Someone just Blinked In San Elijo Hills

[North County Jim]

The house at 8×3 Antilla Way is a new listing in San Elijo Hills. In reality, this is its third listing since spring/early summer when it was originally listed at a range up to $1.2 million. There were reductions down to the mid-to-high 900’s before it disappeared from the MLS several weeks ago.

It reappeared yesterday with a range of $850-925k as the asking price.

The house was purchased for $932k in March 2005. From the look of the very nice landscaping, it appears additional money was spent on the house so the loss will not be inconsequential.

What makes this move so noteworthy is the fact that both next-door neighbors are also for sale. Based on square footage and landscaping, I would consider them inferior properties. They are both asking around $950k.

Did I mention the builder has still not sold out?

[davelj]

Three words: look out below!

[anxvariety]

Three words: look out below!

LOL.. don’t drink the kool-aid at that open house!

[jabrwoki]

There seem to be more down the street for even lesser money (slightly smaller square footage ~3300) …

8×4 Antilla Way : $775-850k.

Lots of new houses (3000+sq ft) coming up for less money ~700-750k

[North County Jim]

8×4 Antilla is on the non-view side of the street so it’s an apples-to-oranges comparison. Incidentally, this guy has been on and off the market since November after buying in October for $743k.

[JES]

More great news from San Elijo!

I went to the sales office for the new home community below this week. They are offering 4-2-1 financing (6.7% or so fixed 30 year, they pay 4% the first year, 2% the second year, then you pay the 6.7% rate…). Also, they said to ‘make a reasonable offer.’ What is reasonable? They pointed to a 850k house and said 800 might be. I’m thinking 750 would be too because a friend in the new home business told me that 100k off is reasonable right now. No plans to buy for me though. But look at the sizes of these homes:

Atherton
Richmond American
Single Family Homes
3,399-4,171 Sq. ft.
Priced from the low $800,000s

[jabrwoki]

Jim,
Wow ! People listing 1 month after purchase, this shows the insanity of this whole ponzi scheme. Glad it is finally starting to unravel.

JES,
I also visited RA homes in their lower end neighborhood (Luminara not Atherton) and same buy down schemes being offered with list prices starting 60k below their website price !

[farbet]

SEJ Hills about to pop I truly believe. I am on business for a few days in San Francisco. Pulte homes in SF are running TV ADS offering $99,000 incentives and reductions.Flooring including.The Ads are on the radio also
There are a lot of short sales being advertised here.
Mariners landing, Atherton will soon be lowering list prices.
Does any one know about Short sales, what to look out for??

[Steve Beebo]

San Elijo Hills is definitely a bad market right now. Resale houses in newer tracts, where the builder still has inventory to sell next year, are going to get hammered vs. established areas without new housing available.

[lendingbubblecontinues]

Okay. It looks like the noose is finally beginning to tighten. I read Steve Beebo's comment about San Elijo Hills market being bad, to be closely related to the "it's different here" comments I've read from all over the country the last six-months or so.

We all know it is not different here and once we (the Beebos of the world) begin to point out that "yes, maybe that neighborhood across the street will go down, but mine is special…everyone wants to live in Del Mar or Lakeside, etc." we have reached a critical milestone…the proverbial "chicken" has come home to roost locally!!! It's about f**king time, too!! The bubble is officially beginning to burst here in San Diego.

Beebo…your house is going down, bro, and there ain't nuthin' you can do about it. Pre 2003 prices, bro. It's going down clown.

[sdduuuude]

lending bubble – Are you suggesting all zip codes will depreciate by exactly the same amount?

[lendingbubblecontinues]

dude…no…I am attempting to assist sdrealtor in getting Beebo to pull his “head out of the sand” (from the Median Officially 7% off the peak forum topic) as it seems he wants to believe that San Elijo Hills is in trouble but other places without new inventory will be fine. I sense that he feels a bit too secure with his presumed cozy equity gains during this bull run and I’m sharing my opinion that his home, likely in one of those older established areas, is going to get dinged very hard like most everybody else’s will.

Certainly there will be differences in depreciation across all zip codes. We all know that.

[sdduuuude]

I thought his comment was interesting.

Just a suggestion – if you want to hammer someone, don’t hammer a decent post, just because you don’t like some of their prior posts. It devalues your own posts.

[lendingbubblecontinues]

Sorry,

I always feel like the guy is trolling and a bit insincere about where this market is headed. Whatever.

Truth be told, I rarely post because there is no point to it. Why do any of us post? Screw it. Every now and again I see something to call bullshit on and I post. End of discussion.

[Mr_Brightside]

Does anyone have an MLS number for the property? If I can confirm the details I’ll post this on my blog.

http://sandiegomarketmonitor.blogspot.com/

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