Monday, January 5th, 2009 at 11:08 PM
La Costa 4-pk
There are twenty houses on Corte Romero, and three actually back to Rancho Santa Fe Rd.
Coincidentally, all three have been in foreclosure in the past year.
Looking at the sales dates, those featured here on the west end closed first, in April 2006. By the time they got to the end of 2006, those down the street couldn’t get a premium for not backing to RSF Rd.
I saw the two that closed already (the first two in the video) and the street noise is blaring loud – RSF Road is six lanes now! How much of a discount do you give?
It’s probably a $100,000 impact, if you ask me. But I don’t think you could get an extra $100,000 for a neighbor’s down the street, because the buyers will want to hold it against you. To feel comfortable they’ll want that gap to be closer to $50,000.
We’ll find out though. The last house (on the left) that is a short sale? It’s the same floor plan as the one that just closed for $695,000 right on the street (remember the one with brown carpet cut out around the edges? they installed new).
The agent confirmed that she has eight offers, with five of them higher than the high end of her range ($699,000 to $739,000).
But don’t worry, there are two more in foreclosure on the street, making 5 of 20 in two years:
Posted on Monday, January 5th, 2009 at 11:08 PM in Foreclosures/REOs | 8 Comments » | 
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It’s funny when Calculated Risk runs your posts before you do.
How big are the lots?
Rob Dawg | January 6th, 2009 at 8:33 amThe first one that sold for $790,000 was a naked 1/4-acre, and I don’t have to tell you about the cost and hassle of a bigger yard. They probably have spent $30,000 min on it so far.
The others list in the 7,500sf range.
Funny, ha, ha CR scooping me – but it demonstrates the power of the internet. In real estate with the equal access to the home inventory now, the buyers are better educated than the agents. This is the biggest threat to agent survival.
Jim the Realtor | January 6th, 2009 at 8:55 amI disagree, Jim. The biggest threat to agents is the insanely high commission schedule. they should be about 1/6th of what they are now… like in most other countries.
If brokers/agents insist on pressing for 5%, 6%, etc., then eventually the alternatives will become more viable and mainstream.
And that would be good news for all. I’d much rather hire an agent on retainer and pay for negotiation/paperwork services a la carte.
Aztec ("Anonymous" above) | January 6th, 2009 at 11:35 amOMG, Jim you didn’t…
http://ventura.craigslist.org/cto/982758507.html
Seriously, the biggest threat to the realty professions is their collective tolerance of incompetence in their ranks. I know you have no problems with standards but it sometimes seems the industry selects for lowest common denominator. You also know by now that none of put you in those categories. T’were you Catholic you’d be Martin Luther.
Rob Dawg | January 6th, 2009 at 2:01 pmAnd to think, folks would “camp out” to make sure they secured the $1,000,000 home of their dreams in this hood.
Got street noise!
Turnack | January 6th, 2009 at 3:59 pmGot power lines nearby!
Rob, I have to agree with you about the acceptance of realtor competence. One only needs to read the text of MLS listings to wonder what fraction of realtors graduated from the eighth grade.
greenlander | January 6th, 2009 at 4:57 pmNice Chevy truck Dawg, but $10K? Either it’s worth $1,000, or mine was a ’steel’ (as seen in a realtor’s remarks this week)
Jim the Realtor | January 6th, 2009 at 7:12 pmJim,
Found your blog via CR. Love it. I read this one a few days ago, and I can’t wrap my head around how 25% of the houses on a street can be in foreclosure in such a short period. Clearly, not everyone lost their job or encounted a financial hardship, so I’m left to conclude that these people had no chance of paying the loans in the first place. Makes you wonder.
I also the sentiments of the commenter above about the idiocy of some agents. My mother is a long time agent in RB, and it never ceases to amaze some of the stories she tells about her colleagues in the industry.
Former RB Resident | January 9th, 2009 at 7:37 am