What Housing Bubble?

[ltsddd]

What’s your guess as to how much this one is going to sell for? It is definitely an anomaly. That said, I see many 70s 4/2 are listed above $600K.

https://www.redfin.com/CA/San-Diego/10953-San-Blas-Cir-92126/home/4798491

[Escoguy]

The home is really too nice for the area.

The geography is fine, but there are many homes not updated or renovated in the surrounding streets which make one like this stand out.

So you end up having the nicest house where 90% of the homes are still 70s style.

Now if everyone on the surrounding 3-4 cul-de-sacs also did exterior stucco remodel to give the neighborhood a more standard look, it may actually be worth 850K, but for now I’d guess 780K just because it is close to Sorrento Valley.

I’m just not seeing that that neighborhood will appeal to the executive types who can afford 850K. Perhaps two mid level managers with combined income of 200K but even then it’s a big compromise and getting to Mira Mesa schools is a mess with the road layout even if it’s a few miles away.

Try driving on Flanders on a weekday morning. Not fun.

[Coronita]

Is this another home brought to you by Courtney Campbell???

Sorry, I couldn’t resist and had to ask….

[ltsddd]

[quote=flu]Is this another home brought to you by Courtney Campbell???

Sorry, I couldn’t resist and had to ask….[/quote]

haha. I have a vested interest in staying abreast with 92126. At this rate, I might have to break my own rule and considering selling my rentals. I am not at all tempted to do that yet, but if it keeps going up…..

[ltsddd]

[quote=Escoguy]The home is really too nice for the area.

The geography is fine, but there are many homes not updated or renovated in the surrounding streets which make one like this stand out.

So you end up having the nicest house where 90% of the homes are still 70s style.

Now if everyone on the surrounding 3-4 cul-de-sacs also did exterior stucco remodel to give the neighborhood a more standard look, it may actually be worth 850K, but for now I’d guess 780K just because it is close to Sorrento Valley.

I’m just not seeing that that neighborhood will appeal to the executive types who can afford 850K. Perhaps two mid level managers with combined income of 200K but even then it’s a big compromise and getting to Mira Mesa schools is a mess with the road layout even if it’s a few miles away.

Try driving on Flanders on a weekday morning. Not fun.[/quote]

I am really interested to see who’s foolish enough to cough up that much to buy in that ‘hood…..speaking of Flanders, I guess that’s a good sign. It used to be that you wouldn’t want to go anywhere near Flanders Drive-bys.

[Coronita]

Mira Mesa is a great place. Lots of new professionals. There were plenty of homes in the Sorrento Heights Pardee community that sold in the high $7’s and I think a few in the low $8s.

This home might be high given where it’s located, but Mira Mesa itself isn’t cheap anymore either.

I have just tiny rentals in MM, and I’m counting on a continued revitalization to push housing up further. Location-wise, it’s great because it’s so close to tech corridor. I don’t think I would ever sell since the cash flow is ridiculously good given the prices that I bought.

I just wish I picked up SFH’s when prices were still cheap. I’m currently priced out out Mira Mesa SFH. Lol.

Home prices in MM can’t possibly be worse than it is right now in Carmel Valley. I’m seeing 3/3 condos that at peak were in the $600’s now well above peak trying to push into the high $6, low $7s..

[svelte]

Yee Gads!

If there was ever a poster child for a first decade McMansion, this is it! 3000 SF crammed onto a lot with not a square inch of grass, save for the plastic grass in the rear, big screens screwed to every wall, wrought iron and Corinthian tile at every turn, gawdy bowl sinks, fireplaces crammed in every corner, only thing more painful to the eye in these 50 states is Trumps NY penthouse.

Take a look at the Google Street View – $100K of leased vehicles in the drive/front yard including a brainless buttcrack’s jacked 4 door 4WD murdered out pickup.

Can there be anything more stereotypical?

Won’t sell for the 8s that’s fur sure. If it does we’re in trouble.

[Essbee]

I am NOT a fan of the all cement front yard! Xeriscape is fine, but all cement looks like it’s made to park an RV.

[flyer]

We’ve been holding our rentals in CV and elsewhere for years. Still, it’s always tempting to sell, but doubt if we ever will. It will be interesting to see how this one goes.

[an]

My guess is w/in 5% of asking price. This is the only 3000 sq-ft house in MM AFAIK that’s fully renovated (essentially a new house). So, all it takes is one person who want to buy it. This is atypical to the area, so, I don’t think it’s telling whether it’s bubble or not. All you need is one person/family who want to live near work, work in tech around Mira Mesa, and want a new 3000 sq-ft house. Your options are pretty limited if those are your criteria. To give it some perspective, this 2100 sq-ft house closed at $785k, http://www.sdlookup.com/MLS-160049557-7566_Windy_Ridge_Rd_San_Diego_CA_92126. It’s in a better part of Mira Mesa, but it’s also backed to a busy street and 800-900 sq-ft smaller. This one went pending at $779k http://www.sdlookup.com/MLS-160038735-8525_Calle_Cristobal_San_Diego_CA_92126. It’s 700 sq-ft smaller.

[earlyretirement]

[quote=flu]

I just wish I picked up SFH’s when prices were still cheap. I’m currently priced out out Mira Mesa SFH. Lol.

Home prices in MM can’t possibly be worse than it is right now in Carmel Valley. I’m seeing 3/3 condos that at peak were in the $600’s now well above peak trying to push into the high $6, low $7s..[/quote]

Totally agree flu. My biggest mistake is not picking up another SFH for an investment property back when I bought my primary residence in mid 2011. There were so many deals back then. I did make some offers but never pulled the trigger on any. I almost bought a 2nd place in Carmel Valley but didn’t and totally regret it. Prices are at peak levels again. Totally crazy.

It will be interesting to see what this place goes for.

[kev374]

check this listing out LMAO!

http://www.realtor.com/realestateandhomes-detail/1020-E-75th-St_Los-Angeles_CA_90001_M12384-35149

[bearishgurl]

[quote=kev374]check this listing out LMAO!

http://www.realtor.com/realestateandhomes-detail/1020-E-75th-St_Los-Angeles_CA_90001_M12384-35149%5B/quote%5DThat area of Florence-Graham and also adjacent Watts (South Central LA) has been going thru a revitalization in the past 8 years or so. City has been spending a fortune in infrastructure in this area! You would have to tour these now tree-lined streets to believe it, kev. Get in your car!

Not sure it will sell for anything near its listing price but it has location, location, location! The lot is obviously zoned multifamily and could be zoned commercial as well … with little argument from City OR neighbors :=]

[earlyretirement]

[quote=kev374]check this listing out LMAO!

http://www.realtor.com/realestateandhomes-detail/1020-E-75th-St_Los-Angeles_CA_90001_M12384-35149%5B/quote%5D

Now that is funny! Wow, talk about a fixer upper.

[Author]

Posts