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Neither, would buy a $2 mil home in poway or Rancho Bernardo with low hoa and no melloroos

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Thanks for the update Sdr. For Rich, on the older site we use to be able to view posts most recent first, is it possible to do that again? Otherwise for really long going posts like this one we have to scroll down really far and it keeps refreshing to the top, which is quite frustrating.

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[quote=sdrealtor][quote=matt]This is an interesting transaction history. What’s going on here sdrealtor?

https://www.redfin.com/CA/Carlsbad/2901-Segovia-Way-92009/home/4083425?600390594=copy_variant&231528114=control&1778901559=variant&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet%5B/quote%5D

Here you go. First the house. Nothing has been done to it in 20 years, its located on a fairly busy neighborhood feeder street, has a smallish yard that is all concrete and pool. Some of this can be fixed but some cant. It took almost a year to sell in the raging 04/05 market and then about 6 months in the solid 2018 market. Its just not a great property for the model and community.

Now what happened. Owner lists house in mid-May for 2.5M (which a slight stretch that may have been possible in March/April) and quickly realizes market has changed. After lowering to 2.375M in a couple weeks they realize market has changed and sell it to Open Door.

Open Door gives them 2.5 minus their fees which nets to 2.3ish in early June. OD just values based upon size, location, pool, neighborhood comps without understanding the finer points that make it a bit of an albatross.

The market comes to crashing halt immediately after they close and now they are stuck with a relatively tough to sell house for the neighborhood with some things that can be fixed and others that cant in a declining market.[/quote]

Just saw this sold for 1.9 that’s 24% down from June. https://www.redfin.com/CA/Carlsbad/2901-Segovia-Way-92009/home/4083425#property-history

Clearly an example of ibuyers bringing the surrounding market down.

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https://www.movoto.com/san-luis-obispo-ca/market-trends/

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Was just checking rates at mission federal. Jumbo 30 year fixed with excellent credit is 7%. No longer has a 10/1 Arm option too.

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[quote=The-Shoveler]I have never seen the media so intent on causing a housing market decline, every other article seems to be predicting housing crash LOL.

IMO people waiting for a housing crash like 2008-11 will probably be disappointed.[/quote]

Not 2008-11 but definitely going down and fast. I’m seeing frequent price drops in poway/scripps ranch/4s/Del Sur. Even SDR indicated a 10% give in the areas he follows closely. More rate hikes to come too.

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[quote=sdrealtor]Yes just like here but not as low in comparison. Last I checked we were around 40% of 2019 inventory here. Median Asking prices dropped 100k+ close to 15% in four months. Don’t ask, don’t get as my mom always told me. If that is accurate it is definitely cratering[/quote]

Sdr, you had predicted 10% drop by 2023 do you still think that?

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Btw, I’ve seen a few homes come off the market recently and the sellers electing to rent their home out only to put their home back on the market presumably because they didn’t get the rent they want. Interesting to watch this all unfolding.

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[quote=sdrealtor]Perhaps it got bid up during a bidding war and then fell out of escrow. Typically they will put it back on at the negotiated price.[/quote]

I can understand that but I’m referring to homes that never went pending.

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[quote=sdrealtor][quote=ncsd760]2.57 to 3.1 in less than a year feels a little arbitrary now, doesn’t it? https://www.redfin.com/CA/Encinitas/209-Coral-Cove-Way-92024/home/22420675%5B/quote%5D

That’s about what the market had done. We’ll see if it sticks?[/quote]

So looks like they didn’t get their price. Was reduced and now pulled off the market.

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Sdr,
What’s going on with 2901 Segovia Way? Looks like it sold for 2.5 just last month and now on the market for 2.375?

Only a few homes away from that serbal home that sold for 3.325 but clearly not as nice… but if that’s not an example of home values going down I don’t know what is.

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[quote=sdrealtor][quote=sdrealtor][quote=DaCounselor]Ok I’m calling that new Serbal listing to close at $3.175.

How long ago was it that we were talking about LCV eventually seeing it’s first sale for $2 mil? Seems like yesterday.[/quote]

Just before midnight yesterday at that!

I’ll go $3.35 albeit Im prepared to be way wrong[/quote]

As predicted on May 16th. Still the king. Undisputed[/quote]

It’s whoever gets closest without going over. The Price is Right rules. I think you went over a bit 😉

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[quote=sdrealtor][quote=matt]3m in LCV is certainly hard to fathom. I don’t see that happening again in at least the next 2 years.[/quote]

I wouldnt make that bet. Camino Serbal was much nicer and went a couple weeks earlier though longer escrow. It will be a bit of an upset if it doesnt go for more though someone who lost out on it may have gone all in on Morera after that defeat
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3.325

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[quote=sdrealtor][quote=ncsd760]2.57 to 3.1 in less than a year feels a little arbitrary now, doesn’t it? https://www.redfin.com/CA/Encinitas/209-Coral-Cove-Way-92024/home/22420675%5B/quote%5D

That’s about what the market had done. We’ll see if it sticks?[/quote]

Price reduced $150k today

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Thanks SDR,
Are you noticing price decreases? I’m seeing a lot of it in poway/4s ranch/del sur areas.

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