Wednesday, December 24th, 2008 at 11:06 AM
$130/sf for Newer REO in VC
Posted on Wednesday, December 24th, 2008 at 11:06 AM in Foreclosures/REOs, REOs for sale | 17 Comments » | 
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Considerate of them to clean up any evidence of human sacrifice from that granite altar.
115º and 4400 sf and SDG&E summer rates? A mortgage payment is the least of your worries come August. And look at the neighbor’s SW facing wall or should I say reflector oven?. Already discolored. These stick shacks are halfway through their useful lives already. The human tragedy is certainly regrettable but this is one of those never should have been built in the first place properties. Sadly the market for these is gone. It isn’t even so much about price anymore. To be honest I followed your walk through and was ticking off in my head all the things I’d do to make this place ideal. Sadly, I had to stop counting at $300k plus out of pocket not even contracted costs.
Rob Dawg | December 24th, 2008 at 11:56 amShould sell fast.
arizonadude | December 24th, 2008 at 12:12 pm4400sf to ‘no money to feed the kids’. This is one messed up time. Perhaps we’ll return to an era when simple living and freedom are more important than trying to live the “lifestyle of the rich and famous.”
Mike | December 24th, 2008 at 12:36 pmJust more and more examples of the wackiness of the bubble. This house just doesn’t fit the income of people who would typically live in that area. What’s to happen with such places, a slow decay over years? I’m betting that if JtR goes back in 15 years it will have junkers in the weeds and a couple rickety shacks filled with piles of decaying wood. It’s no wonder we are in a deep recession, when you think of how many man-hours we pissed away to no effect.
Dwip | December 24th, 2008 at 1:04 pmIf I were the king, I’d order the architect shot.
greenlander | December 24th, 2008 at 1:05 pmHow many baths? I can foresee squeezing in four or five families of our neighbors to the south at $1000-1200 each. This thing might pencil out!
Downturn | December 24th, 2008 at 1:09 pmIf I were the king, I’d order the architect shot.
Snigger. You think an architect had anything to do with these?
Seriously, an architect with that location would insist on partial basement, shade trees, extended overhangs, minimal exposed surfaces, shallower roofs and about a dozen other features.
Rob Dawg | December 24th, 2008 at 1:31 pmHome that shouldn’t have been built created for people who shouldn’t be spending that much money on a home in locations that most people want no part of.
When VC isn’t on fire, it’s hot. Really hot. And dusty. And it’s a twenty minute ride to…Escondido. I grew up in Escondido, it’s not the place you want to go *to*. A two acre lot and not more than fifty feet separates this house from the neighgors. A ridiculously stupid entrance. The whole thing is a terrible mistake. It’s testament to free money and builder greed/complete lack of foresight.
And yet, for just a second, when Jim said five hundred something I thought…maybe, then I thought some more and laughed.
If the builder had opted for four homes, each on a half acre, maybe 2500 square feet a piece I would bet the owners would still be in them. As it is, one house on the cul-de-sac is a short sale and the other is Jim’s listing. Great way to hold up values in the neighborhood.
ice weasel | December 24th, 2008 at 1:51 pmActually the highest temp ever recorded in Valley Center was 111 F, and average August high is 91 F.
By comparison, highest temp ever in Poway is 114 F and average August high in Poway is 92 F. Poway is even hotter and there are plenty of 4400 sf houses there.
http://www.weather.com/weather/wxclimatology/monthly/graph/92064?from=36hr_bottomnav_undeclared
Distance is the killer. Looks like the shortest way to civilization is past Eureka Springs and through downtown Escondido. 20-25 minutes just to get to the freeway somewhere around 15/78 interchange.
Nameless | December 24th, 2008 at 1:56 pmThese monstrosities should not even be considered “single-family” houses. Very few people with 7 mouths to feed can afford these houses.
I will relay a story from a friend who lives in Sacramento. He bought a giganto-house (not as big as this one, but about half the asking price of this one!) and rented it out to 5 friends. (The place has 6BR.) After he pays the mortgage, he lives in the 6th BR rent-free and pockets over $1000/month in profit.
His friends don’t care, because they’re living in bachelor-pad paradise for less than what it would cost to rent a crappy condo.
I think this, and 2-3 families splitting these houses, will become the norm in the future.
-Erica
Erica Douglass | December 24th, 2008 at 2:11 pmthink this, and 2-3 families splitting these houses, will become the norm in the future.
Si…..
Downturn | December 24th, 2008 at 6:24 pmI vomited a little bit in my mouth …
bubblebob | December 24th, 2008 at 11:19 pmI’m not arguing with Erica’s anecdote. I could actually make what I think would be a strong academic case that a home like could be shared two or three young, families just starting out. Child care can be shared. A number of costs and burdens that a young family would have to bear alone could be spread between the group. Ideally…
But in either my little academic exercise someone has to buy it first and then, the owner has to rent to the groups in question. I’d find it very hard to believe very many landlords want to encourage either scenario no matter how much, on paper, it might work.
All of which is to say, once again, this is an impractical building from the getgo and the only thing this house reflects is free money, nothing else.
ice weasel | December 25th, 2008 at 12:33 am@ ice weasel
It may be possible for the house to be jointly owned by all families. They’d put all their names on the mortgage and only have to show 50-60k income each (two families) or even 40k (three families).
It does not fit well in an Anglo culture (where young people are supposed to live on their own, especially after marriage), but it could work among Latinos. Think three generations: grandfather/grandmother, two of their married children with spouses, and a bunch of kids. Six adults, four of them working, 30k income each.
And it’s not as much of a stretch as you’d think. There are too few high-income jobs in Valley Center area to fill this houses in any other way.
Some parts of Eastlake are likely to be overtaken by extended families, too.
http://www.sdlookup.com/MLS-086036736-366_Bryan_Point_Dr_Chula_Vista_Ca_91914
Nameless | December 25th, 2008 at 11:16 amI wonder if Rob Dawg at least $300,000 in improvement includes jacking up the house and rotating it a quarter turn.
That way the front door could face the street and the aircon would be on the side of the house.
worm | December 25th, 2008 at 12:34 pmWhat gets me besides the A/C compressor views from the street, meter loop on the front of the house and the front door on the side is if its on 2+ acres, why is the neighbors house 50 feet away? Whoever subdivided this parcel needs to be hung. Mr Buyer, Here’s your 3 acre lot with a 10 foot side setback, only 1 mil. The finish out is very “builder grade” as well. You could build this house for about 225k. Thoe lot was probably another 100k max. Somebody made out like a bandit in VC.
I doubt there was even an architect involved, it was probably one of those general contractors who think just because they’ve built so many homes they dont need an architect!
Happy Holidays!
Tom Tarrant
Tom Tarrant | December 25th, 2008 at 5:57 pmtomtarrantdotcom
I know this neighborhood very well, my in-laws live a block away from this house. Here are my observations:
1.) Although the weather sux, those houses are REALLY well insulated. In the summer they never turn on the AC, and it’s in the low 70s inside.
2.) The location is horrible. If you’re not retired, then you gotta have a job working at home.
3.) There are already MANY houses in that tract with multiple families living there. In the evenings there’ll be like 8 cars double parked in the driveway or on lawns.
4.) Only a minority of residents in that track have done any landscaping, have window treatments, furniture, etc.
5.) You cannot find the neighborhood using GPS or the intenet. GPS will send you down a fireroad and caltrans ripped down the correct road sign on the street that you have to turn on. I noticed the sign was missing for several months, I’m not sure if the sign is back up or not.
garbler | December 25th, 2008 at 11:21 pm