[waitingtobuy]

Hello SD R & others

How much of the new home inventories are still left in 4s area? Will the re-sale homes in that area continue to feel downward/negative price pressure once the new home inventories clear up?

A realtor tells me that most of the foreclosed/REO properties have been sold. I did a rough scan and it seems a lot of them have indeed sold recently. Someone in this thread suggested that “distress list” in 4S in not growing as fast now. Hence if the supply of REOs/defaults are not growing and if the current homeowners are not in pressure to sell, why would there be a downward trend?

Thanks

[waitingtobuy]

Hello SD R & others

How much of the new home inventories are still left in 4s area? Will the re-sale homes in that area continue to feel downward/negative price pressure once the new home inventories clear up?

A realtor tells me that most of the foreclosed/REO properties have been sold. I did a rough scan and it seems a lot of them have indeed sold recently. Someone in this thread suggested that “distress list” in 4S in not growing as fast now. Hence if the supply of REOs/defaults are not growing and if the current homeowners are not in pressure to sell, why would there be a downward trend?

Thanks

[waitingtobuy]

Hi SD Realtor,

Can you please add 92127,92128 and 92129 to the ” Scripps and Mira Mesa Monitor” blog? Like me, a lot of folks may have a search-radius that includes scripps, MM, Rancho PQ, 4s Ranch and alike. Would be really helpful.

Thanks

[waitingtobuy]

Hi SD Realtor,

Can you please add 92127,92128 and 92129 to the ” Scripps and Mira Mesa Monitor” blog? Like me, a lot of folks may have a search-radius that includes scripps, MM, Rancho PQ, 4s Ranch and alike. Would be really helpful.

Thanks

[waitingtobuy]

It’s also notable to see the clever marketing game this auction house used. All the homes had two numbers against them.

1. Starting Bid: A very low value which means nothing but generates buyer’s interest.
2. Previously valued at: A very high value which also means nothing. That was the comparable value of the home when market was at peak. Doesn’t necessarily reflect the current value.

Both these numbers tempted buyers to out-bid each other and eventually buy something which in most cases was higher than the retail price.

Was a good learning oppurtunity for me.

[waitingtobuy]

Hi,I too attended the auction and was amazed at the sea of people there. This was my first ever experience with an auction event and It was an eye-opener. Most of the homes I was tracking sold for near or more than their current fair market value.

Example: 11178, Ivy Hill Dr.
The winning bid was $550k + 5%= 577500.
The current comp in that neighborhood for this size home is around $530k. A home of equal size, 11160, Ivy Hill drive sold for 530k in April-2007.

16564, Gettysburg Dr.
Winning bid =520k+5%=$546k.
The comp for this neighboorhood for same size home is 540k.
Simillar sized home in this neighborhood was listed for $519k in May. I am sure it got sold near or at that price.

So, where is the deal? I guess, barring few, everything else was a deal for the Bank.

( I must note that a nice home in Oceanside sold for way below it’s fair market value).

( Also, I saw one guy buying few condos. Seemed like an investor who intends to make them rental properties.)

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