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Thursday, January 28th, 2010 at 3:12 PM

REO Rancho

There has only been one house in the Covenant close under $1,000,000 so far, the 1,862sf one on 3.16 acres at 6427 Paseo Delicias:

http://www.sdlookup.com/MLS-090036222-6427_Paseo_Delicias_Rancho_Santa_Fe_CA_92067

It had listed for $1,320,000 in June, but had to lower to $999,800 before it sold for full price on September 30th.  Will there be more?

This will be a good test:

Posted on Thursday, January 28th, 2010 at 3:12 PM in Foreclosures/REOs, Jim TV, North County Coastal, REOs Coming to Market, Thinking of Buying?, Thinking of Selling? | 15 Comments » | Email Email | 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: 15 Responses

  1. Here’s the previous short sale listing if anyone wants to see more pictures…

    http://www.sdlookup.com/MLS-090030405-15641_Las_Planideras_Rancho_Santa_Fe_CA_92067

    UCGal | January 28th, 2010 at 4:50 pm

  2. Ha, catchy title.

    Coffee is for closers.

    RB Renter | January 28th, 2010 at 7:27 pm

  3. That is an awesome property IMHO and could be a real showpiece. RSF is getting tempting at these prices.

    pemeliza | January 28th, 2010 at 7:36 pm

  4. I agree, when you think of what you get for $1.0 to $1.3 in other areas, getting 2+ acres in the Covenant is going to attract some attention.

    Lago Lindo was another Covenant REO that closed recently. It fell out of escrow twice, and still sold over list price, all-cash:

    http://www.sdlookup.com/MLS-090059727-5840_Lago_Lindo_Rancho_Santa_Fe_CA_92067

    The Oceanside beach bungalow has a full-price offer in, and two more expected tomorrow. The offer in was from a Dana Point agent and fan of bubbleinfo – hello Tony! Did you see the listing on the blog? I hope you did, that way if B of A ever complains about my coverage here of their REOs, I can tell them it’s working!

    Jim the Realtor | January 28th, 2010 at 7:45 pm

  5. That is an awesome property IMHO and could be a real showpiece.

    I’ll *third* that sentiment. If I were residing in SD these days I’d be seriously interested. Beats the hell out of anything in CV.

    tj & the bear | January 28th, 2010 at 10:32 pm

  6. I could live in that house with no updates.

    3clicks from da beach | January 29th, 2010 at 7:40 am

  7. Why would the REO agents not expose it to the rest of the market? Are they trying to get both sides of the transaction? Just askin’.

    Lou | January 29th, 2010 at 8:25 am

  8. I can’t believe Lago Lindo sold over list, all-cash, with all the potential problems you mentioned in the video. I guess it was the giant lot. Maybe RSF does have levitation magic.

    osidebuyer | January 29th, 2010 at 10:34 am

  9. osidebuyer – Lago Lindo is one of the ‘prime’ streets in RSF and it is difficult to get on that street for a ‘reasonable’ price. Essentially LL will support prices well above the $3-4mm range if done right. Thus high lot value due to location.

    clearfund | January 29th, 2010 at 7:35 pm

  10. Lou – they don’t expose it to the rest of the market so they can bring the buyer *and* the seller, thereby getting all the commission instead of half.

    Slimey, slimey, slimey

    Locomotive Breath | January 29th, 2010 at 8:48 pm

  11. Not on this property though.

    Jim | January 29th, 2010 at 11:29 pm

  12. Locomotive Breath – That was the only thing I could think of but I’m sure the banks want maximum exposure too so I’m a bit surprised this would happen other than rarely and certainly not in this market.

    Lou | January 30th, 2010 at 8:17 am

  13. There are listing agents that are all too happy to breach their fiduciary duty to their bank-sellers, out of greed.

    One agent said that they want to sell their own listings before inputting them onto the MLS to limit having to process so many offers.

    Jim the Realtor | January 30th, 2010 at 8:29 am

  14. Nice interior. The outside is showing its age, but that could be second home neglect. Might want to get an engineer to look at that brick retaining wall.

    doug r | January 30th, 2010 at 9:27 am

  15. Yes some agents do try to double end their assets but this one will go to the offer the asset manager choses, all offers will be submitted.

    Jim | January 30th, 2010 at 1:40 pm

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