Meltdown in San Ysidro: 47-68% price drops from ’04-’06 prices

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San Ysidro is located about 15 minutes south of Downtown San Diego and the last neighborhood before the US/Mexico border station. Washington Mutual (WaMu) seems to be the major mortgage bank serving this region.

 

As ugly as the market looks from these big losses, a lot of these are closed sales that were priced in 2007 or REOs where the borrower fell behind 4-10 months ago. In other words, they reflect 2007’s economic problems, before the economy was in a recession. As 2008 wears on, these numbers will get much worse.

 

Don’t miss the sneak preview at the end of this post of my forthcoming look at the market in San Marcos, a middle-class suburb and college town in northern San Diego county.

 

2 bed/2 bath Condo at Villa Serena

Sold 6/06 293K

Bank owned foreclosure for sale now at @110K

-$183,000 (-62%) drop

 

3 bed/2 bath condo on San Ysidro Blvd

Sold 1/06 360K

For sale @ 154.9K

-$205,100 (-57%) drop

 

15xx Smyth Ave 3 bed 2.5 bath

Sold 6/05 $385K

For sale @ $199

-$186,000 (-48%) drop

 

Sunset Village #6X (1 bed unit includes new granite/maple/chrome kitchen, patio, and fireplace)

Sold 9/04 235K

For sale @ 75K

-$160,000 (-68%) drop

 

1545 Terrace Pine Lane #X (3 bed/1.5 bath)

Sold 6/05 320K

For sale now at @135K

-$185,000 (-58%) drop

 

1816 Isla Del Campanero (4 bed/2 bath 1978 build SFH)

Sold 5/06 560K

Bank owned foreclosure for sale now at @299K

-$261,000 (-47%) drop

 

2 bed/2 bath Condo at Villa Serena

Sold 4/05 285K

Sold 4/08 125K

-$165,000 (-56%) drop

 

2746 Terrace Pine Dr #X (2 bed/1 bath townhouse w/granite kitchen and hardwood floors)

Sold 6/05 313K

Bank owned foreclosure for sale now at @139K

-$174,000 (-62%) drop

 

2 bed/2 bath Condo at Villa Serena

Sold 6/06 293K

Bank owned foreclosure for sale now at @110K

-$183,000 (-56%) drop

 

3095 Iris Ave #E (3 bed/2.5 bath condo)

Sold 10/05 360K

Sold 1/08 159.9K

-$200,100 (-56%) drop 

– San Marcos Sneak Preview –

5XX Debra Place, 2 bed / 1.5 bath / built 1975

 

Sold 10/06 290K

Bank owned foreclosure for sale now at @132K

-$158,000 (-54%) drop

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4 responses to “Meltdown in San Ysidro: 47-68% price drops from ’04-’06 prices

  1. Very true….prices are dropping on foreclosed properties all over California.

  2. somewhat OT. My wife loves San Diego and eventually wants to relocate to that area. We now live in PA well outside of filthy Philly. I am not sold on SD or California for that matter, but due to her health problems I may have to just bite the bullet. It looks to me as if prices might become realistic by 2009. If anyone would be so kind as to let me know what and where the nicer areas of SD are I would be very grateful. Thanks in advance.

  3. David,

    There are no good areas in SD. The whole area is trash. We have riots every other day, drive-by shootings in-between, and tweakers on every corner.

    Please, stay in Philly.

  4. I have been here in SD since 94. In 2002, I took what I had and purchased a condo in Villa Serena ( San Ysidro ). I watched the price more than double, tried to sell in 06 but couldn’t, refinanced and am now seeing these results come back and bite me in the a^S*. It’s now 2010, I have not missed a single payment but am very discouraged upon this investment. I no longer live there and rent it out but only barely break even. Will it ever come back, maybe I should walk away, short sale ? Any advice out there ? Thanks Much

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