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gecko
ParticipantThe craigslist ad is placed by a realtor???
LUXURY HOME DISTRESS SALE, ENCINITAS RANCH, 1458 HERITAGE LN ENCINITAS, CA. APPRAISED FOR A SOLID $1.3M A FEW MONTHS AGO. BRING OFFERS, SELLER READY TO NEGOTIATE. LARGE LOT @ END OF CUL DE SAC SOME OCN VWS FRM UPSTAITS,5 BEDROOM/5.5 BATH, DISTRESSED WOOD CABINETRY, GRANITE IN KITCHEN, SEPARATE ENTRY GUEST QTRS, FABULUOUS POOL/SPA W/ WATERFALLS, FINISHED GARAGE. OPEN SUNDAY 11/5 FROM 12 TO 4. TAKE I-5 EXIT LEUCADIA BLVD, EXIT EAST RIGHT QUAIL GARDENS, LEFT PASEO DE LAS VERDES, RIGHT HERITAGE, GO TO END OF CUL DE SAC. WORTH TAKING A LOOK!!!! AGT. F. WEINBAUM, MARTIN REALTY 858.342.1199
ParticipantI am currently renting a brand new 3000 sq ft home for less than half of what it would cost to own. I returned to San Diego after 8 yeras on the East Coast in 2004 and decided that the housing market was way out out whack for the fundamentals and renting would be my best option until the market corrected. BTW, I made a nice profit on a home on the East Coast so I had the option to buy here.
With this stated, I’d like to share my first RE purchase experience in San Diego back in 1983. I rented a SFH in Mt Helix from a private owner. After about 3 months in the house my wife answered a knock at the door while I was at work. A foreclosure notice was being posted as the owner was in default. This ‘owner’ it tunrs out had quite a history. The RE market was down at the time and he was taking over properties from owners that were desparate to sell by giving them a 2nd TD and taking over their 1st. Problem was, he had about 18 of these properties and he made his money by renting the homes out, collecting the rents and not paying on the 2nd or the 1st.
To make a long story short, we researched the loan history, found the original seller and holder of the 1st back in Maine and offered a buyout of the property. We purchased the 2400sq ft home for $126k with an appraisal and realsistic market value of $180k. I also remember quite well the market in the early 90’s. I lived in Alpine at the time and remember a beautiful development, Ranch Palo Verde, where about 50% of the brand new homes were REO’s for a number of years. I have no doubt we will soon see the return of REO’s in new developments with overgrown brown weeds in place of landscaping.
Moral of the story- there will always be opportunities in any market.
ParticipantI am a lurker to this great site and thought you would all like to see a post from a Realtor about the Hidden Meadows market in Escondido. This is an almost brand new upgraded home on the golf course. MLS #: 066063118
http://www.allenhemphill.com/Newsletter.htm
“Late July — Early August Analysis
If we were to look back at the market, we would note that July 22 was the date on which the Hidden Meadows market “dropped.”
It was on that date that a home on Pinion Trail, which had previously been listed at $920,000 was re-listed at $726,000!
There have been many price reductions previous to that date – but massive reductions like that were unknown. That sort of reduction demonstrates someone who “must” sell as opposed to those who wish to sell.
We have a large number of vacant homes, and those are the next ones in which we will see large price reductions. That will be followed by a general reduction in prices.
I do not see a market more than 20% below today’s market. Our market is strong enough to withstand more reduction than that, and it is entirely possible that the market will not permit that much. It may be 15%. I doubt it will be only 10%.
The job market is strong. The general economy is strong. Gas prices are horrible, but not so high as to actually change driving habits. The stock market is responding to the world situation but not apparently to any “bad” domestic economic news. There is little bad domestic news.”
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