According to the tax rolls the builder paid $425,000 cash in 8/2005 for this lot in a gated community in the hills of Pala in 2005.
He borrowed $500,000 in 2006, and another $330,000 in 2007, to construct a 4,109sf one-story house on the 4.68 hilltop acres.
They tried selling it for $1,200,000, during the second half of 2006 – but no takers, and it ended up getting foreclosed in June, 2009.
We listed it today for $482,800, without appliances.
I think this is the first video to repeat in bubbleinfo history, so you may have already seen my initial journey in July – and yes, it’s still just as boring – 12735 Rancho Heights, Pala, CA 92059:
Wow. If we didn’t mind the isolation, we’d jump on that.
Nice one, Jim!
I agree a really nice place too bad it’s so far out of the way. Would be perfect if I was a pit boss, dealer, or some kind of casino management/support position.
That place would be amazing during a Thunderstorm.
Seems like a baragain.certainly one of those folks who likes to overpay 50k to get 8k from uncle sam will buy it.
There’s the Temecula $130 a square foot.
If I offer 600K, can they move it from Pala to civilization?
Those VALUABLE appliances are not included? What were talking refrig and dishwasher, stove? Well, forget it then, LOL! Look in local Craigslist or in the so-called builders garage unless the scumball already sold them to someone else…
Kind of like a used-house peddler (Realtor) selling an grossly overpriced house to a buyer that will by definition go broke, ruining their lives, and then re-sell same house to another victim later.
I think Larry calls that the ‘merry-go-round’ closing technique…
that looks like the ticky-tacky garbage from AZ. Meanwhile – why would anyone think someone would pay anywhere near $1MM to live in Pala – regardless of how hot the market was?
Kenmore? Past tense. Someone has to want to live in the boonies for 480k. So many people work from home now-a-days.
Yeah, great for a telecommuter who needs lots of space, both inside and out. Jim, how big was that garage? Looked pretty big – good for a car guy like me, or someone who wants a couple of cars and a workshop.
A very large 3-car garage.
Would make for a good business opportunity too.
How many plants can you grow in 4100sf?
Does it have a good 200 or 300 amp feed?
Need a generator. Don’t tip off SDGE.
pala? I think they got a decimal point mixed up.
Are u sure its not $48280.00:)
Why do all the schiesters on wall street seem to be getting all the help?The govt sends a check for 300 to people and tells them to get back to work.I am sick and tired of corporate america screwing the avg joe.They dont give a Sh@t about your job.If they can find someone to do it cheaper than your @ss is gone.Keep buying shares of citi and aig so the govt can sell your thier shares of these worhtless so called comnpanies.I hope none of you had money with the hedge fund crook arrested by the feds today.
Funny the way it is, when you think about it! DMB
Throw this down in coastal zone at 1.5M and its sold!
Very nice. If I ever had reason to step foot in Pala, California, I’d take it in a second. 🙂
Jim,
Please help those of us outside the S.D. area to understand the mindset of rabid S.D. buyers. Please expand a bit on the motivations to pay over list, among other insanities. Just today a story from your area http://www.kpbs.org/news/2009/oct/15/sd-city-departments-asked-make-big-cuts/
Thanks!
Can you get fire insurance on something like this?
Please expand a bit on the motivations to pay over list, among other insanities.
A few things. Currently there is low inventory compared to the amount of willing buyers in many areas. Secondly, many houses get listed well below market value to create a bidding war. If you list a house $60K under market value, don’t be surprised if it goes for $60K over list. At the lower end, there likely isn’t another house competing for offers. This creates a lot of competition and puts sellers in a strong negotiating position since they know the buyer can’t go put an offer somewhere else.
Kudos to Max Keiser, my new hero.
Time mark is 4:55:
“Another SUICIDE BOMBERS operation, give us another $ 700 Billion or we are going blow this economy up, you know these bankers in WallStreet are the equivalent of SUICIDE BOMBERS in another countries. They threaten to blow themselves up and blow up the economy in an exchange for huge bailout money”
http://www.youtube.com/watch?v=pFMgwL-Tq4s&feature=player_embedded
Do not miss part 2:
“WallStreet Jehadist are blowing the economy”
“how they can have record bonuses if they did not steal the money”
“ You are delusionary, prices (real estate) are not bottomed and real estate market has not bottomed. Delinquencies and foreclosure are skyrocketing that is not sign of real estate market bottoming. More wish full thinking and positive spin and justification for bonuses that should never be paid. Unless you want to pay other the terrorist, why do not you pay Osama Benlanden for great work he did in 9/11. I mean that the same as giving JPMorgan a bonus or GoldmanSches a bonus. They are all terrorists destroying the economy, one is using derivatives one using airplains”
http://www.youtube.com/watch?v=tbAqqLkiUkg&feature=player_embedded
I’ve always found that an argument was far more compelling were it well written. Even basic spelling would suffice in some cases!
However, what may be most troubling about this case brought by federal authorities in New York is that one of the people allegedly providing illegal tips on leveraged buyouts and other deals was an analyst with Moody’s Investors Services, the credit rating agency. The alleged tipster got $10,000 for his work.
The allegation about the Moody’s analyst raises serious questions about the safeguarding of the flow of information from credit rating agencies to traders on Wall Street. We’ve already seen evidence in a civil lawsuit against UBS that suggests some at Moody’s may have discussed potential rating changings on CDOs with some Wall Street banks.
Certainly lots of room in that place.
In a wildfire, that place is going to be a fun place for a BBQ.
another lawsuit against countrywide:
http://www.lasvegassun.com/news/2009/may/08/countrywide-financial-kb-home-accused-inflating-ho/