Wednesday, January 7th, 2009 at 11:03 AM
REO in Olde Carlsbad
Anything decent house in Carlsbad that lists around $500,000 gets a lot of attention these days. Here’s an example of what you get for the money:
Posted on Wednesday, January 7th, 2009 at 11:03 AM in Foreclosures/REOs, Jim TV, Local Flavor | 14 Comments » | 
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Smokin’ deal (I know the ‘hood
) It is less than 2 miles to the beach and about 1.5 to the village. Very close major shopping, pretty good schools, and easy freeway acces to both the 5 and the 78.
The tile is a major drag, but the immediate required fix is a couple of retaining walls. If you look at the back yard, you’ll notice the hill has been cut away. The former “owners” (and I use the term loosely) dug it out to increase the size of the yard, but failed to put in the retaining wall before they crashed and burned.
That said, at $461K list in this neighborhood, you know why there are 15+ offers. Every time I drive by there are more people looking at it.
CB Mark | January 7th, 2009 at 12:00 pmI know that neighborhood. As CBMark said, it’s not too bad in that part of the “hood”.
I’d be concerned that the excess moisture that runs down that hill would cause plenty of mold growth. I’d bet that’s why there’s no carpeting.
Thanks for keeping us informed and up to speed with these vids Jim.
JAP | January 7th, 2009 at 1:24 pmBought it in 07 and defaulted in 08? Was their even such a product as a 1 year Option ARM? (pardon me for not knowing). It seems like they defaulted before their mortgage even adjusted. What gives? Makes me wonder if the adjustment is really the issue here. Is it job loss? Or did these people even intend on making more than 6 mos. of payments before taking off?
BAM | January 7th, 2009 at 1:30 pmThanks for showing an average house, Jim. I was starting to think you only served the very high-end and very low-end segments of the market.
greenlander | January 7th, 2009 at 1:52 pmThis is a great sign of things to come!
In early 07, a condo in my zip code (I’m in San Jose – moving to SD in June) listed for $199,000. Got TONS of offers because the condos had been selling for $375K+ in that development for years.
Now there are tons of condos up for sale — all foreclosures — and the price is down to $169K or so.
So, if this house is attractively priced at under $500K (and I agree, that’s a good price for the area) — I’d expect another 15 or so of those this year, each one likely priced a bit cheaper than the rest.
I am excited for the future!
-Erica
Erica Douglass | January 7th, 2009 at 1:53 pmKnife catchers beware, this will be much cheaper in the future. Sorry that the future. Good for those of us with cash who sold and rented.
Sims | January 7th, 2009 at 2:50 pmI dont like SD any more, going north to escape the wankers and crowds. Bring back the 70′s!!
What is going to happen to CA with the BK in the future? Not enough money and Gov wont raise taxes? Will unemployment go over 10%? Bread lines?
Sims | January 7th, 2009 at 2:52 pmThere are a lot of homes in the county (esp newer ones) that have backyards that slope up with a home behind. Is this always going to lead to runoff into the home below? What are some of the problems that one must consider if looking at a property like this?
Thanks
Kyle | January 7th, 2009 at 2:55 pmSims,
2 thoughts:
There are wankers and crowds everywhere in Cali. Sadly.
second, in my opinion, there are more attractive places in the US right now. Texas looks like the land of opportunity. Especially with reasonable budget problems and no state income tax. Property taxes keep RE cheap.
Chuck
Chuck Ponzi | January 7th, 2009 at 4:52 pmWow.
That’s not bad. I like the tile. I hate carpet.
Things are looking up.
KC | January 7th, 2009 at 5:43 pmNEW YORK(Dow Jones)–Fannie Mae (FNM) is in the market to sell a three-year benchmark note, on the heels of Freddie Mac’s $6.5 billion sold on Tuesday.
Freddie’s $3.5 billion five-year note sold to yield 2.621% and the $3 billion two-year note sold to yield 1.565%. Price talk on the Fannie deal, the size of which has not yet been announced, is in the area of 93 basis points over comparable Treasurys. The deal is likely to be sold on Thursday. Joint leads on the deal are Barclays Capital, Deutsche Bank and JP Morgan. -By Anusha Shrivastava, Dow Jones Newswires; 201-938-2371
Jim the Realtor | January 7th, 2009 at 6:50 pmKyle, we had an issue like that in Seattle, and putting in a french drain fixed it with little hassle. Your mileage may vary.
I personally find this video very encouraging. I don’t think we are at the end of the bubble tunnel yet, but you can finally see light at the end. There will be an adjustment period though, when people who have delayed and delayed and delayed buying a house during the years of insanity finally decide to pull the trigger. I think we should all show up at OC renter’s housewarming party.
Dwip | January 7th, 2009 at 7:30 pmKyle -
Make sure there is a drainage canal at the bottom of the hill to catch the runoff and direct it away from your home to a storm sewer. Also make sure the canal has a decent slope to it or you’ll be shoveling out the mud that inevitably comes down the slope with the water.
Dan Tanner | January 7th, 2009 at 8:10 pmThis is one of ~20 houses on that side of the street – all with the same rear slope. I wouldn’t think that hill moisture was an intractable problem, or it would be well known. There’s a drainage swale on the hillside, and properly designed yards have french drains. I suspect this is another manifestation of the former “owners” landscaping prowess.
CB Mark | January 7th, 2009 at 8:59 pm