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Tom Tarrant is close to finishing the Lady, click here for story:

Whatever happened to some of those previous posts we saw? It’s good to go back and see what sold, and for how much, to see if there are any deals being had out there.

Here are some results from April/May posts.:

5855 La Jolla Mesa, La Jolla

4 br/3.5 ba, 3,225sf

WaMu funded a loan of $2.28 million when this sold in October, 2007 for $2,850,000.  Things didn’t work out for the buyer, and he got foreclosed in March, 2011. 

Chase listed it for $1,800,000, and it closed for $1,850,000 cash on May 17th.

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2150 Sunset, Mission Hills

4br/3.5ba, 3,026sf built in 1926

The church-like house on the hill with some ocean view had refinanced several times, eventually getting a $1.35 million loan from Thornburg, who ended up foreclosing in Decemeber, 2010.  It listed for $1,398,500 in February, 2011, and found a buyer after 89 days on market.

It closed for $1,125,000 on June 13th.

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3419 Dove Hollow, Olivenhain

5 br/4 ba, 3,248sf

Remember the old ranchito out at the end of Lone Jack?

It has a good sales history, with improvements along the way:

2001: SP = $855,000

2002: SP = $1,015,000

2004: SP = $1,370,000

After it foreclosed in August, 2010, it listed for $999,000. It was a popular one, and sold right away (DOM = 5).

It closed for $1,000,000 on May 26th.

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860 Capri, Leucadia

4 br/3.5 ba, 2,028sf built in 1971

The former owner paid $945,000 in 2005 for this funky old place near Capri Elementary School, got foreclosed, and was listed for $649,900 by BofA.

It closed for $749,000, on June 22nd, almost $100,000 over list price. The listing agent noted that the buyers received $26,000 for repairs too.

From the U-T:

The condo owners in the landmark El Cortez Hotel building in downtown San Diego have received a $6.4 million settlement in a construction-defect lawsuit and are moving to fix the many water leaks that were detected even before they moved in.

“I believe this construction defect settlement will improve our situation financially,” said homeowners president Barry Bruins. “I believe lenders will be interested in the building again — as well as the fact that the real estate market seems to be coming back in general. All things are coming together to help our values come up a little, and I think they will continue to improve.”

There are currently three units for sale, ranging from $214,340 to $225,000.

Located at 702 Ash Street, El Cortez opened in 1927 and achieved its pinnacle of popularity in the 1950s after the addition of a glass elevator and Sky Room cocktail lounge on the roof of the 17-story building.

But the building eventually lost its attraction, fell into disrepair went through a series of ownerships and uses before developers Peter Janopaul and Anthony Block bought it in the 1990s, restored it to its original look and reopened it as an apartment building in 2000 and converted it to condos in 2004.

However, in the restoration process, plumbing problems were not adequately handled and the developers sued their contractor and subcontractors and the condo buyers sued the developers as well.

“I’ve been doing complex business litigation and construction defect litigation for 20 years and I have never seen a case like this before,” said the owners’ attorney, Andrew Berman.

He said five years of litigation involved six lawsuits, 200 depositions and multiple construction tests.

The settlement, reached earlier this month, will net the homeowners association just over $3 million, some of which will be used to repay a $200,000 loan taken out earlier to fix the worst problems.

“The board will be very careful about spending money that will save us money in the long run in the maintenance of the building,” Bruins said.

Janopaul, who has left San Diego and moved back to hometown of Modesto, said the financial outcome is somewhat less than the original settlement he and his business partner, Anthony Block, offered at $3.5 million.

“The homeowners association was in a terrible situation,” he said. They had to ask for $27 million so they could get $3 million.”

As for the substance the construction complaints, Janopaul said the problems in his mind were “not a big deal,” but grew to major proportions through battles waged by the attorneys.

Looking to the future, Janopaul still hopes to build an annex on the north side of the block and will seek a three-year extension of the city permit that expires at the end of the year. But when he moves forward with construction is unknown.

“Nobody’s clamoring for condos,” he said.

Hat tip to Kelly Bennett for sending this along, from marketwatch.com:

Equity Residential today announced that the company has acquired Vantage Pointe in San Diego, CA for $200 million.

Vantage Pointe is a 40-story high rise featuring 679 apartment units, 26,425 square feet of retail space and 968 underground parking spaces. The purchase price values the apartment units at approximately $291,000 per unit and $348 per square foot of rentable apartment space.

The property was developed as a condominium project and completed in 2009. Amenities include a clubhouse, rooftop pool and sundeck, fitness center and theater. Equity Residential purchased 100% of the units, which are being operated as rentals and are currently approximately 22% occupied. The company has begun a comprehensive marketing and leasing campaign and expects a year-three stabilized yield of approximately 7%.

“The acquisition of Vantage Pointe is another example of the opportunities we have seized this year to add high quality, well-located assets to our portfolio at prices well below replacement cost,” said David J. Neithercut, Equity Residential’s President and CEO. “And, as we have shown with the success that we have had at our 425 Mass property in Washington, D.C., we are able to tackle large, complex deals to create long term value for our shareholders.”

Equity Residential now owns and operates 14 properties, consisting of 4,963 apartment units, in the San Diego market.

Equity Residential is an S&P 500 company focused on the acquisition, development and management of high quality apartment properties in top U.S. growth markets. Equity Residential owns or has investments in 479 properties located in 21 states and the District of Columbia, consisting of 134,484 apartment units.

(The previous owners had a $210 million loan on it.)

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