San Marcos Price Reduction

[sdrealtor]

Absolutely Centex had to notify them. In the frenzy of it all people looked past the obvious to get a nice big house with all the bell and whistles for what seemed like a good price. Even so, i remember it took a long time to sell those puppies.

[PerryChase]

How far is the Sprinter station from those houses? It might be a plus for some commuters.

[ocrenter]

perry, for some of these homes the train is so close to them they can just jump down from their yard directly on to the roof of the train, no station needed.

[sdrealtor]

OCR is correct. Some but not all of the homes are within 25 feet of passing trains. There will be a station within walking distance of the homes.

[Anonymous]

Close station is a positive, double tracks within jumping distance of your backyard with trains going by every 15 minutes from 5am-11pm = reason so many homes there were/are for sale.

[ocrenter]

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.”
___________________________

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.

http://bubbletracking.blogspot.com/2007/10/if-only-i-waited-in-bellezasan-marcos.html

[ocrenter]

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.”
___________________________

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.

http://bubbletracking.blogspot.com/2007/10/if-only-i-waited-in-bellezasan-marcos.html

[ocrenter]

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.”
___________________________

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.

http://bubbletracking.blogspot.com/2007/10/if-only-i-waited-in-bellezasan-marcos.html

[sdrealtor]

OCR,
As one of the original posters on this thread I like my prediction much more than yours as of this date. The proeprty you are referencing is a short sale attempt at a price the lender likely has no knowledge of and a smaller floorplan with less bedrooms.

Here are the last 2 closed comps.

2172 sq ft closed on 9/24/07 for $545,900. BTW, the buyer put about 30% down.

2445 sq ft closed on 8/22/07 for $559,900. BTW, buyer put down over 50%.

The last sale of the floorplan you are referencing (1909 sq ft) closed on 7/19/07 at $490,000. It was a Short sale attempt listed at $480,000. BTW, the buyers put down over 20%.

It appears this hood is holding up very well with 5 current active listings and two others ine scrow with asking prices in the same ballpark as the recent closed sales.

[sdrealtor]

OCR,
As one of the original posters on this thread I like my prediction much more than yours as of this date. The proeprty you are referencing is a short sale attempt at a price the lender likely has no knowledge of and a smaller floorplan with less bedrooms.

Here are the last 2 closed comps.

2172 sq ft closed on 9/24/07 for $545,900. BTW, the buyer put about 30% down.

2445 sq ft closed on 8/22/07 for $559,900. BTW, buyer put down over 50%.

The last sale of the floorplan you are referencing (1909 sq ft) closed on 7/19/07 at $490,000. It was a Short sale attempt listed at $480,000. BTW, the buyers put down over 20%.

It appears this hood is holding up very well with 5 current active listings and two others ine scrow with asking prices in the same ballpark as the recent closed sales.

[sdrealtor]

OCR,
As one of the original posters on this thread I like my prediction much more than yours as of this date. The proeprty you are referencing is a short sale attempt at a price the lender likely has no knowledge of and a smaller floorplan with less bedrooms.

Here are the last 2 closed comps.

2172 sq ft closed on 9/24/07 for $545,900. BTW, the buyer put about 30% down.

2445 sq ft closed on 8/22/07 for $559,900. BTW, buyer put down over 50%.

The last sale of the floorplan you are referencing (1909 sq ft) closed on 7/19/07 at $490,000. It was a Short sale attempt listed at $480,000. BTW, the buyers put down over 20%.

It appears this hood is holding up very well with 5 current active listings and two others ine scrow with asking prices in the same ballpark as the recent closed sales.

[JWM in SD]

“It was a Short sale attempt listed at $480,000. BTW, the buyers put down over 20%”

Uhh, the buyer managed to save $96K but still couldn’t make payments???? More likely they were a move-up buyer who didn’t have the income to make the payments.

[JWM in SD]

“It was a Short sale attempt listed at $480,000. BTW, the buyers put down over 20%”

Uhh, the buyer managed to save $96K but still couldn’t make payments???? More likely they were a move-up buyer who didn’t have the income to make the payments.

[JWM in SD]

“It was a Short sale attempt listed at $480,000. BTW, the buyers put down over 20%”

Uhh, the buyer managed to save $96K but still couldn’t make payments???? More likely they were a move-up buyer who didn’t have the income to make the payments.

[ocrenter]

what I have been finding is you get the short sale attempt approaching the true price point. but the lender rejects it and let it head to foreclosure. by the time the lender has it as a REO, guess what, it is listed at the short sale prices or a bit above.

if the prices are holding up so well, why the price reductions:

–09/2007: listed for sale at $475,000.
–Price Reduced: 09/19/07 — $475,000 to $459,000
–Price Reduced: 09/26/07 — $459,000 to $445,000
–Price Reduced: 10/03/07 — $445,000 to $435,000
–Price Reduced: 10/10/07 — $435,000 to $425,000
–Price Reduced: 10/29/07 — $425,000 to $409,000

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