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PerryChase
ParticipantLoss in an old building. This one will be very interesting to watch. Considering the old dated building in a crappy location, I don’t believe that his unit will sell at anything near 300k.
List Price: $339,000 – $339,000
Bedrooms: 1
Full Baths: 1
Partial Baths: 0
Square Feet: 673
Lot Size: N/A
Year Built: 1981
Listing Date: 08/15/06
On Market: 144 days
Type: CONDO/TH
Status: ACTIVE
MLS #: 066070596
Sale History
03/11/2004 $356,000
12/03/1986 $70,500ParticipantThis seller is trying to squeak by. Prices are definitely at 2004 levels downtown.
List Price: $355,000 – $359,900
Bedrooms: 1
Full Baths: 1
Partial Baths: 0
Square Feet: 693
Lot Size: N/A
Year Built: 2004
Listing Date: 02/16/06
On Market: 324 days
Type: CONDO/TH
Status: ACTIVE
MLS #: 068014582
Sale history: 12/01/2004 $352,000http://sdlookup.com/PropertyDetails/tabid/53/forumid/1/view/topics/pid/7B67946C/Default.aspx
ParticipantI suggest that we post interesting finds as we look at the market.
I’m kind of a hands-on person so I’d rather see what’s happening on the ground. Trends, data, and the conceptual stuff is fine but there’s nothing like real life.
I didn’t graph or analyze resale data for Downtown. But I see 1 bd units sitting on the market in the low $300k now. My gut instincts tell me those same units will be selling in the low $200k within 2 years.
Downtown buildings look nice and glamourous at first but as time goes by, they look drab and unappealing as a homes to actually live in. I think what drives the downtown market now is the fashion and lifestyle aspect of being in an urban setting. Just like fashion, people won’t be buying last season’s outfits. The newest buildings will sell but, except for some outstanding builings, the old units will be passĂ© real quick.
ParticipantSame floor plan, higher price.
I think that this whole development will be under water soon. Resale prices are coming at under builder prices. I know these houses came with no backyard landscaping so buyers had to spend some money for improvement and decoration.2676 VILLAS WAY
List Price: $599,000 – $649,000
Bedrooms: 3
Full Baths: 2
Partial Baths: 1
Square Feet: 1,422
Lot Size: N/A
Year Built: 2004
Listing Date: 01/03/07
On Market: 3 days
Type: SFR
Status: ACTIVE
MLS #: 071001628
Purchase price: 12/09/2004 $621,297http://sdlookup.com/PropertyDetails/tabid/53/forumid/1/view/topics/pid/4184CF46/Default.aspx
ParticipantMy mom told me it’s never polite to talk about money. Wealth is relative. The more wealth on has, the less one should discuss it.
Certainly, powayseller didn’t got to finishing school. But she’s entertaining.
But who cares who’s right or who’s wrong? Live and let live. Do what’s right for you and take satisfaction in that.
ParticipantAt the very least! OC is about 1 year behind SD in my view. 2007 should be interesting to watch.
ParticipantI too have receive constant email listings from zip realty. There’s a lot of churn in RE listings in SD.
I also follow the LA/OC markets and I get much less email updates for those areas. I definitely think that SD is ahead of the curve in Southern California.
ParticipantCardiffB, sounds like I’m doing what you’re doing — carrying the laptop around the house. I never used the computer much at home until I got a wireless router. It’s very addictive. Sometimes I spend hours on the computer reading one topic after the next on Wikipedia.
ParticipantI don’t think that you should sell. But buying was not the most financially advantageous thing to do.
Sounds like you have an old house (perhaps build in the 1950s) if your neighbor bought for ~10k new. Think about maintenance costs like a new roof, new plumbing, slab leaks, termites, painting, new carpeting, remodeling, etc…
There are many personal reasons for buying. Perhaps people on this board like to focus on the economic fundamentals of buying vs. renting.
PS: I still own so I didn’t follow powayseller’s advice to sell. But I think that it was good advice for anyone who bought after 2000.
Participantmeadandale, 3 years ago is not exactly a long time. You’ll most likely see your new found equity evaporate. I think that houses will fall back to 2000-2001 prices, in which case you’ll be under water. Just my opinion. Only time will tell.
You’re still paying more than rent. You may be able to afford the house payments, but you won’t feel too good about it if your neighbors pay less than you to live in the same neighborhood. 7 years from now, your house might be worth just about what you paid for it.
But as Realtors will tell you, if you hold on for the long term you’ll be OK. But the neighbors who bought later at lower prices will be much better off in terms of equity and property taxes.
Think about the opportunity cost of paying interest, taxes and HOA for 10 years on a house that has no appreciation. You’ll be shocked if you put the numbers on a spreadsheet.
ParticipantHere’s an article in the Washington Post on what’s happening in the DC area. We can expect the same phenomenon to occur in San Diego by this time next year.
We’ll see what happens when the government has no choice but to cut the runaway spending. The DC area will get hammered.
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http://www.washingtonpost.com/wp-dyn/content/article/2007/01/04/AR2007010401794.htmlCold Sales Give Renters a Break
Vacancies, Prices Affected as Owners Lease What They Can’t UnloadBy Dina ElBoghdady
Washington Post Staff Writer
Friday, January 5, 2007; Page D01As home sellers grew more frustrated with the slow local real estate market in recent months, they abandoned their for-sale signs and put their homes up for rent. That has increased choices and cooled prices for tenants in one of the tightest and most expensive parts of the country.
“This is the first sign that the cooling housing market is having an impact on the rental market,” said Gregory H. Leisch, chief executive of Delta Associates, an Alexandria research firm that is scheduled to release a report today showing more vacancies in the region’s apartment complexes.
ParticipantIf our agriculture weren’t so good we wouldn’t be so fat and our health care cost might but not be so high. On that note, I wonder what the Iraqis eat. The Iraqi people we see on TV are pretty chubby for a country at war.
Pretty much all industries in the America economy have undergone great changes. Houses, however are still built the same way they were 50 year ago. If we have better technology (standardization, manufacturing, assembly, etc..) then housing prices could be held in check.
ParticipantYes, SD Realtor, looking at real estate is my new hobby. I hope that I’ll get tired of it soon and move on to something else — maybe in the Spring the we move back to Daylight Saving Time.
It’s just too easy online. I’m still looking for a retirement condo for my auntie. She sold her house last year and is looking to downsize. I’m also looking for a house for me to buy when the time is right; and both my brothers have asked me to an eye out for them also. I’m looking for a commercial property as well but that’s harder without a broker. I want great deals so I’m willing to be very patient.
I’m getting to know San Diego really well just surfing the Net. Since I’m not emotional about RE, I find it kind of fun. Better than watching TV. 🙂
ParticipantI just read that Grantville just to the West of Allied Gardens and Del Cerro will be redeveloped. An eastward expansion of Mission Valley, and another condo central?
http://voiceofsandiego.org/articles/2007/01/04/housing/949grantville.txt
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