Yes, I’m one of the active listings impacted by the subject property herein.
The sellers and I are in the process of re-evaluating.
Jim Klinge
Klinge Realty Group
Broker-Associate, Compass
Are you looking for an experienced agent to help you buy or sell a home?
Contact Jim the Realtor!
- 682 S. Coast Hwy 101, Suite #110
Encinitas, CA 92024 - (858) 997-3801 call or text
- klingerealty@gmail.com
CA DRE #01527365, CA DRE #00873197
That shower door must clear the toilet by half an inch! Nice upgrades though…and nice view.
Did you and your seller know that this REO was waiting in the wings? Was it offered at auction and went back to the bank (in the last 3-6 months)? I’m curious how buyers/sellers can estimate if there will be bargains/killers in an area.
Ah, the bank was lucky, only lost 40 cents on the dollar after transaction costs…
(Speaking as someone who made sure the bank’s recovery was 50.1 cents on the dollar when I bought my house as an REO)
08/05/2004 Sold $1,000,000 184% $500 Public Record
08/11/1997 Sold $352,500 — $176 Public Record
Looks like the peak price was 1M but some of the updates looked recent. Today’s “steal” is tomorrows retail price. Buyers just need to be patient and let the market come to them. Really what is a year or two in the grand scheme of things? The average “asking” price in 92103 has been dropping like a stone. Sellers are starting to get the message. So far the buyers have responded to the recent price drops with a collective big whoop.
Reading through a couple years of commentary about this house over on sdlookup… Pretty funny in hindsight.
http://www.sdlookup.com/Property-5C3D9AD5-1844_Law_St_San_Diego_CA_92109
I asked this a while back but got no response: How difficult is it to get in/out of PB during rush hour. I’ve heard stories about traffic backing up for miles near the Garnet exit, but have never witnessed it.
I used to commute in and out of PB everyday, until I moved this year. I typically worked from 7-4 so I missed a lot of the traffic, but sometimes I commuted right in the heart of it.
Turning left onto Mission blvd to go 5-N from Garnet can be a huge pain. We’re talking 2-3 light cycles to do it. There is a back way that helps, but that can back-up as well since it’s not much of a secret. At 8:00am you’re waiting to turn left, waiting to go through two more lights all backed up because there’s a freeway traffic control light on the on-ramp. When I commuted it was sometimes bad, but trying to get to work for a 8:00 start time was often a big pain.
Getting into PB is bad as well, the exit in I-5S really does back-up especially at the heavier hours around 5:00. The summer just seems to add to this traffic too.
If you commute south on 5 out of PB, the commute is significantly easier coming in and out.
One of the other things is that in the summer getting in and out of PB on the weekends can be worse than rush hour traffic and goes on from morning until late evening.
Getting into PB from the 5 north (headed south) is one of the worst exits in all of San Diego. The traffic can be backed up in the far right lane (Garnet/Balboa exit) for miles. I would always do the “right thing” and get in line with everyone else. Then you sit there and watch dozens of a#$holes fly past you and sneak in front of you at the last second. I lived there a couple of years and it drove me crazy.
@UCGal – that was a great read. Thanks for posting it.
I hear ~$400/sf and I think “still way too high”, and that 1997 price validates my impression. Too many people have psychologically anchored on bubble-era pricing, so anything less than peak sounds like a steal. Not to me.
Jinx,
Actually, it makes traffic sense to wait until the last second to merge into an off-ramp if it is backed up like that. As cars slowly accelerate from a stopped position, gaps naturally open up between cars. These gaps are best filled by cars that also need to merge. I had a traffic engineer friend convince me that this aids in getting more cars off a freeway at an exit.
Also, for motorcyclists, it’s a personal safety issue to wait in stop-and-go traffic like that. It’s always best to go to the front and merge at the last second when a spot opens.
That’s pretty interesting…..I love that view. I bet that’s disappointing though. There is a house for sale in Nantucket for $1.7 million….to the left of the one that sold for $1.4 million a little while back. The $1.7 one is the biggest model with the biggest lot….it has a really nice pool and backyard.
I wonder if it will sell at that price. You should do a tour and see what you think, I’m interested to know.
That’s a nice house.
This is one of the things that we are concerned about because we’re looking to buy in older, more established neighborhoods.
Not only can REOs and short sales undercut everyone else…the long-time owners with a $100K-$200K cost basis (many of these are owned free and clear) can cut the legs off of any other seller. All you need is for one of these sellers (or their heirs) to need to sell — for health reasons, deaths, divorce, estate purposes, etc. — and you’re S.O.L. In some of the areas we’re considering, a majority of the owners are in this enviable position. IMHO, it means there is ample room for more significant declines in the future.
. I had a traffic engineer friend convince me that this aids in getting more cars off a freeway at an exit.
That’s fairly incorrect in this case. Because of the various traffic lights it ends up being bumper to bumper through the lights so the max number of cars are making it off the freeway. It’s more like cutting in on one of those on-ramp traffic lights. Sure you “filled the gap” but only one car per green is going anyways.
BWell_SoCal, it sounds like your engineer friend is trying to rationalize driving like an idiot.
I did the same thing as BWell_Socal while I lived in PB. Stayed in the through lane and then “zipper merged” at the end.
If everyone did the “zipper merge” both lanes would move at the same speed and there would be no angry drivers.
Some justification for the increased efficiency of the zipper merge:
http://ops.fhwa.dot.gov/publications/fhwahop09037/principles.htm
If everyone did the “zipper merge” both lanes would move at the same speed and there would be no angry drivers.
That wouldn’t happen here, because there’s a stop light at the end of the on-ramp that causes the traffic to back-up. During heavy traffic times, the red light backs the traffic into the right exit only lane causing it to stop. The reason why it is stopped is because there’s nowhere for the cars to go. That’s a reason why this lane is an exit only lane all the way back to the 52 junction, so cars can be stopped with less disturbance to the through lanes.
What this would cause is for the through lane to stop during the heavy traffic times.
Jakob,thanks for the link. Just be glad we as motorists don’t drive like the motorists in West Africa and Egypt. I’ve lived in both places and it’s absolutely nuts!
There is only one driving rule there. Whoever is in front has the right-of-way. Talk about stress and chaos!
People have a difficult enough time merging without the added chaos. I see behavior on my daily commute that would start gunfights in LA.