another house at 2004 price

This is not news, we've seen places SELL for 2002 prices. This house is merely being offered at roughly its 2004 prices. It'll likely sell for quite a bit less than they are being offered for, but this is probably as low as the seller can go without negotiating with the bank for a short sale. On a side note, if you look at the inventory numbers, we've been climbing all year again. This year may surpass last year as the all time high inventory in San Diego. It's a good time to be a renter.

800 Venice Ct
San Diego, CA. 92109

2 bdrm, 2.5 bath
1141 sqft house
Price per sqft: $898 (wow)
2 car garage
DOM: 4

Purchase Price (07/05): $986,000
Asking Price: $1,025,000


Here's the breakdown IF he somehow sells it for his asking price:

Purchase Price	$986,000.00
Sale Price	$1,025,000.00
Association Dues	$0.00
Holding Period(mo)	21
Mortgage Paid	$112,157.50	(6.5% interest only)
Closing Costs	$4,000.00
Property Tax	$21,568.75
Estimated Monthly Rent	$2,500.00
Estimated Monthly Loss	$2,372.48	(if rented)
Estimated Monthly Tax Savings	$1,495.43	(using 28% tax rate)
Sales Commission	$61,500.00
Total Loss	$76,322.15

Keep in mind there's another house which is only asking for $735/sqft right next door and closer to the water.

Oh BTW, for those curious about the Plaza (the big complex near Vons in PB), Here's some info on a few units:
Tax Liens on units: #117, #123, #213, #217, #232, #304, #319, #325
Pre-forclosure on unit: #333 (loan originated on 12-20-2005, NOD files on 2-14-2007)
Unit #318 is bank owned now and they are trying to sell it.

Usually tax leins are the first to hit. People pushing to sell their houses will let those slide first and then finally let their place slip into foreclosure. It's funny to walk by the place and see all the realtors sitting outside in lawn chairs on the weekends waiting for people to come to their open houses.

Also, here's another candidate for first payment mortgage default. Generally, you don't know if someone never made a mortgage payment, but you can pick out some interesting details. If someone has a NOD filed in about 6 months of buying, there's a good chance that they just didn't feel like making any payments.

829 San Fernando Pl Apt 4
San Diego, Ca 92109
2 bdrm, 2 bath, 780 sqft condo

Purchase Price (05/06): $525,000

Notice of Default filed on 12/06 in the amount of $420,000. This is his primary mortgage on what is probably a standard 80/20 split. $420k is exactly 80% of $525k. So his second mortgage is $105k.



Sorry for the slow update. Blogger wouldn't let me in because they were upgrading everything. Enjoy!