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ocrenter
ParticipantI don’t think folks were looking at those going down to $500,000 instantly. It is sticky on the way down. We got this foreclosure coming up, we also have another one pending foreclosure as well. One of the homes for sale is being rented at a $2000/month loss, and that one is actually part of the 7 homes owned by an investor that is pending default on all 7 properties. So in the next few months there’s going to be 3 homes going thru foreclosure in that tract alone. I can’t imagine prices continuing to hold up following that.
Participantsdrealtor, it appears xx7 Via Del Caballo went into escrow and fell out after a few weeks. recently it just became inactive again. can you update us on the current situation? I’m assuming at $519,900 (they increased the price a bit) they should have found a buyer. I’m also assuming as long as escrow close before the actual Auction date everything should be ok.
Participantyou’re right, one reason new homes saw a far sharper drop in price recently compared to resales.
Participantbugs, there’s a few builders in San Elijo hills just starting phase 1 of 17 (total of 170 homes), lots of fun for those guys in the coming months!
Participantsince there’s 7 properties involved, and we know the address of 6 of them, should we attempt contact and have all 6 renters go to the lawyer together? as in there’s added strength in number.
ParticipantI got to say I do find it ironic that as the blogger responsible for the Extreme Flipper series, I myself in now entangled by an Extremely stupid Flipper, San Diego style.
Participantjonze, let’s just say you owe me one. =) yes, the PM from xxxxx xxxxx and friends didn’t know about the ales nor the impending foreclosures. However, the owner nor his attorney contacted him at all. 2 weeks after we moved in, as we search thru ziprealty, we found our rental home on sale along with 2 other in the same neighborhood for sale by the same agent. We called the PM right away and the guy mentioned you. He said there’s a renter that was moving in to one of those homes within the next two weeks and he’s going to give you a call and let you know.
powayseller is right, there are a bunch of these guys out there. that PM told me there’s actually a guy that’s negative cash flow $5000/month on his investment property. These guys you almost rented from are negative $2000/month on all 7 properties for a grand total of -$14,000/month, or -$168,000 in one year. But no worries, real estate only goes up, everyone wants to live in SD, and they are not making any more land.
Participantwe’re just going to sit tight. NOD has not been filed. It’ll probably take another couple of months before NOD is officially filed. then we are looking at another 3 months to NOTS. by then it would be winter time.
by winter, the RE landscape in SD would be a much colder one. we’ll be looking at the placement of a short sale lowball offer at such time.
Participantsaving of homes is one of the best features about ziprealty. not only does it allow you to track price reductions (or tricks like price increase of $100 followed immediately by a 4100 reduction), but if you save the “inactive” homes, you can catch those re-listings aimed at getting that ZERO DOM.
Participanthmmm… they are known as a “person” and his friends. have you dealt with them before?
Participantpatience will have its rewards.
we went to La Costa Greens in August 2005, one particular builder was just starting phase III. We went back at end of May 2006, guess what, they are STILL in phase III. Each phase has… 6-8 homes? 10 months and they are still in the same phase!! What are they doing on price? The same model that they were asking $840,000 for they are now asking $780,000’s. But there’s more, they are throwing in another $20,000 in upgrades. So really, you’re looking at $80,000 price reduction, that’s 10% off!! And it’ll only get worse! What’s so ironic about this is the huge sign right outside of La Costa Greens actually says, “a community starting in the $800,000’s.”
Bressie Ranch. airplane noise galore. In a down market it will be very hard to get rid of, especially with the high MelloRoos and HOA on top. That is why the builder has been offering huge discounts. I’ve seen $150,000 – $200,000 off on certain models. Adding in lender incentive, there are 2300 sqft homes there for $590,000!! The strategy is working, homes are selling there. Their goal is to get out by November 2006, I think they can do it.
San Elijo Hills. very high Mello Roos of 1.75% is going to be a problem. Plus there are still communities just coming on board. One particular one is slated to build 160 homes and they are just starting out in phase I!! They are pricing in the low $700,000’s for mid 2000 sqft homes. After this year is done with, I won’t be suprised if they lower their prices into the high $500,000’s. There are actually 3 communities that are all in very early phases that will run into problems. (a lot of them have 16-17 phases in all!!)
As for the school, up to middle school you will be safe given the building of San Elijo Middle School. San Marcos High is a big worry. But they just opened up Mission Hills High for students from the East side of San Marcos. I imagine that will make things better?
After seeing all this, we are waiting as well. DO NOT BUY!!! Let things drop!
Participantquestion #1: try monthly adjustable negative amorization 40 year loans starting at teaser rate of 1%.
question #2: I have had better luck with domania.com’s prior sales info than zillow.com
Participantone main reason is the huge amount of investors in those markets. of course, the large portion of those investors come straight from SoCal. The desert rose up a lot later, but it will tank a whole lot faster and steeper. SD is tanking first by virtue of being the first of the coast to bubble up. So it is just further along the cycle than other coastal areas.
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