Flippers struggle in Chula Vista
Listing Detail:
Sale Detail:
Potentional Loss: -$75,500 to $57,500
Analysis:
What the heck were you doing paying $600K for a 1700 sq ft home in Chula Vista. You get what you deserve flipper!
Monday, November 20, 2006
Potentional Loss: -$75,500 to $57,500
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8 comments:
6% commision and they can only shoot 1 photo? Realtors suck! Someone should fight the cartel and open up the MLS to all.
Don't be myopic - See today’s report on San Diego!
Local Home Price Analysis
This thing was built new in 2005. Which means that the "flipper" probably bought it new at that price. Which means that the entire neighborhood bought similar houses at similar prices. (Accross the street the builder just finished another neighborhood of the exact same type houses with major incentives on them.)
Which means that probably aint no flipper! It's someone who can't afford their house. Which means that the ENTIRE neighborhood, whomever has to move, gets a divorce, loses a job, or needs to refi out of an exotic, is UPSIDE DOWN!!!!
This isn't gonna get any better. This house isn't a needle in a haystack of upsidedown flippers, it's a peice of hay in a haystack!!
good house, bad city. The price is so unrealistic
Parts of Chula Vista a bad in the typical sense, i.e. low income, gangs etc. This is mostly the older west part nearer the ocean and the major freeways of 805 and 5.
The part were this house is almost entirely new. The eastern portion of the city has been built new in the last 5 years. It was empty fields before. We're talking roughly 15000 new homes (with 15000 more slated for the next 5 years), new high schools, a brand new mall, the Olympic Training Center, and several strip malls with Home Depot's, Walmarts, Kohl's, etc. On and On. None of it was here 5 years ago.
They have 10% of all the new housing dedicated to low income. They are planning to build a trolley system connecting the bad parts of town with the good.
The population is mostly hispanic with a large number of asian/Filipion.
The entire drug cartel owns homes in this area as it is the nicest spot in the U.S. north of Tijuana (7 miles from the border). Read the paper...the drug kingpin recently arrested from the AFO had a house here and the boat he owned was bought by a resident. Police often find empty homes used soley for storing large amounts of drugs.
There are large numbers of very very very rich Mexicans in East Chula Vista. Many gated multi-million dollar homes owned by Mexicans in the "import-Export" business, wink wink. Also alot of Asians who own/run the nearby Maquiladoras in Tijuana and Tecate.
Since the entire East side is new, Everyone bought at or near the peak. There are large Mello-roos fees throughout most of the new building puting the tax total at almost 2%. The average price of the basic homes (all with small lots and little views), is $700,000-$900,000. There are many new condo types homes in the mid $400,000's.
The traffic is horrendous.
It's a huge masterplanned community so all the homes are generally the same, stucco, 2 story, (one stories are rare no more at all are being built).
I feel it is the true epicenter of the bubble in So Cal because it is all so large, new, concentrated, and masterplanned. The builders can't stop because they have to get the mello roos fees to pay for the schools and roads that are already built. There are already many many empty houses that can't be sold. The builders have to pay for the HOA's and taxes for all these while they sit.
Chula Vista could be it's own blog...it's ugly and getting worse
I just released my report on Orange County
Daily Home Price Analysis
While what most of what annon says is true about Chula Vista, i'd like to shed some light on a few facts.
"The entire drug cartel owns homes in this area as it is the nicest spot in the U.S. north of Tijuana (7 miles from the border). Read the paper...the drug kingpin recently arrested from the AFO had a house here and the boat he owned was bought by a resident. Police often find empty homes used soley for storing large amounts of drugs."
It is true that there is a great deal of drug money in this area, (most if it is in Bonita though) however, there is a lot of drug money in most parts of san diego, the prefferred location of residence being Coronado due to its close proximity to the border as well.
Dont beleive everything you read in the papers either. "Tigrillo" the recently caputured so called "Kingpin" of the AF cartel, was never really a kingpin and never really in charge of much. He is really the "clumsy" younger brother of the kinpins. One who was shot by Mexican police a few years back and one who is in a Mexican prison. It is widely known however that the sister runs the show now. But the media has to make it look sexy for you. And through no fault of your own you now feel as if you know exactly whats going down. Which is obviously not the case. By the way, when they were free they lived in Beverly Hills in the late 90's and not in Rancho Del Rey.
The reason many mexicans with money live in the "Eastlake" area is due to a mass migration within the passed 8 years of wealthy mexicans (yes they do exist) from Mexico to the US to avoid the high level of violence and kidnappings. The vast majority are not crooks in the democratic sense.
Sounds like some people don't like Mexican Smericans. I am Anglo but guess what...the demogrpahics of CV are same as the city of San Diego. There are good and bad areas in both cities. The traffic is no worse than North County. If you work at the Naval base or downtown the commute is about 40 minutes...tolerable.
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