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Participantsdrealtor, I think your point is valid. Every house can and will sell quickly in ANY market if PRICED right. The issue comes into play with sub-prime areas and seller who don’t have the market to price it right. So, yes, I’m pretty sure you can sell the worse house in the worse neighborhood quickly if you priced it as so. The houses which are languishing around right now are the one who are not priced right. I don’t think pricing it right @ 0 DOM or 100 DOM matters. If you priced it completely wrong @ 0 DOM, but drastically decreased it to a very attractive price @ 100 DOM, you’ll sell it quickly after the price adjustment.
ParticipantI didn’t stay for the whole thing so I don’t know which property sold for 50% less than the stated “Previously valued to” #. However, there was one on 13893 Pinkard Way #85, El Cajon, CA 92021. It sold for 41.9% less than the previously valued #. The starting bid was $179k, previously valued to $499k, sold for $290k. The reason I think it sold for 42% “discount” is because “this property may be occupied. Please call for current occupancy status. Do not disturb tenant” clause.
I don’t know about all the properties but the one i was interested in “11119 Morning Creek South, SD, CA 92128”, the previously owner owe more than $660k on it. The lender tried to sell it for $690k but was unsuccessful. That also end up being the “Previously valued to” #. This property sold for $585k, which is well above market value considering the condition. I don’t know if it was sold to a buyer or just the lender guy bidding the reserve price. We’ll soon find out.
ParticipantIt was a definitely good learning opportunity for me as well. I can totally tell that if you don’t come in there with a max bid price in mind, the adrenaline that goes on during the bidding process can really make you overbid. Also, doesn’t seem like any of the winning bid is a deal. They all seem to be either market price or over market price. Which to me is horrible because you, as a buyer, take so much more risk buying at an auction than buying it through regular channel. So, my take is that, either all these bidders are just bank guys bidding it up to the reserve or these are your future FB. None of these properties are ready to move in. They all need some kind of work. At least the one i went to see.
For those you stayed around till near the end, do you know what the Rock Canyon Dr. sold for? This property have huge mold problem. It’s on every wall I can see. This house definitely need a complete overhauling before it’s even livable.
Participantthanks for the info on Morning Creek South cash flow. I agree with you on your assessment. That house probably need at least 10-20k to be livable. The carpet was totally messed up and the room you mentioned seems like it did have the ceiling redone badly. Kitchen and bathroom was in pretty bad shape. $585k + 5%= $614k. That’s higher than recently sold house in that neighborhood that was larger and didn’t need as much work. I guess this buyer is either a future FB or just the bank insider bidding up to the reserve. We’ll know soon enough.
ParticipantPersonally, I love houses with big yard, so these alley homes are definitely not my style. They’re no more than a large condo/townhouse in my eyes.
ParticipantSD R, the reason why I said I don’t understand the “haircut” reference is because the 2nd property that was mentioned is different than the first. The owner of the second property bought @ mid 500k, so even if he/she sell it for mid 600k, that’s still a gain. It doesn’t mean much if it could have sold for high 700k 2 years ago. To me, you can’t lose what you never had. So the 700k is just hypothetical until they sell.
ParticipantAccording to the map, it seems like 13506 Moonflower Meadows Trail is smack dab in the middle of 92130 zip code. So I don’t see how it can be closer to PQ than CV when it’s right in the middle of CV zip code.
Participantwhat_a_disasta, the 2 link you gave are of 2 different properties. One is 11294 and the other is 11238. I don’t understand your “haircut” reference either. Seems like you got those 2 properties confused as one. The 11238 was never sold, at least not based on Zillow. However, the 11294 was sold for $750k on 04/18/2005 and $519k on 01/24/2003. 11232 was sold for $700k on 07/07/2006. 11232 is also 100 sq-ft smaller too. Also 11238 is 300 sq-ft bigger than 11294. 11262 was sold for $750k on 05/26/2004. So, it seems like we’re below spring 2004 level but still above 2003 level.
ParticipantAnother big loss in 92131:
11053 DOVERHILL RD, SD – Scripps Miramar, CA 92131
Bought in 03/08/05 for $748,000. Listing for $640,000 – $700,876. It’s now pending but I don’t know for how much. This property make the other one seems expensive.
ParticipantI just noticed that property as well. It didn’t say that it’s a short sale or anything, so the sale price doesn’t make much sense to me.
ParticipantI think so. Considering the founder of QCOM taught at UCSD and donated a huge amount of money to UCSD.
ParticipantCompanies don’t usually relocate just because it’s a little cheaper to rent/buy. If that’s the case, they all would move to the mid-west already. QCOM is well established in Sorrento Valley. They’re not going anywhere. As we speak, they’re taking over other company’s building in Sorrento Valley and make it their own as well as building more in Sorrento Valley. Other companies who are in CDMA business won’t be moving to far from QCOM either. Also, when a large corp move, they will have to consider the cost of the move as well as the possibility of losing some key employees if the new place will be too far from where they live.
ParticipantVery good link PerryChase. Do you happen to haven something similar for SFR/master planned cummunity?
ParticipantI don’t really care how this all play out. As long as housing is affordable again. If I get 20% raise every year for the next 3 years, great. I have no problem with that.
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