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Thursday, March 19th, 2009 at 7:01 AM

Showdown on Baroque

When I was discussing with the private-party owner of this 4 br/2.5 ba, 1,999sf house on Baroque in Oceanside, we thought $399,900 was an attractive price – she had paid $565,000 in August 2006. 

There’s a 2,300sf house across the street that backs up to the slope instead of having a view.  It listed last month on the range $375,000 to $425,000, and went pending after nine days. 

My listing is at the very end of the culdesac, and has this view:

 

 

 

 

 

 

 

 

 

But we’re not taking it for granted, the seller also had new paint and carpet installed, and it’s vacant/easy to show too.

As the carpet installers were wrapping up on Monday, an agent called who was listing a home down the street.  She said it was a 3 br/2.5 ba, 1,739sf house, and her manager told her to consider all the comps (she had 23) and then knock off 5% because it’s a short sale.  She thought she’d be listing it around $320,000 to $330,000.

Instead, on Tuesday it hit the market at $306,750.

We had thought our $399,900 would look pretty attractive, but now we have our hands full.

There’s also another sign in front of a foreclosed property on the street that isn’t on the open market yet. 

What we thought to be a manageable sale has now turned uncertain.  If you are thinking of selling, one of your biggest concerns is the other potential sellers nearby mucking up your chances - get it done!

Posted on Thursday, March 19th, 2009 at 7:01 AM in Thinking of Buying?, Thinking of Selling? | 9 Comments » | Print Print You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Reader Comments: 9 Responses

  1. Something seems out of whack. 23 comps pointing to $320-330K yet one went pending across the street that was listed $375-425K? Were the comps not really comparable,, or did the pending get a lucky sale?

    If it were me, I’d probably still put it on the market for $399K and see what happens.

    The Good Life | March 19th, 2009 at 7:13 am

  2. I think she was just considering smaller 3 br houses around the area, and didn’t consider the 2,300 square footer in her calculation.

    Jim the Realtor | March 19th, 2009 at 7:16 am

  3. And more to come…

    This is a bad time to be a seller.

    shadash | March 19th, 2009 at 8:03 am

  4. I dunno. A lot of people, including myself, dismiss the pricing on short sales completely. It seems like that 99% of the time, they are priced way below market, and 99% of the time they never sell at that price because the bank doesn’t agree to the sale.

    I’m sticking with the REOs in my search.

    Geotpf | March 19th, 2009 at 8:35 am

  5. As a *home* buyer, I would offer you close to list for the view and extra bedroom/sq ft. I don’t know about the rest of you, but those kinds of “extras” are worth $$ to me, if I’m going to live there.

    Someone buying purely as an investment would probably see it differently, though.

    Kwaping | March 19th, 2009 at 9:19 am

  6. Is this a short sale?

    Mozart | March 19th, 2009 at 9:24 am

  7. My listing is not a short sale, the other is. Mine was rented for $2,295 for the last three years, but may be worth less today.

    Jim the Realtor | March 19th, 2009 at 9:25 am

  8. If it’s not a short sale, why don’t they keep renting it? Any time listing this while it’s vacant is lost income for her.

    Better to sit on it for 3-5 years.

    Mozart | March 19th, 2009 at 9:34 am

  9. I am a homebuyer – not an investor – with everything ready to go… 20%+ for downpayment, mortgage set, could close in 20 days, very secure job, currently renting. I am the living sterotype of today’s buyer for the under $450k market in North County.

    I saw your listing for Baroque last week and thought it was overpriced (sorry). Why? For me: location. When there are other homes on the market (and more to come, I hope) that are in Carlsbad or just on the fringes that are within that price range, why would I buy that far out? True, they may not have that view, but I’ll trade that for a solid school system everday even if I have to do a little work to update the home. Yes, competition is stiff but I’ve been watching and waiting for more than 2 years… I can be patient.

    Your website lists the property as pending, so obviously my criteria doesn’t apply to everyone. Just thought you might want some honest feedback from an actual buyer who saw your listing, thought about it for a bit and then passed over it.

    jordana | March 20th, 2009 at 10:57 am

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