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ocrenter
Participant4500 sqft homes in Avaron (Del Sur) are now in the $1.2 to $1.3 range. some folks paid as much as $1.4-$1.8 for the exact same floor plans just 6-9 months ago.
Participantthank you, bubblesitter for the link.
this is all occuring in Greer Ranch, Murrieta. here’s the breakdown of the teams.
There are currently 7 homes on the market on this street. On one side, we have Team REOs:
27062 PUMPKIN ST, Murrieta, CA 92562 (3,151 sqft)
–listed for $474,850 since 8/2007.27189 PUMPKIN ST, Murrieta, CA 92562 (3,532 sqft)
–listed for $524,900 since 9/2007.27177 PUMPKIN ST, Murrieta, CA 92562 (3,681 sqft)
–listed for $582,900 since 8/2007.27153 PUMPKIN ST, Murrieta, CA 92562 (3,532 sqft)
–listed for $595,000 since 8/2007.Average price per sqft for Team REOs: $157/sqft.
vs.
On the other side we have Team Floppers:
27344 PUMPKIN ST, Murrieta, CA 92562 (3,201 sqft)
–listed for $665,000 since 7/2007.27213 PUMPKIN ST, Murrieta, CA 92562 (3,532 sqft)
–listed for $750,000 since 5/2007.27069 PUMPKIN ST, Murrieta, CA 92562 (3,681 sqft)
–listed for $785,000 since 6/2007.Average price per sqft for Team Floppers: $211/sqft.
now what I did not realize when I did this post was that there’s a third team, Team Builders!
Artisan Communities is selling RIDGEVIEW in Greer Ranch, a community of 2,969 sqft to 3,662 sqft homes starting from the mid-$400,000’s!
I guess this is what Appleton Young was talking about in regard to realtors not taking unrealistic listings, there is really no point in trying for the floppers, just default and join Team REOs!
Participantwent there, loved the view!
these are nice homes, good floor plans, good designs.
truly what $1 million should get you, but $1.5 to $2 million? hmmm…
as I see it, the faux price of $1 million for a 3,000 sqft typical tract home down the hill will gradually move to its proper place at the $500-$600,000 mark.
and the $1.5 to $2 million asking for these should settle to $1 to $1.5 million (the higher for the breath-taking view).
September 6, 2007 at 5:03 PM in reply to: San Diego Inventories flat year over year . . . other southwest/Calif. markets all higher. Why? Is SD near a bottom? #83646Participantschizo…
…in search of a way to annoy us all.
ParticipantCheck out this guy that thought he got a great bargain buying a REO in June, purchase price was $597,000 for a 1,931 sqft detached condo
Now check this one out, just a 3-5 minutes’ walk away:
16823 SAINTSBURY GLEN, SD – Rancho Bernardo, CA 92127
–1,858 sqft detached condo
–asking price: $500,000.when I featured the story a same exact model came on the market for $550,000. that one is still on sale with no takers. now we have this.
that’s $100,000 equity loss within 3 months.
don’t catch that falling knife folks!!
Participantthese folks signed the contract to pay that amount for 30 years. nobody held a gun to their heads.
I say, sucks to be them.
ParticipantI don’t know, that schizo-alex is quite an odd bird
ParticipantMikey the Ziprealty Realtor had Schizo at “hello.”
August 29, 2007 at 10:22 AM in reply to: The longest DOM (647+ days) without any price reduction !? #82396Participant[img_assist|nid=4557|title=truth in advertisement|desc=|link=node|align=left|width=466|height=350]
“This is a lovely home ready to move in with new roof, kitchen, garage door, mirror closet doors and lot of avocado, low-quad and orange tree all planted by home owner s hand… The ground has fully automated sprinkler waiting for new owners to arrive and enjoy the early summer fruits.”
now either they meant the retro looking kitchen is a brand new kitchen done in true 70’s fashion, or they were simply advertising about the fact that they HAVE a kitchen!
truly a classic!
Participantalex, that 2002 may be well upgraded with all the trimmings with less neighbors in trouble vs. the 2005 base model with dirt and weed in the backyard.
plus, the 2002 owner can sell for $600,000 and still make out well, the 2005 owner is stuck until the bank foreclose.
and why would you want to pay an extra $1750 a year to use the same exact roads and the same exact facilities when the age of the homes are only 3 years apart?
Participantmello roos for SEH is .5%
but the base property tax rate is 1.25%
total of 1.75%
a 2500sqft SFR in 2002 there went for $450,000, that’s $7800/year in total property tax, or $2250 of that was the mello roos part.
at the height of the market in 2005 and early 2006, a 2500 sqft SFR went for $800,000, or $14,000/year in total property tax, or $4,000 for the mello roos.
remember, the losers that bought at the top can get the 1.25% part readjusted, but they’ll never going to be able to get the $4,000 in mello roos readjusted.
it is hard enough to part with $7800 split into two lump sums. imagine having to cut a $7000 check twice a year to the county! as the property prices continue to correct, a lot of these homeowners are going to just walk away.
and this effect is not just short term,
years from now regardless of the state of real estate, the buyers are going to ask, is that SEH home you are selling a 2005 model? if you say yes, expect to give some serious discount on that home.
August 28, 2007 at 4:25 PM in reply to: San Diego year over year inventories down for third month in a row #82225Participanthere’s per ziprealty
total listing at 4pm 8/28: 23,383
SFR: 13,390
Condos: 7,350
land: 1,395
MFR: 1,248__________________
there’s 20,740 SFR/Condos with ziprealty vs. the 19,714 of MLS. however, the MLS number is excluding mobile homes, which number at close to 700, that still leave 300 SFR/Condos on zip that’s unaccounted for on the MLS.
But look at how zip undercounts land. yet overcount MFR.
oh boy, what did I get myself into!
and yes SDR, the inventory peaked in 8/06 at 23,380
August 28, 2007 at 2:52 PM in reply to: San Diego year over year inventories down for third month in a row #82186ParticipantSD Realtor, zip is county based, so the listing is countywide. the discripancy between its numbers and the MLS numbers is the inclusion of land parcels for sale and MFR where as MLS just has SFR vs. Condos.
I don’t think ziprealty listings are exclusive to them and not appear on the mls, after all, I sold my condo with ziprealty and the buyer had his non-zip realtor.
when I was in OC I saw a lot more cases of “exclusive listing” say with Prudential that can not be found on ziprealty. but not so the other way around.
August 28, 2007 at 8:59 AM in reply to: San Diego year over year inventories down for third month in a row #81975Participantziprealty is really good about removing pendings from its list. Afterall, why have their agents waste their time over pendings. Yes there are some duplicate listings, I’ve seen Riverside being most problematic. SD and OC zip listings typically don’t see that.
I do agree that there are listings that DO NOT show up on ziprealty. maybe an “exclusive” listing by a REALTOR? but if your potential buyer is shopping on ziprealty, why would you want to keep your property away from being viewed?
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