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Sunday, June 15th, 2008 at 1:55 PM

REO #4

 

The fourth of the REOs assigned to me hit the open market, and it should be a good test of the 92057 zip code.  We’ve seen the lower-end properties take a bath recently in this zip, with most suffering 40% to 60% declines.  What happens once you move up the price ladder? 

This house is in the Jeffries Ranch area in rural east Oceanside, where house trails run right through your front yard!  It sold just 15 months ago for $700,000, and the same floor plan across the street with a big pool is in escrow currently, listed for $669,000.

Our price?  $549,000.

1488%20Serene%20018.jpg1488 Serene, Oceanside, CA 92057

4 br + office/ 3 bath

2,963 sf

3-car garage + RV pkg

10,500 sf lot

YB: 2000  HOA = 0, MR = 0

Hope everyone has been enjoying the U.S. Open, looking for a big finish today! 

 

Posted on Sunday, June 15th, 2008 at 1:55 PM in REO Inventory | 14 Comments » | Print Print You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Reader Comments: 14 Responses

  1. If my little bit of digging is right, the bank took this back for $459k. Now they want this sold for $90k in profit? In this type of a market, where a 30-year fixed rate increase of 0.25% (reasonable expectation in the next 6 months) could easily knock off at least another 10% in home value? In the 92057 area code (albeit in the nicer part)? Wow. I’d be game for this if it priced at ~$350k. Then again, what do I know about real estate?

    robj | June 15th, 2008 at 6:04 pm

  2. This house is in the Jeffries Ranch area in rural east Oceanside, where house trails run right through your front yard!

    Well, the Midwest has been blazing "house trails" through yards with the recent flooding but I think you meant horse trails. Horses are cheaper to keep and don’t leave as much behind.

    Rob Dawg | June 15th, 2008 at 6:33 pm

  3. Rob beat me to being first smart ass, but I was wondering if the Oceanside houses were trying to sneak through the canyons into Carlsbad to improve their zip code standing.

    Smithers | June 15th, 2008 at 9:30 pm

  4. Go Tiger! More US Open to come!

    Tyrone | June 16th, 2008 at 1:17 am

  5. Jim, what is the condition of this house? Is the comp a foreclosure? I think someone is on crack to be paying anywhere close to $669k for this type of square footage…even in Jeffries Ranch. I’ll outbid robj by $50k.

    Loharp | June 16th, 2008 at 3:56 am

  6. Go Tiger

    It is just me, or has rooting for Tiger become like rooting for IBM or Exxon?

    I’ll take the short hitting 45 year Rocco Mediate, who looks like an accountant, and who probably has no chance in 18 hole playoff.

    daveg | June 16th, 2008 at 8:18 am

  7. At $549k it is no bargain anymore in this market. I do not think you will create bidding like before.

    george8 | June 16th, 2008 at 3:56 pm

  8. Wow, if I was stupid enough to be buying the one across the street I’d back out so fast it would make your head spin.

    anonymous | June 16th, 2008 at 4:07 pm

  9. My personal observation is that there are some knife catchers out there that are worried that the NAR is right and that this is the "bottom". I tend to agree with Jim, there’s about a 45 day window right now (end of July) where you are going to see a little bounce and I bet we see this house move at asking or better in the next 10 days or so.

    I’m seeing things move right now if the price is right … people think they are getting a deal, but it’s my guess they’ll look back at the summer of ’08 and see they pulled the trigger too quickly.

    SD_Coastal | June 16th, 2008 at 4:35 pm

  10. Not yet running out of knife catchers means that this is not the bottom.

    Rob Dawg | June 16th, 2008 at 4:38 pm

  11. Can we agree to retire the term "knife catcher" and "LOL" from this blog?

    Mozart | June 16th, 2008 at 6:40 pm

  12. We must be at the bottom, since: a) The banks are completely caught up with moving the foreclosures, and b) There is no concern whatsoever about that giant bulk of Alt-A’s defaulting. /ahem

    A friend of mine — I call him "LOL-knife-catcher" — just got back from the sudden death playoff. He said it was so crowded he spent the entire time trying to stand on tiptoe (and he’s tall), and eventually wormed his way to the concession stand and watched the last bits on the giant TVs there. Still, sounded like a really thrilling finish.

    Dwip | June 16th, 2008 at 10:58 pm

  13. GO to http://newyorkfed.org/mortgagemaps/
    (hat tip to BMIT blog)

    On the right side, click on "subprime" or "Alt-A" to see the "darkest" states in the U.S.

    Enter your favorite zip code in the box above the maps (and cities and roads if you want) to see the "darkest" cities.

    The darker, the more of these loans per 1000 housing units.

    There’s a lot more ALT-As coming SoCal’s way. I’m not even sure if were in the eye yet….

    shoppingaround | June 17th, 2008 at 1:45 pm

  14. Even in the unlikely event that this is "the bottom," there’s still no reason to hurry. Past downturns that resulted from normal economic cycles have stagnated at their "bottoms" for 6-12 months before prices started to edge slowly up again; this ponzi-mortgage induced "bottom" will probably last a lot longer.

    GeneK | June 17th, 2008 at 4:41 pm

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