San Elijo Hills down to $137 sq ft

[peterb]

I’m starting to see more economic data that we could see a stock market correction to 1997 prices. This might bring the housing market back towards that position as well. Maybe by 2011?

[jetonejet]

Jim the Realtor’s site had a post on the $399 house on Clifftop. As I recall, it had a decent turn out and only like 4 bids only fetching around $450 or something. This was a shortsale, so the bank was probably not going to go for it. ***HOWEVER*** There are a couple of new listings that are shortsale and not on the MLS yet. One is 2200 sq ft on Prism for $450k and another on Orion that is 2300 sq ft for $430K. While this sounds atractive, I recall just 2 years ago when I started renting here that houses didnt sell below $650K. I suspect that high $300K’s a real possiblitly now, based on three things:

1) amount of people in default currently on their property taxes in San elijo per the San Diego Tax collectors site. I think it will get FAR ugler come December’s payment.

2) Amount of buyers in San Elijo that are related to either construction or finance. I would guess its about 50%. Most of the neighbors and friends we talk to are in a world of hurt right now, and I dont see this getting better soon.

3) The attitude has changed in just a year. Many San Elijo’ians are seriously angry at the markets condition and feel like that have gotten screwed. I now hear tons of “talk” of people ready to walk away. Some of its BS, but others (some I know) have stopped making payments all together, in an attempt to get a loan mod or principle reduction.

My thoughts are we are going to wait another 6 months to a year to see a bottom.

[jetonejet]

Jim the Realtor’s site had a post on the $399 house on Clifftop. As I recall, it had a decent turn out and only like 4 bids only fetching around $450 or something. This was a shortsale, so the bank was probably not going to go for it. ***HOWEVER*** There are a couple of new listings that are shortsale and not on the MLS yet. One is 2200 sq ft on Prism for $450k and another on Orion that is 2300 sq ft for $430K. While this sounds atractive, I recall just 2 years ago when I started renting here that houses didnt sell below $650K. I suspect that high $300K’s a real possiblitly now, based on three things:

1) amount of people in default currently on their property taxes in San elijo per the San Diego Tax collectors site. I think it will get FAR ugler come December’s payment.

2) Amount of buyers in San Elijo that are related to either construction or finance. I would guess its about 50%. Most of the neighbors and friends we talk to are in a world of hurt right now, and I dont see this getting better soon.

3) The attitude has changed in just a year. Many San Elijo’ians are seriously angry at the markets condition and feel like that have gotten screwed. I now hear tons of “talk” of people ready to walk away. Some of its BS, but others (some I know) have stopped making payments all together, in an attempt to get a loan mod or principle reduction.

My thoughts are we are going to wait another 6 months to a year to see a bottom.

[jetonejet]

Jim the Realtor’s site had a post on the $399 house on Clifftop. As I recall, it had a decent turn out and only like 4 bids only fetching around $450 or something. This was a shortsale, so the bank was probably not going to go for it. ***HOWEVER*** There are a couple of new listings that are shortsale and not on the MLS yet. One is 2200 sq ft on Prism for $450k and another on Orion that is 2300 sq ft for $430K. While this sounds atractive, I recall just 2 years ago when I started renting here that houses didnt sell below $650K. I suspect that high $300K’s a real possiblitly now, based on three things:

1) amount of people in default currently on their property taxes in San elijo per the San Diego Tax collectors site. I think it will get FAR ugler come December’s payment.

2) Amount of buyers in San Elijo that are related to either construction or finance. I would guess its about 50%. Most of the neighbors and friends we talk to are in a world of hurt right now, and I dont see this getting better soon.

3) The attitude has changed in just a year. Many San Elijo’ians are seriously angry at the markets condition and feel like that have gotten screwed. I now hear tons of “talk” of people ready to walk away. Some of its BS, but others (some I know) have stopped making payments all together, in an attempt to get a loan mod or principle reduction.

My thoughts are we are going to wait another 6 months to a year to see a bottom.

[jetonejet]

Jim the Realtor’s site had a post on the $399 house on Clifftop. As I recall, it had a decent turn out and only like 4 bids only fetching around $450 or something. This was a shortsale, so the bank was probably not going to go for it. ***HOWEVER*** There are a couple of new listings that are shortsale and not on the MLS yet. One is 2200 sq ft on Prism for $450k and another on Orion that is 2300 sq ft for $430K. While this sounds atractive, I recall just 2 years ago when I started renting here that houses didnt sell below $650K. I suspect that high $300K’s a real possiblitly now, based on three things:

1) amount of people in default currently on their property taxes in San elijo per the San Diego Tax collectors site. I think it will get FAR ugler come December’s payment.

2) Amount of buyers in San Elijo that are related to either construction or finance. I would guess its about 50%. Most of the neighbors and friends we talk to are in a world of hurt right now, and I dont see this getting better soon.

3) The attitude has changed in just a year. Many San Elijo’ians are seriously angry at the markets condition and feel like that have gotten screwed. I now hear tons of “talk” of people ready to walk away. Some of its BS, but others (some I know) have stopped making payments all together, in an attempt to get a loan mod or principle reduction.

My thoughts are we are going to wait another 6 months to a year to see a bottom.

[jetonejet]

Jim the Realtor’s site had a post on the $399 house on Clifftop. As I recall, it had a decent turn out and only like 4 bids only fetching around $450 or something. This was a shortsale, so the bank was probably not going to go for it. ***HOWEVER*** There are a couple of new listings that are shortsale and not on the MLS yet. One is 2200 sq ft on Prism for $450k and another on Orion that is 2300 sq ft for $430K. While this sounds atractive, I recall just 2 years ago when I started renting here that houses didnt sell below $650K. I suspect that high $300K’s a real possiblitly now, based on three things:

1) amount of people in default currently on their property taxes in San elijo per the San Diego Tax collectors site. I think it will get FAR ugler come December’s payment.

2) Amount of buyers in San Elijo that are related to either construction or finance. I would guess its about 50%. Most of the neighbors and friends we talk to are in a world of hurt right now, and I dont see this getting better soon.

3) The attitude has changed in just a year. Many San Elijo’ians are seriously angry at the markets condition and feel like that have gotten screwed. I now hear tons of “talk” of people ready to walk away. Some of its BS, but others (some I know) have stopped making payments all together, in an attempt to get a loan mod or principle reduction.

My thoughts are we are going to wait another 6 months to a year to see a bottom.

[niy38]

http://www.sdlookup.com/MLS-080071522-852_Almond_San_Marcos_Ca_92078

lowest price so far.

If condo’s price keep dropping, obviously market not bottom out yet.

[niy38]

http://www.sdlookup.com/MLS-080071522-852_Almond_San_Marcos_Ca_92078

lowest price so far.

If condo’s price keep dropping, obviously market not bottom out yet.

[niy38]

http://www.sdlookup.com/MLS-080071522-852_Almond_San_Marcos_Ca_92078

lowest price so far.

If condo’s price keep dropping, obviously market not bottom out yet.

[niy38]

http://www.sdlookup.com/MLS-080071522-852_Almond_San_Marcos_Ca_92078

lowest price so far.

If condo’s price keep dropping, obviously market not bottom out yet.

[niy38]

http://www.sdlookup.com/MLS-080071522-852_Almond_San_Marcos_Ca_92078

lowest price so far.

If condo’s price keep dropping, obviously market not bottom out yet.

[svelte]

Thats really interesting jetonejet.

Thanks for the insight into the current SEH, please keep us posted as you see more change.

Its always the newest neighborhoods whose owners get hit the hardest during a downturn (since many bought around the peak)…SEH will certainly be an area to watch.

[svelte]

Thats really interesting jetonejet.

Thanks for the insight into the current SEH, please keep us posted as you see more change.

Its always the newest neighborhoods whose owners get hit the hardest during a downturn (since many bought around the peak)…SEH will certainly be an area to watch.

[svelte]

Thats really interesting jetonejet.

Thanks for the insight into the current SEH, please keep us posted as you see more change.

Its always the newest neighborhoods whose owners get hit the hardest during a downturn (since many bought around the peak)…SEH will certainly be an area to watch.

[svelte]

Thats really interesting jetonejet.

Thanks for the insight into the current SEH, please keep us posted as you see more change.

Its always the newest neighborhoods whose owners get hit the hardest during a downturn (since many bought around the peak)…SEH will certainly be an area to watch.

[Author]

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