This youtube shows an example of how a premium La Costa Greens property should end up being among the better-priced in area, because the bank will probably base it’s valuation on inferior comps. This could end up on the court house steps in the $900,000s:
Since 10/1/09, there have been nine two-story houses in La Costa Greens/La Costa Ridge that closed escrow, averaging $218/sf, and two one-story houses that closed for $328/sf.
Lots of medical marijuana in Colorado. It is great.
Ok, so I really laughed hard when you talked about the mello-roos not being bad “$2,000 a month..”
and the medical marijuana sign guy…what intersection was that at? Had trouble reading the sign, was it advertising home delivery? geesh…
The end of that clip likely explains the thought process behind bidding some of those homes up so high.
This should make it easier especially for the low-end flips:
http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf
The 90-Day Seasoning rule is lifted by the HUD.
here’s that $3.25M one on Amber:
6879 Amber Lane
Do any bank reps ever look at this site? If so, there won’t be deals at the courthouse for long. Thanks Jim.
$430/mo in MR/HOA? Whew!
That Amber Lane place is really nice, especially with that yard & view Don’t think it justifies a multi-million dollar premium, though.
outrageous! Any info on the stuff that’s recently selling in the 1.4 – 1.5+ range in La Costa Ridge? Are the views that good? Woman in the sales office said that none of the homes in that community had ocean views. I would have inquired further but she bit my head off!
Did anybody notice, it’s kind of an ugly house? Maybe if you could remove that stone from the garage. Odd looking place.
The one story/two story thing is interesting. I wonder what the median age of buyers is looking like right now, and the median age of those moving into a one story?
More likely, one story versus two story has simply come full circle. From the end of WWII into the 70s, a huge number of one-story ranch homes were built in Southern California, and then they started building on smaller lots and everyone wanted the bigger square footage. There was simply some prestige that came with living in a two-story house. Now, the stigma of the SoCal postwar tract ranch is a distant memory, and people realize that living on one floor is not so bad.
here’s the sales history for 6879 Amber:
05/19/2008 $1,895,000
12/22/2005 $1,645,628
basically someone is looking to sell the place for 100% over its 2005 purchase price. talk about overdosing on that medical marijuana.
Jim’s right about targeting newer neighborhoods and pay the mello roos/HOA. if you are able to pick up a foreclosure at a steep discount, the $4-500/month in MR/HOA isn’t so bad.
tj & the bear
If you think $430 a month in HOA/Mello roos is bad, wait until you hear what they are at the new development in the Foothills in Carlsbad. I checked out the Blossom Grove preview center and their Mello Roos + HOA are $652 a month. OUCH!
HOA’s are $250 ($192 at buildout)
and Mello Roo’s are $402 (actually .7% of the purchase price) so $402 is based on the purchase price of $689 for the largest model.
Still, almost 12k in property taxes…
Mello Roos + HOA are $652 a month. OUCH!
OUCH is right! It hurts just *thinking* about it.
Visited the grand opening of the new Terramar community in Torrey Highlands today…very nice houses but was disgusted when the sales guy told me the HOA fees were $185, and Mello-Roos was close to $400/mth. Must have been hundreds of people there too waiting to get on the priority list. Maybe the medical maryjane guy has a friend who can set up shop there also!
$652 a month is a car loan on a higher end vehicle. Never ceases to amaze me how people with money will waste so much of it.
That is crazy. $652? When I see flippers getting aggressive again and hoa/roos fees like this, then its an indication that the correction is not over. Looks like another 30-40% drop is needed.
Price will drop until they stop!
If you put $652 a month into your IRA, you’d have contributed $7834 at the end of the year. If you had kids and put $7834 a year into a college fund for 12 years you would have $100k by the time Junior was ready for University.
This isn’t completely related to the topic, but just scanning the screengrabs on the first page of this site, EVERY HOUSE LOOKS THE SAME. They could be from any suburb in any county in any state. These types of tract houses just bore me to death…
Maybe there is a future bubbleinfo.com segment on “Houses with character.” Do they come with a premium or do San Diegans really love the tract home thing that much?
Thanks, Jim!
Did we suffer long enough, wasn’t much of a cooling off period. I would be interested in how many buyers are from out of state?
Little boxes made of ticky-tack…
Still top of the hill with a view should be pretty awesome