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July 14, 2007 at 12:31 AM in reply to: Help from Realtors: what’s my friend’s house worth now? #65861July 13, 2007 at 5:18 PM in reply to: Help from Realtors: what’s my friend’s house worth now? #65764
SD Realtor
Participantsdr if you read my post correctly you saw that I only studied one map code which is the one that they live in. As I said in my post I would do some more research to see if I could find comps that would support a higher price. I would agree that a more comprehensive search should be done to establish a more concrete basis for setting the price. Let me see what more numbers say.
Also in a declining market new ground is always broken towards the downside.
SD Realtor
July 13, 2007 at 5:18 PM in reply to: Help from Realtors: what’s my friend’s house worth now? #65827SD Realtor
Participantsdr if you read my post correctly you saw that I only studied one map code which is the one that they live in. As I said in my post I would do some more research to see if I could find comps that would support a higher price. I would agree that a more comprehensive search should be done to establish a more concrete basis for setting the price. Let me see what more numbers say.
Also in a declining market new ground is always broken towards the downside.
SD Realtor
July 13, 2007 at 12:27 AM in reply to: Help from Realtors: what’s my friend’s house worth now? #65624SD Realtor
ParticipantTough to say Vrud –
There has not been any MLS activity on Del Mar Glen since your friends purchase. I did a wider search on the mapcode they live in which is 1188A7.
The most recent data point is 12330 Del Mar Oaks but that home is smaller. It is a 3/2.5 2189 sq ft, and it listed for 123 days. The listing expired last week and was 820-845 at expiration. The agent relisted again and it is active on the MLS at 819k.
Last year 8/2006 a 5/3 bath model 2649 sq ft on 3985 Cypress Del Mar listed and was on the MLS for 157 days. That listing was cancelled on 2/7/07 and when they cancelled they were at 800-835k. That home then sold on 3/9/07 for 795k.
There are 3 other data points but they are all brand new homes built in 2006 on Carmel Park Dr. To be honest I do not think they are accurate to comp against your friends home.
I would have to do some more research to give a definitive opinion but by the looks of it, unless there are some very eye catching upgrades or something that really sets this home apart from others, it will be challenging for your friends to get what they paid for it. Just my opinion and just trying to be honest.
SD Realtor
vrud – I will look at more comps tomorrow to see if I can find more encouraging news.
July 13, 2007 at 12:27 AM in reply to: Help from Realtors: what’s my friend’s house worth now? #65686SD Realtor
ParticipantTough to say Vrud –
There has not been any MLS activity on Del Mar Glen since your friends purchase. I did a wider search on the mapcode they live in which is 1188A7.
The most recent data point is 12330 Del Mar Oaks but that home is smaller. It is a 3/2.5 2189 sq ft, and it listed for 123 days. The listing expired last week and was 820-845 at expiration. The agent relisted again and it is active on the MLS at 819k.
Last year 8/2006 a 5/3 bath model 2649 sq ft on 3985 Cypress Del Mar listed and was on the MLS for 157 days. That listing was cancelled on 2/7/07 and when they cancelled they were at 800-835k. That home then sold on 3/9/07 for 795k.
There are 3 other data points but they are all brand new homes built in 2006 on Carmel Park Dr. To be honest I do not think they are accurate to comp against your friends home.
I would have to do some more research to give a definitive opinion but by the looks of it, unless there are some very eye catching upgrades or something that really sets this home apart from others, it will be challenging for your friends to get what they paid for it. Just my opinion and just trying to be honest.
SD Realtor
vrud – I will look at more comps tomorrow to see if I can find more encouraging news.
SD Realtor
Participantpczonie – My advice would definitely definitely definitely be to not buy now. Rent a place for the 4 weeks out of the year down in Mission Bay, hang out and have fun. Then in a few year buy. When you bite the bullet it may end up breaking your teeth.
SD Realtor
SD Realtor
Participantpczonie – My advice would definitely definitely definitely be to not buy now. Rent a place for the 4 weeks out of the year down in Mission Bay, hang out and have fun. Then in a few year buy. When you bite the bullet it may end up breaking your teeth.
SD Realtor
SD Realtor
ParticipantMy client who owns in Discovery is taking a beating. Fortunately we are one of the very few in escrow. His loss will be close to 6 figures, almost 20% BELOW what he paid a little over 2 years ago.
SD Realtor
SD Realtor
ParticipantMy client who owns in Discovery is taking a beating. Fortunately we are one of the very few in escrow. His loss will be close to 6 figures, almost 20% BELOW what he paid a little over 2 years ago.
SD Realtor
SD Realtor
Participantstopthebubble – no I have not personally been involved with second trust deeds or any equity sharing deals. I do know people who have carried back financing on sales and I always referred them to an attorney to generate the note. That is about as close as I have gotten.
I also agree with the sentiment about not loaning money or renting out property to friends or family.
I think that if your friend needs help, then maybe help her out but don’t view it as a business deal ya know what I mean? Otherwise perhaps just try to counsel her and help her through the tough times. Perhaps she can just give up the home, deed in lieu of foreclosure or something that will not hurt her to much.
SD Realtor
SD Realtor
Participantstopthebubble – no I have not personally been involved with second trust deeds or any equity sharing deals. I do know people who have carried back financing on sales and I always referred them to an attorney to generate the note. That is about as close as I have gotten.
I also agree with the sentiment about not loaning money or renting out property to friends or family.
I think that if your friend needs help, then maybe help her out but don’t view it as a business deal ya know what I mean? Otherwise perhaps just try to counsel her and help her through the tough times. Perhaps she can just give up the home, deed in lieu of foreclosure or something that will not hurt her to much.
SD Realtor
SD Realtor
ParticipantI don’t think I would touch it with a 10 foot pole. Once people start saying “according to them” the property is worth this much money, or the property is not that far upside down, then that is when I start to get skeptical. No matter what position you will be in, it will not be the first position no matter what you write into the note.
Anyways, my advice is to run your numbers very very carefully.
SD Realtor
SD Realtor
ParticipantI don’t think I would touch it with a 10 foot pole. Once people start saying “according to them” the property is worth this much money, or the property is not that far upside down, then that is when I start to get skeptical. No matter what position you will be in, it will not be the first position no matter what you write into the note.
Anyways, my advice is to run your numbers very very carefully.
SD Realtor
SD Realtor
ParticipantFSD good points but I still side with nsr. Now yes it would be more insightful for me to walk in this guys shoes but from what I see, based on his salary and the few facts that ljr stated, this guy had no business at all in purchasing this home.
I am crossing all my fingers that the escrow I have downtown will close… the sellers have to come in with close to 100k cash as a shortfall. They are doing it.
I have a short sale that I just listed in Lakeside. In all probability they will lose the home. This was a true (believe it or not) hardship case. He lost his job and still has not found employment. Now granted they pulled a bonehead purchase 3 years back but they are trying to short sell it and they will suffer ramifications if it indeed does short sell.
I just think that there is an amount of personal responsibility here. You can’t pull a 30k per average American is in debt card out. My taxes already fund enough benefcial programs for which I have no control over. I don’t think it is accurate to portray that we all should foot the bill for the foolishness of others. They indeed should take responsibility…
I think by letting people simply walk away from the problem, there will be no incentive for them to not do it again in the future. It is not much different then punishing kids for poor behavior. Yet, you take this guys 90k away from him and I bet you a dollar he never buys a speculative property again.
SD Realtor
SD Realtor
ParticipantFSD good points but I still side with nsr. Now yes it would be more insightful for me to walk in this guys shoes but from what I see, based on his salary and the few facts that ljr stated, this guy had no business at all in purchasing this home.
I am crossing all my fingers that the escrow I have downtown will close… the sellers have to come in with close to 100k cash as a shortfall. They are doing it.
I have a short sale that I just listed in Lakeside. In all probability they will lose the home. This was a true (believe it or not) hardship case. He lost his job and still has not found employment. Now granted they pulled a bonehead purchase 3 years back but they are trying to short sell it and they will suffer ramifications if it indeed does short sell.
I just think that there is an amount of personal responsibility here. You can’t pull a 30k per average American is in debt card out. My taxes already fund enough benefcial programs for which I have no control over. I don’t think it is accurate to portray that we all should foot the bill for the foolishness of others. They indeed should take responsibility…
I think by letting people simply walk away from the problem, there will be no incentive for them to not do it again in the future. It is not much different then punishing kids for poor behavior. Yet, you take this guys 90k away from him and I bet you a dollar he never buys a speculative property again.
SD Realtor
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