This Old House Flip: Quick flip gone bad in Spring Valley

Sunday, October 22, 2006

Quick flip gone bad in Spring Valley

7 comments:

Anonymous said...: A follow-up post about Chula Vista. There are roughly 1600 homes for sale in CV. Many if not most of these are in the neighborhoods that are 2-3 years old. Side note: given that these neighborhoods are so new, why are all the houses for sale? Wouldn't you think that these are the homes that they intended to end up in, since many are $700,000 and up. Who buys a house to sell two years later if not a flip or an exotic (mostly exotics is my guess). In any case, they are still building with plans to put 15,000 more in the next 5 years. 3,000 per year. It's not happening though as the builders are putting on the brakes big time. Houses have been done and empty in numerous neighborhoods all summer long. They are stuck building and can't stop since all the infrastructor, schools etc, are built and now have to be paid by the residents through mello roos fees. The builders are in deep, and those still buying are doing so with no money down with Io's and option arms. This thing will last a while as all these loans take years to shake out. If you go into the neighborhoods finished and first sold in 2003, you see the most for sale signs as the loans they were forced to get to be able to afford the houses are now resetting. It's amazing and perhaps worth it's own blog.; 3:10 PM
Bob Flippa said...: Absolutely, this blog serves only as a snapshot. I think we all understand the market is collapsing and the flippers will all be exposed.; 3:23 PM
Anonymous said...: dear flippa:

it appears to me that homes in more desirable parts of SD, namely the other CV (carmel valley), is not suffering as badly as these examples. Sure, the price is decreasing, but i have not spotted obvious flips that went flop. would you mind looking that way for your next post? (just a small request, nothing more)

Thanks for giving us renters some joy and hope!; 7:52 PM
Anonymous said...: for SFD homes, that is.; 7:52 PM
Anonymous said...: yuk! Mello roos...doens that give you like a 1.8% tax rate? This is getting as bad as Austin, TX...but at least Texas home prices are dirt cheap and the schools are fantastic.; 8:07 PM
bubble_watcher said...: Looks like San Diego just pulled ahead of Orange County for having the most overpriced 'particle board' constructed houses..; 7:51 AM
Anonymous said...: Anon wrote:
This is getting as bad as Austin, TX...but at least Texas home prices are dirt cheap and the schools are fantastic.

What is the tax rate in Austin? Please elaborate...; 8:45 AM

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