[jabrwoki]

I know exactly what you are talking about as I have been following the same complex (Lucera) and others having lived in UTC for the past 3 years. The lowest prices advertized now for Lucera 2bedrooms ($399k) is still about 30k more than what homeowners purchased for 2-1/2 years ago. Let us see when the flippers fold to below original list price ($370K). Meanwhile i have heard (from a friend who purchased there) that they had a major plumbing issue for which the residents had to cough up $10k each. This is just the beginning because not too long ago you (and even now in some unrenovated complexes) you can still rent in the $1500-$1700 range. My estimate of fair prices there is about $250k. What do you think ?

[jabrwoki]

I know exactly what you are talking about as I have been following the same complex (Lucera) and others having lived in UTC for the past 3 years. The lowest prices advertized now for Lucera 2bedrooms ($399k) is still about 30k more than what homeowners purchased for 2-1/2 years ago. Let us see when the flippers fold to below original list price ($370K). Meanwhile i have heard (from a friend who purchased there) that they had a major plumbing issue for which the residents had to cough up $10k each. This is just the beginning because not too long ago you (and even now in some unrenovated complexes) you can still rent in the $1500-$1700 range. My estimate of fair prices there is about $250k. What do you think ?

[jabrwoki]

I know exactly what you are talking about as I have been following the same complex (Lucera) and others having lived in UTC for the past 3 years. The lowest prices advertized now for Lucera 2bedrooms ($399k) is still about 30k more than what homeowners purchased for 2-1/2 years ago. Let us see when the flippers fold to below original list price ($370K). Meanwhile i have heard (from a friend who purchased there) that they had a major plumbing issue for which the residents had to cough up $10k each. This is just the beginning because not too long ago you (and even now in some unrenovated complexes) you can still rent in the $1500-$1700 range. My estimate of fair prices there is about $250k. What do you think ?

[jabrwoki]

I can site my recent experience to the contrary. While asking prices of rents seems to have gone up there are still many good deals to be found specially in condos in the UTC/Carmel valley area. I recently was forced to move as the condo I was living in (Valentia ,UTC) is upgraded the apartment in anticipation of putting it on the market. Well seems like they are rather late to the UTC condo-conversion party as all the sales have stagnated and they have indefinitely postponed their plans for selling it. Carmel Valley/Torrey Hills which seems to be the toast of the town as regarding schooling districts etc still havs many vacancies to fill and periodically offer reasonably good deals. I recently moved there for less than $1700 for 2-bedroom apartment with a garage. The average rents vary from 1700-2000 in this area (for apartments less than 5 years old). In the meantime the clowns in Torrey Villas are trying to sell their 2-bedroom units for high 500s and above. Good luck to the new homeowners there !!

[jabrwoki]

I thought this report was funny too !

http://realtytimes.com/rtmcrcond/California~San_Diego~winstonwiddes

[jabrwoki]

sdrealtor,
appreciate your insights as a realtor. One thing I never understood was this BS call value range pricing. I can understand the significance of a lower limit on bids which will be looked at by the buyer but why bother with the upper limit. Are they saying they dont entertain bids above the price ? Or are they hinting to the seller how much they think their property is really worth ! Dont they give the buyer even an iota of credit for looking around to see how much to bid.

thanks

[jabrwoki]

Interesting comments. I agree with most of your comments (I am a renter who has been priced out in the current market ) and a long time SD resident (>10yrs). But I wonder who are buyers who in the past few years have pushed it to such ridiculous heights. While there has been some job growth (I am in hitech and SD has weathered the Tech recession of 2001-2002 much better than the Bay area where I worked for a couple of years). In 2001 SD houses looked a raging bargin compared to Bay area which seemed justified since the salary levels and entreprenerial levels were no match between these regions. Could it be that most of the buyers in SD already purchased in 2001-2003 time frame and have enough equity that the eventual fall in prices could be a long multi-year scenario ? What else could explain 10 houses on the same street in 4S ranch asking $200k more than they paid for just a couple of years ago.

[jabrwoki]

I have seen a variant of this trick in an openhouse I attended in 4s ranch. Instead of a cash prize there was a drawing for a Ipod nano. I think this benefits the realtor more than the prospective client because it gives them an additional lead to follow for a becoming a buyer’s agent.

[jabrwoki]

Any ideas what’s with the unfinished deck for a property owned for more than a year ? What a train wreck !

[jabrwoki]

The current asking price seems to be $619k. Of course as Jim mentioned there is only one photo of interior (kitchen) that too recently added. There are also some caveats (to buyers) on staying away from a unfinished deck LOL.
powayseller, membership seems to be $39.95 per month (a bit steep for just browsers) but probably justified if you are serious about buying right now.

[jabrwoki]

Here’s another in the same zip code (92078) (though in a nicer neighborhood) in foreclosure.
1168 CALISTOGA WAY, san marcos, ca92078
Can you get any info on its history ?

thanks

[jabrwoki]

thanks !!

[jabrwoki]

hey ocrenter ,

Cool analysis. BTW, where do you get personal info such as loan docs for each home !

thanks

[jabrwoki]

I agree absolutely ! The last sale price is invaluable information which would have been a bitch to find out in the past. In fact every house in SD seems to have added $200k to the last sale price. We have a loooong way to go before anyone should dip into this crazy market !!

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