bubbleinfo.com

Hat tip to SM for sending this along – another Aussie real estate advertisement:

This house is listed as 1,805 square feet on the tax rolls, but that has to include the upstairs loft.

Will buyers pay full value on the attic room?

This is the third time we’ve seen this property,and the price goes up every time.

When it was first assigned to us in June, I was thinking $175,000 for this house on Olive (though Mr. T was more optimistic).  There has been vigorous flipper activity in the lower ranges, and he thought this could get into the low-$200,000s.

These were the tenants who had their $1,000 per month lease invalidated by Bank of America, but then the tenant’s father the attorney intervened and they got to stay through the end of the year.

In the meantime, these three sales took place:

1. A standard 2 br/1 ba, 1,064 house sf listed for $175,000, and closed for $235,000:

http://www.sdlookup.com/MLS-100014268-1439_Olive_Ave_Vista_CA_92083

2.  A flipper bought this REO off the MLS on September 30th for $212,000, and put it back on the market on November 15 for $337,000.  It is pending, with the current list price of $289,900:

Before: http://www.sdlookup.com/MLS-100049366-1043_Olive_Ave_Vista_CA_92083

After: http://www.sdlookup.com/MLS-100067135-1043_Olive_Ave_Vista_CA_92083

3.  A flipper bought this on the courthouse steps for $219,000 in March, and turned around and sold it for $262,000 on October 20th:

http://www.sdlookup.com/MLS-100039095-928_Olive_Ave_Vista_CA_92083

In the last six months there have been 33 houses sold in 92083 between $200,000 and $250,000, and only 15 of the 33 closed below list price.  Many closed well above list.

I thought that we still needed to be in the low-$200,000s – this house isn’t buffed out, and it has some negatives, though they did pay for new carpet and paint.  I sent in my BPO at $229,000 with supporting documentation, so today they list it for $247,900. We’ll see what it sells for, but another example of a hot market:

The address is 1688 Olive, Vista, CA 92083, and it’ll be in the MLS tomorrow morning.

This San Marcos REO listed for $643,500 in May, 2009, and got bid up to $705,000 (the former owner owed $1.2 million at the time). Have another look:

In hot areas like Carmel Valley, home buyers are smart to consider expanding their target zone by looking at homes that need work – and if you buy one, you can remodel to your taste. 

Chances are good that any house you buy will need something fixed or remodeled anyway, so getting comfortable with repairs/improvements is inevitable. Check this before-and-after montage:

This Aviara tract house was foreclosed February 8th, and when we went by the first time there was a BMW in the driveway.  Boom, less than three weeks after the trustee sale, it’s vacant and on the market:

It might surprise you to hear this, but I’m a competitive guy.  There’s nothing I like more than a good old-fashioned open house derby - going head-to-head with another realtor in the same general vicinity.  Especially when my listing is the cheaper house.

This will be a battle of heavyweights too (the houses, not the agents).  Here’s the competition:

http://www.sdlookup.com/MLS-110011645-6335_Keeneland_Dr_Carlsbad_CA_92009

Here’s my new listing: