Happy inauguration day! We're cautiously optimistic that the country is ready to turn the corner. Today's property in San Juan last changed hands in June 2008, but it is currently priced below the 2002 sales price.
26277 Via Madrigal, 92675
Asking price: $269,999
Asking price/ sq ft: $227
Purchase price: $383,669
Purchase date: 6/11/08
Size: 3 beds, 3 baths, 1,189 sq ft (built in 1982)
MLS: P671406 (7 days on Redfin)
Zillow Zestimate: $390,000
HOA dues: $230
Type: Condominium
Style: Mediterranean
Stories: 2
From listing: Fabulous 2 Story condo in Casitas Del Rio! Meiterranean style with tile roof, Open and Airy kitchen! New Carpet, Stainless Steel Appliances, Built in Entertainment Center, Wood Flooring, Tile in Bathrooms, New Carpet in Secondary bedrooms, laminant wood flooring in master bedroom. 2 Car Attached garage, shows great!!
The sales and listing history is a little vague - at least we don't know the story - but ZipRealty lists this as a foreclosure. We do see the property has been re-listed and bounced on and off the market a few times recently.
Now, it's priced $1 below the 2002 sales price of $270,000. Coincidentally, 26261 Via Mistral is accepting backup offers. This description says the property includes "pergo flooring throughout downstairs, newer paint, scraped ceilings, new plumbing fixtures and light fixtures, wood shutters..."and more.
The last asking price of this neighboring property was $268,000. So, it appears our subject property is likely worth around the same price. Looks like the asking price is in line with the market.
Considering these properties could rent for perhaps about $1,800 per month (a June 2007 property here that is a bit larger came and left the MLS asking $2,000 per month), we would estimate this property could be near or at rental parity.
Tuesday, January 20, 2009
2002 rollback in San Juan
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3 comments:
Fraud, Fraud, Fraud is what made the price of homes rise in SJC and now they are back down below their previous highs. This might be a good buy for someone single, but if you have children and can't afford private school beware of SJC and its Tijuana schools.
I second the comment about sjc schools. It's bad, very bad.
I don't think there is any price that could motivate me to move to SJC unless it were free and I could then afford to send my kids to private school.
Chuck Ponzi
Over $200 a square foot and you still cannot use the schools. As someone who no longer lives in California, I'd say the rental parity metric will be proven wrong. Something has to give. Over a quarter million for a tiny condo where the schools suck. Say that to yourself ten times, and see if it still makes sense. In most of the US, it doesn't. Not all the Kool-aid has been drunk yet.
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