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pemeliza
ParticipantJP, that is a nice house for the $$$. Looks like prices are settling in around 35-40% off peak in 92103. That is a very high price for early 2008. I thought by then the market was already starting to get hit.
ParticipantJP, that is a nice house for the $$$. Looks like prices are settling in around 35-40% off peak in 92103. That is a very high price for early 2008. I thought by then the market was already starting to get hit.
Participantjp, 1.27M seems like a fair price for that house on W. Lewis. Its “twin” next door sold for 2.2M in 2005:
http://www.zillow.com/homedetails/910-W-Lewis-St-San-Diego-CA-92103/59310586_zpid/
1.27/2.2 = 58%
So the house sold for around 42% off of the peak price which is pretty typical for distressed properties in that price range.
I am relieved that the house on Lewis was a legit. sale and not a scam as we often see with short sales. It does seem that there are fewer short steals in 92103 as most of the shorts seem to end up as REOs. My guess is that the buyer of Lewis really wanted the property and pretty much paid what the bank was asking to get the deal done (the house was listed in late October of last year).
The house we bought in north MH has a similar view, better location, and a better lot but then again it is smaller and almost 100 years old (well built but very dated). I can see why someone would pay up for newer construction with the set of features that location on W. Lewis offers. It is an awesome neighborhood.
Participantjp, 1.27M seems like a fair price for that house on W. Lewis. Its “twin” next door sold for 2.2M in 2005:
http://www.zillow.com/homedetails/910-W-Lewis-St-San-Diego-CA-92103/59310586_zpid/
1.27/2.2 = 58%
So the house sold for around 42% off of the peak price which is pretty typical for distressed properties in that price range.
I am relieved that the house on Lewis was a legit. sale and not a scam as we often see with short sales. It does seem that there are fewer short steals in 92103 as most of the shorts seem to end up as REOs. My guess is that the buyer of Lewis really wanted the property and pretty much paid what the bank was asking to get the deal done (the house was listed in late October of last year).
The house we bought in north MH has a similar view, better location, and a better lot but then again it is smaller and almost 100 years old (well built but very dated). I can see why someone would pay up for newer construction with the set of features that location on W. Lewis offers. It is an awesome neighborhood.
Participantjp, 1.27M seems like a fair price for that house on W. Lewis. Its “twin” next door sold for 2.2M in 2005:
http://www.zillow.com/homedetails/910-W-Lewis-St-San-Diego-CA-92103/59310586_zpid/
1.27/2.2 = 58%
So the house sold for around 42% off of the peak price which is pretty typical for distressed properties in that price range.
I am relieved that the house on Lewis was a legit. sale and not a scam as we often see with short sales. It does seem that there are fewer short steals in 92103 as most of the shorts seem to end up as REOs. My guess is that the buyer of Lewis really wanted the property and pretty much paid what the bank was asking to get the deal done (the house was listed in late October of last year).
The house we bought in north MH has a similar view, better location, and a better lot but then again it is smaller and almost 100 years old (well built but very dated). I can see why someone would pay up for newer construction with the set of features that location on W. Lewis offers. It is an awesome neighborhood.
Participantjp, 1.27M seems like a fair price for that house on W. Lewis. Its “twin” next door sold for 2.2M in 2005:
http://www.zillow.com/homedetails/910-W-Lewis-St-San-Diego-CA-92103/59310586_zpid/
1.27/2.2 = 58%
So the house sold for around 42% off of the peak price which is pretty typical for distressed properties in that price range.
I am relieved that the house on Lewis was a legit. sale and not a scam as we often see with short sales. It does seem that there are fewer short steals in 92103 as most of the shorts seem to end up as REOs. My guess is that the buyer of Lewis really wanted the property and pretty much paid what the bank was asking to get the deal done (the house was listed in late October of last year).
The house we bought in north MH has a similar view, better location, and a better lot but then again it is smaller and almost 100 years old (well built but very dated). I can see why someone would pay up for newer construction with the set of features that location on W. Lewis offers. It is an awesome neighborhood.
Participantjp, 1.27M seems like a fair price for that house on W. Lewis. Its “twin” next door sold for 2.2M in 2005:
http://www.zillow.com/homedetails/910-W-Lewis-St-San-Diego-CA-92103/59310586_zpid/
1.27/2.2 = 58%
So the house sold for around 42% off of the peak price which is pretty typical for distressed properties in that price range.
I am relieved that the house on Lewis was a legit. sale and not a scam as we often see with short sales. It does seem that there are fewer short steals in 92103 as most of the shorts seem to end up as REOs. My guess is that the buyer of Lewis really wanted the property and pretty much paid what the bank was asking to get the deal done (the house was listed in late October of last year).
The house we bought in north MH has a similar view, better location, and a better lot but then again it is smaller and almost 100 years old (well built but very dated). I can see why someone would pay up for newer construction with the set of features that location on W. Lewis offers. It is an awesome neighborhood.
Participant“Any reason to think those prices don’t portend bigger drops in the future for desirable coastal areas?”
DZ, you may be right but I tend to think it happens the other way around. Recent considerable weakness in the desirable coastal areas has pretty much decimated demand in second tier inland areas with less than stellar school districts such as Mt. Helix. Personally, I think that certain areas are going to drastically over-correct this downturn and Mt. Helix looks to be one of them.
Participant“Any reason to think those prices don’t portend bigger drops in the future for desirable coastal areas?”
DZ, you may be right but I tend to think it happens the other way around. Recent considerable weakness in the desirable coastal areas has pretty much decimated demand in second tier inland areas with less than stellar school districts such as Mt. Helix. Personally, I think that certain areas are going to drastically over-correct this downturn and Mt. Helix looks to be one of them.
Participant“Any reason to think those prices don’t portend bigger drops in the future for desirable coastal areas?”
DZ, you may be right but I tend to think it happens the other way around. Recent considerable weakness in the desirable coastal areas has pretty much decimated demand in second tier inland areas with less than stellar school districts such as Mt. Helix. Personally, I think that certain areas are going to drastically over-correct this downturn and Mt. Helix looks to be one of them.
Participant“Any reason to think those prices don’t portend bigger drops in the future for desirable coastal areas?”
DZ, you may be right but I tend to think it happens the other way around. Recent considerable weakness in the desirable coastal areas has pretty much decimated demand in second tier inland areas with less than stellar school districts such as Mt. Helix. Personally, I think that certain areas are going to drastically over-correct this downturn and Mt. Helix looks to be one of them.
Participant“Any reason to think those prices don’t portend bigger drops in the future for desirable coastal areas?”
DZ, you may be right but I tend to think it happens the other way around. Recent considerable weakness in the desirable coastal areas has pretty much decimated demand in second tier inland areas with less than stellar school districts such as Mt. Helix. Personally, I think that certain areas are going to drastically over-correct this downturn and Mt. Helix looks to be one of them.
ParticipantNice post xboxboy. We bought in late 09 and while I have not seen a house come up in our area (Mission Hills) that made me wish we would have waited, I have seen a few come up in some of the other areas we looked at that make me very glad that we didn’t buy there. Here are some examples in Mt. Helix that blow away anything we looked at there a couple of years ago at similar price points:
http://www.sdlookup.com/MLS-110006266-9565_Alto_Dr_La_Mesa_CA_91941
http://www.sdlookup.com/MLS-100073352-4825_Mount_Helix_La_Mesa_CA_91941
I feel like we really dodged a bullet by not buying in Mt. Helix back in 2009. That market has just completely derailed since the time we were looking.
ParticipantNice post xboxboy. We bought in late 09 and while I have not seen a house come up in our area (Mission Hills) that made me wish we would have waited, I have seen a few come up in some of the other areas we looked at that make me very glad that we didn’t buy there. Here are some examples in Mt. Helix that blow away anything we looked at there a couple of years ago at similar price points:
http://www.sdlookup.com/MLS-110006266-9565_Alto_Dr_La_Mesa_CA_91941
http://www.sdlookup.com/MLS-100073352-4825_Mount_Helix_La_Mesa_CA_91941
I feel like we really dodged a bullet by not buying in Mt. Helix back in 2009. That market has just completely derailed since the time we were looking.
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