

[briansd1]

House price drops have been held back by lower interest rates.

When interest rates rise, housing affordability will be negatively affected.

That might cause house prices to stagnate longer than we would wish.

[an]

[quote=jpinpb]898 Loma Valley sold for 585k, below 1999 pricing. They admittedly said it needs work, but still.[/quote]
Who said you can’t get 1999 price in Point Loma. Nice find. Now that’s what I call a darn good deal.

[jwizzle]

I wanted that PL house so badly, we ran over to see it the day it fell out of its first short sale (I think this was in late May or early June). We called realtor next day saying we were putting in an offer; they basically said not to bother because they had people literally lining up for the place (if I recall correctly, there was at least one cash offer, which mine was most definitely not).

I agree: a great buy.

[sdrealtor]

[quote=jwizzle]I wanted that PL house so badly, we ran over to see it the day it fell out of its first short sale (I think this was in late May or early June). We called realtor next day saying we were putting in an offer; they basically said not to bother because they had people literally lining up for the place (if I recall correctly, there was at least one cash offer, which mine was most definitely not).

I agree: a great buy.[/quote]

With the realtor representing both sides in the face of buyers lining up it makes you wonder if that was an arms length transaction or if it could have sold for alot more….hmmmmmm

[jpinpb]

Yes, sometimes it’s a good idea to contact the LA. I feel lucky I was able to do that w/the house we purchased. We made offers on homes not using the LA and it got us no where w/our lowballs.

I have to say, w/the rates as low as they are, even if this house is a fixer, below 1999 is a very good deal.

[sdrealtor]

A very good deal indeed….perhaps too good a deal from the sounds of the poster who wanted to buy it also and had plenty of company

[jstoesz]

I saw that house kicking around the market for the last 2 years at very low prices.

I always figured there was either something seriously wrong with it, or there were real shenanigans going on.

who knows…

[CA renter]

[quote=jpinpb]898 Loma Valley sold for 585k, below 1999 pricing. They admittedly said it needs work, but still.[/quote]

Yes, that looks like a very good deal. Here’s the weird part…why did it sell for less in 2003 than in 1999? Prices were shooting through the roof during that period.

[sdrealtor]

Because it didnt! Thats the problem with relying on the information you see on some of these websites. I jsut checked the tax records for the 1999 sales price. It sold sold on 11/23/99 for $262,500. Thats less than 1/2 the most recent sales price. Mystery solved.

[an]

[quote=sdrealtor]Because it didnt! Thats the problem with relying on the information you see on some of these websites. I jsut checked the tax records for the 1999 sales price. It sold sold on 11/23/99 for $262,500. Thats less than 1/2 the most recent sales price. Mystery solved.[/quote]
Thanks for sorting it out. It’s not cheaper than 1999 price after all.

[CA renter]

[quote=sdrealtor]Because it didnt! Thats the problem with relying on the information you see on some of these websites. I jsut checked the tax records for the 1999 sales price. It sold sold on 11/23/99 for $262,500. Thats less than 1/2 the most recent sales price. Mystery solved.[/quote]

Thanks for checking, sdr. So where did they get the MLS sales price from?

[utcsox]

http://www.sdlookup.com/MLS-110035876-979_Point_St_San_Diego_CA_92106

Is this a good deal? The house next door sold for over $1 million in 2005.

[jpinpb]

Hi everyone. Been absent for a long time b/c I’ve been very occupied, but I received this in my email and I wanted to share another sale in Point Loma. It just closed for 840k. In 2005 it sold for $1,300,000, though Redfin flagged it as abnormal (I’ll say! All the peak priced sales) In 2003 it sold for $939k, so this recent sale is below 2003 pricing.

http://www.redfin.com/CA/San-Diego/3311-Udall-St-92106/home/5353689?utm_source=myredfin&utm_medium=email&utm_campaign=listings_update

[briansd1]

Nice reduction, jp.
http://www.sdlookup.com/MLS-110068250-3311_Udall_St_San_Diego_CA_92106
I think that 2003 price is OK, not a super deal.

From the description:

Possible property tax reduction for historical designation

They must be joking. Contrast that to Mitt Romney’s house in La Jolla that the city declared has not historical value.

Many of the tax reductions under the Mills Act are total jokes and a huge abuse of the law.

[Author]

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