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Posted by on Mar 22, 2008 in Thinking of Buying? | 7 comments | Print Print

Wild, Wild West

 

normount.jpg3563 Normount, OSD

3 br/2.5 ba, 1,754 sf

$459,000 SP 4/04

$308,900 LP 3/08

YB: 1982

HOA & MR = 0

This is your run-of-the-mill 1980s tract house on the south side of Oceanside.  The listing agent of this bank-owned property has been aggressive in his pricing, but this one is exceptional.  They ignored the January sale of a 1,725 sf one-story house that was just a block away that closed for $450,000, and listed this for $308,900 on Wednesday.  The bank will be reviewing offers on Monday, so there is still time to get yours in - and compete with the 12 offers already on his desk.

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sapphire.jpg862 Sapphire, PB

2 br/1 ba 816sf

$790,000 SP 7/04

$524,900 LP 3/08

YB: 1948

HOA & MR = 0

Your classic 1940s Pacific Beach bungalow on a 6,400 sf R2 lot about two blocks to the sand.  Not sure what the listing agent was using for comps to come up with his original list price of $524,900, but when he had a handful of offers come in before lunch yesterday, he knew he had something.  Because one was over $600,000, he raised the price to $649,900 – there’s still time to get your offer in on this one too.  The previous owner had financed 100% his $790,000 in 2004, and then refinanced out another $100,000 just seven months later.  What a country.

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heritage.jpg1453 Heritage, Encinitas

5 br/4.5 ba, 3911sf

$1,019,900  LP 2/08

$1,040,400  SP 3/08

YB: 2003

HOA = $135, MR = $325

This one closed just $20,000 over list price, and there were offers in that were higher.  It was a cash buyer who was represented by an agent in the same office as the listing agent.  You don’t think……nawwww.  At the time this one came on the market, another of the same floor plan was listed higher than $1.2 million, went pending later, and closed for $1,180,000 – purchased by a buyer apparently unfazed by this low sale, and the other REO on Heritage that closed for $925,000.

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bright.jpg1085 Brightwood, San Marcos

4 br/3 ba, 2,646 sf

$534,900  LP 2/08

$615,000  SP 3/08

YB:2004

HOA = $80, MR = $267

I’ve seen it all now. It looked like every other house on the street was for sale when this REO came on the market last month in San Elijo Hills.  Though the list price of $534,900 seemed low, the house was had no upgrades (linoleum & 4" white tile), no landscaping and an over-hyped pseudo ocean view.  But a bunch of offers came in away, and apparently somebody really wanted it – they paid $615,000  =  15% over list price! 

More incredibly, since this one went into escrow, FIVE others on the street have gone pending since, ranging from $564,900 to $695,000.  Most had been sitting around stagnating, and boom – one REO lowballs the group, and all of a sudden everybody wants to live on the street.

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It is the wild, wild west out there – get good help!

 

7 Comments

  1. Maybe 3200 q1 08 when all said and done?

  2. The two that actually closed escrow are very telling. The Heritage one sold for less than it did new in 2003, $1,120,000. The San Marcos one had sold new in late 2004 for $745,000.

  3. That PB place does not seem close enough to the beach to be worth that price.

  4. With regards to Heritage I guess cash is king. My offer was similar in price but only 60% down. I’m not surprised the bank jumped on the highest cash offer .. it eliminates the financing as well as the appraisal contingency.

    I think the buyer got a damn good deal at the million 40 but we will see as this thing plays out.

  5. Looks like that purchase on Heritage for $925k that all the geniuses here scoffed at will be very proitable.

  6. I called the agent on sapphire and he sounded like he was 12 years old. The old owner that was foreclosed on was a mortgage broker. What a county it is!!!!!!

  7. Flip,
    Did the 925K one sell for a huge profit already or did you forget to add "in 20 years" to your sentence?

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