It was mentioned that bubbleinfo never makes it to Escondido – why? It’s the wild, wild west! But if it’s good enough for the Governator (who was there Friday) then let’s give Esco a moment.
We can call Escondido’s real estate market…um….”diverse”.
In 2009 there have been four houses sell under $100,000, and three at $1,200,000 or higher – and the ocean is 15 miles away!
Here’s an example of Escondido’s market today:
1008 Montview
3 br/2 ba, 1,680sf
YB: 1975, no monthly fees
.50-acre
SP: $585,000 11/05
LP: $285,000 6/09 short sale
Even though this looks close to the I-15 freeway on the map, it’s actually a quiet and peaceful rural location. Nice enough that my buyer offered $325,000 with a hefty down payment, figuring that there could be competition.
Interest was high alright – 18 offers, with one in the $390,000s!
I’ve been starting to look in 92025 – the Bear Valley schools are good, no mello roos, and plenty of lots 10k sqft. So far, every one has had an accepted offer by the time I get to it. It’s a bit hot for my taste, but the neighborhoods in south Esco are nice.
Is pent-up demand that high? I’m seeing the same thing in my hood (56 corridor). Maybe its just a function of the low supply.
We really like parts of 92025 and 92029, but the prices in the better parts have not come down that much. We wanted to make an offer on a house (through Jim) last year, when it was supposed to be a “bad” market, and there was already an offer above ours.
That’s why all these govt subsidies are totally misdirected and a huge waste of taxpayers’ money. The housing market was never cold from what we could tell. There was a slight panic in the second half of 2007 (during which we easily sold homes in some of the worst-hit areas because we priced them right), but if someone priced their house reasonably well, there were always plenty of buyers in every location.
390k for this house is nuts.
1767 Lendee, newer, almost double the size, 0.8 acres, closed for 450k last week. There’s a REO on Anaheim that is about the same age as Montview, 2700 sf, 0.5 ac, it went pending in high 300’s. Lendee and Anaheim are assigned to significantly better schools than Montview (elementary: rank 9 vs. rank 1!!!, middle: rank 8 vs rank 3).
Nameless,
I live close to that house on Anaheim (I think its address is on Rosehill, but backs up to Anaheim). It may seem like a bargain, but that house shares a driveway with the neighbor right on top of it, the house needs AT LEAST 100K in repairs/updates and has no garage. It will probably sell in the low 400s, so figure mid 500s to make it decent, and you still have your neighbor looking into your bedroom. Not a great deal, but at least you’re at the end of a cul-de-sac.
We bought on Mary Lane last summer. 515K, 2300 sq ft, insane west sunset views, .6 acre lot, and the house is 100% done, move in condition. Less than a mile from Kit Carson, the mall and all schools. Everything about living in the Mary Lane area is amazing, except for Mary Lane itself. People drive like friggin’ maniacs, so it isn’t the most pedestrian friendly road. But if you can get over that, it’s IMHO the best value in North County, assuming you can find a house for sale (not many foreclosures in the ‘hood).
Another great area is 92029 on the west side of 15, north of Via Rancho (near Felicita and Hamilton). Some awesome old houses on huge lots in a really solid school district. Some of them are selling in the 200s-300s. Not sure why anyone would want to live in tract hell with HOA and Mello Roos for more than double the price and absolutely no privacy.
Thanks for giving Esco some props, Jim. There are truly some hidden gems around here!
KP
A REO on Mary Lane went pending today after 4 days on the market. I wonder how many offers there were. Jim?
KP, I don’t think there are any houses in the 200s-300s in the area you described. They all start in mid 400’s. There was one on Bernardo Lane that closed last month for 360, which greatly surprised me (it was 3000+ sf and it had an acre lot), but there may have been something wrong with it.
REO on Mary? Which one?
Yeah, I remember the one on Bernardo. That house is gorgeous. 1960’s adobe style with a big yard and views. I’m pretty sure though that house has some SERIOUS issues related to the foundation. I remember reading something about an ‘engineering report’. It went pending last winter around 525K, then fell out, off the market, then back on in the 300s. Clearly something wrong with it. Believe it was corporate owned too, which may partially reflect the bargain basement price.
God I know too much about this crap. I’m not even in the biz!