Sunday, October 19th, 2008 at 12:50 PM
Stalled In Bressi
Here’s a snapshot of higher-end active listings in Bressi Ranch:
A. 4,598sf house that sold for $1,109,000 in July, 2005, now offered for $900,000.
B. 3,480sf house that Pru relo bought for $1,225,000 in May, 2008, now $999,999.
C. 3,480sf house that Jenae sold for $1,350,000 in March, 2007 – now $825,000.
D. 4,608sf house that the seller paid $1,175,000 in May, 2006 – now $915,000.
House C might have already been foreclosed if it wasn’t for the financing being with IndyMac – they probably froze this foreclosure proceeding like their others.
Meanwhile, the market has seized up on the street, waiting to see what happens with #C.
Here’s a quick spin around the block:
Posted on Sunday, October 19th, 2008 at 12:50 PM in Uncategorized | 12 Comments » | 
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Ja-Nay? I always pronounced Jean-ee in my head.
Oh well…..
Downturn | October 19th, 2008 at 1:16 pmNice Hummer in front of the foreclosure. Think it will make a nice ice cream truck?
Rob Dawg | October 19th, 2008 at 3:58 pmHave you noticed that the two model homes and third “regular” one currently listed at Magnolia Estates, while owned by three different owners, are all for sale for EXACTLY the same price per square-foot of $253? Doesn’t that seem a little odd to you? And two of them (2544 Muirfields and 6344 Keeneland) seem to go off the MLS and then re-list within a couple of days of each other each time.
BTW, the Barratt foreclosed properties are scheduled for the courthouse sale on 10/27/08 for a cool $77.9M– a little rich for me, plus I don’t want all those homes in Riverside county….
shoppingaround | October 20th, 2008 at 5:07 amBTW, the Barratt foreclosed properties are scheduled for the courthouse sale on 10/27/08 for a cool $77.9M– a little rich for me, plus I don’t want all those homes in Riverside county….
Oh I don’t know. The Barratt property and $77.9m and you could fix the problems and hold long enough to dispose at market prices and probably have a little left over. Oh… wait. You mean pay $77.9m.
Let’s see… that’s cashier’s cheques of $40m, $20m, $10m, $8m, $4m, $2m, $1m, $800k, $400k, etc… and a big briefcase of $100s. I’d say the courthouse steps is merely a formality and the banks are about to become mega-landlords.
Rob Dawg | October 20th, 2008 at 7:17 amSo if the banks all become mega-landlords, and the gov’t now owns shares in most banks… what does that mean? New national parks are about to start popping up in the middle of cities?
Kwaping | October 20th, 2008 at 8:26 amI was just a bit surprised that the Barratt properties were all lumped together. Not even divided up by county. Wouldn’t BofA be better off if someone bought a chuck on the steps?
But maybe it’s easier paperwork-wise this way?
shoppingaround | October 20th, 2008 at 10:51 pmI have been looking at your site for awhile now. What is your problem with Bressi Ranch? It is apparent from your posts that you dislike the community. It isn’t just this community having problems like this!!
WTF | October 21st, 2008 at 4:45 pmHi WTF,
I personally think Bressi is a great community and have been watching a couple of homes in that area for a while now.
The problems I see with it are that, while a lot of nice families, I’m sure, have bought and live there, unfortunately (1) there have been a fair number of speculators buying there; this led to (2) too many vacant homes and (3) lousy deals which ended up making even MORE vacant homes and foreclosures.
In the right-hand column, you can search this site for either “Bressi” or better yet, to see what I’m talking about here, try “Jenae”. Then you can better see what some people have done to this neighborhood.
Will it always be troubled by this? No. Does it have great long-term potential? I think so. But most SoCal buyers want “now.” And Bressi is not yet what it CAN be “now.”
And yes, I’m sure there are other developments of similar “age” that also have had foreclosures and vacancies; I’m just not so sure that they have been “messed with” by the likes of Jenae-types and some of the speculators to the degree Bressi has.
This “messing” makes it hard to know what the actual values of homes in this development are. The current economic times are unsure; add to that, erratic information about the values of homes here, and buyers get uncomfortable: “Why are the prices so erratic?” “What is the trend really like?” “Why isn’t this home selling at X, if that one sold for X+2?” The numbers don’t add up. And that means something is wrong. And THAT turns off buyers.
I suspect the market in Bressi will eventually overcorrect. Then people will jump in. And, yes, eventually it will stabilize. But I wouldn’t count on stabilization here till the ALT-A mortgages are cleared from the market (currently seen to be through 2011). But jump-in buyers will appear as prices aggressively come down. But only for really good deals, until the ALT-A mortgage mess is about done.
I hope if you already live there, you can wait it out. Like I said, I really like it, but I’m not sure what the “real” market price for homes there should be, so I’m still sitting on the sidelines.
shoppingaround | October 21st, 2008 at 9:32 pmThank you for sharing your perspective on Bressi Ranch. Your past posts on Bressi Ranch have been passed around the community. Many of us were wondering about your negativity was all about.
WTF | October 24th, 2008 at 2:23 pmOK, I’ll take the bait.
I don’t have anything against Bressi Ranch, just reporting it as I see it. Judging by the tax rolls, there were a lot of bad loans funded in the area, and Jenae’s bloated and fraudulant sales gave both buyers and sellers the impression that the sky was the limit.
I think it’s worth commenting on because the fragile underpinnings are now being seen for what they are – not enough to keep the neighborhood afloat, price-wise.
If you want to label me as negative, fine, keep your head in the sand and make me out to be the bad guy. I’m just calling it like I see it, and trying to prevent others from getting themselves into a similar bind.
Jim the Realtor | October 24th, 2008 at 2:34 pmMy bad here, I thought “Shoppingaround” was Jim!
JIM—-
There were a lot of bad loans funded in a lot of areas during the time Bressi was built. In no way is Bressi alone. La Costa Oaks, La Costa Greens & take a look at what is happening in San Elijo Hills. They were all developments built on greed.
Many of us will continue watching what you have to say about our wonderful community. Good luck trying to sell a home here in the future.
WTF | October 25th, 2008 at 3:46 pmAnd yes, I do live in Bressi. Luckily, we bought low. I do feel bad for the people who bought our same home for over a million. We waited and watched the community grow before buying. We plan on keeping our home here for many years.
WTF | October 25th, 2008 at 3:49 pm