Ridiculous in PB?

[Ex-SD]

Even with it’s close location to the beach, it’s an odd property and in the real world, it’s really not worth more than $550k. I’m not saying that some sucker wouldn’t pay $900k in todays market and think that he stole it but it’s really not worth more than $550k with the buyer living in the larger unit and using the other unit as a rental. That’s all I would pay for it.

[waterboy]

I agree that the real world price is much closer to the $550k. I’ve lived in La Jolla & PB the last 5 years and still am not sure how most recent purchasers are affording things. (Well I guess we are finding out they can’t and that is why we are seeing increase in REO)

Before this speculative run the property would have been around $500k in 2001 or 2002. Whether it is $500k back in 2002 or $500k today, how many can actually comfortable afford a Conv. 30yr mortgage of $500k….not many.

[waterboy]

I agree that the real world price is much closer to the $550k. I’ve lived in La Jolla & PB the last 5 years and still am not sure how most recent purchasers are affording things. (Well I guess we are finding out they can’t and that is why we are seeing increase in REO)

Before this speculative run the property would have been around $500k in 2001 or 2002. Whether it is $500k back in 2002 or $500k today, how many can actually comfortable afford a Conv. 30yr mortgage of $500k….not many.

[waterboy]

I agree that the real world price is much closer to the $550k. I’ve lived in La Jolla & PB the last 5 years and still am not sure how most recent purchasers are affording things. (Well I guess we are finding out they can’t and that is why we are seeing increase in REO)

Before this speculative run the property would have been around $500k in 2001 or 2002. Whether it is $500k back in 2002 or $500k today, how many can actually comfortable afford a Conv. 30yr mortgage of $500k….not many.

[ibjames]

you mention a sucker paying 900 for that. I can imagine a lot of suckers waiting in line for that property in PB. That’s why I don’t think the prices will fall much there.

Not until those suckers cannot get loans at least.

[ibjames]

you mention a sucker paying 900 for that. I can imagine a lot of suckers waiting in line for that property in PB. That’s why I don’t think the prices will fall much there.

Not until those suckers cannot get loans at least.

[ibjames]

you mention a sucker paying 900 for that. I can imagine a lot of suckers waiting in line for that property in PB. That’s why I don’t think the prices will fall much there.

Not until those suckers cannot get loans at least.

[waterboy]

ibjames

You are right about a lot of suckers in the PB market.

Just a few weeks ago someone closed on 1076 Beryl for $740k. It was a complete dump without a garage on a small lot.

[waterboy]

ibjames

You are right about a lot of suckers in the PB market.

Just a few weeks ago someone closed on 1076 Beryl for $740k. It was a complete dump without a garage on a small lot.

[waterboy]

ibjames

You are right about a lot of suckers in the PB market.

Just a few weeks ago someone closed on 1076 Beryl for $740k. It was a complete dump without a garage on a small lot.

[ibjames]

that’s what makes it tough for me, a person that would like to buy here, because the line seems long

[ibjames]

that’s what makes it tough for me, a person that would like to buy here, because the line seems long

[ibjames]

that’s what makes it tough for me, a person that would like to buy here, because the line seems long

[SHILOH]

Here is the prop description:
2 beautifully remodeled homes on an oversized (7250 sf) lot in North Pacific Beach, a few blocks from the Beach, Tourmaline Surf Park, and BIRDROCK ELEMENTARY SCHOOL! Both homes have their own garage plus 2 parking spaces, professionally landscaped (tropical) PRIVATE yards with timed sprinklers, and a gas fireplace. Front home (860) is 1635 sf, 3 bedroom, 2 bath, with huge family room (great room)and large attic storage area. Granite Counters, Natural Cherry cabinets, gorgeous wood floors in main living areas, Travertine bathrooms. Top shelf, major remodel! Currently rented for $3800 per month. Back house (862) is a two story, 1232 sf chalet with 2 bedrooms, 2 baths plus a large loft

This is definitely worth more than $550K

[SHILOH]

Here is the prop description:
2 beautifully remodeled homes on an oversized (7250 sf) lot in North Pacific Beach, a few blocks from the Beach, Tourmaline Surf Park, and BIRDROCK ELEMENTARY SCHOOL! Both homes have their own garage plus 2 parking spaces, professionally landscaped (tropical) PRIVATE yards with timed sprinklers, and a gas fireplace. Front home (860) is 1635 sf, 3 bedroom, 2 bath, with huge family room (great room)and large attic storage area. Granite Counters, Natural Cherry cabinets, gorgeous wood floors in main living areas, Travertine bathrooms. Top shelf, major remodel! Currently rented for $3800 per month. Back house (862) is a two story, 1232 sf chalet with 2 bedrooms, 2 baths plus a large loft

This is definitely worth more than $550K

[Author]

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