Remember this one from 18 months ago?
It’s the 4,453sf house in Rancho Carrillo that Wells Fargo foreclosed on when they couldn’t get $1,000,000 at the trustee sale. Optimistic, they listed it for $1,100,000 in October, 2007.
In the first week they received an offer over list, and it closed for $1,175,000 in 12/07.
Today?
Back on the market, and just lowered to $998,000.
The new owners listed for $1,175,000 three weeks ago, so they must not have had many showings, if any, for them to drop so much, so quick. But if they think they’re going to incite a bidding war, they need to handle this, seen only in the confidential remarks:
The stucco damage around the outside of the home will be fixed, as will the front door.
Million-dollar buyers considering Rancho Carrillo may be reluctant to offer on what probably looks like a fixer, though this house does have a larger yard – will it be enough?
Hat tip to doughboy for passing this along!
These folks may have been suffering from the “Jenae hangover” if they had been looking for homes during the summer of 2007. It was in the first six months of 2007 that she popped those Bressi deals nearby for $1.2 to $1.3 million, which could have made this one look like a deal.
Sorry, new here who/what is Jenae? I seen the word/person mentioned here before but have no idea:)
So let me guess, they thought they bought a steal of a deal as a foreclosure. They then rented it out at a big loss, the tenants did damage to the unit, and now they need to take a $200K loss just on the sales price.
Lets hope they put 20% down and take some of the loss themselves.
Is it any wonder why unless the government guarantees the loan banks are cautious? Jumbo financing requires a large DP, verified income, and good credit for a very good reason.
I always have kept and eye on this house. This was a sweet house when new. Maybe the largest lot in El Rancho de Carrillo. I knew the original owners and they dialed the house inside and landscaping/pool was stellar. If there is still stucco/drywall and front door damage that has been that way for the past 18 months. Before this went into foreclosure the home took a beating. Rancho Carrillo prices have taken a sizeable hit for having a Carlsbad address/92009. This section of Carlsbad is San Marcos schools which are not bad, but San Dieguito and Carlsbad schools are perceived to be superior. I bought 2860 Via Conquistador down the road when it was new, stayed there 2 years and one day! Just enough time to take the money and run in ’03! Prices there today are right at 2003…or leaning to 2002.
I always wonder what the confidential remarks are when I see that on MLS. But why wouldn’t the owners fix the stucco and front door damage before listing?
Just imagine what goes through a prospective buyer’s head while standing at the front door. *Chuckle* You never get a second chance for a first impression…
This is the classic, “catch a falling knife”.
Remember the foreclosure on La Gran Via you wrote about, Jim? The large, two-story with the fancy kitchen?
It’s back. Looks like it foreclosed again, or?
Oh, and it looks like flippers are going all-out on the Alrich house with the green carpet/sailboat wallpaper.
Too bad, because that would have made a nice home for a family instead.