[ocrenter]

speaking of commuting… the builders at San Elijo are so desparate that they have been taking out half page ads in the OCRegister advertising a “short 1 hour commute” to OC/Irvine.

[ocrenter]

you know what really sucks about this one? there was one (same exact model) that just sold in 2/06 for…

1xxx6 Honeybrook Ave
Bedrooms: 3
Baths: 2.5
Sq ft: 2,043
Last Sold Feb 06 at $685,000

so same exact model, $85,000 difference in 2 months! This next one is even more pathetic…

1xxx2 Manassas St
Bedrooms: 3
Baths: 2.5
Sq ft: 1,931
Last sold 12/04 at $690,000

16 months after the purchase, you have models that are bigger selling for almost $100,000 less than you.

[ocrenter]

would be the case if there are actually views or if this is in a golf course community. These homes are basically detached condo’s. none of them have views. smaller models at 1600 sqft also saw drops too. the 1600 sqft ones were for sale at $600,000 4-5 months ago, the same models are now at $550,000. These homes were all bought at $400,000 in 2003, expect them to head back to that level soon.

[ocrenter]

where are you getting your info?

I’m tracking SD county using ziprealty closely and have not seen any drop at all. In fact in the last day it increased from 18,800’s to 18,900’s.

you may be looking at a delay in the removal of pending sales or withdrawn listings from the MLS over the course of a few weeks, once those overdue listings are cleared up, you suddenly see a huge drop.

[ocrenter]

There’s certainly evidence of price decrease if you check prior purchase prices and the current asking prices of same exact detached homes with same yard size and same floor plans.

for example.

1xxx7 Manassas St, San Diego, CA 92127
Bedrooms: 3
Baths: 2.5
Sq ft: 1,931
prior sales price: $640,000
sale date: 11/2005

1xxx9 Manassas St, San Diego, CA 92127
Bedrooms: 3
Baths: 2.5
Sq ft: 1,931
current asking: $600,000 – $630,000
listing date: 11/05
Price Reduced: 11/30/05 — $649,900 to $615,000
Price Reduced: 04/01/06 — $615,000 to $600,000

same model, same small yard, the one on sale actually has granite countertop, wood flooring. Asking price is $40,000 lower than the one that sold 5 months ago and still no taker. Is the median in North County dropping? I think so.

[ocrenter]

Another interesting community to watch for would be the Del Sol master plan adjacent to Santa Luz. They just got started earlier this year and even the model homes are not ready yet. I wonder how flexible they’ll be in regard to their pricing. Certainly the builder will not have previously purchased homeowners/investors breathing down their neck about price cuts. Will that translate to quicker and steeper drop in pricing?

[ocrenter]

Percentage of Reduced Listings in all bubble markets continue to increase. (and this is after being watered down by all of the extra new listings and all of the re-listings)

[ocrenter]

Here’s the inventory tracking from my blog. There may be some difference in the actual number depending on where you get your inventory number, but the story is the same, things just keep going up, up, and up. Looking forward to the DataQuick sales numbers to confirm the prelim numbers given by Bob Casagrande.

[Author]

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