[SD Realtor]

sdr perhaps when you return you will have time to reply. I looked at the comps you brought up… I apologize that I did not have time to run a more comprehensive analysis today. Your points have merit. I wanted to comment on the few comps you brought up…

“There is a 4BR/3BA/2 car gar 2438 sf home with 1200 in Mello Roos in escrow with a range of 850 to 875 that sold in 4 days. My guess is they got 875K.”

You are correct. This home does appear to be quite comparable to the home brought up in the post. Recall that vrud said that they purchased the home for 889k. At a range of 850k-875k they are below the sales price not even including closing costs and commissions. This home was not in the single mapcode I searched.

“There is a 5BR/3ba/3 car gar 2828 sq ft in escrow with a range of 899 to 999 that backed to a pretty busy street (Which is a KILLER!) and sold in 94 days.”

True that it backs to Carmel Country, a very busy street. and yes it is in escrow. Note that it is bigger then the home vrud posted about. Also we do not know the condition. Your point is well taken though, personally I cannot stand noise so I would rather have a marginally smaller home in a quiet neighborhood then a larger home backing to a noisy street. It will be interesting to see what they get for this home.

“There is a 5BR/3.5ba/3 car gar 3109 sf in escrow with a range of 950 to 1.05M after only 11 days. My guess would be $1M plus.”

Respectfully I disagree that this is a comparable home. It is clearly larger by more then a nominal amount. It also is on a larger lot.

A good example of someone trying to get the price range that vruds friends are hoping for would be the home on Intermezzo Way. It is a 4/2.5 that is 2492. So it is smaller, so perhaps your recommendation to the Del Mar Glen owners would be to price higher? There is even a second one on Intermezzo at 970k. These listings back up your points. Again these are active listings and not yet in escrow. I guess we will see…

Anyways one helpful piece of information vrud would be did the owners of Del Mar Glen upgrade the home?

sdr your points are well taken. I still tend to think that it will tough to get the home sold at the 2005 sales price but yes, pehaps I do have a more negative bias then most.

SD Realtor

[SD Realtor]

sdr 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

[SD Realtor]

sdr 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

[SD Realtor]

Tough 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]

Tough 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]

pczonie – 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]

pczonie – 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]

My 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]

My 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]

stopthebubble – 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]

stopthebubble – 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]

I 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]

I 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]

FSD 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]

FSD 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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