Scripps Ranch…

[DataAgent]

Here’s the Scripps Ranch $300K ‘starter home’ of 1999: http://www.sdlookup.com/MLS-080051698-11353_Swan_Canyon_San_Diego_Ca_92131

It’s 10 years later and now priced at $549K. That’s about a 6% annual appreciation rate. You’ll want at least that appreciation rate (probably more) when you sell the place 10 years from now.

With some good negotiating skills and a little patience, you may get the price down to low $500Ks.

[DataAgent]

11959 Handrich was destroyed in the 2003 fires. Here’s what the property looked like after the fire:
http://www.scrippsranch.org/special/Fire2003/AddressPictures/Handrich%20Dr%2011959.jpg

Here’s the complete list of destroyed homes:
http://www.scrippsranch.org/ProjectPhoenix/fire_address_list.asp

[DataAgent]

11959 Handrich was destroyed in the 2003 fires. Here’s what the property looked like after the fire:
http://www.scrippsranch.org/special/Fire2003/AddressPictures/Handrich%20Dr%2011959.jpg

Here’s the complete list of destroyed homes:
http://www.scrippsranch.org/ProjectPhoenix/fire_address_list.asp

[DataAgent]

11959 Handrich was destroyed in the 2003 fires. Here’s what the property looked like after the fire:
http://www.scrippsranch.org/special/Fire2003/AddressPictures/Handrich%20Dr%2011959.jpg

Here’s the complete list of destroyed homes:
http://www.scrippsranch.org/ProjectPhoenix/fire_address_list.asp

[DataAgent]

11959 Handrich was destroyed in the 2003 fires. Here’s what the property looked like after the fire:
http://www.scrippsranch.org/special/Fire2003/AddressPictures/Handrich%20Dr%2011959.jpg

Here’s the complete list of destroyed homes:
http://www.scrippsranch.org/ProjectPhoenix/fire_address_list.asp

[DataAgent]

11959 Handrich was destroyed in the 2003 fires. Here’s what the property looked like after the fire:
http://www.scrippsranch.org/special/Fire2003/AddressPictures/Handrich%20Dr%2011959.jpg

Here’s the complete list of destroyed homes:
http://www.scrippsranch.org/ProjectPhoenix/fire_address_list.asp

[ybitz]

[quote=DataAgent]11959 Handrich was destroyed in the 2003 fires. Here’s what the property looked like after the fire:
http://www.scrippsranch.org/special/Fire2003/AddressPictures/Handrich%20Dr%2011959.jpg

Here’s the complete list of destroyed homes:
http://www.scrippsranch.org/ProjectPhoenix/fire_address_list.asp

[/quote]
Yikes! That makes sense why the price went up so much, since it’s a “new” construction. Well, I was just doing some casual searches, and Redfin has it listed for sale with historic prices. Interestingly though, Redfin says the house was built in 1976. I didn’t read through it to realize it was a rebuilt.

DataAgent’s got some mad web data mining skills :p

[ybitz]

[quote=DataAgent]11959 Handrich was destroyed in the 2003 fires. Here’s what the property looked like after the fire:
http://www.scrippsranch.org/special/Fire2003/AddressPictures/Handrich%20Dr%2011959.jpg

Here’s the complete list of destroyed homes:
http://www.scrippsranch.org/ProjectPhoenix/fire_address_list.asp

[/quote]
Yikes! That makes sense why the price went up so much, since it’s a “new” construction. Well, I was just doing some casual searches, and Redfin has it listed for sale with historic prices. Interestingly though, Redfin says the house was built in 1976. I didn’t read through it to realize it was a rebuilt.

DataAgent’s got some mad web data mining skills :p

[ybitz]

[quote=DataAgent]11959 Handrich was destroyed in the 2003 fires. Here’s what the property looked like after the fire:
http://www.scrippsranch.org/special/Fire2003/AddressPictures/Handrich%20Dr%2011959.jpg

Here’s the complete list of destroyed homes:
http://www.scrippsranch.org/ProjectPhoenix/fire_address_list.asp

[/quote]
Yikes! That makes sense why the price went up so much, since it’s a “new” construction. Well, I was just doing some casual searches, and Redfin has it listed for sale with historic prices. Interestingly though, Redfin says the house was built in 1976. I didn’t read through it to realize it was a rebuilt.

DataAgent’s got some mad web data mining skills :p

[ybitz]

[quote=DataAgent]11959 Handrich was destroyed in the 2003 fires. Here’s what the property looked like after the fire:
http://www.scrippsranch.org/special/Fire2003/AddressPictures/Handrich%20Dr%2011959.jpg

Here’s the complete list of destroyed homes:
http://www.scrippsranch.org/ProjectPhoenix/fire_address_list.asp

[/quote]
Yikes! That makes sense why the price went up so much, since it’s a “new” construction. Well, I was just doing some casual searches, and Redfin has it listed for sale with historic prices. Interestingly though, Redfin says the house was built in 1976. I didn’t read through it to realize it was a rebuilt.

DataAgent’s got some mad web data mining skills :p

[ybitz]

[quote=DataAgent]11959 Handrich was destroyed in the 2003 fires. Here’s what the property looked like after the fire:
http://www.scrippsranch.org/special/Fire2003/AddressPictures/Handrich%20Dr%2011959.jpg

Here’s the complete list of destroyed homes:
http://www.scrippsranch.org/ProjectPhoenix/fire_address_list.asp

[/quote]
Yikes! That makes sense why the price went up so much, since it’s a “new” construction. Well, I was just doing some casual searches, and Redfin has it listed for sale with historic prices. Interestingly though, Redfin says the house was built in 1976. I didn’t read through it to realize it was a rebuilt.

DataAgent’s got some mad web data mining skills :p

[an]

[quote=ybitz]
A 3000 sq ft house is a “starter home”?

you can easily find a “starter home” in scripps ranch in 1999 for under 300k. For example:

11368 Red Cedar Way, detached SFH, 3 beds, 2.0 baths, 1,384 sq ft, sold on 01/22/1999 for $194,000. A little small, but it’s good for a starter. That’s just from 10 minutes of zillow browsing. I’m sure you can find many larger houses for under 300k in 1999.

http://www.zillow.com/homedetails/charts/16820588_zpid,5years_chartDuration/

This one is on the market right now:
11959 Handrich
5 beds, 3.5 baths, 3,217 sq ft, Sold on 12/01/1999 for $300,000! Now it’s listed for $799k.

http://www.redfin.com/CA/San-Diego/11959-Handrich-Dr-92131/home/4810614?utm_source=myredfin&utm_medium=email&utm_campaign=email_this_listing&utm_nooverride=1

This home’s value went up 2.6 times in just under 10 years. How can this price be sustainable, when people’s income did not go up 2.6 times in the last 10 years (even adjusting for inflation)? Shouldn’t the value of a home track local income? Based on the numbers, I think Scripps Ranch has a lot to fall still.[/quote]
If you would just read the description of the 2nd house, you’d understand why they’re expecting $799k. It’s a newly rebuilt home, probably got burn down in the last fire that swept through Scripps. Although I don’t think it’s worth $799k, it’s not an apple-to-apple comparison. What was the size of that house in 1999? The original house was built in 1976, so in ’99, it was a 23 years old house.

Regarding the first house, that’s a 1300 sq-ft house. A 1300 sq-ft house in MM in 1999 was around $140k. So, $194k would be ~40% premium. A 1300 sq-ft house in MM today is ~$350k today, 40% premium would put it ~$490k today. Which those houses are going for today.

[an]

[quote=ybitz]
A 3000 sq ft house is a “starter home”?

you can easily find a “starter home” in scripps ranch in 1999 for under 300k. For example:

11368 Red Cedar Way, detached SFH, 3 beds, 2.0 baths, 1,384 sq ft, sold on 01/22/1999 for $194,000. A little small, but it’s good for a starter. That’s just from 10 minutes of zillow browsing. I’m sure you can find many larger houses for under 300k in 1999.

http://www.zillow.com/homedetails/charts/16820588_zpid,5years_chartDuration/

This one is on the market right now:
11959 Handrich
5 beds, 3.5 baths, 3,217 sq ft, Sold on 12/01/1999 for $300,000! Now it’s listed for $799k.

http://www.redfin.com/CA/San-Diego/11959-Handrich-Dr-92131/home/4810614?utm_source=myredfin&utm_medium=email&utm_campaign=email_this_listing&utm_nooverride=1

This home’s value went up 2.6 times in just under 10 years. How can this price be sustainable, when people’s income did not go up 2.6 times in the last 10 years (even adjusting for inflation)? Shouldn’t the value of a home track local income? Based on the numbers, I think Scripps Ranch has a lot to fall still.[/quote]
If you would just read the description of the 2nd house, you’d understand why they’re expecting $799k. It’s a newly rebuilt home, probably got burn down in the last fire that swept through Scripps. Although I don’t think it’s worth $799k, it’s not an apple-to-apple comparison. What was the size of that house in 1999? The original house was built in 1976, so in ’99, it was a 23 years old house.

Regarding the first house, that’s a 1300 sq-ft house. A 1300 sq-ft house in MM in 1999 was around $140k. So, $194k would be ~40% premium. A 1300 sq-ft house in MM today is ~$350k today, 40% premium would put it ~$490k today. Which those houses are going for today.

[an]

[quote=ybitz]
A 3000 sq ft house is a “starter home”?

you can easily find a “starter home” in scripps ranch in 1999 for under 300k. For example:

11368 Red Cedar Way, detached SFH, 3 beds, 2.0 baths, 1,384 sq ft, sold on 01/22/1999 for $194,000. A little small, but it’s good for a starter. That’s just from 10 minutes of zillow browsing. I’m sure you can find many larger houses for under 300k in 1999.

http://www.zillow.com/homedetails/charts/16820588_zpid,5years_chartDuration/

This one is on the market right now:
11959 Handrich
5 beds, 3.5 baths, 3,217 sq ft, Sold on 12/01/1999 for $300,000! Now it’s listed for $799k.

http://www.redfin.com/CA/San-Diego/11959-Handrich-Dr-92131/home/4810614?utm_source=myredfin&utm_medium=email&utm_campaign=email_this_listing&utm_nooverride=1

This home’s value went up 2.6 times in just under 10 years. How can this price be sustainable, when people’s income did not go up 2.6 times in the last 10 years (even adjusting for inflation)? Shouldn’t the value of a home track local income? Based on the numbers, I think Scripps Ranch has a lot to fall still.[/quote]
If you would just read the description of the 2nd house, you’d understand why they’re expecting $799k. It’s a newly rebuilt home, probably got burn down in the last fire that swept through Scripps. Although I don’t think it’s worth $799k, it’s not an apple-to-apple comparison. What was the size of that house in 1999? The original house was built in 1976, so in ’99, it was a 23 years old house.

Regarding the first house, that’s a 1300 sq-ft house. A 1300 sq-ft house in MM in 1999 was around $140k. So, $194k would be ~40% premium. A 1300 sq-ft house in MM today is ~$350k today, 40% premium would put it ~$490k today. Which those houses are going for today.

[an]

[quote=ybitz]
A 3000 sq ft house is a “starter home”?

you can easily find a “starter home” in scripps ranch in 1999 for under 300k. For example:

11368 Red Cedar Way, detached SFH, 3 beds, 2.0 baths, 1,384 sq ft, sold on 01/22/1999 for $194,000. A little small, but it’s good for a starter. That’s just from 10 minutes of zillow browsing. I’m sure you can find many larger houses for under 300k in 1999.

http://www.zillow.com/homedetails/charts/16820588_zpid,5years_chartDuration/

This one is on the market right now:
11959 Handrich
5 beds, 3.5 baths, 3,217 sq ft, Sold on 12/01/1999 for $300,000! Now it’s listed for $799k.

http://www.redfin.com/CA/San-Diego/11959-Handrich-Dr-92131/home/4810614?utm_source=myredfin&utm_medium=email&utm_campaign=email_this_listing&utm_nooverride=1

This home’s value went up 2.6 times in just under 10 years. How can this price be sustainable, when people’s income did not go up 2.6 times in the last 10 years (even adjusting for inflation)? Shouldn’t the value of a home track local income? Based on the numbers, I think Scripps Ranch has a lot to fall still.[/quote]
If you would just read the description of the 2nd house, you’d understand why they’re expecting $799k. It’s a newly rebuilt home, probably got burn down in the last fire that swept through Scripps. Although I don’t think it’s worth $799k, it’s not an apple-to-apple comparison. What was the size of that house in 1999? The original house was built in 1976, so in ’99, it was a 23 years old house.

Regarding the first house, that’s a 1300 sq-ft house. A 1300 sq-ft house in MM in 1999 was around $140k. So, $194k would be ~40% premium. A 1300 sq-ft house in MM today is ~$350k today, 40% premium would put it ~$490k today. Which those houses are going for today.

[Author]

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