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Bob

Distrubing Data from CAR

Remarks:

I am not a supporter of CAR, however even they can no longer deny the stench this market is emitting. Existing home sales are down more than 20% from last year even though interest rates are almost the same. This points to tightening lending standards and an increase in buyer IQs.

The median price is up (which I question), but this may be an indicator that sellers (want to go down with there ship) are stubborn in decreasing their asking price.

Nonetheless, we are heading for a train crash, both buyers and sellers are not moving from there positions, but I am betting that the greed of the sellers will get the best of them.

Stay tuned.......

1515 LOKOYA DR, Chula Vista

List Price: $610,000 - $610,000

Remarks:

I don't think that this flipper thought his capital gains break (after 2 years) would be a huge capital loss of about a $140K. I'm sure you had someone telling you not to buy in '05, but you didn't listen, and thats why you are in my blog.

What, a $270K loss in Carmel Valley?....Are you sure?

13506 MOONFLOWER MEADOWS TRL, SD - Carmel Valley

List Price: $620,000 - $670,000

Remarks:

Yes, the mighty have fallen! Even Carmel Valley is not immune to stupidity and hast. Do you think that this seller considered that hefty $10,600 tax burden associated with this house?

Live and learn my friend.........

727 Kirkwall Dr. San Marcos, List Price: $520,000

Remarks:

Where do we start here? This seller is already taking over a $150K loss on this home (if he gets lucky), yet I have yet to see why this is a good deal.

At $520K the taxes and HOA add up to about $700 per month.

Put 20% down on this house and your mortgage payment is $2,500.

So thats $3,200 a month with no utility bills, no landscaping, no home insurance.........you get the point.

The lenders, the state, the flippers and the builders are all making money off stupid people who purchased homes in the last 5 -years.

Hold off your purchase another year or two and you will be rewarded!

Slippery Slope in SD County

Latest DQNEWS.com data is definately pointing towards a downward trend in the county, however some areas have been hit harder than others. New SFR and condos prices in North County have dropped at least 25% from last year. This will spread all over the county and eventually to Orange, LA and Ventura Counties, just like the late 1980's and early 1990's.

$100K+ loss in Carlsbad

3580 Gorge Pl
Carlsbad, CA 92010

Remarks:

Facing a potential $100K + loss in 20 months is only fair when you are foolish enough to buy at the top of the market but rest assured you will not be the only one.

A flippers worst nightmare.....$500K Loss

3026 Don Rolando
Escondido, CA 92025

Remarks:

$500K hit in 14 months, enough said. Let this be a lesson to you greedy flippers still holding on for a miracle.

Point Loma Flipper Asking for the World

2841 E Bainbridge Rd, Point Loma

Remark:

This flipper is looking for some sucker to take this townhouse-looking POS off his hands and make him a potential $500K profit in 3 years.

I would not pay anything over 650K for this house. This flipper is in for a long drop down. But thats OK I like watching fools get calibrated the hard way.

-Bob

Mira Mesa Flipper Facing $110K Loss

Remarks:

This beauty was purchased in 2005 for $560K, it is currently listed for $489K and has been listed for 96 days. At, 1855 sq ft it is listed for $264 per sq ft. IMHO a $180-200 per sq ft is more than fair. That would put this home at $334K to $371K.

Purchased in 1989 for $165K at 3% inflation through 2007 would price this home at $281K. Facing a potential $110K loss this flipper is looking at bigger losses down the road if he holds on to yesterday.

-Bob

Is $579K in Penasquitos a good deal?

Remarks:

With an asking price of $579K this may be tempting in todays market, but when you disect the numbers and plot the history of this home, you quickly find out the next buyer (even at $579K) will be in for a rude surprise.

From 1988 to 1997 the rate of appreciation was about 3% per year, which is on pace with inflation. From 1997 to 2007 the rate of appreciation was about 18% per year. Not only is it unjustified it quite criminal.

That $175K home in 1988 with 3% inflation per year should be worth about $310K today, which looking at the house is quite reasonable.

Your Thoughts?

"Save Me" -- Chula Vista flipper

Remarks:

This flipper is looking at over a $180K loss in less that 19 months. Do I have any volunteers to take this POS off his hands. .....I thought not so we'll have to wait until it hits $500K.

I still don't understand how anyone can buy any house in Chalupa Vista for $900K????

Clarsbad flipper running out of time

Remarks:

Yet another flipper looking at a $150K loss in 19 months. Stupid is as stupid does!

Prediction:

Will get some looks at $600-639K

Rancho Bernardo flipper not amused

Remark:

9 months ago this flipper thought he could squeeze another drop of profit from this house. Unfortunately he is looking at a $150K loss in 9 months.

This may be harsh but this is the only way we can get rid of these vermon-like flippers that inflict their greed upon hard working Americans.

Prediction:

Will get some looks under $700K

Forclosures Surge

dqnews.com


Remark:

I don't think our friend from Rancho Bernado is paying attention......

Myopia inflicts Rancho Bernado Flipper

Remarks:

I think this flipper is suffering from myopia (Lack of discernment or long-range perspective in thinking or planning). He acutally believes that his home appreciated from $1,092,595 in 12/2005 to $1, 649,000 15 months later.

First, you waaaaaaaaay overpaid for your house! We should get on you knees and start to pray that some sucker will give you what you paid for it. Next, the listing price is a insult to the buying public, you should be ashamed of yourself!

Potential $200K loss for downtown condo flipper

Remarks:

Ouch!