Scripps Ranch is mentioned on BusinessWeek (San Diego: sale, buyer, tax)

[Mira-Mesa-Resident]

Originally Posted by ubringliten

Okay Mira Mesa Resident,

I'll give you that, there are quite a few of them in SR. Lets assume Mira Mesa and SR have equal number of (pre)foreclosures, but why is SR selling much faster than Mira Mesa?

Thanks, I am learning this foreclosures process from you.

Hi Ubringliten:
Oh, yes!!! I would definitely buy SR!!!!! That place can turn a real estate investor into a millionaire!
Think about it, the homes at SR are much more maintained than Mira Mesa's. And judging from the demographics of Scripps Ranch, the "entire" community at Scripps Ranch has very high incomes as an average- higher than Poway, RB, even La Jolla, and probably higher than the poorer parts of Rancho Santa Fe and Del Mar. So the property values will only go up up up again.

If you see a property at the right price at SR and you have the down payment - Go for it!!!

I mean, look at this listing at 92131, Real Estate Listings and 92131 Homes for Sale - Realtor.com

If I only have lots of money, then I would invest at SR easily. A condo for $149,000 - that's unheard of at SR.

92131, Real Estate Listings and 92131 Single Family Home for Sale - Realtor.com
A 3 br 3 ba at $399,900. I would buy that first at SR before MM.

So yes....people would buy SR first before MM.
I would sell my home and buy that home at SR. But my problem is I just love MM - I don't know why. I guess because it is not boring, there are lots of things to do and see. If I bought at SR, I'd probably be visiting MM a lot. Ha ha!

[Sassberto]

Originally Posted by Mira-Mesa-Resident

92131, Real Estate Listings and 92131 Single Family Home for Sale - Realtor.com
A 3 br 3 ba at $399,900. I would buy that first at SR before MM.

Anything you see on Caminito Arcada is in Encore or Aspire. This is the lowest-value development in Scripps Ranch. These are not detached homes, they are "detached condos". Be very careful with these properties.

Single people are not particularly interested in Scripps Ranch, it is more attractive to families. I would say that the 150k condo is a pretty lousy investment, you could do much better in a place like North Park or the College Area where rents actually go up.

[Mira-Mesa-Resident]

Originally Posted by Sassberto

Anything you see on Caminito Arcada is in Encore or Aspire. This is the lowest-value development in Scripps Ranch. These are not detached homes, they are "detached condos". Be very careful with these properties.

You are right!!!! They are detached condos!

That $399K one
Sold on 06/12/2006 for$455,000 It's 10875 Caminito Arcada, San Diego, CA and they do classify it as condo with a zestimate of $354K. That's a potential 100K profit if the market does go back up.

[Mira-Mesa-Resident]

Originally Posted by Sassberto

Single people are not particularly interested in Scripps Ranch, it is more attractive to families. I would say that the 150k condo is a pretty lousy investment, you could do much better in a place like North Park or the College Area where rents actually go up.

Thanks for the tip on this one!

I was thinking of the $90K condo because I own a similar condo and it can rent for $1000/month. If I pay $500/mo mortage/etc., then I can actually profit from the rent. The rent pays for the condo.

But it is a short sale and the way the realtor told me about it, he made it sound like this is a complicated and lengthy process full of what ifs/possibly risks. Never did a short sale in my life. I can imagine that condo having many issues for repairs, that's probably why it is still out on the market.

I want to try foreclosures...but I am too chicken. haha!!

[Sassberto]

Originally Posted by Mira-Mesa-Resident

You are right!!!! They are detached condos!

That $399K one
Sold on 06/12/2006 for$455,000 It's 10875 Caminito Arcada, San Diego, CA and they do classify it as condo with a zestimate of $354K. That's a potential 100K profit if the market does go back up.

I think the houses (which havent dropped much) will go up... but these won't go back up too far. As for the condo, I think 2BR's are the way to go... so you can get a parent in there. Schools are the attraction in that area.

[Mira-Mesa-Resident]

Originally Posted by Sassberto

I think the houses (which havent dropped much) will go up... but these won't go back up too far. As for the condo, I think 2BR's are the way to go... so you can get a parent in there. Schools are the attraction in that area.

Our realtor (the real one) said don't buy that condo for 90K! She said to buy at Chula Vista, because they have a lot of foreclosures there.

91915, Real Estate Listings and 91915 Single Family Home for Sale - Realtor.com

I don't see what she is seeing as high profits at CV but she is the realtor. I think if there are too many foreclosures in that area and they sell the houses really cheap, it may only degrade the neighborhood, thus the price of the homes will never go back up as high as it used to be.

[Sassberto]

I think the idea is that the high-priced areas have not fallen too much, so that they don't have as much upside as only rich people can afford them, whereas places like Chula Vista have fallen a lot, and have more upside because entry-level buyers and newcomers can afford them.

[Mira-Mesa-Resident]

Oh by the way, that

$149,000
1 Bed, 1 Bath
664 Sq. Ft.
9929 Erma Unit: 205
SAN DIEGO, CA 92131

in SR

Sold on 09/20/2004 for

$290,000 That's a potential $140K profit if the market goes up.
I wonder what's wrong with that condo.

[esmith143]

MM Resident, if you're interested in a quick buck, you're looking in the wrong place.

Here:
SDLookup.com > 6566*Herrick - MLS# 080062942
170K for a 4/2, sold for $430K on 09/12/2006. By your logic that's a potential $260K profit if the market goes up. (Minus repairs and commissions, of course)

[Sassberto]

Originally Posted by esmith143

MM Resident, if you're interested in a quick buck, you're looking in the wrong place.

Here:
SDLookup.com > 6566*Herrick - MLS# 080062942
170K for a 4/2, sold for $430K on 09/12/2006. By your logic that's a potential $260K profit if the market goes up. (Minus repairs and commissions, of course)

Holy cow... who paid 400k+ for that house?