Monday, December 22nd, 2008 at 2:26 PM
More New Homes For Sale
Builders of small new-home tracts did pretty well during the heyday, but for those that didn’t get out; well, let’s say that the lenders are having some tough conversations now.
We saw the seven houses next to Carlsbad Village Drive, the Barratt tract in Leucadia, and now a couple of others in southern Encinitas east of the I-5 freeway:
This 4,915sf house in Orchidia has been listed nine times since 2005 with three different realtors. List prices have ranged from $1,750,000 to $2,500,000, and the current LP is $2,150,000 (as a short sale).
This one looks abandoned from the street, and unfortunately for the neighbors the NOD filed in August showed a delinquent balance of $164,000 on the $1.5 million first mortgage. There’s no chance the owner will cure that debt, and if the private lender holding the $500,000 second TD won’t negotiate, then either he’ll end up buying the house at the trustee sale, or he’ll lose half a million dollars. Either way, the likelihood of this eventually selling for well under $2 million is excellent. A couple of blocks down is another small tract of seven (1:45 min video):
Posted on Monday, December 22nd, 2008 at 2:26 PM in Afternoon Data | 9 Comments » | 
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Amazingly bad decision to build those homes in that neighborhood.
Kwaping | December 22nd, 2008 at 3:25 pmEclectic…nice choice of words.
That is where the ice cream truck owners live and breed.
My neighbor has his pickup truck stolen twice and each time it was found near one of those greenhouses off of melba. The second time around he sold stripped down truck to the greenhouse owner.
All this for charm for only 2.15 Million, what a deal.
JE | December 22nd, 2008 at 3:46 pmJE beat me in praise of “eclectic.”
Just how happy would you be with the only two million plus houses in the ‘hood? Add to that the prospect of near continual construction for the next decade. Finally 5 large lots can easily turn into 12 small lots and two apartments. NFW.
Rob Dawg | December 22nd, 2008 at 3:54 pmI think Temecula Valley Bank also owns the lots on Rainbow Ridge Lane in Encinitas.
Looks like they were pretty heavily invested in spec developers/builders in that area.
BTW, has anyone else noticed that almost all of the very highest-priced listings along the coast look like specuvestors (speculative builders and flippers) who bought at or near the peak…and are now listing at prices well above what they paid **at the peak.** Guess they’re waiting for all those “rich Boomers and foreigners” to bail them out of their “investments.” Real entitled, too; they don’t want to lower their prices! LOL!!
CA renter | December 22nd, 2008 at 5:05 pmYeah where are all those wealthy foreigners with their millions screaming for a view of the ocean?
“This will work itself out in a year or two…or five or ten…”
Truer words were never spoken. And when an “accidental” fire consumes the last of the two houses not to succumb termites and neglect, then someone with some sense will building something there that fits the neighborhood.
Well, I tend to doubt it but I’m trying to be optimistic.
ice weasel | December 22nd, 2008 at 8:07 pmDid you say that new hood was called Crystal Meth Estates?
Damian | December 22nd, 2008 at 8:32 pmThese comments are hilarious… I’m pretty sure almost any reader of this blog would move tomorrow if they could get into that neighborhood at an affordable mortgage payment. I lived about a mile from there off Vulcan, and that neighborhood was great.
What’s the over under on those greenhouses surviving the next housing boom? in 2017 you’ll look like a genius for buying on of these at the bottom.
Chris | December 22nd, 2008 at 9:32 pmChris – put your money where your mouth is, then report back.
Kwaping | December 23rd, 2008 at 10:25 amI’d love to, but those places are too expensive for me. Encinitas is a great place to live.
Chris | December 24th, 2008 at 8:46 am