Sunday, June 22nd, 2008 at 1:25 AM
La Vina
This REO at 16865 Saintsbury is on the western edge of 4S Ranch on the way to Del Sur, in the La Vina tract. It was sold for the second time in August, 2006 for $655,000, but didn’t last long - it was just foreclosed on May 28th.
It’s a 4 br/3 ba, 2,181 sf detached condo, and as you can see in the photo, it backs up to apartments and has power lines/power pole adjacent to it as well. Once in the backyard the 3-story apartments are towering above you.
The bank priced it at $505,000 and has had it on the market for 36 days, so they must have put it on the MLS before the foreclosure was completed.
As of this morning they had six offers on it, and were over list price.
Because I like to mix it up – I’m jumping right in the middle of this one.
My new foreclosure listing around the corner at 9745 Tallus Glen (below) is the same 2,181 sf model, but it backs to open space. It is the former model home, and has some nice extras.
List price? Just a measly $535,000!
I’ll be there tomorrow (Sunday) morning for an early open house, 10 am to 12 noon – if you are in the area, come by on the way to the beach!
For more photos, click here:
http://www.jimklinge.com/Properties.php/Details/84/#viewdetail
Posted on Sunday, June 22nd, 2008 at 1:25 AM in Uncategorized | 17 Comments » | 
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Usually, the buyers in a market situation we have today are smarter than the buyersof 2 or 3 years ago. If they have money, and waited for the right opportunity, they usually look for higher quality for lower price.Maybe when we hit bottom, the smart buyers will then turn up.
jeff h | June 22nd, 2008 at 1:41 pmI think the backyard is going to hurt you on that one.
Chris | June 22nd, 2008 at 2:45 pmSure would like to see the 6 idiots who made offers,
Fred Bulkowski | June 22nd, 2008 at 3:54 pmThey will probably be visiting your open house.
Whoever gets the REO will have a hard time in the future reselling it
Unless they will get a blind to buy it
I suspect the real reason Jim holds these open houses is to host a couple of hours when his blog readers can come meet him in person.
GeneK | June 22nd, 2008 at 5:16 pmI love the shade from the "tree" on the driveway.
desmo | June 22nd, 2008 at 5:19 pmLive from the open house – three visitors so far. Temperture at 10:40 am is 90 degrees!
Jim the Realtor | June 22nd, 2008 at 5:44 pmI ended up with 25 people or so attending by noon, and two groups walking up with realtors when I left.
It felt like 2004 all over again.
Jim the Realtor | June 22nd, 2008 at 8:58 pmsounds like a real good turn out considering what it’s been like lately.
jason | June 22nd, 2008 at 9:14 pmJim is a rock star.
When are you going to start selling bubbleinfo tshirts on cafepress? I’ll buy one – but the logo better be damn good.
C
Chris | June 22nd, 2008 at 11:04 pmJim, how many people came to see the house and how many came just to meet you?
GeneK | June 23rd, 2008 at 12:25 amJim, I wished I had seen this before yesterday. I have lived in the development (renter) since march of 07 and have witnessed the constant mess this development has been. I know one of the model 2’s just went for under 500. I think the one you held an open house on has a better lot than the one asking 505K. The apartment complex next door is a nightmare (which I wont elaborate on unless asked to) so I wouldnt buy on that end of the development. I think this entire development needs to drop to 200 sq ft to be good value considering they are "condos". This could happen easily by next spring.
PS I hate that backsplash in that kitchen along with the intro level tile that belongs in a shower surround but otherwise the house is upgraded more than a lot in this sub.
Cheers
Kyle | June 23rd, 2008 at 4:49 pmAlso, if you hold another one send me an email and I will walk down with my Lab and say hello.
Kyle | June 23rd, 2008 at 4:50 pmThanks Kyle, I don’t have one scheduled but I’ll let you know if I do.
Gene, One couple stopped by who are blog-followers, but are sincere-buyers-in-waiting. We’ve been following different areas together and marvel at the sellers’ resistance around town.
Bubbleinfo t-shirts are on my list – this summer!
Jim the Realtor | June 23rd, 2008 at 4:56 pmI’m surprised at how well the price has held up for those models. I was looking at those same models one year ago, I recall two on Saintsbury that was being foreclosed on. The price then was around $550k. Jim’s price is only slightly lower than that. I guess 4S will always have buyers willing to overpay?
How’s the price looking for other 4S neighborhoods?
WayneBruce | June 23rd, 2008 at 5:15 pmWell I will be a buyer in the area (4s or Del Sur) but no idea when. Just depends on when we think the price is right. It will be a long term home, in that we will buy enough for our two children and inlaws so 2009/2010 maybe. All depends on what happens between now and March.
The only properties I would consider purchasing in this development are the ones on Tallus glen that have their own driveways (There are three of these) and the two units that are on the first driveway when entering the development that back up to Four Gee. Bad thing about those is that the fire engines are superloud so if its a nice night with the windows open, you could get a wakeup at 3am.
Kyle | June 23rd, 2008 at 5:45 pmI AM SEEING MORE AND MORE FORECLOSURES THAT WE’RE BOUGHT AS "FORECLOSURES"
IDIOTS!!!!!!!!!!!!!!!!!!!
Todd | June 23rd, 2008 at 6:48 pmI remember when the La Vina models first opened and it was a mad-house of first-time home buyers.
The real problems with this community are (1) scarce street parking, (2) Shared driveways with 3 of your neighbors & (3) multi-story low income apartments surrounding the west half of the complex.
If you don’t mind these 3 things then it is a fine place to live.
Jim | June 25th, 2008 at 5:50 pm