[Eugene]

i think there’s more going on than just globalization. Russian real estate grew just as quickly last 5 years. Even in places that don’t export anything (80% of the country :))

to give you an idea – apartments in most major Russian cities cost on the order of $100 per square foot. Median annual wages are $3000-4000.

[Eugene]

i think there’s more going on than just globalization. Russian real estate grew just as quickly last 5 years. Even in places that don’t export anything (80% of the country :))

to give you an idea – apartments in most major Russian cities cost on the order of $100 per square foot. Median annual wages are $3000-4000.

[Eugene]

i think there’s more going on than just globalization. Russian real estate grew just as quickly last 5 years. Even in places that don’t export anything (80% of the country :))

to give you an idea – apartments in most major Russian cities cost on the order of $100 per square foot. Median annual wages are $3000-4000.

[Eugene]

i think there’s more going on than just globalization. Russian real estate grew just as quickly last 5 years. Even in places that don’t export anything (80% of the country :))

to give you an idea – apartments in most major Russian cities cost on the order of $100 per square foot. Median annual wages are $3000-4000.

[Eugene]

interesting how Zillow is waaay off on each one of these properties.
Poway/High Pine: listed for 360k, zestimate 479k
Poway/Glenoak: listed for 400k, zestimate 549k
Poway/Robison: listed for 435k, zestimate 565k
Escondido/Mission: listed for 335k, zestimate 518k (!)
Escondido/Hayden: listed for 370k, zestimate 570k
Escondido/Jet: listed for 515k, zestimate 712k

the Jet Place is a great example of a bubble burst. 13 new McMansions built in 2004, 2500-3000 sq. ft, two stories, granite countertops, etc. Sold originally in 2005 for around 690k.

03/2007: 757 Jet Pl is foreclosed and becomes a REO. Bank lists it for 600k.
06/2007: owners of 710 Jet Pl default on both their mortgages. Foreclosure is cancelled.
07/2007: 757 Jet Pl is lowered to 571k.
08/2007: 757 Jet Pl is lowered to 542k. Still no buyers.
09/2007: 707 Jet Pl is foreclosed and becomes a REO.
10/2007: 707 Jet Pl is listed for 515k.
10/2007: 748 Jet Pl is foreclosed.

This is clearly not the end of the story. To keep things interesting, Lennar just slashed prices on new houses in its Eureka Springs complex (not far from Jet Pl). 2750 sq ft houses are now being offered for 515k.

[Eugene]

interesting how Zillow is waaay off on each one of these properties.
Poway/High Pine: listed for 360k, zestimate 479k
Poway/Glenoak: listed for 400k, zestimate 549k
Poway/Robison: listed for 435k, zestimate 565k
Escondido/Mission: listed for 335k, zestimate 518k (!)
Escondido/Hayden: listed for 370k, zestimate 570k
Escondido/Jet: listed for 515k, zestimate 712k

the Jet Place is a great example of a bubble burst. 13 new McMansions built in 2004, 2500-3000 sq. ft, two stories, granite countertops, etc. Sold originally in 2005 for around 690k.

03/2007: 757 Jet Pl is foreclosed and becomes a REO. Bank lists it for 600k.
06/2007: owners of 710 Jet Pl default on both their mortgages. Foreclosure is cancelled.
07/2007: 757 Jet Pl is lowered to 571k.
08/2007: 757 Jet Pl is lowered to 542k. Still no buyers.
09/2007: 707 Jet Pl is foreclosed and becomes a REO.
10/2007: 707 Jet Pl is listed for 515k.
10/2007: 748 Jet Pl is foreclosed.

This is clearly not the end of the story. To keep things interesting, Lennar just slashed prices on new houses in its Eureka Springs complex (not far from Jet Pl). 2750 sq ft houses are now being offered for 515k.

[Eugene]

interesting how Zillow is waaay off on each one of these properties.
Poway/High Pine: listed for 360k, zestimate 479k
Poway/Glenoak: listed for 400k, zestimate 549k
Poway/Robison: listed for 435k, zestimate 565k
Escondido/Mission: listed for 335k, zestimate 518k (!)
Escondido/Hayden: listed for 370k, zestimate 570k
Escondido/Jet: listed for 515k, zestimate 712k

the Jet Place is a great example of a bubble burst. 13 new McMansions built in 2004, 2500-3000 sq. ft, two stories, granite countertops, etc. Sold originally in 2005 for around 690k.

03/2007: 757 Jet Pl is foreclosed and becomes a REO. Bank lists it for 600k.
06/2007: owners of 710 Jet Pl default on both their mortgages. Foreclosure is cancelled.
07/2007: 757 Jet Pl is lowered to 571k.
08/2007: 757 Jet Pl is lowered to 542k. Still no buyers.
09/2007: 707 Jet Pl is foreclosed and becomes a REO.
10/2007: 707 Jet Pl is listed for 515k.
10/2007: 748 Jet Pl is foreclosed.

This is clearly not the end of the story. To keep things interesting, Lennar just slashed prices on new houses in its Eureka Springs complex (not far from Jet Pl). 2750 sq ft houses are now being offered for 515k.

[Eugene]

interesting how Zillow is waaay off on each one of these properties.
Poway/High Pine: listed for 360k, zestimate 479k
Poway/Glenoak: listed for 400k, zestimate 549k
Poway/Robison: listed for 435k, zestimate 565k
Escondido/Mission: listed for 335k, zestimate 518k (!)
Escondido/Hayden: listed for 370k, zestimate 570k
Escondido/Jet: listed for 515k, zestimate 712k

the Jet Place is a great example of a bubble burst. 13 new McMansions built in 2004, 2500-3000 sq. ft, two stories, granite countertops, etc. Sold originally in 2005 for around 690k.

03/2007: 757 Jet Pl is foreclosed and becomes a REO. Bank lists it for 600k.
06/2007: owners of 710 Jet Pl default on both their mortgages. Foreclosure is cancelled.
07/2007: 757 Jet Pl is lowered to 571k.
08/2007: 757 Jet Pl is lowered to 542k. Still no buyers.
09/2007: 707 Jet Pl is foreclosed and becomes a REO.
10/2007: 707 Jet Pl is listed for 515k.
10/2007: 748 Jet Pl is foreclosed.

This is clearly not the end of the story. To keep things interesting, Lennar just slashed prices on new houses in its Eureka Springs complex (not far from Jet Pl). 2750 sq ft houses are now being offered for 515k.

[Eugene]

Looks like the ones in Poway are all in beautiful areas that are fire hazards.

Actually only the one on High Pine is in a fire hazard area, the other two are in central Poway with no undeveloped land nearby.

for the house on High Pine St, $231/sq ft is suspiciously low given that two houses on the same street sold for $298 and $357 in the past two months. Either the footage is overstated (most neighbor houses are 1200 sq ft) or there’s something wrong with the house. Or both.

The one on Robison is across the street from an apartment/condo complex. Having strangers parking next to your curb every day can’t be good for resale values.

[Eugene]

Looks like the ones in Poway are all in beautiful areas that are fire hazards.

Actually only the one on High Pine is in a fire hazard area, the other two are in central Poway with no undeveloped land nearby.

for the house on High Pine St, $231/sq ft is suspiciously low given that two houses on the same street sold for $298 and $357 in the past two months. Either the footage is overstated (most neighbor houses are 1200 sq ft) or there’s something wrong with the house. Or both.

The one on Robison is across the street from an apartment/condo complex. Having strangers parking next to your curb every day can’t be good for resale values.

[Eugene]

Looks like the ones in Poway are all in beautiful areas that are fire hazards.

Actually only the one on High Pine is in a fire hazard area, the other two are in central Poway with no undeveloped land nearby.

for the house on High Pine St, $231/sq ft is suspiciously low given that two houses on the same street sold for $298 and $357 in the past two months. Either the footage is overstated (most neighbor houses are 1200 sq ft) or there’s something wrong with the house. Or both.

The one on Robison is across the street from an apartment/condo complex. Having strangers parking next to your curb every day can’t be good for resale values.

[Eugene]

Looks like the ones in Poway are all in beautiful areas that are fire hazards.

Actually only the one on High Pine is in a fire hazard area, the other two are in central Poway with no undeveloped land nearby.

for the house on High Pine St, $231/sq ft is suspiciously low given that two houses on the same street sold for $298 and $357 in the past two months. Either the footage is overstated (most neighbor houses are 1200 sq ft) or there’s something wrong with the house. Or both.

The one on Robison is across the street from an apartment/condo complex. Having strangers parking next to your curb every day can’t be good for resale values.

[Eugene]

I think about 100 sqf for the bigger homes, maybe 125 to 150 sqf for the smaller homes

there are 50+ listings of sub-200 sqf houses in Escondido right now, so 150 sqf for smaller homes in Temecula is a realistic (if not overly optimistic) scenario.

[Eugene]

I think about 100 sqf for the bigger homes, maybe 125 to 150 sqf for the smaller homes

there are 50+ listings of sub-200 sqf houses in Escondido right now, so 150 sqf for smaller homes in Temecula is a realistic (if not overly optimistic) scenario.

[Eugene]

I think about 100 sqf for the bigger homes, maybe 125 to 150 sqf for the smaller homes

there are 50+ listings of sub-200 sqf houses in Escondido right now, so 150 sqf for smaller homes in Temecula is a realistic (if not overly optimistic) scenario.

[Author]

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