Pemeliza already took a couple of swings this morning, here’s the first:
JTR, I know you don’t cover Mission Hills much but here is a new short sale listing in my neighborhood at more than 50% off the 2007 price. It also has the modern clean look and I think it is a great deal at the asking price of 1M.
http://www.sdlookup.com/MLS-100063015-906_W_Lewis_St_San_Diego_CA_92103
His other was:
There are many properties on the market priced 10% lower than the prior comp and are still sitting on the market….
I haven’t seen any listings priced 10% under the prior comp and not selling. If you have examples, I’d like to see them – I have buyers! I have a client that sends over low sales occasionally, and every time they’re examined, there is a reason – bad condition, inside deal, etc.
If anyone knows of under-market listings, leave them in the comment section – let’s take a look!
Wow JTR I am speechless. You are everywhere these days!
JTR, your comment about the house on Lewis being a little far east is very true. I walk past that area on my way down to Starbucks and there is more density. Also, there were a lot of stairs and so the house probably feels smaller than something the same size on one or two levels (one level houses in MH or very rare with that size however). I have a similar canyon lot further west with more land and privacy but with an older house. I thought I would like the one on Lewis more than I did because it was a new house but it definitely felt cramped in the video. The wall to ceiling glass was very nice though.
These days, you can get something pretty nice in Mission Hills for well under a million but it will be old and need some work. Still I don’t think the location and ambiance can be beat in SD county if you don’t mind living in a dated house.
Thanks for the video tour and coverage of my neck of the woods! Next time you are in the area maybe we can have a beer!
Let’s note that the previous sales price of $2,095,000 in 2007 is…well…hard to explain.
The list price when new in 2003 was $1,350,000, and got bid up to $1.5M.
Seven years of use, short sale neg-factor, plus no yard and too many stairs and $1.0M sounds about right on paper, though the current condition might drag it down?
I have been stuck in S. Florida on business. Just the sight of that canyon view, or that gull over the ocean makes me weep. If I can ever get back to the land of high priced homes and low humidity I will consider myself blessed! That is a nice property if you are 35 years old and living the life. At my mid 50’s decrepitation zone all those stairs just make my joints ache. Thanks for the look Jim!
Billy,
Let’s just say that I’m in the “35 zone”. Unfortunately I also have 2 kids with one on the way. For that reason alone, the hard floors and lots of stairs rules something like that out for me.
I’d say a place like that has a very narrow set of buyers, and “livability” is not high on the list of wants or needs.
Chuck
Here’s a short video about the owner of the Mission Hills house:
http://vimeo.com/4314467
I guess that explains it.
There has to be more people who come into large sums of money selling their companies, inheriting, hitting it big in the stock market (go bidu), etc. that are behind some of these sales with seemingly-high sales prices.
The guy next door paid 2.2M at the peak for the same house on a lot with neighbors on both sides.
http://www.zillow.com/homedetails/910-W-Lewis-St-San-Diego-CA-92103/59310586_zpid/
So I think the 2007 price was probably based on this sale.
I think the value is there at a 1M even in today’s market. Whether it will bring that or not is anyone’s guess. Most short sales in Mission Hills do not make it to close, end up being REOs a year or two later, and sell for less money than the initial asking price of the short sale.
This house has the nice combination of the north mission hills location, the canyon lot, and new and modern construction. Although there are not a lot of modern houses in Mission Hills and Hillcrest, there are a lot of modern condos and this would appeal to someone looking at those but wants to own the land and have more privacy. Furthermore, there are no HOA dues which are very high around here.
Finally, given that the street to the right of this house is a “paper street”, nothing will get built there so the lot appears to be very private at least to the back and right.
Have you checked out the one on Highland Drive in Solana above the AM/PM? That looks like a steal to me. Ocean and race track views.
above the AM/PM? That looks like a steal to me.
I think I see the problem…
Are you talking about this one?
http://www.sdlookup.com/MLS-090034989-1009_Highland_Dr_Del_Mar_CA_92014
For $1,295,000, most buyers want more than 3 bedrooms. This one will also need a contemporary-home buyer, it looks fairly ‘unique’.
Or this one?
http://www.sdlookup.com/MLS-100054288-900_Highland_Dr_Solana_Beach_CA_92075
It’s probably the only place in the county where being west of the I-5 freeway isn’t that much of a plus, because of the junkers around it.
I think it is below street level, which is a negative for most, under 2,100sf, and not much yard. It needs a particular buyer.
I don’t quite have a million to spend, but if I did, I think I’d get this one on Lewis w/the canyon view rather than http://www.sdlookup.com/MLS-100063424-136_W_Fir_St_San_Diego_CA_92101 w/a freeway view.
RE: Fir St House
The Jacaranda trees make the deal!
Wow, if that house Jim linked to in #11 was …oh, half the price…I’d be that particular buyer.
Jim, I see the occasional house priced 10% below the most recent comp from time to time. If it isn’t a dog it has an offer and 2 backups in days.Some bark at you when you drive by and some are too tired to do that,they don’t sell.
Yeah Jim,
I was talking about 900 Highland. It’s a little below street level, but you’re not really surrounded by junkers. You’re high on a hill, overlooking the peasants.
Biggest concern would be that that whole hill slides down and you end up in Eden Gardens, but if the hill is stable that looks like a good deal.
Jim,
Based on the Fir St. place, your cousins can’t claim bordello exclusivity in that neighborhood.
The canyon views from the place are AMAZING. Watching hawks fly across the canyon is quite a site from this house, as the house sits at the end of the canyon, not along the edge as it usually the case.
Having owed and sold a 3 story row homes (the ones on Eagle St., right around the corner) I do not miss living in three levels or having light from only one side. Though the house on Lewis has two open sides (east and north). It was actually one lot that was split. The house next to it is a mirror image and so close no real light shines through. Come afternoon, your light is done for the day. Messes with the psyche.
Of course the area (the metro area) is arguably the best in SD, for a rich diverse culture and plenty of dining options and all in a very walkable neighborhood.
We saw the house in #10. The contemporary flair wasn’t too bad. What the deal killer is the detroit river that you can hear outside. You’re looking down on the freeway. The windows are thick enough to block it inside, so don’t open the door for those nice ocean breezes. This house is going back to the six-figure price range.
Russ, this is coming from a fellow MH fan but well put. Me and DW lived in La Jolla, Encinitas, and now MH. MH suits us the best but the beautiful thing about SD county is the incredible diversity of beautiful neighborhoods and lifestyles!
The West Lewis contemporary home is built upside-down! The bedrooms are in the basement, and the garage is in the attic! 🙂
The canyon view may look nice, but it’s surrounded by homes. It’s like what happens to a small lake whenever development around it goes out of control. It just doesn’t look right.