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The REO sale in Rancho Penasquitos finally wrapped up yesterday!

We had a contest running on who could guess the final sales price (it listed for $414,8000 on March 26th).  Here is a link to that post with the contest guesses, and other videos about this property: http://www.bubbleinfo.com/2010/03/27/fear-and-loathing-contest/#comments 

Our contest from November 16th just wrapped up.  Here is a link to the original post:

http://www.bubbleinfo.com/2009/11/16/beach-cottage-contest/

At that time, all we knew was that the opening bid was $513,000.  Bank of America went on to list it for $524,900 on behalf of the seller, and we had four offers right away.  The highest offeree was a Vegas guy who owned not one, but two private planes, but he objected to the bank’s demand to waive his appraisal contingency.  So we waved bye-bye to his $575,000 offer, and took buyer #2, a single guy who owns a number of properties (double-digit) who plans to live there for the time being.

Congratulations to pemeliza, with the closest guess of $550,000!

Honorable mention goes to Billy Atwater for guessing $552,500, and predicting that it’ll close in late spring! The list of guesses are posted in the comment section.

A pair of Padres tickets and a t-shirt for each of you!

This REO was assigned to me on September 10th, and just hit the open market today, listed for $414,800. Has it been going up in value the last few months?

We’ll see – if you feel like guessing the final sales price in the comment section, the closest will get a to-be-determined prize package, including an assortment of Padres tickets and bubbleinfo t-shirts. We’ll see if the B & D appliances still pull their same cachet! 

I had so much trouble giving away Padres games last year, I didn’t renew my season tickets, after 12 years.

Nathan won the contest for Charger playoff tickets, but said he couldn’t make it, and to either give the tickets to the second-placer, or do something else with the dough.

Let’s do something else, so all bubbleinfo participants can benefit.

What could we spend a few hundred dollars on?

• Data research?
• Pizza parties?
• Haiti relief?
• Medicinal marijuana for shadash?
• Paint for the truck? (hat tip to Justin)

Arturo Ruiz’s ride screams his Chargers pride. The Logan Heights resident painted his 1966 Chevy truck, and his house, in blue and gold.

Congratulations to Nathan, the winner of the Chargers playoff tickets!

He guessed there would be 8,457 active listings of attached and detached homes on the MLS.

http://www.bubbleinfo.com/2009/09/22/tsunami-needed/#comments

Today there are 8,608 active listings!

December, 2008 the average amount of homes for sale was 15,116.

On August 11th there were 11,457 active listings in SD County.

On September 22nd there were 8,149 active listings, and it looked like CA renter would win again if inventory continued to taper off.  But it didn’t!

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On September 22nd there were 11,011 pendings, and today there are 10,313 pendings. 

Just a pause before the Spring Kick?  Or more downdraft ahead?

I don’t have the inventory-per-day stats, but in November, 2008 there were 4,248 new listings inputted onto the MLS, with the list prices averaging $271/sf. 

Last month there were only 3,546 new listings, and they averaged $279/sf. 

The REO tsunami dripped another drop today, I was assigned this property whose trustee sale was just last Thursday, November 12th. 

The former owner was from Newbury Park, which, according to wiki, has the highest median prices in Ventura County, and among the most affluent areas in the country.  It is typical for these types of folks to come to Oceanside, thinking they are going make a killing on beach real estate.

This is a unique property, so let’s have a contest!

Guess the eventual sales price!

On the tax rolls it’s 3 br/2 ba, 1,300sf on a 1,500sf lot.  There aren’t any great comps, and no appraisals or BPOs have been completed, so I don’t know what the list price will be.  But the opening bid at the trustee sale last week was $513,000 with no takers.

The vacant lot in the video below had listed for $499,000 but had to get down to $275,000 before going pending (sellers paid $399,000 in 2004), and the new condos featured in a previous video have all closed between $405,000 and $781,000, so it appears there is still an appetite for beach real estate in Oceanside!

You can see photos at this link, where they are asking $1,900 per week in winter, and $2,000 per week for summer rentals:

http://www.vrbo.com/71346#photos

The person with the closest guess to the sales price will win a T-shirt!

The REO in the village of Carlsbad finally listed today.

The list price? $601,900.

I mentioned that my BPO was $599,900, but the video must have been powerful.  Of the record 92 guesses, only 19 were under $600,000, and 20 were OVER $700,000!

I appreciate the optimism, and it’s a direct contrast to prior contests when most guesses were well below the eventual sales price. 

I’m hoping this doesn’t get too out of control, because I just received my latest quarterly scorecard, and got ripped again for selling them too high.  Every category had a perfect score except BPO:SP, which equaled 114%.  They dinged me for 35% for missing so badly!

The contest was to guess the sales price, and the winner to receive a slightly-used bubbleinfo t-shirt and prize-to-be-named-later.  Guesses are in the comments section, and here is the original video:

http://www.youtube.com/watch?v=kbO–aYtaV8

Here is the link for more photos:

http://www.sdlookup.com/MLS-090060158-1070_Buena_Vista_Carlsbad_CA_92008

Open House Sunday 10/25, Richard will be there 12-4pm.