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an
ParticipantThis might be a cliche but it’s worth what someone is willing to pay for it. If you’re not willing to pay listing and no one pick it up at listing, then it’s not worth $300k. I have no idea if it’s worth $280k. I don’t think anyone can tell you that without lying.
What I do know though, is that at listing price, assuming you put 20% down and get a 30 year fixed with 0 points, we’re talking monthly P+I of ~$1100. Tax should be about $270/month and insurance <$100/month. So, we're talking about PITI of $1500/month. Comparable rent is probably around $1700/month. This is before any tax deduction you might get. So, as a primary resident, it sounds like a decent deal to me. The area is Ok. Not the best in MM, but that's also reflective of the price.
March 6, 2012 at 2:35 PM in reply to: Mira Mesa – 7510 Bannister Ln – 10%+ loss in less than one year #739417Participant[quote=Wah-Wah]flu & et al
how does this one $425k (+$100HOA) in RP compare to MM ?
http://www.redfin.com/CA/San-Diego/11189-Avenida-De-Los-Lobos-92127/home/4669447%5B/quote%5D
It’s RB, not PQ. Looking at its past sold history, it looks pretty comparable to similar houses in MM. Example would be the one Emily just posted.11189 AVENIDA DE LOS LOBOS
Feb 29, 2012 Listed (Active) $425,000 — CRMLS #S689724
Sep 30, 2005 Sold (Public Records) $617,000 7.6%/yr Public Records
Sep 15, 1988 Sold (Public Records) $176,394 — Public Records7407 Mason Heights Ln
Oct 21, 2011 Sold (Public Records) $400,000 -7.9%/yr Public Records
Oct 21, 2011 Sold (MLS) (Sold) $400,000 — SANDICOR #110050901
Sep 15, 2011 Pending — — SANDICOR #110050901
Sep 07, 2011 Listed (Active) $400,000 — SANDICOR #110050901
Aug 08, 2011 Sold (Public Records)
This home was foreclosed and bank-owned. $442,000 — Public Records
Apr 21, 2006 Sold (Public Records) $630,000 10.8%/yr Public Records
Sep 17, 1999 Sold (Public Records) $320,000 6.7%/yr Public Records
Dec 20, 1991 Sold (Public Records) $194,000 — Public RecordsAssuming it’ll sell for anywhere near listing. If it sells for higher, then based on historical sold price, the Mason Heights property would be a better value.
March 6, 2012 at 1:10 PM in reply to: Mira Mesa – 7510 Bannister Ln – 10%+ loss in less than one year #739404Participant[quote=EmilyHicks]Bannister was a great deal, I have seen far inferior house and location selling for similar prices.
This was another great deal in Mira Mesa:
http://www.redfin.com/CA/San-Diego/7407-Mason-Heights-Ln-92126/home/4562310I am wondering why some people found great deals like these and then some people horribly overpaid.
[quote=Wah-Wah]wow… this makes the OP’s Bannister house seems like a great deal for the new owner but we all know “pending” means nothing unless it sold :)[/quote][/quote]
Some people are just more lucky than others.As I’ve said before, the Bannister house is a pretty decent deal.
Here’s another that went pending: http://www.sdlookup.com/MLS-120003956-7723_Canyon_Point_Ln_San_Diego_CA_92126
This one is on a better street, but the condition is much worse. We’ll see what it closes at, but the current listing price is $447k.March 6, 2012 at 12:35 AM in reply to: Mira Mesa – 7510 Bannister Ln – 10%+ loss in less than one year #739339Participant[quote=sdrealtor]There also seems to be a high appetite for foreclosures in MM among professional flippers. Many of the distressed homes I see in MM are in lousy condition. A professional flipper can pick them up at trustees sale and turn the property around very quickly. There are lots of young professionals working in the area who would love to buy a turnkey newly remodelled home in that area at todays prices and interest rates.[/quote]
Talking about flip, check this one out: http://www.sdlookup.com/MLS-120011726-8147_Gold_Coast_Dr_San_Diego_CA_92126flipper bought for $300k on 1/13/12. Made upgrades and listed on 3/3/12 for $399k and it just went pending. I’m pretty sure they didn’t put in anywhere near $99k in upgrades.
March 5, 2012 at 5:44 PM in reply to: OT: Complete this sentence. “Working at microsoft would be like……” #739325ParticipantI’ll fix that for you:
Working at Google is like…
[quote=sdduuuude]… being forced to build software that uses more memory than it should reasonably need to.[/quote]March 5, 2012 at 4:15 PM in reply to: OT: Complete this sentence. “Working at microsoft would be like……” #739321ParticipantWorking at MS would be like working at any other major tech companies with huge war chest.
I got pinged by MS many times. I even got a paid trip to do an in person interview there. They’re pretty generous. However, I can’t get myself to live in an area where it rain all the time. I think I shot myself in the foot with that interview by asking too much questions about their whether :-D. I was 1/2 in 1/2 out when they flew me up there, but getting rained on as I got there really sealed the deal for me. Definitely isn’t worth it, if I’m always miserable. Their pay is VERY competitive, at least that’s what they claimed.
I think it would be pretty fun to work on Windows 8, WP7, Kinnect/XBox stuff.
March 4, 2012 at 6:23 PM in reply to: Mira Mesa – 7510 Bannister Ln – 10%+ loss in less than one year #739288Participant[quote=Still Surfing]Although inventory may be low there are some serious issues in Mira Mesa coming down the pipeline.
According to January Corelogic data there are approx 4000 in 92126 that have negative equity in their homes. When you look at the data on a granular level most of these people above above average interests rates and will not be able to refinance.
As we have seen negative equity creates illiquidity when life change events occur such as job relocation , divorce Heath issues etc. you saw this on the house mentioned in he article.
I am predicting a perfect storm as we will see a surge in short sales especially in Mira Mesa as banks want to mitigate foreclosure risks(bad publicity) and costs( costs less the ss that to foreclose).
In 2012 sellers need to take advantage of the tax free status of forgiving debt that expires in 2012. That in combination with cash buyers creates perfect market conditions to clean the debt off the books of many homeowners underwater.[/quote]
What make you think all 4000 are distress and they all are trying/going to sell? How many of those 4000 will have to sell? I don’t have that answer, but I’m pretty sure it’s not 100%.We’ll come back to this thread in 9 months and see if the perfect storm will hit this year. I’ve heard the “tsunami”, “perfect storm”, etc. for many years now.
March 3, 2012 at 11:34 PM in reply to: Mira Mesa – 7510 Bannister Ln – 10%+ loss in less than one year #739262ParticipantTalking about inventory in Mira Mesa earlier, here’s the number as of right now:
[img_assist|nid=15904|title=MM Inventory|desc=|link=node|align=left|width=416|height=466]For an area with 23k house hold and the population of 74k people, there’s currently only 97 SFR and 68 condos for sale. This number include all the SS inventory that’s currently contingent. So, BG, when are you expecting the shadow inventory to hit the market?
ParticipantI find HD to have the best price for blinds. Even when compare to online places. Blinds at HD can be cut to match the width and the height can be adjusted by yourself. I assume you’re talking about horizontal faux wood blind and not vertical blinds?
I’d like to know where you’d go locally to replace fireplace glass door as well. Nothing at HD/Lowes will fit. I know a good handyman who can probably do the deck for you. Let me know and I’ll give you his contact.
March 2, 2012 at 3:42 PM in reply to: Mira Mesa – 7510 Bannister Ln – 10%+ loss in less than one year #739174Participant[quote=bearishgurl][quote=AN]What make you think a lot more properties will get dumped on the market in the future?[/quote]
When these lenders stop playing games and begin to foreclose en masse. I am now seeing 1st TD “NOS properties” reflecting opening bid amounts of nearly twice or twice what the property is actually worth on the open market today, due to “cash-out” refis in combination with scheduled recasts of I/O’s taken out early 2007 and prior!
Something’s gotta give and I just don’t see these lenders modifying these “cash-out” home-debtors to the tune of a $400K+ “principle reduction” OR accepting short payoffs this high when they are all lower/mid-tier properties ($350K – $550K value-range). Of course, every month of postponement of the auction yields a higher opening bid amount. The average length of default is about 24-28 mos. It is astounding and cannot last. No sales have been rescinded thus far and the average number of TS postponements in my “collection” is 7 times.
Worst culprit is WF.[/quote]
Is this happening everywhere? How many properties in MM do you think is being held back right now and how many properties in MM do you expect will be flooded on the market and when? I’ve heard this tsunami argument for many many years now, and quite frankly, it’s getting quite old.March 2, 2012 at 2:39 PM in reply to: Mira Mesa – 7510 Bannister Ln – 10%+ loss in less than one year #739170Participant[quote=bearishgurl]I understand “Sorrento Mesa” is in the MM zip code. But you have stated on this forum that you would like to move up to one of those properties. [/quote]Yeah, the 3-4 properties I want to move up to are in both 92121 and 92126. But none of them are for sale.
[quote=bearishgurl]AN, how long do you think the scarcity of listings in MM will last, making the current available listings there so “hot” and do you personally believe SFR’s in MM are selling faster than usual right now?
[/quote]
I have no idea how long the low inventory will last. I won’t even venture a guess. The property mix right now in MM is horrible if you’re looking for good primary resident. So, the speed of sale is pretty irrelevant if you’re looking for a primary resident.
[quote=bearishgurl]You might not get another chance to unload your house at a price you would accept if a lot more properties get dumped on the market in the future. Just sayin’. . .[/quote]Again, if you read my last post, then you’d know I don’t care. I have little intention of selling, barring from getting an offer 2X market value. What make you think a lot more properties will get dumped on the market in the future?March 2, 2012 at 1:34 PM in reply to: Mira Mesa – 7510 Bannister Ln – 10%+ loss in less than one year #739165Participant[quote=bearishgurl]Yes, thanks for clarifying, AN. Apartment complexes are usually more transient than condo complexes so the $405K sold comp there seems even more overvalued, IMHO.
Seriously, AN, if you really want to “move-up” and have done updating/rehab work to your property and Bannister Ln (in this seemingly “busy” location) just sold for $405K, why not put your property up for sale this spring? According to the LETDLITA would-be MM investors around here, MM is hot, hot, HOT!! Get your listing in there while the heat is on!!!
Do you think you make enough upon sale of your residence to move to Sorrento Mesa if you sold in the next few months?[/quote]
What make you think it’s overvalued?Why would I want to sell my place? Barring from someone willing to pay me $1M for my place right now, I’m keeping this baby as my retirement fund, even if I end up moving up. FYI, technically, there’s no such thing as Sorrento Mesa. Mira Mesa spread from 15 to 805 and Miramar to Calle Cristobal. So, “Sorrento Mesa” is nothing more than just a development within Mira Mesa. There are 3-4 houses in Mira Mesa that can make me move. So, no, there’s absolutely no reason why I would want to put my house in the market right now. If I can’t get one of those 3-4 houses, I’m staying put for a very very long time.
March 2, 2012 at 11:58 AM in reply to: Mira Mesa – 7510 Bannister Ln – 10%+ loss in less than one year #739155Participant[quote=bearishgurl]
Emily, sorry for hijacking this thread of your discussion of the (MM) Bannister Ln property across the street from a condo-complex pkg lot and a stone’s throw from MM Blvd which recently sold for $405K … aaargh![/quote]
You mean apartment complex parking lot, right?March 1, 2012 at 11:54 PM in reply to: Mira Mesa – 7510 Bannister Ln – 10%+ loss in less than one year #739085Participant[quote=bearishgurl][quote=svelte]BG, you have a real problem with reading comprehension and logic.
In this one thread alone…
[quote=bearishgurl]The map indicates the BY of this property backs up into MM Blvd.[/quote]No, 7510 Bannister does not back up to MM Blvd. The homes on the other side of the street do.Error 1.[/quote]
LOL, svelte, I think you need to put on your glasses and look at an aerial map …[/quote]
BG, you’re 100% wrong on this one. Let me help you out: http://g.co/maps/u4n9v. Do you see the map marker “A”? That’s the house. Do you see the backyard backing up to MM Blvd? -
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