This REO listing is on it’s third time around – the sales history:
1986: Foreclosed
1987: $429,000
1995: Foreclosed
1995: $450,000
2000: $820,000
2010: Foreclosed (loans were $1.3M)
2011: $899,000 list price
Jim Klinge
Klinge Realty Group
Broker-Associate, Compass
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That’s going to get multiple offers… many at 899K.
Chuck
The purchase and foreclosure cycle going back 20 years is pure California.
That’s beyond cursed – doze it and sow the ground with salt.
My first thought was that a second story would take in the view even better. Put the master up there.
But the house is fundamentally a wreck….it’s hard to remodel a house when the design and layout is all wrong.
Might as well build new. I think people would rather have a new, custom home but that’s kind of expensive so they buy a tract home.
That said, people do buy the funky beach cottages in Leucadia. $899,000 can get you something decent inland, but only a small home in Leucadia. Some families like those….you are closer to the beach.
What would you guys guess is the premium for being west of the freeway?
20%? 30%?
I’ve always wondered.
Reminds me of a nightclub I used to frequent in college. Their slogan: Going out of business in this same location for 14 years!
It remind me of those restaurant locations that turn over ever year even though it seems like a perfectly good location.
“Count your money, well, at least dream about the days where you use to have money. Foreclosed now!” -JtR
Yep, another JtR classic line! Jim, you should really ponder writing a book of your quips–with your solid real estate advice thrown in). Yeah, where would you find the extra time to do that? You previously said you clock about 70 hours/week! You told me you even worked on Christmas Eve.
There are some of my favorite Hawaiian flowers (i.e. parakeets”) near the garage as Jim walked toward the front door. *Grin* That would up my offer price!
My late husband was the best finish craftsman on the planet, and even though we built two of our homes (Hawaii & OR), we wouldn’t make an offer on this house. Just my 2 cents. But there may be others who want to take on this project. Who knows? Keep us posted …
Why is everyone harshing on the layout of the house? What am I not seeing that’s wrong with it?
Here’s a custom (maybe) in the Shadowridge area of Vista, but in the big lots, more expensive part. I was chuckling while looking at the pictures and price, thinking ‘what an interesting specimine for the BubbleInfo blog ;).
http://www.redfin.com/CA/Vista/900-Quails-Trail-Rd-92081/home/3524184
Make that ‘specimen’. My spelling isn’t so good today 🙂
For frustrated Buyers I’d say offer 10%-15% less because the Sellers probably do have the fluff in the price.
Everybody expects a deal and a steal so you have to give it to them. If the Sellers don’t want it try someone else.
Good point on the fixers. Although I actually like the layout and setting of the house despite the power lines for $899K, why not offer $809K and close in 30 days, (this being a foreclosure might be tricker).
But to make it feel not so cheap you’d need new windows, flooring, maybe get rid of the tile roof, all elective, and then you are out of pocket another $250K. With price break call it $1,059,000 and I think you can find something better and ready to move in for that price. Tough deal, maybe it’s better go with the salt approach.
Ewac,
First, I would buy that house at that price. I would certainly change the layout. I don’t want funky step ups and downs going from room to room on the main floor. That long hallway to the master is a big waste of space too. I would move the master upstairs and make bedrooms downstairs that don’t need that long hallway.
The windows and fixtures all looked pretty cheap but I might just leave them after doing the above work.
Great video Jim.
i guess this is the true definition of failing up.
the asking price equates to a compound growth rate of about 3 1/4% a year over 23 years, allowing a buyer PLENTY of room to do a whole lot of restoration.