Thoughts on this neighborhood

[cabal]

SD R, sdr, Urbanrealtor or any other Pigg Realtor:

Any of you familiar with this neighborhood? What is your opinion on the price of this property ?

http://www.redfin.com/CA/San-Diego/6508-Mesa-Norte-Dr-92130/home/7522422

What about this one on Del Vino that sold recently?

http://www.redfin.com/CA/San-Diego/12408-Del-Vino-Ct-92130/home/6584548

Your thoughts on future price trends for this submarket would be appreciated.

[PCinSD]

I had the same question about this property:

http://www.sdlookup.com/MLS-100011964-211_S_28th_St_San_Diego_CA_92113

I’m kidding, sort of. I just picked a crappy neighborhood and clicked on the cheapest house. But doesn’t that still seem pretty cheap for that house?

Cabal, you’re looking at some nice pads.

[PCinSD]

I had the same question about this property:

http://www.sdlookup.com/MLS-100011964-211_S_28th_St_San_Diego_CA_92113

I’m kidding, sort of. I just picked a crappy neighborhood and clicked on the cheapest house. But doesn’t that still seem pretty cheap for that house?

Cabal, you’re looking at some nice pads.

[PCinSD]

I had the same question about this property:

http://www.sdlookup.com/MLS-100011964-211_S_28th_St_San_Diego_CA_92113

I’m kidding, sort of. I just picked a crappy neighborhood and clicked on the cheapest house. But doesn’t that still seem pretty cheap for that house?

Cabal, you’re looking at some nice pads.

[PCinSD]

I had the same question about this property:

http://www.sdlookup.com/MLS-100011964-211_S_28th_St_San_Diego_CA_92113

I’m kidding, sort of. I just picked a crappy neighborhood and clicked on the cheapest house. But doesn’t that still seem pretty cheap for that house?

Cabal, you’re looking at some nice pads.

[PCinSD]

I had the same question about this property:

http://www.sdlookup.com/MLS-100011964-211_S_28th_St_San_Diego_CA_92113

I’m kidding, sort of. I just picked a crappy neighborhood and clicked on the cheapest house. But doesn’t that still seem pretty cheap for that house?

Cabal, you’re looking at some nice pads.

[ocrenter]

this neighborhood was first featured on BMIT in ’06 and again in ’08. This is the history of this particular home:

6508 Mesa Norte Dr., Carmel Valley, CA 92130
–4 beds, 4.0 baths, 4,258 sqft on 1.4 acres
–11/2005: purchased for $1.978 million
–the first owner installed a vanishing pool plus other upgrades.
–11/2006: was entertaining offers from $2.490 to $2.690 million
–06/2007: aggressively dropped his wish price and sold for $1.975 million

so it looks like the second owner in ’07 got in trouble and is going for a short sale for $1.75 million.

assuming you got $250k of upgrade in this thing, you are looking at close to $500k off peak and improvements. but the main question is, how much is the bank willing to take, and will you have a better shot at this thing if it goes to auction.

[ocrenter]

this neighborhood was first featured on BMIT in ’06 and again in ’08. This is the history of this particular home:

6508 Mesa Norte Dr., Carmel Valley, CA 92130
–4 beds, 4.0 baths, 4,258 sqft on 1.4 acres
–11/2005: purchased for $1.978 million
–the first owner installed a vanishing pool plus other upgrades.
–11/2006: was entertaining offers from $2.490 to $2.690 million
–06/2007: aggressively dropped his wish price and sold for $1.975 million

so it looks like the second owner in ’07 got in trouble and is going for a short sale for $1.75 million.

assuming you got $250k of upgrade in this thing, you are looking at close to $500k off peak and improvements. but the main question is, how much is the bank willing to take, and will you have a better shot at this thing if it goes to auction.

[ocrenter]

this neighborhood was first featured on BMIT in ’06 and again in ’08. This is the history of this particular home:

6508 Mesa Norte Dr., Carmel Valley, CA 92130
–4 beds, 4.0 baths, 4,258 sqft on 1.4 acres
–11/2005: purchased for $1.978 million
–the first owner installed a vanishing pool plus other upgrades.
–11/2006: was entertaining offers from $2.490 to $2.690 million
–06/2007: aggressively dropped his wish price and sold for $1.975 million

so it looks like the second owner in ’07 got in trouble and is going for a short sale for $1.75 million.

assuming you got $250k of upgrade in this thing, you are looking at close to $500k off peak and improvements. but the main question is, how much is the bank willing to take, and will you have a better shot at this thing if it goes to auction.

[ocrenter]

this neighborhood was first featured on BMIT in ’06 and again in ’08. This is the history of this particular home:

6508 Mesa Norte Dr., Carmel Valley, CA 92130
–4 beds, 4.0 baths, 4,258 sqft on 1.4 acres
–11/2005: purchased for $1.978 million
–the first owner installed a vanishing pool plus other upgrades.
–11/2006: was entertaining offers from $2.490 to $2.690 million
–06/2007: aggressively dropped his wish price and sold for $1.975 million

so it looks like the second owner in ’07 got in trouble and is going for a short sale for $1.75 million.

assuming you got $250k of upgrade in this thing, you are looking at close to $500k off peak and improvements. but the main question is, how much is the bank willing to take, and will you have a better shot at this thing if it goes to auction.

[ocrenter]

this neighborhood was first featured on BMIT in ’06 and again in ’08. This is the history of this particular home:

6508 Mesa Norte Dr., Carmel Valley, CA 92130
–4 beds, 4.0 baths, 4,258 sqft on 1.4 acres
–11/2005: purchased for $1.978 million
–the first owner installed a vanishing pool plus other upgrades.
–11/2006: was entertaining offers from $2.490 to $2.690 million
–06/2007: aggressively dropped his wish price and sold for $1.975 million

so it looks like the second owner in ’07 got in trouble and is going for a short sale for $1.75 million.

assuming you got $250k of upgrade in this thing, you are looking at close to $500k off peak and improvements. but the main question is, how much is the bank willing to take, and will you have a better shot at this thing if it goes to auction.

[SD Realtor]

Cabal we actually discussed this very neighborhood but it was back in 2008. I had a client who put an offer down on the home at 6473 Mesa Norte. That is the one with the super long driveway. My client ended up getting outbid by about 25k. That home went for 1.775 and is 1200 sf larger then 6508. Now 6508 is a bit further down the cul de sac then 6532 which is contingent at 1.695…

As for the neighborhood? Well yeah I think I could put up with it… Seriously though, yes nice neighborhood. I have not been out there since the Mesa Norte offer back in 08 and honestly I don’t recall if there was 56 noise up the canyon. On that side of Mesa Norte there would be less then the other side.

Really though they are nice places. I do think they will still depreciate because they are predominantly new money and that is the riskiest type.

[SD Realtor]

Cabal we actually discussed this very neighborhood but it was back in 2008. I had a client who put an offer down on the home at 6473 Mesa Norte. That is the one with the super long driveway. My client ended up getting outbid by about 25k. That home went for 1.775 and is 1200 sf larger then 6508. Now 6508 is a bit further down the cul de sac then 6532 which is contingent at 1.695…

As for the neighborhood? Well yeah I think I could put up with it… Seriously though, yes nice neighborhood. I have not been out there since the Mesa Norte offer back in 08 and honestly I don’t recall if there was 56 noise up the canyon. On that side of Mesa Norte there would be less then the other side.

Really though they are nice places. I do think they will still depreciate because they are predominantly new money and that is the riskiest type.

[SD Realtor]

Cabal we actually discussed this very neighborhood but it was back in 2008. I had a client who put an offer down on the home at 6473 Mesa Norte. That is the one with the super long driveway. My client ended up getting outbid by about 25k. That home went for 1.775 and is 1200 sf larger then 6508. Now 6508 is a bit further down the cul de sac then 6532 which is contingent at 1.695…

As for the neighborhood? Well yeah I think I could put up with it… Seriously though, yes nice neighborhood. I have not been out there since the Mesa Norte offer back in 08 and honestly I don’t recall if there was 56 noise up the canyon. On that side of Mesa Norte there would be less then the other side.

Really though they are nice places. I do think they will still depreciate because they are predominantly new money and that is the riskiest type.

[SD Realtor]

Cabal we actually discussed this very neighborhood but it was back in 2008. I had a client who put an offer down on the home at 6473 Mesa Norte. That is the one with the super long driveway. My client ended up getting outbid by about 25k. That home went for 1.775 and is 1200 sf larger then 6508. Now 6508 is a bit further down the cul de sac then 6532 which is contingent at 1.695…

As for the neighborhood? Well yeah I think I could put up with it… Seriously though, yes nice neighborhood. I have not been out there since the Mesa Norte offer back in 08 and honestly I don’t recall if there was 56 noise up the canyon. On that side of Mesa Norte there would be less then the other side.

Really though they are nice places. I do think they will still depreciate because they are predominantly new money and that is the riskiest type.

[Author]

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