[recordsclerk]

I guess the house went for over a million. It was listed for 999K about 5 weeks ago.

http://piggington.com/sataluz_under_1_million

[recordsclerk]

I guess the house went for over a million. It was listed for 999K about 5 weeks ago.

http://piggington.com/sataluz_under_1_million

[recordsclerk]

I still think that we have a ways to go in that neighborhood. If I remember correctly the models opened in March 2005, with some pre-sales in late 2004. I real estate friend said that there are a lot of no money down loans in this neighborhood. This is the perfect reciepe for forclosures. There have only been a few forclosures to this point and many more to come. Their is no Mello-Roos, but the HOA is in the high 200’s, I think it’s $270. I think we will see the smaller homes in the low-mid 400’s soon and the medium (no view) homes in the low 500’s soon. I would hold out for a view home with nice upgrades in the mid 500’s and larger view homes in the low 600’s.
Have you looked at the Lennar project in Santee? They have medium to large homes with nice views. There is no mello-roos and they are willing to bargin. The HOA is also high at $280, but it is gated and they have a tot lot and maintain all the slopes. I think the builder will have to do some more price reductions as the market corrects, but they have been changing prices accordingly.

[recordsclerk]

I still think that we have a ways to go in that neighborhood. If I remember correctly the models opened in March 2005, with some pre-sales in late 2004. I real estate friend said that there are a lot of no money down loans in this neighborhood. This is the perfect reciepe for forclosures. There have only been a few forclosures to this point and many more to come. Their is no Mello-Roos, but the HOA is in the high 200’s, I think it’s $270. I think we will see the smaller homes in the low-mid 400’s soon and the medium (no view) homes in the low 500’s soon. I would hold out for a view home with nice upgrades in the mid 500’s and larger view homes in the low 600’s.
Have you looked at the Lennar project in Santee? They have medium to large homes with nice views. There is no mello-roos and they are willing to bargin. The HOA is also high at $280, but it is gated and they have a tot lot and maintain all the slopes. I think the builder will have to do some more price reductions as the market corrects, but they have been changing prices accordingly.

[recordsclerk]

I still think that we have a ways to go in that neighborhood. If I remember correctly the models opened in March 2005, with some pre-sales in late 2004. I real estate friend said that there are a lot of no money down loans in this neighborhood. This is the perfect reciepe for forclosures. There have only been a few forclosures to this point and many more to come. Their is no Mello-Roos, but the HOA is in the high 200’s, I think it’s $270. I think we will see the smaller homes in the low-mid 400’s soon and the medium (no view) homes in the low 500’s soon. I would hold out for a view home with nice upgrades in the mid 500’s and larger view homes in the low 600’s.
Have you looked at the Lennar project in Santee? They have medium to large homes with nice views. There is no mello-roos and they are willing to bargin. The HOA is also high at $280, but it is gated and they have a tot lot and maintain all the slopes. I think the builder will have to do some more price reductions as the market corrects, but they have been changing prices accordingly.

[recordsclerk]

I still think that we have a ways to go in that neighborhood. If I remember correctly the models opened in March 2005, with some pre-sales in late 2004. I real estate friend said that there are a lot of no money down loans in this neighborhood. This is the perfect reciepe for forclosures. There have only been a few forclosures to this point and many more to come. Their is no Mello-Roos, but the HOA is in the high 200’s, I think it’s $270. I think we will see the smaller homes in the low-mid 400’s soon and the medium (no view) homes in the low 500’s soon. I would hold out for a view home with nice upgrades in the mid 500’s and larger view homes in the low 600’s.
Have you looked at the Lennar project in Santee? They have medium to large homes with nice views. There is no mello-roos and they are willing to bargin. The HOA is also high at $280, but it is gated and they have a tot lot and maintain all the slopes. I think the builder will have to do some more price reductions as the market corrects, but they have been changing prices accordingly.

[recordsclerk]

I still think that we have a ways to go in that neighborhood. If I remember correctly the models opened in March 2005, with some pre-sales in late 2004. I real estate friend said that there are a lot of no money down loans in this neighborhood. This is the perfect reciepe for forclosures. There have only been a few forclosures to this point and many more to come. Their is no Mello-Roos, but the HOA is in the high 200’s, I think it’s $270. I think we will see the smaller homes in the low-mid 400’s soon and the medium (no view) homes in the low 500’s soon. I would hold out for a view home with nice upgrades in the mid 500’s and larger view homes in the low 600’s.
Have you looked at the Lennar project in Santee? They have medium to large homes with nice views. There is no mello-roos and they are willing to bargin. The HOA is also high at $280, but it is gated and they have a tot lot and maintain all the slopes. I think the builder will have to do some more price reductions as the market corrects, but they have been changing prices accordingly.

[recordsclerk]

I would not buy any condo conv. for more then 50% off peak prices. If these are, the MP condos that started selling in 2005 there will be more dramatic price drops. I would not consider these new condos in anyway. They may have new plumbing/electrical in the walls, new kitchen, new baths, paint, interior drywall. They still have the inconvenient parking, dated exterior, and apartment feel. Anything in the 300’s should have an attached garage and more updated floor plan. There are 2 bed/2 bath condos within a few blocks going for under $200K. Condo prices are starting to tank everywhere and soon enough these condos will be affected by these price drops. The Allure condos in Serra Mesa were selling about the same time and are starting to see price drops of %50+ already. Condo converts sold between 2003-2007 will have large numbers of foreclosures bringing down the prices. Once the price drops to about
%30 off peak, it just accelerating the rate of decline. People will just start walking away. Watch out for HOA issues once this starts happening. As soon as the builder sells off remaining inventory, the HOA usually goes to hell and the place starts to deteriorate. Take advantage of the price drops; do not get taken before the price drops.

[recordsclerk]

I would not buy any condo conv. for more then 50% off peak prices. If these are, the MP condos that started selling in 2005 there will be more dramatic price drops. I would not consider these new condos in anyway. They may have new plumbing/electrical in the walls, new kitchen, new baths, paint, interior drywall. They still have the inconvenient parking, dated exterior, and apartment feel. Anything in the 300’s should have an attached garage and more updated floor plan. There are 2 bed/2 bath condos within a few blocks going for under $200K. Condo prices are starting to tank everywhere and soon enough these condos will be affected by these price drops. The Allure condos in Serra Mesa were selling about the same time and are starting to see price drops of %50+ already. Condo converts sold between 2003-2007 will have large numbers of foreclosures bringing down the prices. Once the price drops to about
%30 off peak, it just accelerating the rate of decline. People will just start walking away. Watch out for HOA issues once this starts happening. As soon as the builder sells off remaining inventory, the HOA usually goes to hell and the place starts to deteriorate. Take advantage of the price drops; do not get taken before the price drops.

[recordsclerk]

I would not buy any condo conv. for more then 50% off peak prices. If these are, the MP condos that started selling in 2005 there will be more dramatic price drops. I would not consider these new condos in anyway. They may have new plumbing/electrical in the walls, new kitchen, new baths, paint, interior drywall. They still have the inconvenient parking, dated exterior, and apartment feel. Anything in the 300’s should have an attached garage and more updated floor plan. There are 2 bed/2 bath condos within a few blocks going for under $200K. Condo prices are starting to tank everywhere and soon enough these condos will be affected by these price drops. The Allure condos in Serra Mesa were selling about the same time and are starting to see price drops of %50+ already. Condo converts sold between 2003-2007 will have large numbers of foreclosures bringing down the prices. Once the price drops to about
%30 off peak, it just accelerating the rate of decline. People will just start walking away. Watch out for HOA issues once this starts happening. As soon as the builder sells off remaining inventory, the HOA usually goes to hell and the place starts to deteriorate. Take advantage of the price drops; do not get taken before the price drops.

[recordsclerk]

I would not buy any condo conv. for more then 50% off peak prices. If these are, the MP condos that started selling in 2005 there will be more dramatic price drops. I would not consider these new condos in anyway. They may have new plumbing/electrical in the walls, new kitchen, new baths, paint, interior drywall. They still have the inconvenient parking, dated exterior, and apartment feel. Anything in the 300’s should have an attached garage and more updated floor plan. There are 2 bed/2 bath condos within a few blocks going for under $200K. Condo prices are starting to tank everywhere and soon enough these condos will be affected by these price drops. The Allure condos in Serra Mesa were selling about the same time and are starting to see price drops of %50+ already. Condo converts sold between 2003-2007 will have large numbers of foreclosures bringing down the prices. Once the price drops to about
%30 off peak, it just accelerating the rate of decline. People will just start walking away. Watch out for HOA issues once this starts happening. As soon as the builder sells off remaining inventory, the HOA usually goes to hell and the place starts to deteriorate. Take advantage of the price drops; do not get taken before the price drops.

[recordsclerk]

I would not buy any condo conv. for more then 50% off peak prices. If these are, the MP condos that started selling in 2005 there will be more dramatic price drops. I would not consider these new condos in anyway. They may have new plumbing/electrical in the walls, new kitchen, new baths, paint, interior drywall. They still have the inconvenient parking, dated exterior, and apartment feel. Anything in the 300’s should have an attached garage and more updated floor plan. There are 2 bed/2 bath condos within a few blocks going for under $200K. Condo prices are starting to tank everywhere and soon enough these condos will be affected by these price drops. The Allure condos in Serra Mesa were selling about the same time and are starting to see price drops of %50+ already. Condo converts sold between 2003-2007 will have large numbers of foreclosures bringing down the prices. Once the price drops to about
%30 off peak, it just accelerating the rate of decline. People will just start walking away. Watch out for HOA issues once this starts happening. As soon as the builder sells off remaining inventory, the HOA usually goes to hell and the place starts to deteriorate. Take advantage of the price drops; do not get taken before the price drops.

[recordsclerk]

It is true that most units just need paint and carpet. There is a new listing today for 52K.
If you were to invest in this unit it would cost you about $590 a month.
100% loan at 5.7% $300 a month
taxes 50 a month
HOA $240 a month ($199 in listing)
Total $590 a month

This unit would rent for $700+

The plumbing problems were not in the units. It was a shared line. There was more than one leak. They replaced the lines running outside the west end of the main complex. There was also standing water near the pool/end units in the main complex. There was also work done in the older complex west of the main complex.
This complex has destroyed comps for this area, but it’s not the only one to blame. I think any condo conversion done between 2004-2007 will have an affect on prices in all areas.

[recordsclerk]

It is true that most units just need paint and carpet. There is a new listing today for 52K.
If you were to invest in this unit it would cost you about $590 a month.
100% loan at 5.7% $300 a month
taxes 50 a month
HOA $240 a month ($199 in listing)
Total $590 a month

This unit would rent for $700+

The plumbing problems were not in the units. It was a shared line. There was more than one leak. They replaced the lines running outside the west end of the main complex. There was also standing water near the pool/end units in the main complex. There was also work done in the older complex west of the main complex.
This complex has destroyed comps for this area, but it’s not the only one to blame. I think any condo conversion done between 2004-2007 will have an affect on prices in all areas.

[recordsclerk]

It is true that most units just need paint and carpet. There is a new listing today for 52K.
If you were to invest in this unit it would cost you about $590 a month.
100% loan at 5.7% $300 a month
taxes 50 a month
HOA $240 a month ($199 in listing)
Total $590 a month

This unit would rent for $700+

The plumbing problems were not in the units. It was a shared line. There was more than one leak. They replaced the lines running outside the west end of the main complex. There was also standing water near the pool/end units in the main complex. There was also work done in the older complex west of the main complex.
This complex has destroyed comps for this area, but it’s not the only one to blame. I think any condo conversion done between 2004-2007 will have an affect on prices in all areas.

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