The Summit in RB, another disaster area…

[masayako]

16 Currently Listed

Bed/Bath Sq. Ft. List Price
1/1 745 $229,000 – $245,500
1/1 745 $246,500
1/1 745 $259,900
1/1 745 $265,000
2/2 899 $319,900 – $339,900
2/2 968 $322,500
2/2 968 $323,000
2/2 968 $324,900 – $338,500
2/2 968 $325,000 – $332,900
2/2 899 $339,000
2/2 899 $345,000
2/2 968 $345,000 – $365,000
2/2 968 $355,000
2/2 899 $355,000
3/2 1232 $375,000 – $394,000
3/2 1232 $379,000

2 in escrow:
Bed/Bath Sq. Ft. List Price
2/2 899 $315,000 – $345,000
2/2 899 $319,900 – $339,900

No more escrow after 6/30/2006. Houses are just sitting and waiting in the queue . Last sold house is $289,000 for a 745 sqft condo.

Last sold:
17161 Alva Road #2924 1/1 745 $289,000 6/30/2006

Lowest listing:
1/1 745 $229,000 – $245,500

21% drop already. Of course, if the seller is lucky enough to get a greater fool to pay for his overpriced 1 bedroom mistake for $229,000.

Masayako

[masayako]

vrudny,

Hi there, my Piggington friend. There is no misery to the current pricing of The Summit. You can check the pricing at this website. Unfortunately, they only keep track the data for 12 months. So, I can’t tell whether it peak at 2004 or 2005.

http://www.r-e-sale.com/marketupdate.asp?d=The+Summit&m=6

The only data they have concerning 1232 sqft is this:
Address Bed/Bath Sq. Ft. Sale Price Close Date
17161 Alva Road #2212 3/2 1232 $369,000 4/10/2006

No doubt in my mind The Summit will continue to drop. How much? It’s everyone’s guess. But I recall, in sabre spring, we used to be able to get a 2300 sqft new single family home for $335000, at that time. Condo with 1200 sqrt in RB was about $200000 in 2000. So, my guess is, 2/2 condo in RB should return to low $200k price ($225k-$255k) depend on condition/interest rate/location and other factors. That’s just my assumption.

Given that it is a condo conversion. Those, I believe, will drop like rocks from the top of the palomar mountain to the abyss of the pacific ocean. Don’t be surpised those will drop back to $165k to $200k price range. Personally, I wouldn’t even consider buying condo conversion simply because the quality of the house itself — sucks.

In a few years, when the price is adjusted, you should check out Collage, Provenal in Carmel mountain ranch area. Those are good quality townhomes. Good luck.

Masayako

[sdrealtor]

Record price for 3Br in Summit went into escrow on 6/6/04 and closed on 7/6/04. The price was $424,900. It sold in 21 days and they only offered 2% commission to the buyers broker. That would be the peak sale.

There is a tenant occupied property currently on the market for $369,000 and its be on about 3 months. Probably an inferior location/property than the peak one and the tenant hurts things also. But surely not worth $50K plus more.

[Steve Beebo]

Here are all of the sales since 2002 from the MLS for the 3 BR model (1232 sf)

17161 ALVA RD 722 $275,000 7/30/2002
17161 ALVA RD 3223 $275,000 11/7/2002
17161 Alva Rd 723 $275,000 3/4/2003
17161 Alva Rd 2224 $280,000 4/17/2003
17161 Alva Rd 2213 $280,000 5/28/2003
17161 Alva Rd 713 $282,000 7/24/2003
17161 Alva Rd 3311 $310,000 12/17/2003
17161 Alva Rd 2213 $345,000 3/12/2004
17161 Alva Rd 2212 $369,000 4/10/2006
17161 Alva Rd 3313 $395,000 6/27/2005
17161 ALVA RD 723 $402,000 3/11/2005
17161 Alva Rd 2213 $405,000 6/3/2005
17161 Alva Rd 3223 $406,000 8/31/2005
17161 Alva Rd 722 $408,000 5/27/2005
17161 Alva Rd 3314 $410,000 10/12/2004
17161 Alva Rd 714 $420,000 8/12/2005
17161 Alva Rd 3323 $424,900 7/6/2004

There is only one active listing of the 3 BR model – at 369K

FWIW – the highest and the third highest sales were “view” units, and the second highest sale had been remodeled.

[Author]

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