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an
ParticipantJust closing the open italic tags.
Participant“There are better ways for you to be able to afford a home.”
Yeah, like my income rising 100%. I’ll take either result.
ParticipantAre these condo/townhouse or single family homes? If it’s just small SFR with a lot, then I think the price is pretty decent. However, if it’s just small condo/townhouse, then yes, I’d say that it’s quite overpriced. Considering Airoso in Carmel Valley was selling around mid $450k before they sold out for their 2-3 bed/2 bath 1400ish sq-ft. That’s my 2 cents.
ParticipantWhat’s coming in a couple of weeks?
ParticipantIt’s a REO property. I think it’s entirely possible that it will see the same trajectory of decline in the next 1-2 years since this and next year will see the largest loan reset, which would cause a higher foreclosure rate. Which means banks will price REO property more aggressively. We’re no where near the bottom and there’s no reason to think the trajectory of decline will flatten out. We’ll just have to wait and see. A house 2 doors away also got a NOT. It was auctioned off a week or 2 ago. I doubt that there’s any taker since it was the 2nd that was foreclosing it. Anyways, if that property went into REO, then you have 2 similar property 2 doors away competing against each other. The question then would be, which bank is more serious to sell.
April 9, 2007 at 10:20 PM in reply to: Getting married in September 2007. When should we buy? #49634ParticipantI think that house should be in the low $400k, not $500k. But that’s just me. That house is over priced compare to the other houses around that area. Here are some example:
This house:
1641 sq-ft listing @ $648k.Other houses:
7144 BLAKSTAD CT., SD – Mira Mesa, CA 92126
1984 sq-ft listing @ $600k for over 70 days w/ no buyer.7745 PRAIRIE SHADOW ROAD, SD – Mira Mesa, CA 92126
1826 sq-ft listing @ $625k for over 60 days w/ no buyer.11845 GEHRING CT, SD – Mira Mesa, CA 92126
2102 sq-ft listing @ $645k for over 30 days w/ no buyer. This house is down the street from the house you posted. So location is almost identical.ParticipantI’ve been humbled by the market so many times that I will not many any prediction. I will just let time tell me how things will turn out. If you keep your eyes on the fundamental, you’ll know when to buy the house you want. The lower end market were the first to rise and the first to fall. That’s why places like Mira Mesa see a much bigger drop than NCC in term of %.
You don’t need a plan B if you plan A take into consideration all possibility. If you’re so fixated on one path, you’ll miss other signals.
ParticipantI agree with SD Realtor, hold off if you can. Things will get much worse before it gets better. I’ve also seeing a lot of NOD all over MM in all price range. So, hang in there, good time will come.
Participanthaha, if that’s the thinking, then might as well not get married. That way, you don’t have to pay for those expensive divorces.
Participantjimmyle, I like the Sorrento Valley / Calle Cristobal area too. I agree on your assessment of the current price, but I think they will drop to the 400s when it’s all said and done. I’m actually looking for cheaper than that since it’s going to be my starter home. I’m looking for around 1200-1500sq-ft between Camino Santa Fe and Parkdale. Those house when is all said and done I think will be in the low 300k range.
ParticipantI see Mira Mesa getting hit the hardest so far, compare to surrounding areas. I hope it will get hit even harder in the next couple of years since that’s where I plan to buy my first home. Since MM are mostly all resale, I see a big range in prices. Some are desperate while others are wishful. But it’s still far from where I’d consider as reasonable.
ParticipantThose that place a high premium on home ownership tend to make the market while those that don’t are left to deal with the reality that there are others who place a greater premium on it.
If this is true, then that means there are less people placing a high premium on home ownership today compare to two years ago. Do you agree?
ParticipantA house hold income of $120-150k is not that much at all. I guess if you don’t put anything away for retirement and savings, then you can afford the 500-600k house, but if you’re talking about fully invested in 401(k) and ROTH and stash some money away for rainy day as well as for investment, I don’t see how you can afford much more than 400k. $400k won’t even get you a median home in “ghetto” place like Mira Mesa much less NCC.
April 4, 2007 at 1:05 AM in reply to: East of Mira Mesa (near to Rancho PQ): Is it a good area? #49136ParticipantI agree. I think we’ll go back to more traditional lending standard in the future as more foreclosure occur.
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