Sunday, April 26th, 2009 at 8:31 PM
$150,000 House in Vista
The listing agent reports that their are several all-cash offers in on this new REO listing:
Posted on Sunday, April 26th, 2009 at 8:31 PM in Jim TV | 30 Comments » | 
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That has got to be the worst house you’ve ever shown on video. It even beats the mold farm. The graffitotagging puts it over the top.
Chrisg | April 26th, 2009 at 9:01 pmI laughed out loud at the comment about barking.
greenlander | April 26th, 2009 at 9:37 pmLOL. Great video. The dog comment, the graffiti. Man. What a wreck. I don’t understand. Several all-cash offers? Nice foundation. Mold. I wouldn’t be surprised if it’s termite infested. Gosh. How can we be at bottom when there’s still a frenzy to buy POS places like this? Either that or we missed bottom and we are back up in the V.
j | April 26th, 2009 at 9:56 pmWow, just wow! I’m nearly speechless…
Susie | April 26th, 2009 at 10:01 pmI hope the several all cash offers are below 60K
mybleachhouse | April 26th, 2009 at 10:20 pmIs that $150k US Dollars? or 150k RMB, which is probably the most I would pay for that place. That’s a pretty nasty crack in the foundation…
Myriad | April 26th, 2009 at 10:44 pmRemember, Zimbabwe’s currency is called the dollar, too.
Too bad you didn’t shoot more of that 12ksf lot, because the house just needs a few moments of quality time with this guy…
http://www.youtube.com/watch?v=IKh2351eyQ4&feature=related
tj and the bear | April 27th, 2009 at 12:00 amIs the lot minus the cost of bulldozing the house worth $150K?
That said, if the house costs $150K and it takes you another $50K to get it into rentable condition, that means you need to net about $833/mo to pull in a 5% annual return. Considering the types of tenants you’d be likely to get, even that seems like a tall order.
Blissful Ignoramus | April 27th, 2009 at 12:18 amThat’s a big lot-the land alone might be worth $150k. Maybe. You probably could sub-divide it and put two or three houses on the lot, depending on local zoning. Maybe redo the original (or tear it down and replace-with so many problems, that might be the simplest way to go) and build another one or two in the backyard-corner lot, so that seems doable.
Geotpf | April 27th, 2009 at 1:04 amYep. Proof-positive we are nowhere near the bottom (unless the offers are well under $100K like bleachhouse said).
CA renter | April 27th, 2009 at 1:07 amAt least the listing is honest:
http://www.redfin.com/CA/Vista/508-Huff-St-92083/home/3405395
LENDER OWNED-SWEAT EQUITY FOUND HERE. 3 BED 2 BATH SINGLE LEVEL ‘EXTREME FIXER’ WITH LARGE PRIVATE YARD. WELL LOCATED IN CHARMING TREE LINED NEIGHBORHOOD. SOLD IN ITS AS IS CONDITION
“Extreme fixer”. I like that.
Geotpf | April 27th, 2009 at 1:48 amYuck.
Agreed that the barking at traffic line was a Jim LOL classic.
Former RB Resident | April 27th, 2009 at 4:58 amAnother one of those “was it vandalized or did they live like this” houses. And it will probably get sold for over $150k too.
no bubble here | April 27th, 2009 at 6:17 amJim, would you consider followup pieces on some of these dogs (woof) to see what the buyers did to get them rent ready? I’m just curious about the before/after.
no_techie | April 27th, 2009 at 7:12 amTheresa informs me that HGTV property shows now refer to those mottled dark patches as “potential bio-organic discoloration.”
Rob Dawg | April 27th, 2009 at 7:26 amI was at the Padre game on SU and Jim you were filming that mess in Vista. Peavy’s pitching was just about as bad as that house…not quite that bad! It was Little League day at Petco. Fun day with hundreds of players and parents sitting field level out in left. Just 3 sections down from the “Club Jim” corporate box!
doughboy | April 27th, 2009 at 7:35 am$150K??…..hell I wouldn’t pay $150 bucks for that hell hole!
r king | April 27th, 2009 at 8:02 amOh, but don’t forget it’s in a “Charming tree-lined neighborhood”.
KC | April 27th, 2009 at 8:21 amI think that must be the worst house you’ve shown so far. I can’t imagine anyone living in something like that.
Erin | April 27th, 2009 at 9:09 amOh, I don’t think the neighborhood is the problem-Jim might know whether or not the neighborhood actually is bad, but my guess is probably not particularily. And, yes, I think they lived like this (in the sense I think that people who lived in the house spray painted that room as opposed to vandals who came by later). If it was random vandals, EVERY room would be graffitied, not just one. That was “the graffiti room”, apparently. You know, family room, great room, bath room, graffiti room. Every house needs one.
Geotpf | April 27th, 2009 at 9:09 amThe neighborhood isn’t that bad, and I agree Geotpf, I think they lived there like that.
dough, thanks for bringing up the Padres – I went Saturday, the night with the big retro jersey promotion that they were pushing for days about how it was going to be a sell-out, etc.
They knew 40,000 people would be there, but I only saw about one of ten wearing a jersey. I got there in the first inning and was too late, I got a rain check for my jersey.
All I have to do is come back to the Padre office during business hours IN AUGUST to pick mine up.
I’m embarassed for them, they must really be hurting for “dough”.
Jim the Realtor | April 27th, 2009 at 9:45 amI disagree that this is the worst house Jim has ever featured. The old folks’ home / sanitarium was worse, and I am sure there are others that I can’t think of right now.
Still, I wouldn’t even take the place for free.
Kwaping | April 27th, 2009 at 10:10 amDawg…
I love the “potential bio-organic discoloration”. Now we’ll be seeing the new acronyms “P-BOD” and “BOD”, or realtor’s comments such as…”Did you see the BOD in that house? I’d give it a “10″.
LC Jim | April 27th, 2009 at 10:18 amThe spray paint room is probably a kid’s room. Remember the one with all that paint that looked like a 10 year old did it? I guess some parents don’t put limits on what their kids can do. But, a little coverall and paint and you won’t notice. The Bio-whatever collection, however, is a bigger problem. If the new owner burned/tore that house down and started a new, it would elliminate the mold issue.
Former RB Resident | April 27th, 2009 at 10:28 amAnyone have a tractor to bulldoze that thing?
arizonadude | April 27th, 2009 at 10:37 amOld racist joke with a new PC twist: How do you start a bulldozer?
Rob Dawg | April 27th, 2009 at 10:44 amHow?
Dwip | April 27th, 2009 at 12:30 pmCan this lot be split into 2 lots with 2 separate buildings?
Myriad | April 27th, 2009 at 12:42 pmReal-estate investor shares thoughts on new appraisal policy
The Inland Valley Daily Bulletin.
Matt Wrye, Staff Writer
Created: 04/25/2009 06:21:38 PM PDT
http://www.dailybulletin.com/business/ci_12228714
“Economists and real-estate agents are counting on homeowner affordability to stabilize California’s housing market mess, but Bruce Norris couldn’t disagree more. Owner of The Norris Group, a Riverside-based real-estate investor and financial broker for other real-estate investors, Norris says it’s not what a home shopper ‘can afford to pay’ that’s key in turning this market around – it’s what they’re ‘willing to pay.’”
“He’s bucking the popular belief that a 5 percent or 10 percent price drop on Inland Empire home values will usher in the market’s bottom. Think 20 percent or maybe more, he said. ‘It’s because of the 1004 MC form,’ Norris said. ‘It’s very dangerous.’”
“This ‘market conditions addendum’ for appraisers to use – enforced April 1 by the mostly government-owned mortgage investors Fannie Mae and Freddie Mac and loan insurer Federal Housing Administration – might thrust the economy’s fragile mortgage system from its depressed state to something much worse, Norris argues.”
“The new addendum says a house must be appraised at the neighborhood’s median home value instead of market value, as long as the home is located in a downward market and as long as the mortgage is a Fannie Mae, Freddie Mac or an FHA-backed loan. Median home values in certain neighborhoods are taking a beating these days because their prices are skewed by dozens of foreclosures – which means nonforeclosed homes are slated to get hit by a double-whammy price-depreciation phenomenon.”
“Norris has already seen values stated on local home appraisals drop 20 percent in the past 3 1/2 weeks. ‘If this plays out, things will get much worse,’ Norris said. ‘We’re going to devalue the loan portfolios of almost every lender in the state of California. This could crash the system – it really could.’”
Nathan | April 27th, 2009 at 12:47 pmhaha, zillow’s high on that place is 256k.
interesting that according to Vista’s Municiple Code, all R-1 Lots must be 10,000 sqft. http://www.cityofvista.com/WebLink7/DocView.aspx?id=11091&dbid=1
so it sounds feasible if that lots is just over 20k sqft then you could split it if the city would approve (big if IMO)
tgs | April 28th, 2009 at 8:04 am