We knew there would be double REOs – houses that get foreclosed back-to-back.
2612 La Gran Via, Carlsbad
4 br/3 ba, 3,834sf
$1,100,000 12/05 refi mortgages
$961,006 11/06 Trustee sale O-bid, REO
$876,000 5/07 SP
$733,146 8/09 Trustee sale O-bid, REO
$778,000 8/09 LP
It’s been featured here before, a typical Old La Costa custom with funky floor plan and a smaller back yard. This former owner was a restauranteur, so we can probably chalk this foreclosure up to the economic downturn?
Interesting to note that the IndyMac current list price is higher than the opening bid at the trustee sale. We’re going to watch this trend, and remember those lenders who list lower – no reason to buy at the trustee sale if you can get it lower, later.
The first of many, uh, “deuces?”
Do you have any current data relating trustee sale bids with list prices? I bet the chart would be all over the place. It surprises me that IndyMac still has their name on these… or not.
Does the $1.1 mil count as a sales price?
Woohoo!!! Two foreclosures for everyone!!!
The knife is still sharp.
“We’re going to watch this trend, and remember those lenders who list lower – no reason to buy at the trustee sale if you can get it lower, later.”
Very smart to notate. Things like this set you apart, Jim.
Coffee talk: Fish or cut Bait…….discuss amongst yourselves.
Does anyone know which banks tend to list lower vs higher? Arent they all listing higher?
That REO is in an older La Costa neighborhood that is going through the ringer right now. Two short sales in the low to mid 400k on Azahar St, nearby sales in the low to mid 500s, and now 7632 Cortina Ct, a 4 bedroom on large lot sold in July for $290k (it was a fixer headed to foreclosure, but still).
There are at least a few triples in Las Vegas already!
Jinx,
One of the short sales on Azahar was already contingent when listed, which leads me to believe it isn’t an “open market” sale.
The other short sale on Azahar has a VERY unappealing layout (split-level, not done well), and needed a lot of work.
Not sure about Cornina…was it even listed on the MLS, because we didn’t see it.
OTOH, there is a house on Quebrada that listed for over $800K, and it’s pending. It has an additional bedroom and expanded kitchen, but these homes were selling in the mid-to-high $700K range at the VERY, VERY top.
It’s an odd market, but most of the homes that come onto the market with a decent price are already sold (contingent or pending) when they are first listed. Not sure what to make of it.
CA Renter, I don’t know if Cortina was in the mls. I didn’t see Cortina until it was being flipped for 500k (saw it on redfin, but not anywhere else). It needed too much work for my taste.
I haven’t seen the Quebrada house over 800k, but all I can say is “what are they thinking?”. I remember seeing a short sale about 3 weeks ago or so on the same street for 550k. And around the corner on Levante another for 575k. Interesting…
Seriously “what the heck” on the $800K+ price tag. Nothing like that has sold around here for anywhere near that price in a long, long time (if ever).
The $550K house on Quebrada is a model-match for the $800K+ one, minus the add-ons, pool, upgrades, etc. It needs a lot of work. I’ve heard the slab is cracked and it has drainage issues.
Every now-and-again, you see these “WTH” sales. It’s these sales that give all the sellers “hope” so they keep their prices elevated way above what the market will bear. It’s a very weird market right now.