New Zillow Ad

The ads by have been singular in focus – bashing Zillow for not having all the listings.

In the meantime, Z is running away with the emotional content:

REO-Auction Contest Results

My high school baseball coach used to say,

“I don’t believe anything I hear, and only half of what I see!”

In our latest contest, readers submitted their guess at the highest bid + 5% buyer’s premium for this property in SE Carlsbad:


The auction included an outrageous set of conditions, which many thought would drive down the price to compensate.  They included:

  1. The 5% buyer’s premium tacked onto the highest bid.
  2. No showings.
  3. Tenant-occupied, and buyer was responsible for evicting.
  4. Cash only.
  5. No buyer’s agent commission paid.
  6. Not in the MLS.
  7. 5% deposit required upon winning.
  8. Reserve price.

They conducted the auction online, which gave participants the convenience of bidding from their couch at home. It should have allowed bidders the chance to double-check the comps as the auction wore on – because every time a new bid was made, they extended the ending by 1-2 minutes.

Those checking the comps would have seen that in the heat of the frenzy last year, three of this identical model sold for $638,000, $653,000 and $679,000.  Then in October this sale with nice view closed for $705,500, which was the highest price since May, 2007:

The bank foreclosed in 2011, and nobody wanted it then for $459,088.  The opening bid this week was $325,000, and once the auction started the initial bid increment was $25,000.

Most of our readers guessed it would sell in the $400,000s, which would be an adequate buffer to evict and remodel.

Look what happened today:



Somebody was willing to pay almost $200,000 more than the bank didn’t get in 2011, and that wasn’t enough to reach the reserve price?  Hopefully the bank will come to their senses and reconsider before that bidder changes their mind.  Counting the 5% buyer’s premium, the highest bid was $678,038!

Our closest and winning guess was $568,050, and submitted by blucore – congratulations!

Carlsbad REO Contest

Usually WaMu would have a REO agent do the normal routine – vacate, paint, and then list the home on the open market for just under retail.

The bank has already foreclosed – but instead selling of the old-fashioned way, they chose to make it an exclusive listing.

The house is tenant-occupied and can’t be shown, the buyer is responsible for evicting the tenant, plus the buyer has to pay a 5% premium but there’s no buyer-broker commission is offered (it’s not on the MLS) – and oh, by the way, you have to pay cash:



The opening bid is 42% of the previous value, which looks attractive:


P.S. This was foreclosed in 2011 – the trustee sale’s price that nobody wanted to pay then was $459,088.

What will the sales price be? (assuming the reserve price is reached)

The closest guesser will get 4 tickets to Padres vs Rockies on August 13th!

Encinitas Contest Winners


The contest for Padres tickets is complete – and it’s a tie!

We closed escrow yesterday at $710,000 cash. (list price was $699,000)

Raymond Byrnes guessed $709,500 and michael call guessed $710,500 – so you both win a set of four Padres tickets!

I think the reasons it didn’t go higher were that we were already listed at the very top of the range, and the house was too small for most people.  The third bedroom had a pair of doors on one side, and a single door or another – so the house was really a 2-bedroom plus den, and 1,424sf.  A single person bought it and paid cash.

See all the guesses in the comment section – thanks for playing!

Padres Contest

The Contest for 4 Padres tickets!

The closest guesser to the sales price of my new listing at 1620 Splitrail, Encinitas, will receive four field-level tickets to a Padres game.

splitrail map

Here is the Zillow listing – Zestimate is $701,924, and we’re listed for $699,000:

Here is the video tour:

A few photos:





We’ve seen some comps recently which may give some guidance, but all are a fair distance away.

1. This is still showing as an active listing on the MLS:

2. The $815,000 fixer that received two offers and went pending within 3 days:

3. The Elmview listing that didn’t make it onto the blog yet:

We’ll be having open house this weekend, 12-3 pm, so come by for a look!

Leave your guess of the eventual sales price in the comment section, and the closest will four tickets near the visitors dugout.

I don’t have season tickets, but a great friend helped me out.  The contest winner will be able to choose one game with either the Marlins, Cubs, Reds, Cardinals, Rockies, or Giants.  If one of those is your favorite team, you’d enjoy these seats overlooking the visitor’s dugout, plus the visiting-team’s owner seats are right in front of you.

This is from Opening Night, taken from the seats – Stan Kastens, president of the Dodgers, is the bald guy at the bottom-right with the rest of Dodger ownership:

dodgers vs padres

Submit your guess of the sales price in the comment section to win!!

Slider-Contest Results

The potentially wild and crazy Slider Contest (that I said could go $100,000-$200,000 in either direction) came to a rather unremarkable close yesterday.

The list price was $995,000, and it closed for $1,000,000 cash:

There were FIVE winners!

I’ll give doughboy, a 2x past client (and future), the contest tickets to the Giants game on September 2nd.  Because I am out of tickets, if the other four want to email me any favorite teams or dates, I will pick-up tickets for you.

See results in the comment section!

RSF Contest Winner

linea1We have a winner for the RSF Bank-Deal contest!

LP = $850,900

SP = $980,000

Congratulations to James D, who guessed $982,000!

James won 4 field-level tickets to a Padres game!

The agent added an addendum later stipulating that the bank was only considering cash offers with a 10% good-faith deposit and no contingencies.

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