San Marcos Price Reduction

[DaCounselor]

Nice update sdr.
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ocrenter’s call in ’06:
“San Marcos currently has a 1 year supply of homes for sale, now we got 4 foreclosures in one single community. I’m now looking at these properties going down into low $400,000’s mid to late next year.”
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There is certainly still time for ocrenter’s prediction to be realized. If this neighborhood completely tanks and prices plunge 25-30% over the next 2-6 months, he/she will be right. Certainly not a bet I would make.

[an]

Just come to show that no one can predict the future, no mater how certain it look at the time. The only certain thing is that price will come back to fundamental. That’s as far as anyone can claim. Anything else is just a wild guess. Be it flat to slow decline and have inflation eat away the price or hyper inflation which essentially give people income to afford the current price or major price drop. It can be anywhere in between as well. We’ll just have to wait and see. The only faith I have is in the fundamental, not prediction.

[ocrenter]

I’m surprised this community hasn’t fallen as hard as I thought it would as well.

sdrealtor is right about the less-than-prime location of these homes. sdrealtor, care to give us an update on the foreclosed homes?

604 Via del Caballo
554 Via del Caballo
521 Via del Caballo
477 Camino Verde

and here’s something interesting… the new homes Fieldstone Homes are trying to unload north of Mission (I know, different part of town… but also less-than-prime location) are now selling for these prices:

839 VIA LA VENTA 3367 sqft for 598000
831 Via La Venta 3516 sqft for 632000
824 Via La Venta 3367 sqft for 633300

$/sqft for these homes have dropped to $187/sqft!!!

now why would anyone buy these 2100 sqft Via del Caballo homes at $550,000, or $262/sqft?

[PerryChase]

ocrenter, I wish that all buyers would think like you. The market would be a lot more sane. But a lot of the market is psychology. The psychology hasn’t taken a turn to the negative yet. I still hear the majority of homeowners and buyers say that prices will continue to go up. A friend of mine who got lucky and sold his house this year just told me that he’ll be buying by next year!! I just shake my head.

btw, great website that you have. I love it.

[sdrealtor]

My pleasure OCR,
BTW I like your site also. The Super Jenae stuff was awesome.

604 Via del Caballo-Failed to sell between 525 and 550 for over 6 months. Bank foreclosed on the 1st lien (they had the 2nd also but why bother). Put on the market and in escrow after 7 days with asking price of 540K

554 Via del Caballo-Failed at trying a short sale between 545 and 575. Bank foreclosed on the 1st lien (they had the 2nd also but why bother). Put on the market and in escrow after 113 days with asking price of 552.5K

521 Via del Caballo-never forewclosed and never on the market

477 Camino Verde-been on the market since June 2006. Never foreclosed on and have plenty of equity. Currently asking 555K.

[sdrealtor]

I also checked out Centex’s Silver Crest neighborhood that is full of distress sales. They are nice homes and its been some time since I checked them out. Nice 3000 sq ft homes with all the bells and whistles for low 600’s with landscaping installed. I never understood what the real problem is there until today. From some of the homes you will be able to reach out and touch the new Sprinter trains going by. WEEEEEEEEEEE……….

[sdrealtor]

Checked out the Fieldstone stuff and yes it is a very different location. Also the homes look as plain vanilla as they come. By the time you are done there with some upgrades over the linoleum floors etc and throw in some cheap landscaping and bed sheets on the windows you are still about 650k and best of all you probably get an aweful location overlooking a busy road.

As ugly as the Belleza homes are they are around the corner from what is becoming a rapidly growing Cal State University community.

[ocrenter]

that still gets you $196/sqft. $196/sqft x 2100 sqft (of Belleza) and we get $413,600.

we know less than prime locations always lead the way. 92069, for example, tend to go down first, then 92078. and we also know builders lead the way in price drops as well.

could these fieldstone homes be the canaries as far as San Marcos is concerned?

[sdrealtor]

Nahhh!!!

[North County Jim]

could these fieldstone homes be the canaries as far as San Marcos is concerned?

Maybe but I wouldn’t be ready to bet on it yet. IMO, the Fieldstone development is the worst of the recent projects in San Marcos.

The location is terrible. It sits above the barrios in the unincorporated part of east Vista. From what I’ve seen, there’s only one way in and out so you must drive through the eyesore of aging tilt-ups, industrial storage and run-down apartments every day.

Believe me, we’ve seen almost every newer housing project in San Marcos and I couldn’t convince my wife to even get in the car for this one.

[forsale_2007]

The current asking price seems to be $619k. Of course as Jim mentioned there is only one photo of interior (kitchen) that too recently added. There are also some caveats (to buyers) on staying away from a unfinished deck LOL. powayseller, membership seems to be $39.95 per month (a bit steep for just browsers) but probably justified if you are serious about buying right now.

 

 

Or if you're cheap..Just signup for a 1 week free membership and cancel.
 Then re-signup…. 🙂

 

[an]

Here’s something I just found out from khov.com, K Hovnanian website. They’re build new homes at 791 Kirkwall Drive
San Marcos, California. The size range from 2152 sq-ft to 2761 sq-ft. The shocker is the price start from $485k for the smallest model and $530k for the largest model. That’s $225/sq-ft for the smallest model to $191/sq-ft. That some very stiff competition from the builder.

[Anonymous]

Saw a home online in the Silvercrest neighborhood of San Marcos yesterday (near CSUSM). Same model with same upgrades sold in 04-50′ 860k, and also 810k and 815k. This one is now listed at 670k.

[sdrealtor]

The Sprinter train which will start running shortly is a stone’s throw from that house. I really mean a stone’s throw. And it could be a 5 year throwing the stone!

[ocrenter]

sdr, think the developer notified those homeowners/flippers of their future neighbor when they purchased a couple of years ago?

[Author]

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