Monday, April 6th, 2009 at 12:15 PM
CV Foreclosure Tour
We have the list of 25 houses ‘worth’ over $1,000,000 that are in some stage of foreclosure. Nine of the 25 are on the MLS as active or pending listings, so I want to drum up some action on the other sixteen.
The only one that became bank-owned last week was 5004 Del Mar Mesa.
The 3.87-acre lot was originally sold in 2002 for $611,500. The 6,099sf house was built though not completed, yet sold in December 2006 for $2,750,000. PME Mortgage Fund financed the entire purchase, and the new owner borrowed another $600,000 from private lenders over the next 30 days to finish the project (?)
But he didn’t get too far, and apparently didn’t make any payments either, because eight months later PME foreclosed on their $2.75 million note.
They sold the house in September, 2008 (six months ago!) for $2,150,000, and carried a note again for $1,750,000.
Apparently that didn’t work out too well either, because they just wrapped up their second foreclosure in the last 18 months – and the property still needs to be completed!
There could be some unusual background that I’m not aware of, but that’s the way the story looks from reviewing the tax rolls. If they were to list it for sale today for $1.9 million, they’d probably find a buyer. But there are several homes listed much higher in the area, so they might push it, like most sellers.
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This 4,258sf house on Caminito Stella has been on and off the foreclosure list since last summer. They bought it in 2005 for $1,776,000, and have refinanced it a couple of times, with loan balances up around $1.8 million now.
The lady came down the driveway as this picture was being taken, but she said she had no plans to sell. She also mentioned that she had no need for me, because they have a real estate license.
The mailing address on the tax rolls is in Carmel-by-the-Sea, so this is either a second home or a rental. But there was no surprise in her snotty attitude, so it’s doubtful that she’s a tenant?
Posted on Monday, April 6th, 2009 at 12:15 PM in Foreclosures | 20 Comments » | 
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I admit that I am not up on modern design, but the first one looks like a prison/auto shop to me. Small slit windows and what appears to be garage doors on the back opening to an acre of concrete.
Jamey | April 6th, 2009 at 12:35 pmDiffering from Jamey,
I love that first house! As soon as I win the lottery…
I believe that’s the one that is clearly visible from Ted Williams Pkwy and is to me a landmark. I love contemporary design.
I totally dig that place and the lot is an awesome location.
As soon as I open my hedge fund, I’ll have to buy it off of whoever is holding it at the time.
Chuck Ponzi
Chuck Ponzi | April 6th, 2009 at 1:46 pmRegarding the first “house”, that’s the most awesome paintball park I’ve ever seen.
no bubble here | April 6th, 2009 at 2:07 pmThere could be some unusual background that I’m not aware of,
Getting careful with you wording in your old age Jim? Some lucky second lien holder saw $600k go poof in 6 months. That is providing the seconds were arms length lenders.
That first is pretty. The silver ghost and future replacement for the lamented Chevy could share a garage and Mrs. JtR could still have her own stall. You could even drive straight into the future pool with no bothersome ledges either.
Rob Dawg | April 6th, 2009 at 2:09 pmI thought the first place was the neighborhood’s new fire station.
Mike_S | April 6th, 2009 at 3:44 pmI agree with Chuck–I guess that is why I typically love fire stations (and libraries)! i do prefer a little less concrete and more wood. I would love to see a whole tract of modern homes built here in SD one day. I do know of a small custom tract that was started in Sorrento Valley on Shaw Lopez Row, Shaw lopez Park, but only 3 or 4 were ever built. The last I heard the owner of the land is sitting on the rest of the lots for some reason–we barely missed bying a resale in there back in 2003. It was designed by Rob Wellington Quigley (Solana Beach Library)sold for only $1.035–awsome house nice lot nice views. My Wife and I planning to someday build a Dwell home one day–Olivenhain???
Local Boy | April 6th, 2009 at 4:04 pmCommunist prison. Yuck!
CA renter | April 6th, 2009 at 4:21 pmIt is hard to tell but the 6099 sf new build is a pretty property. It is, after all, CV and it is clearly a “knob top.”
Were it mine I’d drop $200k on landscaping and hunker down.
Rob Dawg | April 6th, 2009 at 4:39 pmYa–I guess they could have gone with some larger windows–especailly with that view!!!
Local Boy | April 6th, 2009 at 4:42 pmThe first one (fire dept, library) looks like a Frank Loyd Wright wannabe meets tilt-up……
econman | April 6th, 2009 at 5:28 pmTo each their own, but that looks like it might have a retracting roof and lights, for the “heavens Gate” saucer landing.
Regarding the first, I’d have to throw in with the “I like it” crowd.
Also, if you believe we’re in for a Mad Max like future, it appears highly defensible!
tj and the bear | April 6th, 2009 at 6:32 pmI’ve watched the first house for years and I am torn on the fortress-like architecture. Lot has exceptional views, but not good with kids on a busy, blind corner and no neighborhood. What is criminal is the fencing installed about a year or so ago that is just what you’d find on a typical tract home – black prison bars breaking into your 270 degree view. The lot descends all the way down the hill to the bottom, yet the fence is installed on the top edge? It is unlike other comparable homes in the area in this respect. And despite the massive lot, there is a public trail that goes through it just a bit below the house, sacrificing privacy – but great for trail access.
Second house is two homes up from a foreclosure I considered making an offer on a year and half ago (There was an even better one a street over that I really was interested in, but JtR ended up bringing a buyer in on). Didn’t do it because of the strange steep street with only four houses and not much of a view. Worse yet, it’s surrounded with lots that will be developed sometime soon – peering down into that house.
robo | April 6th, 2009 at 8:28 pmThe first one would make a great correctional facility. Or if you were a concrete salesman, you could demonstrate your product.
Dwip | April 6th, 2009 at 9:10 pmWorse yet, it’s surrounded with lots that will be developed sometime soon – peering down into that house.
At the tail end of the last bust we checked out a pretty nice house in West Hills (SFV). The price had already dropped from $859K to $809K (with hints that it could be had for $759K), and the Realtor is pointing to lots the next step up the hill claiming they were going to hold million dollar homes. Okaaaayyyy. Somebody to look down right into the backyard, too.
Why mention the prices (which we couldn’t afford then anyway)? Well, some years later another builder acquired the hillside and built some posh luxury model homes 2/3rd’s of the way up… and didn’t sell any. A few years after that and KB Homes buys the hillside, splits every pad in half, and builds twice the number of homes originally planned.
Soooo, we got a couple-dozen 4000sf homes lining the bottom, half a dozen 5000sf homes clustered in the middle, and a hillside full of cheap 1500sf to 2000sf filler. Nice, eh?
tj and the bear | April 6th, 2009 at 10:24 pmtj,
Would that be the top of Victory, Castle Peak, or Bell Canyon?
Trying to figure out where the $800K+ homes were back then (that’s my old stomping ground). Back in the day, all of us kids used to 4X4 up to the top of Victory at night and look out at the Valley lights, etc., etc.
Fun times, until the developers came and ruined it with tract McMansions.
CA renter | April 7th, 2009 at 1:40 amPerfect opportunity to pick up a classy new fire station for Carmel Valley for a tenth of what it would cost the city to build.
Todd | April 7th, 2009 at 7:57 amI like good modern. The first house gets close but gray is a tough one to love. I imagine there was also a landscape plan never realized.
I don’t know for sure but I think the house is plaster over frame, not concrete. Though they clearly wanted it to look like concrete.
Quigley designed the Solana Beach Train Station. Frank Lloyd Wright never did anything like this house.
And, that second house is just regurgitated, faux-historic style, lots of foam. About as bad as it gets.
Mozart | April 7th, 2009 at 8:09 amCA Renter,
The homes at the bottom were on Atherton Lane.
tj and the bear | April 7th, 2009 at 8:47 amIt would appear that the home on Del Mar Mesa Rd just got sold again. For sell signs went up this week, and came down on Friday.
gaswalla | April 18th, 2009 at 6:39 pmMy wife and I drove by the Del Mar Mesa Rd. house this afternoon, it’s got a For Sale sign back up. This is definitely a “love it or hate it” house, but w/o landscaping it looks like … well, nothing nice anyway.
Carl | May 17th, 2009 at 9:59 pm