[cantab]

down 30% already in SD

http://www.redfin.com/stingray/do/printable-listing?listing-id=857995

This house in City Heights is bank-owned by Wells Fargo and offered for $254,900. The sale history is enlightening:

04/24/2007 $300,715 -20.0%/yr
03/15/2006 $385,000 16.5%/yr
07/02/2003 $255,000 36.3%/yr
04/01/1999 $68,500 43.2%/yr
09/17/1998 $56,500 2.0%/yr
12/15/1994 $52,500 -19.6%/yr
11/02/1993 $66,955 -2.8%/yr
01/27/1989 $76,500 —

At the previous peak of the market (late 1989) the house was worth perhaps $80K. At the bottom of the market in 1996 it fell to perhaps $50K, a decline of 38%. This is bigger than the average decline in San Diego, because this is (frankly!) a tiny shack in a bad neighborhood.

The house has already fallen by over 30% in the current decline, from $385K to $255K, which coincidentally is the July 2003 value. Any predictions how much further it will fall?

[cantab]

down 30% already in SD

http://www.redfin.com/stingray/do/printable-listing?listing-id=857995

This house in City Heights is bank-owned by Wells Fargo and offered for $254,900. The sale history is enlightening:

04/24/2007 $300,715 -20.0%/yr
03/15/2006 $385,000 16.5%/yr
07/02/2003 $255,000 36.3%/yr
04/01/1999 $68,500 43.2%/yr
09/17/1998 $56,500 2.0%/yr
12/15/1994 $52,500 -19.6%/yr
11/02/1993 $66,955 -2.8%/yr
01/27/1989 $76,500 —

At the previous peak of the market (late 1989) the house was worth perhaps $80K. At the bottom of the market in 1996 it fell to perhaps $50K, a decline of 38%. This is bigger than the average decline in San Diego, because this is (frankly!) a tiny shack in a bad neighborhood.

The house has already fallen by over 30% in the current decline, from $385K to $255K, which coincidentally is the July 2003 value. Any predictions how much further it will fall?

[cantab]

down 30% already in SD

http://www.redfin.com/stingray/do/printable-listing?listing-id=857995

This house in City Heights is bank-owned by Wells Fargo and offered for $254,900. The sale history is enlightening:

04/24/2007 $300,715 -20.0%/yr
03/15/2006 $385,000 16.5%/yr
07/02/2003 $255,000 36.3%/yr
04/01/1999 $68,500 43.2%/yr
09/17/1998 $56,500 2.0%/yr
12/15/1994 $52,500 -19.6%/yr
11/02/1993 $66,955 -2.8%/yr
01/27/1989 $76,500 —

At the previous peak of the market (late 1989) the house was worth perhaps $80K. At the bottom of the market in 1996 it fell to perhaps $50K, a decline of 38%. This is bigger than the average decline in San Diego, because this is (frankly!) a tiny shack in a bad neighborhood.

The house has already fallen by over 30% in the current decline, from $385K to $255K, which coincidentally is the July 2003 value. Any predictions how much further it will fall?

[cantab]

Here’s one in Murrieta that is only $111 per square foot, $395K for 3547 sqft:
http://www.redfin.com/stingray/do/printable-listing?listing-id=830148

There is something fishy about it: it’s been listed for 58 days but it sold for $618K on July 11, much less than 58 days ago.

Here’s one that is offered for less than it sold for in May 2003:

http://www.redfin.com/stingray/do/printable-listing?listing-id=845420

And it seems to be in good condition. The asking price of 350K is less than the purchase price of 360K in May 2003. It seems that four full years of bubble have now been reversed.

[cantab]

Here’s one in Murrieta that is only $111 per square foot, $395K for 3547 sqft:
http://www.redfin.com/stingray/do/printable-listing?listing-id=830148

There is something fishy about it: it’s been listed for 58 days but it sold for $618K on July 11, much less than 58 days ago.

Here’s one that is offered for less than it sold for in May 2003:

http://www.redfin.com/stingray/do/printable-listing?listing-id=845420

And it seems to be in good condition. The asking price of 350K is less than the purchase price of 360K in May 2003. It seems that four full years of bubble have now been reversed.

[cantab]

Here’s one in Murrieta that is only $111 per square foot, $395K for 3547 sqft:
http://www.redfin.com/stingray/do/printable-listing?listing-id=830148

There is something fishy about it: it’s been listed for 58 days but it sold for $618K on July 11, much less than 58 days ago.

Here’s one that is offered for less than it sold for in May 2003:

http://www.redfin.com/stingray/do/printable-listing?listing-id=845420

And it seems to be in good condition. The asking price of 350K is less than the purchase price of 360K in May 2003. It seems that four full years of bubble have now been reversed.

[cantab]

I know this area. The houses are Drogan-style 60s modernist tract houses. The pictures show clearly that the house was totally remodeled but not torn down. The walls and ceilings and room layout are all original but refinished or resurfaced. My guess is they spent at most $100 per sqft, i.e. $200K, on the remodel. It could have been only $100K if they were economical. The new windows for example look like vinyl, not high-end wood.

[cantab]

I know this area. The houses are Drogan-style 60s modernist tract houses. The pictures show clearly that the house was totally remodeled but not torn down. The walls and ceilings and room layout are all original but refinished or resurfaced. My guess is they spent at most $100 per sqft, i.e. $200K, on the remodel. It could have been only $100K if they were economical. The new windows for example look like vinyl, not high-end wood.

[cantab]

I know this area. The houses are Drogan-style 60s modernist tract houses. The pictures show clearly that the house was totally remodeled but not torn down. The walls and ceilings and room layout are all original but refinished or resurfaced. My guess is they spent at most $100 per sqft, i.e. $200K, on the remodel. It could have been only $100K if they were economical. The new windows for example look like vinyl, not high-end wood.

[cantab]

Here’s the link for the overpriced Pacific Beach house. It’s almost oceanfront–as in two miles away 🙂

http://www.redfin.com/stingray/do/printable-listing?listing-id=967451

[cantab]

Here’s the link for the overpriced Pacific Beach house. It’s almost oceanfront–as in two miles away 🙂

http://www.redfin.com/stingray/do/printable-listing?listing-id=967451

[cantab]

Here’s the link for the overpriced Pacific Beach house. It’s almost oceanfront–as in two miles away 🙂

http://www.redfin.com/stingray/do/printable-listing?listing-id=967451

[Author]

Posts