Areas like Rancho Santa Fe are prime for sellers who list at reasonable prices. The REOs look GREAT when there are so many houses not selling (344 detached active listings today in the Ranch), and besides, everyone in Rancho Santa Fe wants to steal one from the bank!
This 3,148sf one-story house in the Covenant (south of Paseo Delicias) sold for $3,595,000 in August, 2006.
It was foreclosed in May, 2009 when no one jumped at the $1.8 million opening bid, so the lender notched down, and listed for $1,599,000 on July 17th, about half of what it sold for three years earlier.
It closed for $2,090,000 on September 1st, a whopping 23% OVER LIST PRICE!
Here’s a video tour:
All it takes to sell is a reasonable list price!
Sorry, I know this isn’t related…but thought you’d be interested. I just saw this ad on craigslist, someone selling their kitchen for 25k, “you remove”. Reminds me of the ad you posted a while back.
http://sandiego.craigslist.org/esd/app/1365994763.html
~40% off peak. How’s everyone elses’ listings look compared to that?
Thanks jinx.
If there are any law enforcement folks reading this, the house at 3102 Terra Seca in Jamul will be foreclosed once the owner, David Hill, clears bankruptcy court.
Of course the “dave.h” listed in the ad could be anybody.
I’m completely unclear as to why that is such a great deal? The house is real old, really dark, kind of dated, and $675/sf. $2.1 Million for a 3100sf house? Yes, the acre is nice, but is the extra outdoor space worth a million more than a 3100sf house would cost in Carmel Valley? There are houses in CV with 3500sf, beautiful big back yards with panoramic views for $1.4 Million. I see the allure of RSF and the extra space, but not at that adder.
Everyone knows I’m a lousy photographer so don’t hold the crappy cinematography against the house. It is lighter than it looks in this video.
It was a great deal at $1.599, based on what else in the Ranch that’ll get you. $2.09? Not so much, and I’d guess that the guest house had a lot to do with the frenzy.
Folks in the Ranch will bristle at you comparing them to CV – how dare you? 😉
Don’t forget… very hot in the summertime.
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I’m completely unclear as to why that is such a great deal? The house is real old, really dark, kind of dated, and $675/sf. $2.1 Million for a 3100sf house? Yes, the acre is nice, but is the extra outdoor space worth a million more than a 3100sf house would cost in Carmel Valley? There are houses in CV with 3500sf, beautiful big back yards with panoramic views for $1.4 Million. I see the allure of RSF and the extra space, but not at that adder.
Wow | September 9th, 2009 at 4:06 pm
Walk to RSF village is a plus too, but it would be a hike to the golf course.
I’ll also suggest that the ease of showing helps build a frenzy/bidding war. With the rest of the OPTs taking a day or two advance notice just to see, it sure was convenient to pop into this one. But I’m not sure that RSF agents have lockbox keys – no reason for them when every listing is shown by appointment only.
House seems very dated, looks like it was built in the ’70s or something.
I love the saltillo tile in that one. Not all fakey-McMansion. You won’t find a house with tile like that in CV.
But I agree with the comment about it being hot in the summertime.
Beautiful home.
I’m going to say it again; OVERSHOOT! Even the high end now. Witness the frenzy and sales price over list price. Wow.
I don’t know,call me crazy, but I have a feeling that a year from now, that won’t seem like such a great deal, but somebodies got to catch those falling knives.
Loved that house. The style and detail were great -so much charm and character with the doors, tile and fireplaces.
I can’t believe that Craigslist ad! What nerve. Or, would that be stupidity and greed? That reminds me – I recently saw a listing which stated “borrower forgot to leave the kitchen.”
Any chance of putting the carpets from this home on Carigslist? 🙂
Is it really illegal to sell the appliances if the house hasn’t been foreclosed yet? Doesn’t the owner still own their house and can still do whatever they want with it? Or am I missing something here?
About the craigslist ad… is it truly illegal when ownership has not been officially passed on to the bank or other party ?
Unethical certainly, but breaking the law? I’m not so sure.
I saw a thread on another blog a few months back about owners trashing houses that were in process of being foreclosed. The neighbors called the cops but they said there was nothing they could do because technically it was “still their house”
Satillo tile is $1.25 a sq ft, what is to love? It is what the poor folks put in their house in real Santa Fe, NM. $2m is a joke!
Saltillo may be only 1.25 a sq ft but unless you have actually installed it, sanded the edges, cut it,sealed it,grouted it,don’t put it down it looks great.I know I have alot of it here I installed myself,it reqires some maintenance but it will last a lifetime!
I like that house (except the pool – I would fill it in). Not sure about the pirce, but I at least $1.5M of the $2M is for the location, location, location.
Beautiful. Reminds me of the La Quinta resort in, well, La Quinta. I’ll take it all. The saltillo, the bath tiles, the kiva fireplaces. At the $1.6 price, it makes Carmel Valley look like the joke that it is.
The inside of that house looks similar to the Santa Barbara County Court House. CV vs RSF would be like the Detroit Lions vs the Pittsburgh Steelers.
You may fall out of love with the saltillo tile once you realize you can’t get any furniture level. You’ll get tired of trying to figure out exactly where to place shims to keep everything from wobbling!
I watched a neighbor in foreclosure remove air conditioners and appliances yesterday. I guess they are within their legal rights as they still “own” the house. Perhaps they’re remodeling?!
I don’t like saltillo tiles either. They are not as easy to clean and if you have water spilled on it, it is hard to wipe it out. The gouge is so wide, you could easily have a “river” between tiles.
“I watched a neighbor in foreclosure remove air conditioners and appliances yesterday. I guess they are within their legal rights as they still “own” the house. Perhaps they’re remodeling?!”
Yeah well if you take this to the limit then I guess you could say that if the owner tears the house down save one wall then he is just remodeling as well. Clearly there is a line here. I think at the least these owners should be blacklisted and never permitted to get another home mortgage again period (especially now that the government (aka. we the people) now own the mortgage market).
I’m going to say it again; OVERSHOOT! Even the high end now. Witness the frenzy and sales price over list price. Wow.
Sales price over list price is a meaningless statistic, because all it takes is an extremely low sales price. 56% below peak price in is a pretty low list price in a high end area. How many people here thought that the high end was going to drop 40%?
People who do damage to thier home and steal stuff as it is being forclosed on are losers.They are taking thier problems out on the bank and wont face the reality it is thier own fault they cant pay their bills.
It doesn’t change the fact they still own the house. The only problem I can see is if the mortgage contract has a clause that specifically states that they can’t remove any of the appliances from the home. But if such a clause doesn’t exist, then what the owners are doing may be perfectly legal even if it isn’t very ethical.
“The inside of that house looks similar to the Santa Barbara County Court House.” (3clicks)
Hey, do you live in Santa Barbara County? Just curious…
Random fact: I lived in Santa Barbara for eight years (college, then managed to find a job afterwards).
Susie, I’m in North County SD. I wouldn’t mind retiring in SB however.
My apologies to the hard-working cinematographer. And I also didn’t intend to compare CV to RSF. You can substitute Carlsbad, Solana Beach, Encinitas or others for CV. The only difference between those places and RSF is density. RSF is completely fine but density is it’s only plus. I think people get too caught up in the supposed cache of RSF. It’s further inland than every one of the communities listed above and further away from La Jolla, Del Mar, San Diego, etc. The RSF village is beautiful but is nothing more than a banking and real estate office haven. RSF buyers are paying for the lot size and how much is that worth vs a home in these other communities? An extra $100k, $200k? Definitely not $1 million…..
Wow,
Agreed, the cachet of Rancho Santa Fe isn’t what it used to be.
The homes are dated, the acreage is a pain to maintain, and competition from surrounding areas for the same high-end buyers is fierce.
Don’t apologize about my work, I cringe every time too. Maybe I should take a class, or read the instruction manual? You’ll know when I take it personal, my new policy is to delete, and forget.
So a low list to generate interest and maybe fan the flames into a bidding war. Better to list too low than too high, I suppose. In any event, the bottom line is the close price and its relation to peak value as far as I am concerned. When I see multi-million dollar homes closing at 40% off peak and yet some people (not you Jim) somehow trying to spin this into a positive for the high end I can only shake my head.
I also tend to look at dollars down as opposed to % down to get the real feel for the true devastation. 40% down in a peak $400K condo is $160K loss, which hurts, but compare to a $3.5 mil home down 40% = $1.4 mil loss, that is downright terrible. The devastation of wealth is of far greater magnitude in the high end and I bet you it will take alot longer to recover than the low end.
“Susie, I’m in North County SD. I wouldn’t mind retiring in SB however.” (3 clicks)
Yep, I’m on the Central Coast in that county. If you ever retire here, you can hear a local radio station’s jingle: “Santa Barbara! Where you can get a fixer-upper for a million…”
Even with the housing meltdown there’s not much selection to choose under $900K-$1 mil unless it’s a condo IN Santa Barbara. I hear there’s been some deals in the $600-$700K range for tract homes farther north of SB in the town of Goleta, but that may be disappearing by now.
Jim, the only problem with your camera work that *ahem* “needs work” is to remember to move the camera away from the windows just enough so that the camera can better balance the light levels whenever you’re filming something very dark.
Also, don’t ever erase anything. You never know when you might need it. Especially in court. 🙂