[bearishgurl]

Just noticed 2009Buyer’s article was from last year – LOL.

I did visit the portal and she must not have been charged with any crimes. There’s no case.

Appears that Baldwin finished it for Chevy Chase Bank (take-out lender??).

Also noticed from SDLookup link provided that Brown bought the land for $850K in 2003. In F/Y 08/09, the land portion of the tax bill was reassessed at $800K. The listing erroneously states the property is on 1.25 AC. It is on 2.25 AC.

I still think a good deal, even with fire danger. Article states it cost $13M to build. I believe it. It is an extraordinary property.

[bearishgurl]

Just noticed 2009Buyer’s article was from last year – LOL.

I did visit the portal and she must not have been charged with any crimes. There’s no case.

Appears that Baldwin finished it for Chevy Chase Bank (take-out lender??).

Also noticed from SDLookup link provided that Brown bought the land for $850K in 2003. In F/Y 08/09, the land portion of the tax bill was reassessed at $800K. The listing erroneously states the property is on 1.25 AC. It is on 2.25 AC.

I still think a good deal, even with fire danger. Article states it cost $13M to build. I believe it. It is an extraordinary property.

[bearishgurl]

Just noticed 2009Buyer’s article was from last year – LOL.

I did visit the portal and she must not have been charged with any crimes. There’s no case.

Appears that Baldwin finished it for Chevy Chase Bank (take-out lender??).

Also noticed from SDLookup link provided that Brown bought the land for $850K in 2003. In F/Y 08/09, the land portion of the tax bill was reassessed at $800K. The listing erroneously states the property is on 1.25 AC. It is on 2.25 AC.

I still think a good deal, even with fire danger. Article states it cost $13M to build. I believe it. It is an extraordinary property.

[bearishgurl]

[quote=sdrealtor]Basically a twist on the best properties are in the strongest hands case I have presented for years. It is what CAR is facing trying to pluck one of those cherries in an established NCC neighborhood. Its hard to get one in any market, good or bad. Its sounds like the other CV is the same as well. I’d bet its the same in PQ also. Any established neighborhood will have the prime properties and those lucky enough to have one rartely let them go.[/quote]

[quote=bearishgurl]If I could live anywhere in the county, I would move to Fleetridge (92106). If the property didn’t have thick windows, I would install them and would live there until I die. I’ve had properties in portions of four streets picked out for myself since the summer of ’80. Who knows, maybe someday I’ll get there :)[/quote](emphasis added)

Touche 🙂

[bearishgurl]

[quote=sdrealtor]Basically a twist on the best properties are in the strongest hands case I have presented for years. It is what CAR is facing trying to pluck one of those cherries in an established NCC neighborhood. Its hard to get one in any market, good or bad. Its sounds like the other CV is the same as well. I’d bet its the same in PQ also. Any established neighborhood will have the prime properties and those lucky enough to have one rartely let them go.[/quote]

[quote=bearishgurl]If I could live anywhere in the county, I would move to Fleetridge (92106). If the property didn’t have thick windows, I would install them and would live there until I die. I’ve had properties in portions of four streets picked out for myself since the summer of ’80. Who knows, maybe someday I’ll get there :)[/quote](emphasis added)

Touche 🙂

[bearishgurl]

[quote=sdrealtor]Basically a twist on the best properties are in the strongest hands case I have presented for years. It is what CAR is facing trying to pluck one of those cherries in an established NCC neighborhood. Its hard to get one in any market, good or bad. Its sounds like the other CV is the same as well. I’d bet its the same in PQ also. Any established neighborhood will have the prime properties and those lucky enough to have one rartely let them go.[/quote]

[quote=bearishgurl]If I could live anywhere in the county, I would move to Fleetridge (92106). If the property didn’t have thick windows, I would install them and would live there until I die. I’ve had properties in portions of four streets picked out for myself since the summer of ’80. Who knows, maybe someday I’ll get there :)[/quote](emphasis added)

Touche 🙂

[bearishgurl]

[quote=sdrealtor]Basically a twist on the best properties are in the strongest hands case I have presented for years. It is what CAR is facing trying to pluck one of those cherries in an established NCC neighborhood. Its hard to get one in any market, good or bad. Its sounds like the other CV is the same as well. I’d bet its the same in PQ also. Any established neighborhood will have the prime properties and those lucky enough to have one rartely let them go.[/quote]

[quote=bearishgurl]If I could live anywhere in the county, I would move to Fleetridge (92106). If the property didn’t have thick windows, I would install them and would live there until I die. I’ve had properties in portions of four streets picked out for myself since the summer of ’80. Who knows, maybe someday I’ll get there :)[/quote](emphasis added)

Touche 🙂

[bearishgurl]

[quote=sdrealtor]Basically a twist on the best properties are in the strongest hands case I have presented for years. It is what CAR is facing trying to pluck one of those cherries in an established NCC neighborhood. Its hard to get one in any market, good or bad. Its sounds like the other CV is the same as well. I’d bet its the same in PQ also. Any established neighborhood will have the prime properties and those lucky enough to have one rartely let them go.[/quote]

[quote=bearishgurl]If I could live anywhere in the county, I would move to Fleetridge (92106). If the property didn’t have thick windows, I would install them and would live there until I die. I’ve had properties in portions of four streets picked out for myself since the summer of ’80. Who knows, maybe someday I’ll get there :)[/quote](emphasis added)

Touche 🙂

[bearishgurl]

[quote=AN]bearishgurl, What you’re saying is price is the owner has equity, so they don’t need to sell. Which is true, however, that doesn’t change the market price. Comps are not skewed, it’s just the current value, whether you like it or not. If you have equity, you have the luxury to wait for the market to rise again.[/quote]

Yes, comps in CV West ARE skewed because there aren’t very many nice properties to choose from right now in CV west. I don’t know by how much they are skewed, though. It is true that the market price of what is selling IS the current market price. But what seems to be primarily selling are mostly former rental houses and beaters for rock-bottom prices. The lots are large and they can be remodeled.

I haven’t done any studies to see if there is a lot more SFR inventory to choose from in PQ than 91910. When buyers look at Chula RE, they have five zips to choose from. 91910 has the oldest inventory, then 91911, 91913, 91914 and 91915, in that order. They can also consider Bonita if they are not stuck on “newer” construction. The ratio of owners free and clear to encumbered owners follow the same order, highest to lowest, with Bonita inserted in there bet. 91910 and 91911. More buyers seem to prefer newer over older. There are more younger buyers than older buyers and most don’t seem to care about the size of the lot, either. Older people don’t move as often.

I don’t know if buyers who go to PQ to look at RE are considering other zips close by or just stuck on preference for PQ. I also don’t know how many out of the 100 properties that sold since 3/26 in PQ were distress sales.

AN, look at this current list of foreclosed properties for 92106.

http://www.sdlookup.com/Foreclosure_Results-39+5-Point_Loma

It shows 6 SFR’s, 10 condos and 1 lot.

Now look at the current list of foreclosed properties for 91915

http://www.sdlookup.com/Foreclosure_Results-102+5-Chula_Vista

It shows 59 SFR’s, 33 condos and 0 lots.

These are properties which are already REO’s and may or may not be on the market yet.

I’m using these two zips because one zip is VERY stable with a high percentage of unencumbered properties and the other zip was all purchased during the bubble with the loan products prevalent at the time so their foreclosure lists are in stark contrast to one another.

My point is, in zips with a high percentage of unencumbered property owners with a lot of equity, there isn’t very much on the market so whatever is selling comprise the “sold comps” right now (must-sells). That skews the comps because all the valuable well-maintained-by-owner (not bank) properties are off the market.

Who in their right mind would try to sell in this market if they don’t need to??

[bearishgurl]

[quote=AN]bearishgurl, What you’re saying is price is the owner has equity, so they don’t need to sell. Which is true, however, that doesn’t change the market price. Comps are not skewed, it’s just the current value, whether you like it or not. If you have equity, you have the luxury to wait for the market to rise again.[/quote]

Yes, comps in CV West ARE skewed because there aren’t very many nice properties to choose from right now in CV west. I don’t know by how much they are skewed, though. It is true that the market price of what is selling IS the current market price. But what seems to be primarily selling are mostly former rental houses and beaters for rock-bottom prices. The lots are large and they can be remodeled.

I haven’t done any studies to see if there is a lot more SFR inventory to choose from in PQ than 91910. When buyers look at Chula RE, they have five zips to choose from. 91910 has the oldest inventory, then 91911, 91913, 91914 and 91915, in that order. They can also consider Bonita if they are not stuck on “newer” construction. The ratio of owners free and clear to encumbered owners follow the same order, highest to lowest, with Bonita inserted in there bet. 91910 and 91911. More buyers seem to prefer newer over older. There are more younger buyers than older buyers and most don’t seem to care about the size of the lot, either. Older people don’t move as often.

I don’t know if buyers who go to PQ to look at RE are considering other zips close by or just stuck on preference for PQ. I also don’t know how many out of the 100 properties that sold since 3/26 in PQ were distress sales.

AN, look at this current list of foreclosed properties for 92106.

http://www.sdlookup.com/Foreclosure_Results-39+5-Point_Loma

It shows 6 SFR’s, 10 condos and 1 lot.

Now look at the current list of foreclosed properties for 91915

http://www.sdlookup.com/Foreclosure_Results-102+5-Chula_Vista

It shows 59 SFR’s, 33 condos and 0 lots.

These are properties which are already REO’s and may or may not be on the market yet.

I’m using these two zips because one zip is VERY stable with a high percentage of unencumbered properties and the other zip was all purchased during the bubble with the loan products prevalent at the time so their foreclosure lists are in stark contrast to one another.

My point is, in zips with a high percentage of unencumbered property owners with a lot of equity, there isn’t very much on the market so whatever is selling comprise the “sold comps” right now (must-sells). That skews the comps because all the valuable well-maintained-by-owner (not bank) properties are off the market.

Who in their right mind would try to sell in this market if they don’t need to??

[bearishgurl]

[quote=AN]bearishgurl, What you’re saying is price is the owner has equity, so they don’t need to sell. Which is true, however, that doesn’t change the market price. Comps are not skewed, it’s just the current value, whether you like it or not. If you have equity, you have the luxury to wait for the market to rise again.[/quote]

Yes, comps in CV West ARE skewed because there aren’t very many nice properties to choose from right now in CV west. I don’t know by how much they are skewed, though. It is true that the market price of what is selling IS the current market price. But what seems to be primarily selling are mostly former rental houses and beaters for rock-bottom prices. The lots are large and they can be remodeled.

I haven’t done any studies to see if there is a lot more SFR inventory to choose from in PQ than 91910. When buyers look at Chula RE, they have five zips to choose from. 91910 has the oldest inventory, then 91911, 91913, 91914 and 91915, in that order. They can also consider Bonita if they are not stuck on “newer” construction. The ratio of owners free and clear to encumbered owners follow the same order, highest to lowest, with Bonita inserted in there bet. 91910 and 91911. More buyers seem to prefer newer over older. There are more younger buyers than older buyers and most don’t seem to care about the size of the lot, either. Older people don’t move as often.

I don’t know if buyers who go to PQ to look at RE are considering other zips close by or just stuck on preference for PQ. I also don’t know how many out of the 100 properties that sold since 3/26 in PQ were distress sales.

AN, look at this current list of foreclosed properties for 92106.

http://www.sdlookup.com/Foreclosure_Results-39+5-Point_Loma

It shows 6 SFR’s, 10 condos and 1 lot.

Now look at the current list of foreclosed properties for 91915

http://www.sdlookup.com/Foreclosure_Results-102+5-Chula_Vista

It shows 59 SFR’s, 33 condos and 0 lots.

These are properties which are already REO’s and may or may not be on the market yet.

I’m using these two zips because one zip is VERY stable with a high percentage of unencumbered properties and the other zip was all purchased during the bubble with the loan products prevalent at the time so their foreclosure lists are in stark contrast to one another.

My point is, in zips with a high percentage of unencumbered property owners with a lot of equity, there isn’t very much on the market so whatever is selling comprise the “sold comps” right now (must-sells). That skews the comps because all the valuable well-maintained-by-owner (not bank) properties are off the market.

Who in their right mind would try to sell in this market if they don’t need to??

[bearishgurl]

[quote=AN]bearishgurl, What you’re saying is price is the owner has equity, so they don’t need to sell. Which is true, however, that doesn’t change the market price. Comps are not skewed, it’s just the current value, whether you like it or not. If you have equity, you have the luxury to wait for the market to rise again.[/quote]

Yes, comps in CV West ARE skewed because there aren’t very many nice properties to choose from right now in CV west. I don’t know by how much they are skewed, though. It is true that the market price of what is selling IS the current market price. But what seems to be primarily selling are mostly former rental houses and beaters for rock-bottom prices. The lots are large and they can be remodeled.

I haven’t done any studies to see if there is a lot more SFR inventory to choose from in PQ than 91910. When buyers look at Chula RE, they have five zips to choose from. 91910 has the oldest inventory, then 91911, 91913, 91914 and 91915, in that order. They can also consider Bonita if they are not stuck on “newer” construction. The ratio of owners free and clear to encumbered owners follow the same order, highest to lowest, with Bonita inserted in there bet. 91910 and 91911. More buyers seem to prefer newer over older. There are more younger buyers than older buyers and most don’t seem to care about the size of the lot, either. Older people don’t move as often.

I don’t know if buyers who go to PQ to look at RE are considering other zips close by or just stuck on preference for PQ. I also don’t know how many out of the 100 properties that sold since 3/26 in PQ were distress sales.

AN, look at this current list of foreclosed properties for 92106.

http://www.sdlookup.com/Foreclosure_Results-39+5-Point_Loma

It shows 6 SFR’s, 10 condos and 1 lot.

Now look at the current list of foreclosed properties for 91915

http://www.sdlookup.com/Foreclosure_Results-102+5-Chula_Vista

It shows 59 SFR’s, 33 condos and 0 lots.

These are properties which are already REO’s and may or may not be on the market yet.

I’m using these two zips because one zip is VERY stable with a high percentage of unencumbered properties and the other zip was all purchased during the bubble with the loan products prevalent at the time so their foreclosure lists are in stark contrast to one another.

My point is, in zips with a high percentage of unencumbered property owners with a lot of equity, there isn’t very much on the market so whatever is selling comprise the “sold comps” right now (must-sells). That skews the comps because all the valuable well-maintained-by-owner (not bank) properties are off the market.

Who in their right mind would try to sell in this market if they don’t need to??

[bearishgurl]

[quote=AN]bearishgurl, What you’re saying is price is the owner has equity, so they don’t need to sell. Which is true, however, that doesn’t change the market price. Comps are not skewed, it’s just the current value, whether you like it or not. If you have equity, you have the luxury to wait for the market to rise again.[/quote]

Yes, comps in CV West ARE skewed because there aren’t very many nice properties to choose from right now in CV west. I don’t know by how much they are skewed, though. It is true that the market price of what is selling IS the current market price. But what seems to be primarily selling are mostly former rental houses and beaters for rock-bottom prices. The lots are large and they can be remodeled.

I haven’t done any studies to see if there is a lot more SFR inventory to choose from in PQ than 91910. When buyers look at Chula RE, they have five zips to choose from. 91910 has the oldest inventory, then 91911, 91913, 91914 and 91915, in that order. They can also consider Bonita if they are not stuck on “newer” construction. The ratio of owners free and clear to encumbered owners follow the same order, highest to lowest, with Bonita inserted in there bet. 91910 and 91911. More buyers seem to prefer newer over older. There are more younger buyers than older buyers and most don’t seem to care about the size of the lot, either. Older people don’t move as often.

I don’t know if buyers who go to PQ to look at RE are considering other zips close by or just stuck on preference for PQ. I also don’t know how many out of the 100 properties that sold since 3/26 in PQ were distress sales.

AN, look at this current list of foreclosed properties for 92106.

http://www.sdlookup.com/Foreclosure_Results-39+5-Point_Loma

It shows 6 SFR’s, 10 condos and 1 lot.

Now look at the current list of foreclosed properties for 91915

http://www.sdlookup.com/Foreclosure_Results-102+5-Chula_Vista

It shows 59 SFR’s, 33 condos and 0 lots.

These are properties which are already REO’s and may or may not be on the market yet.

I’m using these two zips because one zip is VERY stable with a high percentage of unencumbered properties and the other zip was all purchased during the bubble with the loan products prevalent at the time so their foreclosure lists are in stark contrast to one another.

My point is, in zips with a high percentage of unencumbered property owners with a lot of equity, there isn’t very much on the market so whatever is selling comprise the “sold comps” right now (must-sells). That skews the comps because all the valuable well-maintained-by-owner (not bank) properties are off the market.

Who in their right mind would try to sell in this market if they don’t need to??

[bearishgurl]

[quote=AN]But didn’t you just show 91910 sold more than 92129 in the last 2 months or so? [/quote]

No, more houses were sold in 92129 in the last 2 mos.

[quote=AN]But the housing stocks shows there are houses from $200k-$4M. There must be MC/upper MC buying those $500k-$1M houses.[/quote]

There are. I posted the comps from RDR Belmonte and Miranda. They are NOT in CV West 91910. They are 5.5 mi. away in “New RDR” 91910. No luxury properties have sold in CV West in the last 2 mos. because 1) there aren’t very many on the market; 2)the CV West luxury homes are generally more exp, i.e. on bigger lots, no HOA, no MR; and 3)there were only two distressed properties that I know of in the last 3 years in this area (one heavy fixer); and 4) many were purchased with cash so their owners don’t really need to sell and aren’t listing them. Why would they?

So the 91910 comps in CV West are skewed low right now to distressed and overextended investors’ must-sell properties.

[bearishgurl]

[quote=AN]But didn’t you just show 91910 sold more than 92129 in the last 2 months or so? [/quote]

No, more houses were sold in 92129 in the last 2 mos.

[quote=AN]But the housing stocks shows there are houses from $200k-$4M. There must be MC/upper MC buying those $500k-$1M houses.[/quote]

There are. I posted the comps from RDR Belmonte and Miranda. They are NOT in CV West 91910. They are 5.5 mi. away in “New RDR” 91910. No luxury properties have sold in CV West in the last 2 mos. because 1) there aren’t very many on the market; 2)the CV West luxury homes are generally more exp, i.e. on bigger lots, no HOA, no MR; and 3)there were only two distressed properties that I know of in the last 3 years in this area (one heavy fixer); and 4) many were purchased with cash so their owners don’t really need to sell and aren’t listing them. Why would they?

So the 91910 comps in CV West are skewed low right now to distressed and overextended investors’ must-sell properties.

[Author]

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