These owners bought this Bressi Ranch home new for $1,109,000 in July 2005, financed 90%, and refinanced three times since.
I’m fairly certain that this is the seller that called in mid-2007 asking about an offer-to-purchase that was presented to her by a certain realtor working the area, that included a kick-back of $100,000 to the brokerage, and raised the sales price to compensate.
I told her that I thought that she could be seen as a co-conspirator attempting to defraud a federally-insured bank.
The sellers listed it for sale instead, and vacated shortly thereafter. They have really struggled with a number of issues since, and fallen out of escrow at least two times. I don’t think they’ve made a payment since they left, but the NODs have come and gone.
In September, 2007, the list price was $1,300,000.
Today? $799,900.
Here’s a youtube video tour:
I like the trademark slang, “Comp killer”.Nothing like chasing the market down.Haven’t you given us several blogs about what not to do when pricing?Some people never learn I guess.Nice house though, highly upgraded.Out of my price range.I am down to eating off the dollar menu at carls jr and shopping at dollar tree.I might need to borrow that new chevy of yours so i can start making some money again.Is it for rent?I will return it full of gas, I promise.I wont do any smoke rolls!!!!!!!
Inquiring minds would like to know whether the 3 refinances resulted in net cash-outs. That is, are we looking at a homeowner who lost her $100,000 downpayment, or at one who actually made money on the whole thing?
Nice video, Jim.
The group home has been a heated debate for Bressi Ranch residents. I heard buyers walked out of the home they were going to put offer on once they found out the group home is few doors down. So sad.
665 days! That’s ridiculous. These banks move like slugs on hot pavement. At least that squatter has been enjoying himself. I kept thinking he would jump out of a closet at any moment when you were touring the house.
love the videos been watching since LA times article….whomever said they were too long is incorrect.
I learn more in one video than I do reading 20 minutes of “nife catching” dissertation from the contributors around here.
It is a bad market we get it…..
“I’d better get out of here. Actually, let’s go upstairs.”
You should charge for the videos. I shouldn’t be laughing this hard for free.
Jim, have you ever come fact-to-face with a squatter? Did any of them get aggressive?
Jim once handcuffed two or three squatters (kids really) with zip ties in one of his REO listings, did a citizens arrest, and called the cops who sent them home to their parents.
I work across the street (El Camino) from Bressi Ranch. I’ve taken walks at lunch through there on a regular basis since I started my job in March of ’07, which I guess was around the peak prices ~$1.2M The amenities around there are amazing with the parks, pool, clubhouse. Now they have the new Albertsons and Trader Joe’s right there. What’s the MelloRoos/HOA there?
$799K seems like a deal at $177/sq ft.
I lived across ECR and Bressi Ranch back in ’05 when I talked to one of their sales people and flat out told them their development was over priced. Of course she thought I was crazy but she kept calling me back every few mos with special deals and lower pricing up until early ’07. Not sure what happened to her, but I never got to tell here I was right 😀
Osidebuyer: HOA is about $225, including: cable TV! MelloRoos, not sure, but quite high.
I assume you work for Viasat?
Not Viasat, but good guess. I’m a digital artist at a video game studio (www.highmoonstudios.com). We lease one of the buildings in the Viasat ‘compound’ there, right next to the Purefitness gym.
Bressi Ranch would be an awesome location for me, but still out of my comfort zone on price. Maybe in the future a ‘move up’ buy from the house I just bought in east Oceanside.
Hey osidebuyer, I’m soon to be a Rockstar, except programming is my game. Take your time with Bressi, that one’s gonna fall hard. I bet we see close to $100/sqft before it’s all said and done, and that would be just fine with me.
OT: Can anyone help me find a rental house in Solana/Del Mar/Encinitas? Pretty please?
Genius, I’ve posted this before but the place I just vacated is a steal at $2400/mo on the sand. That is, if you can handle living in Oceanside and don’t need a house. It’s a corner unit with parking garage underneath (only 1 shared wall). It’s about a 20 minute drive to your studio.
http://propadvantage.com/PropertyAdvantage-ListingsDet.php?propID=00573
Also, don’t know if you’re into it but we play ultimate frisbee at lunch with Rockstar and Namco folk at the fields off Ambrosia. Come on out and try, it’s very beginner friendly.
Bressi Ranch, yuck. Sorry, but I know the area well and I think eventually it is destined to become a subiaslum. And, it’s in the San Marco’s school district!
maybe $499K for this house. maybe
Thanks osidebuyer! I’ve been looking for websites like that. Up in Los Angeles we have Westside Rentals, but I haven’t found a similar listing site for SD. I’m more of a bball player, but I may be down for some ultimate. Thanks for the invite.
Hey Kelja,
Not to start a conflict but just to get the facts reasonably straight, I believe Bressi is in the Carlsbad School District – maybe you are thinking of nearby Rancho Carrillo? It’s in the San Marcos but Bressi is not. Mellos Roos are around $200/mo for Bressi and HOA is around $238/mo…
-Big Fan
Kelja:
why so much hatred towards Bressi Ranch? Because you can’t afford it? Sour grape.
Bressi is in the Carlsbad school district.