Home › Forums › Closed Forums › Properties or Areas › Mira Mesa – 7510 Bannister Ln – 10%+ loss in less than one year
- This topic has 181 replies, 18 voices, and was last updated 8 years, 11 months ago by an.
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February 27, 2012 at 3:23 PM #19546February 27, 2012 at 6:22 PM #738806svelteParticipant
You have been watching that house for over a year.
http://piggington.com/is_this_mira_mesa_home_overpriced
🙂
February 27, 2012 at 7:19 PM #738808EmilyHicksParticipantYes :), for some reason I am attracted to this house eventhough I already bought a house in a nicer part of Mira Mesa (along Callecristobal). Can’t wait to see what our MM expert, AN, thinks about this.
[quote=svelte]You have been watching that house for over a year.
http://piggington.com/is_this_mira_mesa_home_overpriced
:-)[/quote]
February 27, 2012 at 8:37 PM #738809anParticipantDid I hear someone call my name? :-D. It’s in line with what I’m seeing throughout MM in the last few months. Like sdr mentioned in another thread, it was pretty flat for most of the last year, but in the last 2-3 months or so, I see a big decline (5-10%). I wonder where it’ll go from here.
This house can probably rent for $2200/month. PITI for this house at this price ~$2000/month (assume 20% down). So, it’s a decent deal.
February 27, 2012 at 9:31 PM #738811sdrealtorParticipantThis is an odd one. Closed March 2011 for $450K to an FHA buyer with $438,500 loan. In August it is on the market for the same price and goes pending 30 days later. In December there was an interspousal deed transfer from wife to husband. Then it closes as a short sale for $405K. My take is they are at each others throats the minute they move in and its a divorce situation. No way the recover anything so they jump at first offer and apply for short sale. Lender sees an ugly divorce and a small loss so they approve asap. New buyer gets in quickly at a great price. Some times these things happen.
FWIW I have a cash buyer looking for a decent home in MM up to about $400K. We have written 3 all cash full price or above offers in the last 2 weeks on new listings. We cant even get calls back on these offers. There are stacks of offers on all of them. MM is on fire with cash investors crawling all over each other for anything decent around $400K or less. Flippers are having a field day as there is lots of distress here. I dont know that they are making much on each deal but as quickly as they can buy and fix them, they can turn around and sell them.
February 28, 2012 at 6:53 AM #738828EmilyHicksParticipantWow, thanks for the detailed report. My mother-in-law advised us against buying this property last year because she believed this property is full of bad vibes.
[quote=sdrealtor]This is an odd one. Closed March 2011 for $450K to an FHA buyer with $438,500 loan. In August it is on the market for the same price and goes pending 30 days later. In December there was an interspousal deed transfer from wife to husband. Then it closes as a short sale for $405K. My take is they are at each others throats the minute they move in and its a divorce situation. No way the recover anything so they jump at first offer and apply for short sale. Lender sees an ugly divorce and a small loss so they approve asap. New buyer gets in quickly at a great price. Some times these things happen.
FWIW I have a cash buyer looking for a decent home in MM up to about $400K. We have written 3 all cash full price or above offers in the last 2 weeks on new listings. We cant even get calls back on these offers. There are stacks of offers on all of them. MM is on fire with cash investors crawling all over each other for anything decent around $400K or less. Flippers are having a field day as there is lots of distress here. I dont know that they are making much on each deal but as quickly as they can buy and fix them, they can turn around and sell them.[/quote]
February 28, 2012 at 6:59 AM #738830svelteParticipant[quote=EmilyHicks]Yes :), for some reason I am attracted to this house eventhough I already bought a house in a nicer part of Mira Mesa (along Callecristobal). [/quote]
Congrats on your new home Emily!
February 28, 2012 at 7:26 AM #738831desmondParticipantWhatever the reason for selling this house, guessing why it is being sold is just guessing, buying in a declining market is very risky. Of course investors are out trying to buy distressed sales at “bargain basement prices”. The non-distressed sellers really have no choice and will have to hang on and “wait for better prices”.
February 28, 2012 at 7:56 AM #738833anParticipant[quote=desmond]Whatever the reason for selling this house, guessing why it is being sold is just guessing, buying in a declining market is very risky. Of course investors are out trying to buy distressed sales at “bargain basement prices”. The non-distressed sellers really have no choice and will have to hang on and “wait for better prices”.[/quote]
Totally agree. This is exactly what they’re doing. Just look at the inventory number. Some tracts within MM have nothing for sale, so you can’t buy one even if you wanted to.February 28, 2012 at 10:04 AM #738837sdrealtorParticipantBut the distressed sellers dont have to take distressed prices. The homes arent selling at bargain basement prices. They are getting bid up to retail and more than the comps in many cases. Sometimes they do go cheap like in that case. Having seen everything in MM the last month that house blows away what I am seeing get multiple cash offers at the same price every day.
Longtime bears want to beleive its a buyers market out there but any one who is out there trying to buy something knows that could be more false.
February 28, 2012 at 10:39 AM #738840bearishgurlParticipantThe map indicates the BY of this property backs up into MM Blvd. I’ll bet the sound levels are horrific. I wouldn’t want to sit in a jacuzzi to “relax” back there.
February 28, 2012 at 10:51 AM #738843EmilyHicksParticipant200 feet from back yard to MM Blvd.
February 28, 2012 at 10:54 AM #738844bearishgurlParticipant[quote=EmilyHicks]200 feet from back yard to MM Blvd.[/quote]
If this property is slightly elevated (20-30′) from MM Blvd, then it no doubt has a tremendous echo from the road.
February 28, 2012 at 11:13 AM #738845SD RealtorParticipantThe home was purchased using FHA financing the first time around. It was just recently short sold. My guess is that this had nothing to do with investors. It was purchased, and now it just completed the short sale process. The people who bought it went FHA and then lost it… surprise surprise.
February 28, 2012 at 11:22 AM #738846bearishgurlParticipant[quote=SD Realtor] . . . The people who bought it went FHA and then lost it… surprise surprise.[/quote]
I’ve always maintained that the maximum FHA loan should be no more than $300K in this region. The FHA 1-4 unit purchase program was originally put in place to serve first-time and/or moderate income buyers but has been used for move-up and luxury purchases in recent years because of inflated unrealistic caps.
I believe that at least half of MM (older half) fits this description but has been run up in price in recent years by too-high FHA and VA financing caps, as well as sub-prime money. Fundamentally, there is no reason for a 1980’s MM tract home to cost $400K+.
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