under water in Solano Beach

[mrquoi]

FB’s up coast are having just as much fun as those downtown. Welcome to the wealth wipeout in surf condos.

MLS 061061297
325 S. SIERRA #25, Solana Beach, CA 92075
Purchased 09/08/2005 for $800,000
Listed 07/17/06 for $730,000
Loss, including 6%, ~$113,800

MLS 066047881
325 S Sierra Ave #38, Solana Beach, CA 92075
Purchased 09/08/2005 for $800,000
Listed 06/05/06 $725,100
Loss, including 6%, ~$118,400

MLS 061043796
675 SOUTH SIERRA AVE. #33, Solana Beach, CA 92075
Purchased 07/15/2005 $725,000
Listed 05/24/06 $739,000
Loss, including 6%, ~$30,340

MLS 061056383
526 VIA DE LA VALLE #L, Solana Beach, CA 92075
Purchased 06/02/2005 $690,000
Listed 07/01/06 $675,000
Loss, including 6%, ~$55500

MLS 051082148
526 VIA DE LA VALLE #A, Solana Beach, CA 92075
Purchased 03/21/2005 $635,000
Listed 11/07/05 $645,000
Loss, including 6%, ~$28,700

[waiting hawk]

Goina to chuck those on my site thx 🙂

My website tracking Temecula and South Riverside County

[PerryChase]

Thanks for the data MrQuoi. It’s always good to specific examples that illustrate the downturn.

[Bugs]

Pretty soon you guys are going to have too many of these to keep track of them individually. Your next step will be to completely ignore the listings and concentrate on closed sales.

[mrquoi]

I think that when there are too many to track will be about the time I should start concentrating on looking for a place for me to buy.

I do wonder if the people that bought some of those even bothered to visit the places first. The location is awesome, but some of those buildings are really ugly buildings surrounded by more ugly apartment buildings. At least for an overpriced $800K you can get into a really nice new building downtown.

[PerryChase]

Yes, those are really ugly buildings in Solana Beach. They eventually all turn into vacation rentals. Rent certainly won’t support $700,000 mortgages — perhaps for a couple of months during racing season. I would also rather buy downtown at that price.

[Anonymous]

Hi,

How did you get the info on purchased? Which website? I try to look up the same info on some of the houses that listed in my area.

Thanks

[Monster]

I rent in SB and have been looking for 3 months for a decent family home. I’m waiting for January when the Fed. increased rates 2 more times and it’s cold and dreary and no one is thinking of buying real estate. If the sellers don’t sell by 8/15th, your toast.

I still see granmas trying to sell 1960’s original everything homes for 1mm. Quasi ocean view. As Officer Mertoff said in “Point Break”, -“Brody/Granma, your going down!”

The Coaster left the station months ago and your getting out of your car way to slow.

I can’t wait to meet all the new millionaires moving to SD in the next few months who are buying these 1960’s teardowns. Where are they coming from?

[waiting hawk]

“Pretty soon you guys are going to have too many of these to keep track of them individually. Your next step will be to completely ignore the listings and concentrate on closed sales.”

I already stopped looking for myself in South Riverside. Their are way to many. I think I’m up to 42 homes and not posting all the sort sales and if you noticed, I didnt have’nt any 500k + homes on there from South Riverside really. There were to many at 350-500k to list. I’m done for now and only add others from different locations when others post em.

My website tracking Temecula and South Riverside County

[mrquoi]

I think there are faster ways using MLS, but I use the interactive map feature on ziprealty.com and look for clusters of stuff for sale in a given community.

Then I look at the photos and it’s usually really obvious which ones are flips gone bad – overpriced, on the market forever, words in the listing like “upgraded” “granite” “ready-to-move-in”.

Then if I’ve got some time I’ll check those on zillow.com. For apartment complexes/condos, you can put in the street address without the apartment number and it will give you a list of all the properties there and when they last sold. From there you can dig into the sales prices, assessed value, etc.

[gecko]

I am a lurker to this great site and thought you would all like to see a post from a Realtor about the Hidden Meadows market in Escondido. This is an almost brand new upgraded home on the golf course. MLS #: 066063118

http://www.allenhemphill.com/Newsletter.htm

“Late July — Early August Analysis

If we were to look back at the market, we would note that July 22 was the date on which the Hidden Meadows market “dropped.”

It was on that date that a home on Pinion Trail, which had previously been listed at $920,000 was re-listed at $726,000!

There have been many price reductions previous to that date – but massive reductions like that were unknown. That sort of reduction demonstrates someone who “must” sell as opposed to those who wish to sell.

We have a large number of vacant homes, and those are the next ones in which we will see large price reductions. That will be followed by a general reduction in prices.

I do not see a market more than 20% below today’s market. Our market is strong enough to withstand more reduction than that, and it is entirely possible that the market will not permit that much. It may be 15%. I doubt it will be only 10%.

The job market is strong. The general economy is strong. Gas prices are horrible, but not so high as to actually change driving habits. The stock market is responding to the world situation but not apparently to any “bad” domestic economic news. There is little bad domestic news.”

[USMCBunny]

Saratoga West (the white 1970’s era condo’s looking over the race track from the north) units are also feeling the settle in Solana Beach. Last summer the top ones with the best view were going for 1 mil-ish, the middle ones (my row) for up to 800K, and the bottom ones for 600K. anywhere from 8-12 units currently on and off the market, I think one sold.
A neighbor tried to put his mid level 2/2 on the market for 890K in Jan, still has not sold, though the list price has adjusted up and down monthly. (Low of 800K – then back to 850-ish) This guy has gone thru about 6 realitors over this time frame.
A couple of weeks ago, a top level 2/2 went on the market for 750K – apparently an out of state owner that just wants to get rid of it. I suspect this will crush comps in the complex.

[Monster]

Which ones are the units with severe mold problems and people are drawing up lawsuits? These units are located north of Via de valle. Just wondering which ones?

[USMCBunny]

Monster,
That’s us (Saratoga West) – current HOA assesment against various owners is anywhere from 15K – 55K for mold / water damage reconstitution.
I have heard there are lawsuits by some owners … not sure what good that is going to do – the HOA ain’t got the $$$ to do the fixes either way.

[Monster]

Thanks for the clarification. Sounds like a long term problem raising its ugly head again. Has it been going on for years?

[Author]

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