Nice haircut in Mira Mesa

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Submitted by OgreB on August 24, 2006 - 9:05am

Just a little find in mira mesa.

MLS#: 066066176

http://tinyurl.com/njdf5

8808 Calliandra Rd
San Diego, 92126

San Diego, CA 92126
$420,000 - $449,000
4 Bed, 2.5 Bath
1,550 Sq. Ft.
0.11 Acres

Zillow last sales

http://tinyurl.com/r29qb

Sale History
01/13/2006: $580,000
08/18/2005: $495,000
11/17/1995: $153,000

All i have to say is ouch this has got to hurt.

Submitted by Daniel on August 24, 2006 - 9:17am.

I have to say that this smells like fraud to me. As much as I would like to think that prices are dropping that fast, I just can't believe anybody paid $580K for that thing. The lender and the cops better start figuring out what happened there.

Submitted by FormerSanDiegan on August 24, 2006 - 9:19am.

What a dump !

Submitted by renterclint on August 24, 2006 - 9:21am.

Ouch is right. On the flip side, how about the person who bought the house in Aug 05 for $495k and sold it 5 months later for a $85k gain. Capitalism at its finest...

Submitted by OgreB on August 24, 2006 - 9:24am.

Interesting

http://tinyurl.com/lz5al

County of San Diego ARR site. shows Purchase Price: $550,000

differnt then zillow

Submitted by bub on August 24, 2006 - 9:48am.

OgreB does the info. on the ARR site only go back 2 years?

Thank you, bub

Submitted by OgreB on August 24, 2006 - 10:35am.

PROPERTY SALES SEARCH

The Assessor/Recorder/County Clerk's Office is providing a sales listing for those who are applying for an appeal of their assessed value with the Clerk of The Board of Supervisors.

This listing is being provided as a public service and consists of the most recent 24 months of property transfers. The file is updated by the seventh of each month.

Submitted by lindismith on August 24, 2006 - 12:58pm.

I just can't believe anybody paid $580K for that thing.

That's what I've been saying about every house for the last 3 years!

There's no fraud involved. Just greedy speculators, and e-z loans.

Submitted by lamoneyguy on August 24, 2006 - 2:20pm.

This doesn't make sense. I found it on Ziprealty as well, and it shows no price reductions and DOM 24 days. Why would they buy it in January for $85k over its August sale date, to put it on the market seven months later for $130-160k less?

Doesn't add up. Not for a desperate seller, flipper or even real estate economist.

~lamoneyguy

Submitted by bob007 on August 24, 2006 - 2:29pm.

if my wife and i were in san diego i might buy that home for 420k. i could afford it.

hoow desirable is the place to live ? i lived in an apartment complex on camino ruiz.

Submitted by PerryChase on August 24, 2006 - 2:33pm.

Just out of curiosity, did anyone here, just for fun, lookup the Randy Duke Cunningham sales?

Submitted by burger007 on August 24, 2006 - 2:36pm.

I had a neighbor also who did this, they bought the townhouse near us for 550k supposedly on the san diego assessor record and also on zillow in May2005, and they listed it now for 399,999 - 409,000. And the weird part is that back in May last year, the townhouses in our neighborhood at most were going for 470k(most were in the 440k), but they bought theirs at 550k(and they had no upgrades, nothing). I am confused on this , unless they were dumb enough to pay almost 80k higher then what the comparable sales were at the time, it does not add up.

Submitted by Chrispy on August 24, 2006 - 2:44pm.

Maybe they had an "arrangement" with the seller - ie, funneling money to the seller via a real estate transaction would give them an opportunity to launder the excess.

Or - maybe they were trying to do a 1031 exchange and had to pay in excess of what they sold their other property for? The seller then turned around and handed them a "rebate" and kept some cash for the hassle?

I think some laws MAY HAVE BEEN BROKEN!

Submitted by Larry J. on August 24, 2006 - 8:47pm.

OgreB - I think you may have come accross something with this property. What, I don't know, but something looks "funky."

Submitted by carlislematthew on August 24, 2006 - 8:56pm.

hoow desirable is the place to live ? i lived in an apartment complex on camino ruiz.

I actually live about a mile from that place. This is what I have to say about Mira Mesa:

-It varies DRAMATICALLY from block to block. Some blocks are just awful (chain-link fences, barking dogs) and then some are surprisingly nice. However, "surprisingly nice" is about as good as it gets.

-Not sure I'd want to bring kids up here.

-It's VERY close to work, if you work in Sorrento Valley. I now ride my bike to work along 5 miles of pretty flat roads, along a bike path. I love the commute.

-There are much nicer places out in Rancho Penawhatever for similar money just a few miles away.

Submitted by Larry J. on August 24, 2006 - 8:58pm.

Hmmmmmmmm

What about MLS #066071510 + MLS #066066575 - ? Same scenario?

Submitted by gzz on July 13, 2021 - 11:42am.

3/22/2007 Sold $405,000 (-14.3%) $298/sqft

Now zestimated $850k.

Had to bump because of comment two above this one.

Submitted by an on July 13, 2021 - 12:04pm.

If only I can go back in time. That house would have sold for around $250-275k in 2009-2010. I'd by 4 of those.

Submitted by sdrealtor on July 13, 2021 - 12:37pm.

gzz wrote:
3/22/2007 Sold $405,000 (-14.3%) $298/sqft

Now zestimated $850k.

Had to bump because of comment two above this one.

The passage of time is very powerful. Places change over time....sometimes a lot. Where I live in NCC does not resemble where I moved to 25 years ago. It is a very different place here now. When I moved to my current home my neighbors were school teachers, park rangers, firemen etc. They could never hope to buy here now. Now my new neighbors are engineers, execs and business owners. The transformation has been stunning and picked up its pace in a big way the last couple years. MM is on that track now also. Its best days are ahead

Submitted by gzz on July 13, 2021 - 1:06pm.

Here's a MM 5/2 (only 3/1 permitted) that sold for $269k in 2009:

https://www.zillow.com/homes/7916-Peach-...

Submitted by sdrealtor on July 13, 2021 - 1:15pm.

I know that location. Those are nice big oversized lots

Submitted by an on July 13, 2021 - 1:18pm.

gzz wrote:
Here's a MM 5/2 (only 3/1 permitted) that sold for $269k in 2009:

https://www.zillow.com/homes/7916-Peach-Point-Ave-San-Diego,-CA-92126_rb/16786665_zpid/


Imagine if you have the income/asset to qualify to buy 10 at this price and put down 20% each. Down payment would have been ~$540k. Today, that house would sell for ~$750k today, so that's a gain of ~$4.5m w/in 13 years.

I think RE is the only investment vehicle where you're only required to put in 5-20% and borrow the rest. Also, you and the house want the same thing.

Submitted by Escoguy on July 17, 2021 - 3:26pm.

an wrote:
gzz wrote:
Here's a MM 5/2 (only 3/1 permitted) that sold for $269k in 2009:

https://www.zillow.com/homes/7916-Peach-Point-Ave-San-Diego,-CA-92126_rb/16786665_zpid/


Imagine if you have the income/asset to qualify to buy 10 at this price and put down 20% each. Down payment would have been ~$540k. Today, that house would sell for ~$750k today, so that's a gain of ~$4.5m w/in 13 years.

I think RE is the only investment vehicle where you're only required to put in 5-20% and borrow the rest. Also, you and the house want the same thing.

I hit about 3.5M with 8 but yes these would have needed a lower downpayment and thus higher ROE, but we roll with with what we get.

If I had to venture a guess, I'd say 200-300K more appreciation per unit over next 13 years can be in the cards.

Submitted by gzz on July 17, 2021 - 3:32pm.

Some low end Phoenix condos sold for under 17k at the bottom, and are now worth about 80-100k.

What was the lowest down payment in 2009-2011 for a condo investment loan? SFH? I have no idea but probably not 20%, and probably not 5-10 in a year.

Submitted by sdrealtor on July 17, 2021 - 5:28pm.

Many if not most of those condos were in complexes that had issues which made them not possible to finance especially as an investment. I bought one in North Park in 11 that I had to pay cash for. I suspect those did also

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