Rancho Penasquitos Market

[MANmom]

PS., Donaldduckmoore…check out how many foreclosures are listed for PQ (realtytrac.com area code 92129)and you will notice that there are many distressed properties in this area, prices are likely to come down in PQ, we are waiting patiently…

[MANmom]

PS., Donaldduckmoore…check out how many foreclosures are listed for PQ (realtytrac.com area code 92129)and you will notice that there are many distressed properties in this area, prices are likely to come down in PQ, we are waiting patiently…

[SD Realtor]

Manmom thank you for the numerous corrections. We rented on Buckwheat for a little while. Our neighborhood had a pretty diverse composition with alot of asian and phillipino and all of our neighbors were very nice. We had a decent sized lot and since the lots were all on different levels it gave a nice sense of privacy. We had a nice south view. Also thanks for the correction as I always get park village and village park mixed up… doh! We too had lots of rabbits running around in the yard.

The part of PQ that I am not thrilled about is the Penasquitos Glens area. Is that where you were referring to where the attacks were? Just wondering.

Also yes I have seen that PQ seems to have a very high rate of distressed sellers.

Donald I think that the late summer will bring more sellers not because it is PQ but because it is a seasonal issue. Many sellers put their homes on the market in the early part of spring. However there are many people that either procrastinate, or are to busy and they wait until the later part of the spring. I have not tracked PQ weekly but I do track Scripps and Scripps hovered in between 70-85 active homes on the market throughout the entire spring. Right now it is at 96 detached homes for sale. Again, I think by late summer you will see more inventory and better pricing. Same time in 2008 it will even be better.

When you buy this home will it be a long term purchase? Will you be living in it for a long time?

SD Realtor

[SD Realtor]

Manmom thank you for the numerous corrections. We rented on Buckwheat for a little while. Our neighborhood had a pretty diverse composition with alot of asian and phillipino and all of our neighbors were very nice. We had a decent sized lot and since the lots were all on different levels it gave a nice sense of privacy. We had a nice south view. Also thanks for the correction as I always get park village and village park mixed up… doh! We too had lots of rabbits running around in the yard.

The part of PQ that I am not thrilled about is the Penasquitos Glens area. Is that where you were referring to where the attacks were? Just wondering.

Also yes I have seen that PQ seems to have a very high rate of distressed sellers.

Donald I think that the late summer will bring more sellers not because it is PQ but because it is a seasonal issue. Many sellers put their homes on the market in the early part of spring. However there are many people that either procrastinate, or are to busy and they wait until the later part of the spring. I have not tracked PQ weekly but I do track Scripps and Scripps hovered in between 70-85 active homes on the market throughout the entire spring. Right now it is at 96 detached homes for sale. Again, I think by late summer you will see more inventory and better pricing. Same time in 2008 it will even be better.

When you buy this home will it be a long term purchase? Will you be living in it for a long time?

SD Realtor

[MANmom]

SD Realtor,

Those attacks occured in the oldest section of PQ, that adjacent to the 15 freeway, most in the condos closest to the freeway near the office depot. I believe that there is a lot of section 8 there.

You rented on Buckwheat, that is a busy area. We live two miles further into the canyon past Park Village ES. I have been tracking the PQ area for a few years, I usually plug in 4 br 2 ba and the ebb and flow has been anywhere from 30 to 75 homes on the market, this week it has been upwards of 50, I suspect it will explode this summer. I see many homes currently on the market that are listed on the foreclosure websites as well, they are soon to be REO’s. I personally saw three FC’s on the same street, one sold short, one FC and one probably financed their way out. In the same neighborhood, I see a few more NOD’s. It will get better for those of us looking, but I think the fall will see some serious correction. What do you think?

[MANmom]

SD Realtor,

Those attacks occured in the oldest section of PQ, that adjacent to the 15 freeway, most in the condos closest to the freeway near the office depot. I believe that there is a lot of section 8 there.

You rented on Buckwheat, that is a busy area. We live two miles further into the canyon past Park Village ES. I have been tracking the PQ area for a few years, I usually plug in 4 br 2 ba and the ebb and flow has been anywhere from 30 to 75 homes on the market, this week it has been upwards of 50, I suspect it will explode this summer. I see many homes currently on the market that are listed on the foreclosure websites as well, they are soon to be REO’s. I personally saw three FC’s on the same street, one sold short, one FC and one probably financed their way out. In the same neighborhood, I see a few more NOD’s. It will get better for those of us looking, but I think the fall will see some serious correction. What do you think?

[donaldduckmoore]

Thanks SD Realtor and Manmom for your postings. I am looking to buy a house for long term living, not for investment but the houses there are just way too expensive. We have savings of around $100K but because of the high price,we are still running short to buy a house unless we use creative financing which I personally do not like to use. I am a more conservative person and I prefer to use conventional mortgage. Yes, I have also noticed more NODs these days but they are in the high-end properties. Still waiting for the price to come down. Frankly, I cannot imagine a family like mine has two people working with ok salary and savings cannot a house here in SD. That is really rediculus.

[donaldduckmoore]

Thanks SD Realtor and Manmom for your postings. I am looking to buy a house for long term living, not for investment but the houses there are just way too expensive. We have savings of around $100K but because of the high price,we are still running short to buy a house unless we use creative financing which I personally do not like to use. I am a more conservative person and I prefer to use conventional mortgage. Yes, I have also noticed more NODs these days but they are in the high-end properties. Still waiting for the price to come down. Frankly, I cannot imagine a family like mine has two people working with ok salary and savings cannot a house here in SD. That is really rediculus.

[SD Realtor]

MM –

Yep that is the exact spot I meant as well. Up the hill from there are single family homes as well, Penasquitos Glen. However I wouldn’t recommend that spot just like you said. I agree with your points. Inventory should run up over the next few weeks. Then let them simmer in the summer months and then start cutting prices in late July… I think this time next year you will see even better prices, and in 2009 well… it should be a bonanza.

DDM

Find a nice rental, lock in for a 1 year lease and you should be good to go… The combination of a year of price declines and you socking a little more away should help you out for next summer. If you can hold out to 2009 all the better. As you know I am in the same boat but am looking in Scripps… time is on our side. It is sad that a family with a good annual income and a nice downpayment can’t afford a home. You are being fiscally responsible by not buying something that you cannot afford. Hang tight.

SD Realtor

[SD Realtor]

MM –

Yep that is the exact spot I meant as well. Up the hill from there are single family homes as well, Penasquitos Glen. However I wouldn’t recommend that spot just like you said. I agree with your points. Inventory should run up over the next few weeks. Then let them simmer in the summer months and then start cutting prices in late July… I think this time next year you will see even better prices, and in 2009 well… it should be a bonanza.

DDM

Find a nice rental, lock in for a 1 year lease and you should be good to go… The combination of a year of price declines and you socking a little more away should help you out for next summer. If you can hold out to 2009 all the better. As you know I am in the same boat but am looking in Scripps… time is on our side. It is sad that a family with a good annual income and a nice downpayment can’t afford a home. You are being fiscally responsible by not buying something that you cannot afford. Hang tight.

SD Realtor

[arny]

SD Realtor/others,
Any updates on this area you would like to share. The prices seem to have come down and the inventory gone up since the last time this thread was active.
In particular what are your thoughts on – http://www.sdlookup.com/MLS-076076339-12252_Ragweed_St_San_Diego_CA_92129
Since you lived in this area, what is your recommendation ? Also what do you think would be a reasonable offer for this place now and what do you think it will depreciate to in 2009 ?

Thanks

Arny

[arny]

SD Realtor/others,
Any updates on this area you would like to share. The prices seem to have come down and the inventory gone up since the last time this thread was active.
In particular what are your thoughts on – http://www.sdlookup.com/MLS-076076339-12252_Ragweed_St_San_Diego_CA_92129
Since you lived in this area, what is your recommendation ? Also what do you think would be a reasonable offer for this place now and what do you think it will depreciate to in 2009 ?

Thanks

Arny

[arny]

SD Realtor/others,
Any updates on this area you would like to share. The prices seem to have come down and the inventory gone up since the last time this thread was active.
In particular what are your thoughts on – http://www.sdlookup.com/MLS-076076339-12252_Ragweed_St_San_Diego_CA_92129
Since you lived in this area, what is your recommendation ? Also what do you think would be a reasonable offer for this place now and what do you think it will depreciate to in 2009 ?

Thanks

Arny

[SD Realtor]

Hi Arny –

The Ragweed home currently has 5 offers on it. I have already inquired on this home. The highest offer is close to the listing price and they are waiting for feedback from the lender.

Park Village is an okay part of town. I rented on Buckwheat not far from Ragweed. I had no problems with it. Whether other properties will drift down to this price by 2009 is speculative. Hopefully they will and I think it is a reasonable assumption.

There is alot more demand for homes like this in neighborhoods such as this at this price then the bears like to see or admit to.

Hopefully as the market continues to deteriorate stuff like this will slip accordingly without corresponding interest rate hikes.

Is it reasonable to assume so? I think so but there is also alot of hope at least for me personally.

SD Realtor

[SD Realtor]

Hi Arny –

The Ragweed home currently has 5 offers on it. I have already inquired on this home. The highest offer is close to the listing price and they are waiting for feedback from the lender.

Park Village is an okay part of town. I rented on Buckwheat not far from Ragweed. I had no problems with it. Whether other properties will drift down to this price by 2009 is speculative. Hopefully they will and I think it is a reasonable assumption.

There is alot more demand for homes like this in neighborhoods such as this at this price then the bears like to see or admit to.

Hopefully as the market continues to deteriorate stuff like this will slip accordingly without corresponding interest rate hikes.

Is it reasonable to assume so? I think so but there is also alot of hope at least for me personally.

SD Realtor

[Author]

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