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How hot has the market been lately?  For the well-priced inventory, sales have been tremendous.

But with the multitudes of offerees, and the way the list prices are being overbid, doesn’t there seem to be ample demand to soak up at least a few more foreclosures?  The banks have to be seeing the upsurge in activity and be thinking about unloading more REOs, what if they all get bought up?

Here are some examples of ones we’ve seen this year:

361 Bryan Point, Chula Vista

5 br/5.5 ba, 4,287sf

YB: 2007

SP: $1,301,500  2/07

LP: $585,900 2/09

SP: $630,000 3/09

 

Not surprised that there was a lot of action on this one, and that it sold over list – remember the youtube video tour?  http://www.youtube.com/watch?v=6_F7l3_6KCo

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1559 Villa Cardiff

4br/3 ba, 1,983sf

YB: 1978  6,534sf lot

SP: $1,000,000 12/06

LP: $599,900 12/08

SP: $525,000  5/09

 

$525,000? This is the fixer right across the street from the I-5 freeway, with a spectacular view of it – here’s the youtube tour: http://www.youtube.com/watch?v=wHh2V1qPZFY

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1353 Ahlrich, Encinitas

3 br/2 ba, 1,633sf

YB: 1974  10,500sf lot

LP: $569,000 3/09

SP: $640,000 4/09

 

 

I usually don’t get too negative about the chances of a house selling for crazy money, but as you’ll hear in this video, I thought the LP was ridiculous – the house looked just like it did in 1974.  Yet it still sold 12% OVER list price: http://www.youtube.com/watch?v=1nrW3tqbAmM

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1659 James, Carlsbad

4 br/3 ba, 2,216sf

YB: 1981 12,480sf lot

SP: $490,000 5/03

LP: $499,900 4/09

SP: $597,000 6/09

Sure, these former owners added a pool, but this house was a wreck when they bought it in 2003.  They had refinanced with a loan of $637,500 in June, 2007, so they might have dressed up the interior too, but no photos included.  Must have been decent though, sold for 19% OVER list price. 

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958 Eolus, Leucadia

2 br/2 ba, 1,137 sf

YB: 1948  25,700sf lot

LP: $599,000 3/09

SP: $630,000 4/09

 

This looks like the best buy so far, because they only paid 5% OVER list price.  But the house was run-down, the lot probably wasn’t splittable, and it was on cesspool septic system, though it did have cedar closets. 

Here’s a youtube tour: http://www.youtube.com/watch?v=su2e8nS35mQ

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735 Lynwood, Encinitas Ranch

4 br/4.5 ba, 4,888sf

YB: 2003  9,373sf lot

SP: $1,076,000 4/03 (new)

LP: $1,449,876  11/08

SP: $1,162,500 4/09

 

They listed on range pricing but lowered it consistently, and by the time they found the buyer they were listed at $1,049,000 to $1,199,876, so they probably felt that they did OK. 

But since THREE others on the street have gone pending – all higher priced, including a smaller house on the same side of the street! 

Here’s a youtube tour: http://www.youtube.com/watch?v=ejoDeQ0qUpY

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9745 Tallus Glen, 4S Ranch

3 br/3 ba, 2,181sf

YB: 2004

SP: $444,125  7/2/08

SP: $525,000  7/29/08

SP: $530,000  6/19/09

 

Remember this one from last year?  My client had picked this up at the trustee sale for an attractive price, and when he flipped it the same month, everyone called knife-catcher.  But they didn’t get killed, in spite of a very small backyard and looking at a busy street.

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Just cherry-picking you say?  Those are older closings, what about today? 

Oceanside is a good test case, but is it just the low end that’s hot?  SFRs under $200,000 are understandably hot when rents are higher than payments.  But will it rise up the price ladder?

We listed these two on Friday:

4773 Sequoia, Oceanside

3 br/2 ba 1,006sf

YB: 1985

4,025sf lot

SP: $434,000 3/06

LP: $179,800 6/09

 

Offers started rolling in right away, and we’re up to 14 bids so far, with the highest OVER $220,000 net.  While this price point is still attractive to investors (three all-cash offers), the owner-occupiers are willing to go much higher.

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398 Pismo Bay, Oceanside

3 br/2ba  2,031sf

YB: 1996 

9,205sf lot

SP: $568,000 11/05

LP: $359,000 6/09

The original owner had the builder complete this floor plan as a two-bedroom, with a master retreat and a den – not the most marketable.  It would seem that if there was going to be evidence of some hesitation in the marketplace, we might see it here.  The location is by the back gate, buried amongst a bunch of inferior older tracts, and a long way from town – about 30 minutes to the I-5 freeway in the morning.

But four offers are in, with a couple close to $400,000.

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Both of these were helped by Jon Mann’s production – he has two model matches to Pismo Bay that he listed for $379,900 each.  One of those just closed for $390,000 VA, but it was the more traditional four bedroom set-up.

Mr. Mann is the guy buying 5-10 properties per month at the trustee sales.  According to the MLS, he has 57 properties in escrow currently, with an average market time of 8 days – including the 1,400sf house on Eolus that he listed last week for $649,000, and may have picked up a leftover buyer from the one that just sold for $630,000 (above).

Everywhere you go, properties that are priced right are garnering multiple bidders.  Even if the banks unleash a slew of foreclosures, there seems to be plenty of unsuccessful bidders that wouldn’t mind having more inventory.

How long will it last?  If more REOs were being listed, and you saw them blowing off the market too, would it change anything for you?

 

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