Can I get an opinion on this?

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ladera1_IHB

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Can I get an opinion on this?



Here's my housing history

2002 bought in Ladera ranch 3bd 2 ba home $430k

Mar 2007 sold that home in Ladera for $700k (highest comp on street... now worth $450-$490)

simultaniously bought a home in Dove Canyon $900k

Today, homes on our street are selling close to $900k.



What do you think if I sold my home in Dove Canyon for lets say $850 and bought back into Ladera for $600k. We really love Ladera and would love to move back there.

I have my real estate license, so I would save mucho $$ in commissions (as I did before).



Is this an utterly ridiculous thing to contemplate being that I just bought our home only 1 1/2 yrs ago? Or am I smarter just sitting tight and doing this 5-7 years down the road?
 
I would recommend you sell current house while you still can, and rent in Ladera for a year or so...or until you find your dream house...then retire there.
 
No offense but if you bought your house last year for 900K I don't see how you will get 850K now for the same house. Dove Canyon is down over 20% in the last year. That would put your house more in the 650-700K range. Good Luck.
 
Some things in Dove are still selling quickly and at crazy high prices IMO



Check out MLS #S524459



Listed 3/6/2008

Closed 4/9/2008

3000 sq ft

sold for $1,215,000

thats over $400 per sq ft



Last time I checked (back in May) the average sold price per sq ft in Dove (over past 6 months or so) was sitting right around $300

Someone really wanted that house on Golf View!



Personally I think Dove could see a whole lot more downward price correction than has been the case so far.

If I owned a house there; and was not planning on staying long term, and I could sell for break even or close right now... I would certainly consider it.



No doubt the big DC realtors would disagree with me on that. According to at least one of them: prices in Dove have already bottomed and are on the way back up.



No comment on sinking the money into something in Ladera right now though.

(just haven't been watching that area very closely)
 
Sorry hbguybill, but you cannot generalize a city's decrease to an individual situation. We had purchased our home at an already low price (originally it was 1,100,000, but 2 years ago they were selling for 1.3 mil). So we were already ahead of the curve (so to speak) when we bought it. So, no, our home has not fallen 20% since we bought it.
 
Jim,

This is no knock on you but I was laughing when I read your response. You sound defensive and in denial. Dove Canyon has fallen over 20% YOY and you live there but your house's value has stayed the same. Your neighbors house values are dropping and yours just stays the same. Not real logical. It just sounds like everybody else that bought at the peak of the market defending their purchase. You said you purchased your house at an already low price, What is that? What people paid for houses two years ago is irrelevant and has no bearing on the current value of a house. I don't think anybody who bought in May of 2007 was ahead of any curve. No area anywhere is exempt from falling prices. But the bottom line is if you can afford your mortgage and you like where you live you shouldn't worry about it. Live where it makes you happy.
 
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