[kkun]

30% discount from 2005 Price is normal in that area. So that’s not much different.

Thing that is interesting is how smart flipping is correcting the price. For the Bella Rosa house 550k was lower than market price and that provided an opportunity to flip.

bearishgirl and I have discussed this topic a month ago (see previous posts on the thread). I am curious how much Bella Rosa flipper makes 🙂

[kkun]

Two interesting transactions in Stonebridge:

13198 Downing Lane: flipped successfully, purchased at $635k. Flipped at $750k in five months.

http://www.redfin.com/CA/San-Diego/13198-Downing-Ln-92131/home/7502145

Just across this house, another one up for flip:
13177 Bella Rosa Rd: bought at $550k! Cleaned up, fixed and made ready to sell in three weeks. Now listed at $759k. Probably will sale around asking price.

http://www.redfin.com/CA/San-Diego/13177-Bella-Rosa-Rd-92131/home/7502146

Seems smart flipping strategy can be reasonably profitable.

[kkun]

Avg size lot in Stonebridge is lot smaller than 20k sf. Probably closer to 10- 12k sf.

To make money by flipping, one has to use cash. That way cost of loan is saved, not to mention the long time it takes to get the loan done. That’s my point “IF I had capital…”. Having a RE agent partner is another must.

At right price, house may get sold in 3 months in Stonebridge when the inventory is low (like now)

A great case study is a house across this one: 13198 Downing Lane, 92131. It was bought in foreclosure ~5 months back, fixed and put in market. It’s contingent now. Depending on the sale price the flipper may make $50k+

I am curious to see what price it sells at..

[kkun]

Yes, that’s the house I referred to.

My comment about this home is purely driven by economics- not my individual preferrence. Mello Roos is a factor for Stonebridge. In number of threads in this forum MR impact has been debated and the matter is settled at $100k increase in purchase price.

I do not like to live in this home personally (backing to Stonebridge Pkwy). But if I had the capital, I would have entertained the idea to buy it at $550k, do repairs worth $20k and flip it to make $50k profit.

Every house in that locality has equal Mello Roos. The fact is, it has been sold at a steeper discount than comparable houses in the same street.

[kkun]

This one is sold at 550k! Probably needs some work for the home. Still it’s great price. Stonebridge continues to go down.

[kkun]

There is another re-listing in the same area at 550- 600k! It was listed at 675k in Nov last year and went pending. Seems that did not work out and the house is back in market for a lower price.

http://www.sdlookup.com/MLS-110043011-13177_Bella_Rosa_Rd_San_Diego_CA_92131

[kkun]

12885 @630k is a very good price IMO. I saw that home- not a great house, but certainly a great value @630k. I was late to bid and could not put my bid (which would have been higher than 630k)before Seller’s agent took the Short sell offer to the bank.

I have a (unsupported) doubt that the Seller’s agent helped the particular buyer. The bank could have got more money. The owner did not care since they were not getting any money anyway.

What about this house:
http://www.sdlookup.com/MLS-120013829-13198_Downing_Ln_San_Diego_CA_92131

This one is nicer than the Starwood Lane houses, but on the Stonebridge Pkwy. I am suprised it’s not pending/ contingent yet. Probably the seller is holding on to the asking price.

There was an REO on the same road (13162 Downing Lane)- soes anyone have any insight on that?

[kkun]

Even with the shortcomings mentioned (eg sloped backyard, little noise, not great interior), this is a great deal. Even with some interior and backyard fixing it will be at good price. Now, if you don’t like Stonebridge, that’s a different deal. This house is very close to Pomerado- as opposed to Toll Brothers homes that are probably 5 miles inside Stonebridge.

I think 4S is losing value at same rate as Stonebridge with many more homes up for sale all the time. I think ere are 20+ homes on sale up for sale in 4S.

One question still wonders me why San Angelo/ Scripps Ranch Heights homes are still selling at $245 per sqft for comparable size homes. See this one:

http://www.sdlookup.com/MLS-120002113-11592_Aspendell_Dr_San_Diego_CA_92131

Even with I15 noise this home is priced high IMHO

[kkun]

This is a very good house and sold at a great price IMO. It’s great inside and outside. It has unparalleled views from backyard. Great neighborhood, no MR, smaller HOA fees.

Only downside is the fire risk. When I checked, no insurance company other than State Farm will insure the house, irrespective of premium. State Farm said they will insure at $250 per month.

I did quite a bit of research, including advices from Piggis and bid on the house. Unfortunately came second at 8k below the selling price. The list price was 785k, so I thought 802k will be good enough to win. Would have paid 810k for the house…..

[kkun]

The photos after fire are unbelievable.

Thanks for your thoughts. Will really appreciate comments from other experts.

[kkun]

The photos after fire are unbelievable.

Thanks for your thoughts. Will really appreciate comments from other experts.

[kkun]

The photos after fire are unbelievable.

Thanks for your thoughts. Will really appreciate comments from other experts.

[kkun]

The photos after fire are unbelievable.

Thanks for your thoughts. Will really appreciate comments from other experts.

[kkun]

The photos after fire are unbelievable.

Thanks for your thoughts. Will really appreciate comments from other experts.

[kkun]

Thank you all for very valuable info and research links. I looked through most of the stuffs and read your opinions carefully. Final decision: not worth taking the risk to buy 13340 Shadetree. It’s close to powerline and in the evening the noise from the powerline is annoying.

I didn’t find one study that said there is no health risk. On the other hand there are many that claims causal and statistically valid connection between powerline and health issues. Though I was not totally convinced about the health risk (because I believe there are other stuffs like bad food and lifestyle actually poses higher risk), at the end of the day it’s not worth to put my family out to the risk.

Thank you for your opinion. Good that I found Piggington before bidding for the home. Hopefully will find a good home soon..

[Author]

Posts