bubbleinfo.com

The agent first inputted this listing onto the MLS on October 29th, noting that the list date was 6/30/09 – why do you wait four months to get it on the MLS?

It was immediately marked pending, then withdrawn all within a few minutes.  A couple of weeks ago she changes it from withdrawn to sold in the MLS, noting that it was a short sale that needed work, the contract date was 7/18/09, and that the buyer’s agent was an anonymous out-of-towner:

There are so many of these happening, the banking industry should put a cap on commissions to reduce the temptation – or pay a reward for reporting them.

The remains of the former Barratt American tract in Carlsbad has closed escrow. Bank of America had foreclosed on their $7,812,000 mortgage in December, 2008, and they put the whole package of six houses and five lots on the market in May, 2009.

Click here for our first and second youtube tours from last year.

Although the salespeople said in May that the bank was adamant about a quick close, it took until now to wrap things up.

Here is our next, but probably not last, segment in the Saga of Magnolia Estates:

Let’s catch up on some of the properties featured here in the past, leaving out the house numbers to protect the innocent:

Anza REO, Vista, 92084

2 br/2 ba + extras, 1,492 sf on tax rolls

SP: $470,000 10/04

LP: $132,900  10/09

SP: $163,000  10/09 all-cash

65% below previous SP

http://www.youtube.com/watch?v=xbaFPk2RNus

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Harbor REO, Vista, 92081

3 br/2.5 ba,  1,535 sf

SP: $456,000 5/07

LP: $386,400 10/09

LP: $349,900 – nine days after lowering the price to $349,900, it was marked pending (still is).  The same model closed for $371,500 two weeks ago.

If it closes at $345,000, it’ll be 24% below previous sales price.

http://www.youtube.com/watch?v=-o_JnvRT8ok

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Allesandro Trail, Vista 92084

4 br/3 ba,  3,110 sf

SP: $370,000 10/2000

LP: $499,000  9/09

SP: $487,500 11/09

An unfortunate occurance here – my seller had decided to cancel the listing and not move.  But a couple of weeks later he passed away of a heart attack.  His estranged wife re-listed, and somehow I was able to re-generate some enthusiasm from a previously interested buyer without having to dump on price.

http://www.youtube.com/watch?v=Y5oT-kq23-U

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Mango REO, Del Mar 92014

4 br/2.5 ba,  2,646  sf

Loan amount = $996,000, foreclosed 1/09

LP: $629,900  10/09

SP: $705,268  11/09 cash

Our tour of this house is towards the end of this video:

http://www.youtube.com/watch?v=yi1wCQ_WkIY

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Seabright REO, Solana Bch, 92075

4 br/3 ba,  2,370 sf

SP: $930,000  6/04

LP: $899,900 10/09 PEND after 24 DOM

This didn’t take long to find a buyer, and probably didn’t have to discount much from the list price.  Not much drop off from previous SP either.

http://www.youtube.com/watch?v=f_A753FtlGo

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Spanish REO, Encinitas 92024

4 br/5 ba,  4,237 sf

SP: $1,535,500  8/04

LP: $ 989,100  10/09

Still not pending due to unresolved dispute with next-door neighbor who wants to buy property, and is threatening to sue over the right-of-access over the shared driveway to get bank to sell to him instead of the highest bidder.

http://www.youtube.com/watch?v=tgbjXnJisXw

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Lago Lindo REO, RSF 92067

4 br/5.5 ba, 4,654 sf

SP: $2,875,000  5/07

LP: $1,879,000 10/09

Yesterday it fell out of escrow for the second time, but you wouldn’t know it because the LA puts it back to CONT, instead of ACT. 

They are attempting to re-ignite urgency among the previous offerees before putting it back on the open market.  They are hoping to keep some urgency alive with the previous offerees, giving them a private shot at buying.  If you throw it back to ACT, all offerees think there must be a problem, and want to hold back.

http://www.youtube.com/watch?v=JaKrK2rYUcs