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Distressed properties in 91913 (Chula Vista).

[img_assist|nid=4760|title=91913|desc=|link=node|align=left|width=466|height=400]

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sdrealtor,

Take a look at the following listings:

http://www.sdlookup.com/MLS-071052320-17508_Rancho_Del_Rio_Rancho_Santa_Fe_CA_92067

http://www.sdlookup.com/MLS-071040738-7733_La_Orquidia_Rancho_Santa_Fe_CA_92067

http://www.sdlookup.com/MLS-071067046-15474_Pimlico_Corte_Rancho_Santa_Fe_CA_92067

As you can see, I don’t need any luck 🙂

As a realtor, you should know better than anyone else, that real estate is about location. SEH is not a “1.5 – 2M location”.

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SEH is not a prime location. No matter how “incredible” the view is, it only adds so much value to a property. For $1.5 – $2 millions, one can buy a large house in Rancho Santa Fe. Why bother with SEH ?

On a different thread, someone made remarks about Yugos with a lot of options/upgrades disguising themselves a Lexuses. That’s what these houses are.

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I don't know how the builders can go much lower.

Cashman, when prices were going up, they went above the levels deemed possible by most people. Likewise, on the way down, they'll go down below levels most people can imagine.

It attracted a whole bunch of trailer trash and LA gang families BECAUSE it was cheap

HLS, currently, is Moreno Valley considered a very bad neighborhood with bad schools ?

 

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JWM,

Can you write to Diane Wednar (attaching her reply from last year) ? I’d be very interested in what her response would be.

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But it's still a Yugo and by the time you go to resell that Yugo the value of all those options and upgrades will become invisible.

Bugs, consider the following scenario:

Let's say a John Doe were to buy a new house from the builder & pay $100,000 for options/upgrades. Let's also say that a house next door was purchased by someone else (same floor plan/lot size) without any option/upgrades.

2 years later (let's assume that during these 2 years the market price hasn't gone up or down), what would be the difference in the values of the 2 houses? What about 5 years later ?

At what point do "the value of all those options and upgrades become invisible" ?

 

 

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the first couple sales often go to insiders, as it helps establish the sale prices for appraisals of the subsequent units

Bugs, that's very interesting. Are you saying the following ?

A John Doe bought the house at a specific price primarily to establish a "comp". That is:

1. He likes the house & wants to live there & is compensated (under the table) for paying an artificially inflated price. Or

2. He has no intention of living there & will sell it soon. And that he will be compensated (under the table) for the holding cost & transaction cost ?

 

 

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wantobuy,

Here’s an idea:

Buy the condo now. 3 years later, buy the SFH in 4S with a 30 yr fixed mortgage.

By then, since you’ll be upside-down with your condo, walk away from the condo (let the lender foreclose). Since you have a 30 yr fixed on your SFH, the mortgage payment won’t go up on you, even if you have bad credit.

The bad credit you get from the foreclosure will affect your credit card loans & car loans. But assuming you don’t owe much on these, it won’t be too bad. The loan that you use to buy the condo is a non-recourse loan, so the lender will not be able to go after you.

All things considered, it’s a small price to pay to keep your wife happy.

Of course, the lender will be the big loser. But that’s the risk inherent in the mortgage business. Lenders understand this risk, if they lose money, they can’t blame anyone else.

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$22.5 mil is the asking price.

Anyone can ask any price for their house. Whether they can find a buyer is a different matter. Yes, there are many folks out there who are still dreaming.

ps: I have a condo in El Cajon that I want to sell for $999,000. Want to buy it ? 🙂

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amy,

Is it true that Austin is bad for allergy sufferers ?

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I would even go further. You need to price it in the bottom 10% to have a decent chance of selling in this market.

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Subdivisions sat for almost decade before they were finally built out in 88-89. My gut says that you will see the same thing in 4S and SEH.

El Jefe,

I think that the above statement is more applicable to Del Sur than 4S Ranch. That's because they didn't start building in Del Sur until 2006. Where as, 4S is 75% completed. Am I right ?

 

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4spotentialbuyer,

Do you know why lots 835, 837 & 861 (3365 sq ft) are priced lower than lots 802 & 858 (2901 sq ft) ?

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If so, are the builders so confident of continued demand that they're willing to fill every available square foot of land with a house or apartment?

The builders already purchased the land & put in the infrastructure (sewage, water, electrical …). They already put too much money in the project to walk away. They have no choice but to press forward.

So, it's not that the builders are "confident of continued demand". It's "if we press forward we'll lose a lot of money, if we walk away we'll lose even more".

 

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It sounds like you managed to avoid the following (which are very bad for your finances):

1. Live beyond your means.
2. Pay too much interest to credit card companies.

The next step would be:

– Keep on saving toward a 20% down payment. It only “seem” to take forever. If you are determined & patient you’ll get there.

In some ways, you are in a very good position. That is, prices will take a few years to bottom out and it takes you a few more years to save for the down payment. Home price is going down & your savings is going up. What else can you ask for ?

>> I guess the long and short is I’ve always wanted a place of my own

It’s better to be late in reaching your goal than to be in a hurry and buying before you are ready. Many folks bought before they are ready & had to use adjustable mortgages to buy. They are now facing the consequences.

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