[ocrenter]

…but that friend purchased it at $300,000 and now is wrestling with whether to sell at $750,000 or $800,000. It pains me to see their disappointment and angst that they can only get $450,000 of tax free profit instead of $500,000 for a house they lived in for 5 years.

[ocrenter]

Don’t know about you, but I’m already seeing a lot of properties at 10% drop in SD compared to a few months ago.

[ocrenter]

bottom line:
–prices will level off…
–wait for the fundamentals to adjust…
–wait for the fundamentals to adjust…
–wait for the fundamentals to adjust…

Prices doubled in the last 5 years.

How long will it take for income to double?

[ocrenter]

You stupid Americans, that is why hiring Rima is NOT important, it is CRITICAL. Because only she can show you how the “increase in inventory” is “fueled by the continuing shortage of housing.”

[ocrenter]

I would imagine the owner ran out of money! afterall, that lawn is in such a bad shape the agent paint brushed the lawn brown and wrote in the caption “ready for a new lawn.”

[ocrenter]

did you guys see how the picture of the lawn is paintbrushed brown by the selling agent?

so do we know how they got the “selling price” of $640,000 when it foreclosed in Feb 2006?

[ocrenter]

once you are in foreclosure your info is open to the world. I got those from realtytrac.com.

[ocrenter]

Correction on the home that just enter’d pre-foreclosure, it isn’t xx2 Via Del Caballo, it’s xx1 Via Del Caballo. Looking at the loan docs looks like we got ourselves another 80/20 piggyback loan back in 3/03 for $422,000 for the 2445 sqft model. They refi’d in 8/04 for $450,000. (did it thru Ameriquest, that should sound some alarms).

So these guys also have equity to burn up and escape unscathed. If the xx1 guys can get their home sold in the $500’s, look for $480,000 as the magic number for them.

If you use the interactive map feature of ziprealty, you’ll end up with 12 homes for sale in this tract. The smallest model is the 2172 sqft homes, average asking price is currently $560,000. These two foreclosures are going to be interesting to watch. If we actually have a 2358 sqft selling for $490,000 and a 2445 sqft selling for $480,000, the slide in these 2172 sqft homes are going to be tramendous.

[ocrenter]

xx7 VIA DEL CABALLO, San Marcos, CA 92078
Bedrooms: 4
Baths: 3
Sq ft: 2,358
Listing Price: $550,000 – $599,876
Price Reduced: 04/25/06 — $550,000 to $539,000
Last Purchased: Dec 03 $460,000

[ocrenter]

“The $625,000 was for the Former Model with tons of upgrades, a prime location and a much larger than average yard.”

So if you never seen the two properties why would you say with SUCH CONFIDENCE that this was a former model home??? Especially when the selling price of the two homes back in late 2003/early 2004 only had a $18,000 spread. In fact, your assumption about the yard size being much larger is completely wrong! They are the same exact size.

My arguments are certainly not without flaws. afterall, what if the house that sold for $625,000 had marble flooring thru out and included build-in Viking appliances and frig with toilet made of gold? Sure, that would account for it selling for that much more. Is it likely? No. But unfortunately your counter-arguments are even more flawed, especially when you just assume it was a model home with a bigger yard, neither assumptions are true.

And certainly that comment about the lack of privacy with the folks at the community park having direct visual into your yard being “better,” well, let’s just leave it at that.

And what about the other comp with a bigger lot, better location, and a bigger sqft being offered for lower than $625,000?

[ocrenter]

Now here we have a home in the same tract that does have bigger yard and added privacy of backing up to the hills, and it is bigger by another 100 sqft.

xx0 VIA DEL CABALLO, San Marcos, CA 92078
Bedrooms: 4
Bath: 3.5
sq ft: 2,445
List Price: $594,000 – $627,000

So we can see, as far as xx0 ($594,000) vs. xx7 ($550,000), sdrealtor is absolutely right! The lot primium, the larger yard, AND a bigger sqft yielded a $44,000 price difference.

So again, sdrealtor, what kind of an upgrade allows for a $75,000 mark up??? because remember, the $75,000 difference was between two homes of same size, same yard, and the more expansive one actually has a location DISADVANTAGE!

[ocrenter]

Unfortunately the lot is actually very much the same size compared to the one selling for $75,000 less. And sorry, I would not call a backyard facing the community park where there’s increased noise and people “prime location”. Also, the entrance for the entire community is right at the park, so the folks coming in to the entire tract will see your backyard as they drive in. And no, this home is not a corner lot home either. Now homes that have their backyard against the hills, that’s a different story, neither one are like that.

As for the “former model home” claim. If you like to show us some links to pictures varifing that, great, would love to see them. However, are granite counters, crown molding, and upgraded carpet in a tract home really worth $75,000? Maybe to you, not certainly not to me. But hey, you are the professional.

Now as for the plug about Realtors. Let’s give a plug to zillow.com and domania.com for giving the power of info to the little guys, so we can see for ourselves that frankly, the yard really isn’t much bigger at all. And frankly, the lot premium isn’t really much of a premium.

oh, btw, this “former model home” was sold in 2/04 for $478,000. Exactly $18,000 more than the one currently on sale (this one was bought for $460,000 12/03). So tell us, sdrealtor, was the $18,000 difference in lot premium? or is it upgrades? I didn’t realize such price difference will translate into a $75,000 difference in just a couple of years!!!

or maybe it was simply that prices were going up so fast that a home bought in 12/03 and 2/04 had a price difference of $18,000. and now prices are going down so fast that a home sold in 3/06 and a home on sale a month later can have a $75,000 difference.

what goes up, must come down.

[ocrenter]

well, looks like things are a lot worse than I realized.

xx7 VIA DEL CABALLO, San Marcos, CA 92078
Bedrooms: 4
Baths: 3
Sq ft: 2,358
Listing Price: $550,000 – $599,876
Last Purchased: Dec 03 $460,000

Check out this loser that bought the same exact model in March 2006. Looks like he just lost $75,000 in 1 month. keep in mind the lots are of similar size.

xx5 Via Del Caballo
Bedrooms: 4
Baths: 3
Sq ft: 2,358
Mar 06 $625,000

[ocrenter]

here’s the problem with sdhomepix.com, if you go to North County Inland, they include SW Riverside.

There are over 700 listings out of the 6900 from the north county inland portion that’s not even in SD County.

Another problem is they do overlaps. For instance, Julian and Jamul appear twice, both in north county inland as well as east county.

[ocrenter]

More example of price cutting…

xx5 CAMINO HERMOSO, San Marcos, CA 92078
Bedrooms: 3
Baths: 2.5
Sq ft: 2,172
Listing Date: 04/21/06
List Price: $549,000 – $569,000

here’s two comps in the same development:

xx3 Camino Hermoso, San Marcos, CA 92078
Bedrooms: 3
Baths: 2.5
Sq ft: 2,172
08/20/2004: $589,500

xx4 Via Del Caballo, San Marcos, CA 92078
Bedrooms: 3
Baths: 2.5
Sq ft: 2,172
12/22/2005: $571,000
(btw, this was purchased by an investor who was trying to rent it out for $2200/month, after 4 months of sitting empty, he lowered it to $2000/month and found a renter. Assuming 20% down at 6%, he’s losing about $1300/month on a property that just lost $22,000 in 4 months.)

[Author]

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