Stonebridge below 700k

[ocrenter]

[quote=SD Realtor]Agreed on all those. The thing that keeps pulling me to SB are the lots and yard sizes. Santa Luz is nice as well but a little more high end… price wise…[/quote]

Santaluz and Crosby fees are almost twice as much as SB as well. The larger lots of SB also come with larger sqft for the same price.

[flyer]

Thank you everyone, for your great ideas–really appreciate your thoughts, and I’ll be passing them along to our friends.

Even though I absolutely realize you do get more for your money at SB, I know that, after much discussion, they have come to the final conclusion that they don’t want to live East of I-15 for quite a few reasons.

I also know they want to be as close to Del Mar as they can get, and still have some space–since her family lives there–hence their interest in Santaluz, and I will most definitely share all of the other possibilities you have mentioned. We’ve been in RSF for such a long time that I rarely investigate other newer areas, so your input really helps.

Thanks again!

[ocrenter]

[quote=flyer]Thank you everyone, for your great ideas–really appreciate your thoughts, and I’ll be passing them along to our friends.

Even though I absolutely realize you do get more for your money at SB, I know that, after much discussion, they have come to the final conclusion that they don’t want to live East of I-15 for quite a few reasons.

I also know they want to be as close to Del Mar as they can get, and still have some space–since her family lives there–hence their interest in Santaluz, and I will most definitely share all of the other possibilities you have mentioned. We’ve been in RSF for such a long time that I rarely investigate other newer areas, so your input really helps.

Thanks again![/quote]

Santaluz is absolutely beautiful, they’ll definitely enjoy it.

[kkun]

There is another re-listing in the same area at 550- 600k! It was listed at 675k in Nov last year and went pending. Seems that did not work out and the house is back in market for a lower price.

http://www.sdlookup.com/MLS-110043011-13177_Bella_Rosa_Rd_San_Diego_CA_92131

[SD Realtor]

This home is a poster child for why some short sales do not get done. First red flag. On the MLS listing history the home went from Active to Contingent status on the first day it hit the MLS. Then the home went from contingent back to Active, in Novement. Then it was moved to Pending. Then on the 28th of April it was moved back to Active with the price moved into the present price range.

My guess is that they had some sort of funny business with the first offer, probably simply to stave off the foreclosure. Did I say there was also a Notice of Trustee sale the week before the home was put on the market? At any rate the listing agent is also someone I have not heard of working for an office I have not heard of. So I think they tried something funky at first, and it didn’t work. So now they are probably scrambling to get another short sale offer into the lender.

Just my guess…

[sdrealtor]

Not that it means anything but the prior sale was a double ended transaction by double E and the names seem to indicate these could be more of his bretheren.

[CA renter]

[quote=sdrealtor]The Ranch in Carlsbad. 4,000 to 5,000 sq ft homes all on 1/2 acre plus lots. Great schools, low fees, great access to the coast and now under $1.5M. If you want a family friendly neighborhood along the coast with big lots I dont know that you can do any better. FWIW the houses were built between 95 and 99 so some may need updating already.[/quote]

Definitely an excellent location with beautiful homes and lots.

[kkun]

This one is sold at 550k! Probably needs some work for the home. Still it’s great price. Stonebridge continues to go down.

[bearishgurl]

[quote=kkun]There is another re-listing in the same area at 550- 600k! It was listed at 675k in Nov last year and went pending. Seems that did not work out and the house is back in market for a lower price.

http://www.sdlookup.com/MLS-110043011-13177_Bella_Rosa_Rd_San_Diego_CA_92131
[/quote]

kkun, I take it this is the property (that you posted on 4/30) that you are referring to today which recently sold for $550K?

I’m sorry to say that it is butt-ugly from the curb, with very little “setback” on a tract that is supposed to be “prized” for its oversized lots. This particular lot appears to be a little over 8K sf (likely 3/4 to 5/6 of it house). What’s the point of paying $500+ monthly for MR for THIS??

[kkun]

Yes, that’s the house I referred to.

My comment about this home is purely driven by economics- not my individual preferrence. Mello Roos is a factor for Stonebridge. In number of threads in this forum MR impact has been debated and the matter is settled at $100k increase in purchase price.

I do not like to live in this home personally (backing to Stonebridge Pkwy). But if I had the capital, I would have entertained the idea to buy it at $550k, do repairs worth $20k and flip it to make $50k profit.

Every house in that locality has equal Mello Roos. The fact is, it has been sold at a steeper discount than comparable houses in the same street.

[bearishgurl]

[quote=kkun]…Every house in that locality has equal Mello Roos. The fact is, it has been sold at a steeper discount than comparable houses in the same street.[/quote]

Correct me if I’m wrong, but my understanding was that the avg size lot in Stonebridge was 20K sf. If this is truly the case, this house sits on a significantly smaller lot (8K) than the avg size around there with the same amt of MR attached to it as the rest. I didn’t even check (as you did) to see if its lot backed into road noise – another significant drawback.

kkun, how do you figure you could have made a $50K profit on this house (after buying & selling costs) by buying it for $550K, “fixing it up” and flipping it? Do YOU have a RE license? And would a $50K profit been worth the time and trouble given you would have to have paid taxes/MR and may have had to carry a mortgage for the length of time it took to sell it? What is the avg market time for a property with a $500+ mo MR encumbrance??

[kkun]

Avg size lot in Stonebridge is lot smaller than 20k sf. Probably closer to 10- 12k sf.

To make money by flipping, one has to use cash. That way cost of loan is saved, not to mention the long time it takes to get the loan done. That’s my point “IF I had capital…”. Having a RE agent partner is another must.

At right price, house may get sold in 3 months in Stonebridge when the inventory is low (like now)

A great case study is a house across this one: 13198 Downing Lane, 92131. It was bought in foreclosure ~5 months back, fixed and put in market. It’s contingent now. Depending on the sale price the flipper may make $50k+

I am curious to see what price it sells at..

[kkun]

Two interesting transactions in Stonebridge:

13198 Downing Lane: flipped successfully, purchased at $635k. Flipped at $750k in five months.

http://www.redfin.com/CA/San-Diego/13198-Downing-Ln-92131/home/7502145

Just across this house, another one up for flip:
13177 Bella Rosa Rd: bought at $550k! Cleaned up, fixed and made ready to sell in three weeks. Now listed at $759k. Probably will sale around asking price.

http://www.redfin.com/CA/San-Diego/13177-Bella-Rosa-Rd-92131/home/7502146

Seems smart flipping strategy can be reasonably profitable.

[sunny88]

[quote=kkun]Two interesting transactions in Stonebridge:

13198 Downing Lane: flipped successfully, purchased at $635k. Flipped at $750k in five months.

http://www.redfin.com/CA/San-Diego/13198-Downing-Ln-92131/home/7502145

Just across this house, another one up for flip:
13177 Bella Rosa Rd: bought at $550k! Cleaned up, fixed and made ready to sell in three weeks. Now listed at $759k. Probably will sale around asking price.

http://www.redfin.com/CA/San-Diego/13177-Bella-Rosa-Rd-92131/home/7502146

Seems smart flipping strategy can be reasonably profitable.[/quote]

13198 Downing Lane sold for $970 k back in 2006! What a deal!
13177 Bella Rosa sold originally for $990 k in 2007.

[kkun]

30% discount from 2005 Price is normal in that area. So that’s not much different.

Thing that is interesting is how smart flipping is correcting the price. For the Bella Rosa house 550k was lower than market price and that provided an opportunity to flip.

bearishgirl and I have discussed this topic a month ago (see previous posts on the thread). I am curious how much Bella Rosa flipper makes 🙂

[Author]

Posts