Thursday, March 26th, 2009 at 11:02 PM
Melba Toast
The elementary school is right across the street, so if you were interested in buying this house and wanted more information, hustle on over – it looks like they are having a couple of events today:
I need some filler here to help balance out the photo and text, so hat tip to Steve for suggesting this one, and I’ll mention that San Dieguito Academy is highly acclaimed too!
Posted on Thursday, March 26th, 2009 at 11:02 PM in Jim TV, Thinking of Buying? | 30 Comments » | 
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I guess it beats the ‘Coaster house.
BTW, Jim, if I may ask, how does your personal taste in houses run?
tj and the bear | March 26th, 2009 at 11:24 pmMy house is a 2,300sf one-story built in 1976 on a bigger lot.
I don’t like the thought of living in a McMansion on a small lot because I like to sing and dance, and my wife says it’s embarassing – I need space.
Jim the Realtor | March 26th, 2009 at 11:29 pmFrom Mish – mortgage lenders are getting greedy:
Central bankers and the Treasury haven’t been able to meet Fed Chairman Ben S. Bernanke’s goal of reducing consumer interest rates along with the borrowing costs paid by banks. The difference between rates on 30-year fixed mortgages and 10-year Treasuries was 2.24 percentage points, according to data compiled by Bloomberg. That’s up from an average of 1.75 percentage points in the decade before the subprime mortgage market collapsed.
Jim the Realtor | March 26th, 2009 at 11:37 pmFlippin’ pizza is wiser than flippin’ real estate in today’s market.
John D | March 27th, 2009 at 1:43 amI don’t know this area. Why are all the announcements on the sign board in Spanish? Shouldn’t it at least be bilingual?
Former RB Resident | March 27th, 2009 at 7:07 amMrs. Dawg and I were surprised at the similarities twixt JtRs home and ours. Nearly the same layout (bedroom wing flipped 180 degrees), hillside view quiet neighborhood, old development on a little acreage. We have an extra bedroom but he has a pool as long time readers know so very well.
Jim is right. Pay attention to mortgage spreads. Look even further back, mortgage spreads were even tighter prior to the bubble. The same greed shows up in the prime rate at more than 300 bps above COFs.
Rob Dawg | March 27th, 2009 at 7:13 amI stopped by Union Bank yesterday and inquired about their advertised Flex equity line of credit they have advertised. Prime + 1.5 is the best they will do. So even prime rate is not good enough for the banks these days.
Kingside | March 27th, 2009 at 7:18 amBTW we call those types of master baths “Tony Curtis Specials” for the infamous scene in Spartacus. [Do you like oysters?]
Rob Dawg | March 27th, 2009 at 7:20 amZillow has a nice shot of this house being built:
http://www.zillow.com/homedetails/905-Melba-Rd-Encinitas-CA-92024/16720334_zpid/
Zestimate = $1.28M
GameAgent | March 27th, 2009 at 7:26 amI am sorry for the way this is going to sound, but seeing that sign in ALL Spanish is disheartening to me. I understand the need to help get the information out to those who do not speak English, but in such a place of prominence tells a little more about the school demo than just a couple of ESL classes. Maybe the other side of the sign is in English?
Neil Diamond | March 27th, 2009 at 7:50 amTotally bizarre. By the way, they misspelled “restaurante” in Spanish.
Mozart | March 27th, 2009 at 8:07 amI say, if they’re going to put up the sign in Spanish, at least they could DELETREAR (spell) correctly. That’s quite an imaginative spelling of restaurante.
IRE | March 27th, 2009 at 8:13 amI was hoping it was a Spanish-immersion program. We have one here in some elite suburbs, which the parents love until their kids come home speaking Spanish and they don’t know what they are talking about.
Nice sat picture. Subtle house. Fits right in with the neighborhood.
Former RB Resident | March 27th, 2009 at 8:15 amOne other thing (sorry for the multpile posts). you need to separate old power lines from the new high tension wires. While power lines aren’t desirable, in older neighborhoods (pre-1966, if I remember) aerials were the thing. I live in an old (1940s) neighborhood and we have power lines. No one notices, because they are pretty common. High Tension wires, like the one you showed in CMR that buzz like a neon sign, suck. And might cause health problems.
Former RB Resident | March 27th, 2009 at 8:25 amspanglish submersion school
doughboy | March 27th, 2009 at 8:26 amToo funny, I know this area quite well. Can you say no fvckin way? Good price for the size though. I am in close contact with the owner of flippin’ pizza I should tell him about the free advertisement he’s getting via bubbleinfo through the espanol message.
I remember seeing that house and thinking sheesh is this thing out of place, so seeing it foreclose is not a shock at all.
AnthonyPacific | March 27th, 2009 at 8:33 amIf that home were in another location, it’d be awesome. As it is – “woops”.
Kwaping | March 27th, 2009 at 8:38 amWow.. overpriced at 800k. Yet some sucker will buy this.
Stephen Waits | March 27th, 2009 at 8:40 amNice one Jim. I post about the neighboorhood frequently. This is the house I referenced a few days ago – and what a difference on the outside now that the weeds are gone. The new homeowner can easily walk up a few houses, buy groceries from the white van and walk across the street buy clothes at the permanent garage sale in front of the duplexes. For a snack, they can buy Tomales a few more houses up. Three blocks up towards El Camino the neighboorhood gets much better.
3clicks from da Beach | March 27th, 2009 at 9:18 amI guess this answers the question I posted at YouTube about the schools. Not good that the sign is ONLY in Spanish-and misspelled to boot.
Geotpf | March 27th, 2009 at 9:44 amMy middle child’s high school spends more on a bilingual ASL interpreter than a free laptop every two years for every student would cost. What you see on that sign is not about education or outreach or accommodation.
Rob Dawg | March 27th, 2009 at 10:20 amSad to say that I think this one will sell quickly.
-Erica
Erica Douglass | March 27th, 2009 at 10:27 amI lived in South Pomona in the 80′s and drugs where king at that time, and we see this type of homes being built. Hacienda that where way over the value of the neighborhood homes. These guys where building mostly Spanish Mission then. They had balcony’s, towers and lots of fountains. I remember one home with wrought iron fences and decorated mortar walls ten feet high and a life size statue of a horse in the front yard. What made it stick out even more was the rest of the area was 1950 California bungalows with chickens coop’s in the back yard. I was told these home belong to the local El Jefe’s, and he really didn’t want to move out of the old hood. He’d decide to build a nice spread in the middle of his territory and stay where the money was.
Inland Empire | March 27th, 2009 at 11:02 amThis generation stay home to, but they built big boxes with granite counter tops and travertine floors.
Last time we went to Pomona we notice the horse was gone. To bad it was a stop on my route when I show my out of town company around So\Cal. You know Disneyland and the horse where always big hits..
It worries me — greatly — that I’m building and moving into that town.
Jimbo, why all the hate for travertine and el granito?
Would you prefer Pergo and Corian? I guess our tastes differ — If I could, I’d rip down 90%+ of homes built between 1940 and about 1995.
Aztec | March 27th, 2009 at 12:04 pmMish:
http://globaleconomicanalysis.blogspot.com/2009/03/wage-deflation-sets-in.html
Where wages go, so follows housing…
tj and the bear | March 27th, 2009 at 4:02 pmSolid. 800k overlooking a bus parking lot. Gotta love the coast.
Chrisg | March 27th, 2009 at 9:16 pmGee, who would have thought someone would pay over a million to live in the barrio… I thought this wasn’t happening in coastal North County!
Just ribbin’ ya, Jim!
(ducks head)
CA renter | March 27th, 2009 at 11:09 pmAnd you guys were knocking me for posting the Melba comp listing a couple days ago…
This remodel is beautiful. Walk inside you feel like you are in Italy or somewhere on the Mediterranean, go outside the front door and you feel like you just stepped off of the bus in TJ, especially with the school sign in spanglish.
Jim, thanks for taking the video! I feel like a Melbian now, a cross between Italy and TJ.
Blue Streak | March 28th, 2009 at 3:10 amLate to the party but I can’t help leaving a comment as this one is pretty near and dear to me – you’ve got my elementary school on the one corner and my high school on the other!
1. The schools are world class. Especially San Dieguito Academy. Me and two siblings went through there, all three with degrees, one with a PhD. San Dieguito is great.
2. The neighborhood…well, the neighborhood was always a barrio. Not so much any more, but there’s still a lot of it there. It’s safe – I’d have no qualms about living there.
3. I know the house. Fucking ridiculous. Grossly out of character for the neighborhood, too large and not too pretty from the outside. $800k. For that house in another neighborhood, maybe. That neighborhood? No way. Not gonna happen.
4. Best selling point for me would be the climate – I’m right over the hill, but on that side you get the nice breeze all day. In summer there is probably no finer climate on Earth.
Thanks for taking me back. It’s only five minutes from my house, but I don’t get over there a lot. Hard to imagine it’s been almost 40 years since I first saw that corner.
The Moar You Know | March 28th, 2009 at 9:10 pmLooks like this closed for $700k.
h8pvmt | June 25th, 2009 at 4:22 pm