Sheet……

[Coronita]

http://www.redfin.com/CA/San-Diego/10720-Aderman-Ave-92126/unit-54/home/4593999

At one point these were $199k-210k

What slowdown in SD?

Nice 2 month flip, BTW….

Damn lizard infested suburbs with too many walls….

[SD Realtor]

You know, that slowdown that happens when nobody wants to live in San Diego anymore. I am sure it is just around the corner.

[spdrun]

Or the one that happens when the Fed loses control of rates and they hit 6-7%. HERE’S HOPING!

[SD Realtor]

Someday rates will rise and that will happen. Maybe in a year, or maybe in 10 or 20. If rates do spiral however, given the national debt level, there will be a hell of a lot more problems then housing depreciation.

[spdrun]

I don’t consider housing depreciation (or depreciation of anything excessively inflated) to be a “problem” as much as a necessary thing and an opportunity.

And G-d forbid that our government would be forced to spend wisely. We’ll eventually have to realize that having our military all over the world, and that keeping slightly less than one per cent of our population in prison are unsustainable things. The sooner we do, the better for us.

[an]

It must be the unbearable heat that’s getting these buyers from going crazy.

[Coronita]

Well, I’ll share a little story about the a short sales condo that fell apart…

I offered slightly more than the asking price and what I thought was a reasonable offer, since there was probably around $3-5k in renovation that needed to be done… My offer was accepted and it was going through the short sales process. Well, bank came back and told the seller, “sorry, we’re not going to allow you to do a short sales”… I guess they looked at the property, looked at the area, looked at the seller’s finances, and figured he could carry the property with a tenant and denied the short sales…..Seller doesn’t want to be a landlord, and decided to relist it recently as a traditional sale $10k higher… I’m told it just went pending….

Still pretty brutal market in the better parts of town these days…

Timing is just off. Before, there was a lot of property, I had less cash at my disposal (plus I generally didn’t have as much time back then)..

Now I have more cash and time to deal with this, and inventory where I want to do it in still stinks…

One day, the stars will align…

I think in a couple of months, and “average” 1/1 in MM will break through the $200k mark if things keep at it.

[an]

FYI, those 2/2 condos were selling for $180-185k at the bottom. Now, you’re seeing them listed in the $300k: http://www.sdlookup.com/MLS-140001710-10878_Aderman_Ave_175_San_Diego_CA_92126. I’m kicking myself in the ass for dropping out of a deal for one of those at $180k.

[Coronita]

http://www.redfin.com/CA/San-Diego/10950-Summerdale-Way-92126/unit-321/home/4574355

5 days and it goes pending.. With a gas leak… Nice ….

[spdrun]

^^^

What gas leak? I don’t see that mentioned, even if there is one, they’re usually easy to fix provided nothing stupid like running naked gas pipe through the slab was done by the builder.

I’d say that the $150-$170k range is about right for that area (given new-ish construction and low H.O.A. of $205), so no surprise that it’s pending.

If you’re talking about Aderman, it’s been in and out of pending 3x since November. Not 5 days, but closer to 60 days if the buyer performs this time around.

[Coronita]

[quote=spdrun]^^^

What gas leak? I don’t see that mentioned, even if there is one, they’re usually easy to fix provided nothing stupid like running naked gas pipe through the slab was done by the builder.

I’d say that the $150-$170k range is about right for that area (given new-ish construction and low H.O.A. of $205), so no surprise that it’s pending.

If you’re talking about Aderman, it’s been in and out of pending 3x since November. Not 5 days, but closer to 60 days if the buyer performs this time around.[/quote]

The tag that was left by SDGE on the counter….

I thought you were one of the folks talking about a 15-20% correction in MM by this time…

[spdrun]

Not necessarily by this time, but it’s definitely possible by some time this year. Aderman has been in and out of contingency quite a few times.

As far as the listing for $167k, peak sale price for a 1/1 on Summerdale was $187k for a unit sold this summer. We don’t know what price was accepted here (and if the buyer will perform), but if it went for $160-$167k, it’s already a bit off peak.

[Coronita]

[quote=spdrun]Not necessarily by this time, but it’s definitely possible by some time this year. Aderman has been in and out of contingency quite a few times.

As far as the listing for $167k, peak sale price for a 1/1 on Summerdale was $187k for a unit sold this summer. We don’t know what price was accepted here (and if the buyer will perform), but if it went for $160-$167k, it’s already a bit off peak.[/quote]

You’re playing both hands… Nice analysis 🙂

[earlyretirement]

I was recently at a conference with both Stan Humphries (from Zillow) and Gary London (from the London Group). While Stan was predicting about 7% appreciation for San Diego in 2014, it was surprising to hear Gary so upbeat.

He did nail the bottom but he says that he predicts that 2014 will be the best year yet in recent years for property appreciation in San Diego.

I can’t say I agree with him that 2014 will be better than 2013 was in appreciation but surprising nonetheless to hear him so upbeat.

[scaredyclassic]

There are some very very very high listing prices in my neighborhood. I asked my wife if we could sell, retire and go live in a shack in Joshua Tree but she said no.

I was thinking may b e we could open a combination restairant/bar/law office/ medical cl Inic/ magic shoppe/psychic reader establishment on hwy 62.

[Author]

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