The foreclosure carnage in Chula Vista has been well-documented. The McMillin-built tracts on the east side of town have been hammered, but hey, there’s nothing price won’t fix!
There are 49 houses on Blairwood Avenue, and 8 of them have been in foreclosure recently. Two already resold, three have been served notice, and three are bank-owned and in the process of being resold.
When new in late-2004 and 2005, the majority of these homes sold in the $600,000s, a few sold in the $700,000s, and a handful sold in the low-$800,000s.
Today’s market? This 3,181sf house listed for $399,000!
The recent model-match comps:
$420,000 SOLD 1/30/09 Short Sale
$480,000 SOLD 2/27/09 REO
$479,000 PEND 3/12/09 REO
The $399,000 list price may have been determined before this recent activity.
North county, eh? 😉
South Bay again? Must be wanting to show those TV producers that you have a diverse client base .
The problem with bottoms is that they’re based on a post-hoc notion. You can only tell after the fact.
These stories of lots of offers do lend credence to the notion that the problem is one of price, and not of liquidity.
I happened to be down that way, so it only cost me an extra 20 minutes out of my day.
I was fascinated at what could garner 40 offers, and it turned out to be a rather pedestrian house.
The difference? They had the hot price, new appliances, and were offering 4% commission – very smart seller there, based on results.
I don’t understand why two thousand dollars worth of new appliances will cause any significant difference in the price or number of offers on a house priced at twenty times that.
I wouldn’t buy it for $299,000. I wouldn’t buy anything down there and I grew up there.
I love that gleaming white tile on the entire first floor. Looks like you could lace on a pair of ice skates and bust out double-axels in the living room all day long. And the lucky winning bidder will probably only be around $50-75K upside down in a few years.
That’s a lot of house on a small lot. If that’s your thing, 4 to 5 is probably right. If you have a good sized family but a limited budget, I could see that being of value. Schools in CV not too good though, right?
But, JEEBUS, can someone PLEASE do something about the tile explosion? What did Jim call it, the “Travatine tile decade” or something like that? I actually like hard surface flooring (much of house is old hardwood), but that’s a bit much.
What is it with the smoke detector batteries, $2 for a 9V. The LA can replace the appliances but not a battery…
Really, not bad at all if you happen to want tile. A lot of houses in Chula Vista aren’t very appealing even if they are much less money. I can see why it got 40 offers.