South Oceanside

User Forum Topic
Submitted by treehugger on February 3, 2016 - 12:08pm

Still no inventory! I have a buddy who recently decided to buy a house and he would like to live in South Oceanside, west of the 5. He has an offer in now and he should hear back today if they accept it.....place needs a lot of work and is really overpriced (in my opinion).

Wanted to get thoughts from this group as to do you think we will see that after the Super Bowl bump? and what are the best sites to give the latest and greatest info? I have previously relied on SDlookup and redfin, both of these don't seem to be as user friendly as they were previously? Any good recommendations?

Submitted by The-Shoveler on February 3, 2016 - 2:43pm.

Oceanside is definitely changing very FAST, also what is occurring in Carlsbad is benefiting Oceanside and the entire northern end of north county tremendously.
Lots of room for growth in north county.

Anyway IMO.

Submitted by FeistyNumerate on February 5, 2016 - 4:16pm.

I'm struggling, significantly with the lack of inventory myself. Multiple offers, typically above listing, and no dice due to multiple(higher) offers. I'm really hoping that this is just typical low inventory and things start to open up.

Submitted by treehugger on February 11, 2016 - 10:15am.

Spoke with another buddy who is trying to buy in Chula Vista or La Mesa area, he has put in 11 offers in the last few weeks.

I am so glad I am not looking to buy a house right now!

Submitted by bearishgurl on February 11, 2016 - 11:32am.

treehugger wrote:
Spoke with another buddy who is trying to buy in Chula Vista or La Mesa area, he has put in 11 offers in the last few weeks.

I am so glad I am not looking to buy a house right now!

It sounds to me like your "buddy" has been lowballing. After 11 offers, it seems to me that he should have had at least 4 counter offers and possibly 1-2 acceptances by now.

Either that, or his mortgage qualifcations aren't the best.

There is a LOT of inventory in Chula Vista currently for sale (if you count the newish areas with MR/HOA). Perhaps he doesn't want a property with MR/HOA? If so, then yes, current (SFR) inventory in CV will be limited for him, just like LM (which doesn't have MR).

Submitted by FeistyNumerate on February 17, 2016 - 1:49am.

I'm in similar shoes as your buddy.

I have put in well over 10 offers at this point, with no dice. All but the initial offer have been at listing or higher! Funny part is the first offer I actually got through two rounds of countering before they accepted a last minute higher offer. There was no pressure up to that point, as it had been on the market for three weeks and I was their only offer. Then BAM things changed, drastically.

The last few offers I started at least 10K over listing. Hoping to avoid the multiple counter offer from the start. Latest offer was 10K to start, final and best was another 10K and still nothing. My offer is clean w/proof of funds. So I dunno, first rodeo, and I'm getting chapped.

Could also be the range I'm looking (under 330K - 2/2 or 2/1's) I'm also only looking from RB - Scripps Ranch, for schools for my son.

Submitted by no_such_reality on February 17, 2016 - 8:24am.

11 offers in a few weeks seems a bit out of whack. Seems undiscerning but could just be motivated. Still, in those two areas there only 500 places for sale sub million ranging from mobile homes to fourplex.

bearishgurl wrote:
treehugger wrote:
Spoke with another buddy who is trying to buy in Chula Vista or La Mesa area, he has put in 11 offers in the last few weeks.

I am so glad I am not looking to buy a house right now!

It sounds to me like your "buddy" has been lowballing. After 11 offers, it seems to me that he should have had at least 4 counter offers and possibly 1-2 acceptances by now.

Either that, or his mortgage qualifcations aren't the best.

There is a LOT of inventory in Chula Vista currently for sale (if you count the newish areas with MR/HOA). Perhaps he doesn't want a property with MR/HOA? If so, then yes, current (SFR) inventory in CV will be limited for him, just like LM (which doesn't have MR).

Submitted by Balboa on February 17, 2016 - 10:20pm.

I'm in a different geographic part of the market, but a somewhat similar boat. Some odd things have happened on our last offers:

House is listed at $550k. Asking price drops two days later to $500k. I offer $535k and am told the competitive offers are coming in over $570k. I understand you want broad exposure to get the best price for your client, but, in this market, there is no need to invite the people in the $450-500k range to what turns out to be a "high fives" party. I feel bad for those people, what a waste of their time and their hopes! For me, I just didn't want to spend that money in that area.

I did offer offer more than $570k in another neighborhood, just shy of asking, and lost. It appears that house is going to sell for at least as much -- or more -- than an objectively better house sold for on the same street six weeks earlier. The other house was bigger, had a better lay out, had more bedrooms, and was "north of Adams" on a better lot with with no apartment complex behind it.

Comps are irrelevant in my neighborhoods right now. And though there are some cute and affordable places about 5-10 miles east, I already commute 45+ minutes each way and can't justify more.

Interestingly, the SFR places that stay on the market near me tend to be flips. The improvements are all cosmetic, so the buyer doesn't get to pick out the finishes. The listing price is so high you couldn't afford to change any of it, and you still have to worry about crappy original plumbing and electrical, or crappy new plumbing and electrical.

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