It seems like the more time that passes by, the better the selection gets.
Though the trustee sales present many hurdles, at least today you have one component availble – these are auction properties that have their opening bid out in the open:
20 Comments
$2 mil and THAT’s all they accomplished? WOW, just WOW.
“million dollars…that’s so 2004 isn’t it”
and
“Stop stop stop”
Love it Jim!
Hey Jim, what’s your opinion of 1717 Loretta in Oceanside, seems a little too good to be true, at only $199,000.
Do you thinks its gonna go lower in Oceanside? Or has it stabilized?
Great videos, Jim!
Some very nice homes at fairly decent prices, IF they don’t get bid up.
What about the outdoor furniture on the driveway?
Is that leftover from the garage sale? Making room for tenants renting the garage?
All Class. Low.
As for post #3. I guess you don’t get it.
Houses only go up
They are not making any more land
Buy NOW or be priced out forever.
Just ask your realtor…
What did you guys think of existing home sales?I guess everyone and there brother was trying to get the 8k tax credit before it expired.Now they have until april to get it again.These people overpay by 50k to get an 8k credit.The same mentality from 2005 is back in the market.It is being fueled by fha loans, low interest rates and the get rich quick mentality.As long as they treat the housing market like a casino nothing will change.
The existing home sales aren’t going to mean much until the tax credit expires. Those buyers who buy because of it will be supported by NAR, etc., and those who wait until it’s over will be entertained by the new, improved stim-bill.
I doubt the tax credit will be the last trick up their sleeve.
There could be an interesting battle between B of A and WFB that plays out here. I don’t think World Savings sold their neg-ams, and if Wells owns the entire portfolio, they could take a bath – in spite of the mis-informed interest only mods they are doing.
If Countrywide sold off most of their neg-ams, and B of A is just servicing them, they might not care about further stimulus, and wouldn’t mind seeing WFB twist in the wind.
I think Oceanside is stable for now – buying houses under $200,000 that are 10-15 minutes to the beach will always be popular.
But Loretta is an interesting case – the former owner paid $439,000 in Jan 2008 and put 20% down, and still lost it to foreclosure.
It’s why I wanted to at least wait until an extension to get serious about buying a house. You’ll always overpay if you are competing with people who are using that $8K tax credit as the reason for buying. At the sub $420K range (which is where 2/3rds of sales are) $8K is a substantial amount of money to fund a FHA down payment.
Off-topic: Did you happen to hear about this?
http://detnews.com/article/20091117/METRO/911170327/Silverdome-sale-price-disappoints
Not even pennies on the dollar, as “pennies” is plural.
Being a realtor in Michigan must be pure hell right now…
Arent they giving away homes in detroit?They are more of a liabilty to people.Thank the unions for running GM into the ground.They are doing the same thing to the sate of ca.
The first one in La Jolla breaks my heart. I’m probably projecting our own horrid contractor experience – but I have a strong suspician that some contractor has a whole lot of that $2 Million in his pocket… before he likely abandoned the job when they balked at giving him even more money given the lack of progress. I’d also suspect that there are some liens from unpaid subs on that property.
You could argue that the homeowners should have borrowed so much – but if the contractor pocketed 2 million and only provided a few hundred thousand of improvements – it’s not the homeowners at fault.
Like I said – I’m probably projecting my own issues since I lived through having a contractor shake us down for money so far in advance of work it was ridiculous then abandon the job when we refused. We’re suing, but we’ll never collect. These folks probably didn’t have the money to make up the shortfall of what the contractor absconded with.
Some quick googling on the Soledad Ave property. Not a good buy, IMO. There’s a LIS PENDENS listed on it – which if the google is to be believed – means the property is in dispute, legally.
Nice home site – but what a mess for all involved.
usda loans for 0 down:
http://www.cnbc.com/id/34067149
1MM loan and financial distress how could that be. We know a lot of people moved to San Diego from NY and LA, but for the most part $1MM takes a $250,000 plus a year income just to make minimum payments and not put anything away for savings.
If you look into Wells financial reports they still have about $95B of Option Arms and they may have exhausted the fair value accounting benefits from the merger with Wachovia. Those record profits at Wells might be followed by out of business in 2010.
Great segment. The street in CV with the (what once were) million dollar homes sure does seem like it’s going to be the scene of an all-out battle to clear inventory. Let the games begin.
Nice contrast between CV and the more established (read “older”) Encinitas neighborhood with much less action. Are the more established neighborhoods seeing less devaluation due to fewer transactions? And what will ultimately become of these neighborhoods’ values after the newer tracts are through beating each other down?
Jim, are you using Recon to stand for “reconnaissance” or ReconTrust?
“reconnaissance” looking for “intel”.
@ Homer Simpson (comment #3)
That’s not a great deal. I looked around that area and it is a sketchy, run down ‘hood around there between Mission and the 76, east of 5, west of Canyon. My realtor steered me away.
@ $200/sq.ft. it’s definitely not ‘too good to be true’
I agree. The parts of Oceanside priced at 200k and under are priced that low for a reason…Good maybe if you’re planning to rent or flip, but not so great for living.