These new REO listings in the Covenant should help loosen up the stand-off between buyers and sellers in the Ranch.
When checking the sales in 92067, 92091, and Fairbanks, you could say sales have been a bit stagnant. In 2005 there were 253 houses that closed escrow between Jan. 1 and Oct. 30, and this year there have been 119 houses close YTD, a 53% decline.
Here’s the latest REO:
Man, what a house! Or should I say a mansion!
I can imagine how a family would live in there. It’ll just be like the Osbournes where the family will live mostly in the kitchen because they prefer to be close together, it’s more comfortable, and you’re closer to the food. 🙂
I loved your drive through town! I’ll have to check the video again to see how many odd looks you’ve received, especially after those few quick “Aoogas!”
Thanks Jim! Great video as always!
Park the S Class. The ’66 heavy will inspire ENVY from those swine realwhores every time. Next open house, just drive up on the lawn give ’em an aooga blast and when you open the door have the Corona bottles all fall out. You really need a hula skirt girl doll for the dash to complete the ’66 experience.
As for the house, perfect for a single person. I would turn it into a reality show house and invite some neighborhood weirdos in to share the happiness and freak out the neighbors. I would make the Beverly Hillbillies look like conservatives. Turn the tennis court into a 24 hour skateboard park and the guest house into a drive up bordello by the hour, pool priv. not included…
What a POS.
And gee, wa mu takes another one in the seat – over a mill loss. What Great Bank executives they had. lol.
Never mind the purchase price, can you imagine the cost to furnish a house that big?
Never mind the purchase price, the cost to furnish and the size. The thing is not a mansion it is a McMansion. Same tacky granite, shiny marble, stucco and sticks (love that Jim). That thing is a piece of junk. And what’s up with Rancho Santa Fe? The topography is a cross between a desert and a jungle. The best thing (well really, only good thing) about SD is the weather and water, so why live in a hood that looks like Honduras?
Anybody here ever watch Househunters International? Do you see what you can buy for half the price (or less)? Let me put that another way, imagine what you can buy in other parts of the world for that price.
I think it’s pretty nice. Big house, Pool, Tennis Court what else do you need?
Although if I had the money I’d tear out the tennis court and put in a garage to work on and collect cars.
At first I thought you were going in “undercover” as a gardener or such, but no… guess you want to rub it in their faces now that RSF is no longer their exclusive playground. 🙂
Very interested to hear how long these properties take to sell and what those prices will be.
Love the drive thru town with the ’66 heavy…every time I go into RSF, which is almost every day,I deliberately drive my ’88 “restoration project” with the fading paint.
Nice! I just wish that while you were there you had toured the panic room and mistresses’ shack.
Thanks Jim – I got a good laugh watching your video after a long, rough day. I would love to live in RSF “casita” surrounded by orange groves/open space but that house actually made me appreciate my little house….
Hey, let’s all just pool our money and buy the greatest party house in the world! Jim’s truck is just an introduction to all the wonderful sights and sounds the RSF bluebloods can expect to see when the bubble-heads arrive in town!
We’ll take the guest house. 🙂
I agree with François Caron, item #1. When I saw the kitchen the first thing that came to mind was The Osbournes (LOL). I think this is one fine house and nicely redone in ’93 (still looks current and fairly turnkey). Certainly in a lot better shape than some of the other ’50s/early ’60s RSF houses Jim has video toured. With 9,400sf in the Covenant at $316/sf and $1.625M off peak price, I can’t imagine why this wouldn’t be snapped up. If I had the $$$ and could cover the taxes I’d sure like to buy it.
My next idea for your truck driving thru Rancho Santa Fe would be one of those magnetic signs you attach to the side of the truck.
Look at all the free advertising you would get with everybody wondering why that truck is in the neighborhood.
Of course with the rust it might not stick.
doctorhousingbubble.com had a nice article yesterday on option arm. 65,000 alt A loans in San Diego.
Jim – Its finally starting to crack, such a beautiful sound. To compare apples/apples of a turnkey RSF quality finished home that house would likely need a $400k to fully finish the fit/finish/landscape for comparison’s sake (not that one needs to to all that to live there).
Thus lets say $3.5mm out the door ready for its closeup. Not quite back to reality, but almost there…next year when we get to $2.5 for a 100% move in/turnkey product like this on a good street and you’ve got a home below improvement value (and a long term profitable deal).
I think the size of the home will work against it and skews the psf artificially low. My clients in this market like more of a 6-7k sf residence and anything over that is usually wasted on most these days. (Not too many kids at home any more)
livin’ it up at the hotel california, such a lovely place…
Clearfund, just curious, what do your childless clients need 6-7k sf for? I have a wife and young son and my 1900 sf home feels big!
they’re downsizing from 10k – 12k sf…its all relative. In their minds they are cutting their house size by 50%…
didn’t say it was logical to us mortals, but the 8k+ sf homes used to be “needed” to establish the size of your wallet, etc.
no mas.
I love the impish laugh the truck brings out in you. I have experienced that same joy. The video from the day you picked it up at the shop and you let out that laugh as you said “Jim the Realtor baby..” Classic. Brought back memories of my own misspent youth and large block V8 automobiles and trucks.
The shot of the “Historic” sign with the truck idling in the back ground. I love that sound. Kind of “Jaws” like bah dum, bah dum, they have no idea what lurks. The sounding of the horn and that laugh again. Personally I think that the 66 Chevy with the big block belongs in RSF. Keep your exotic mobile. You want to see outrageous, watch that gas gauge. lol love your site
“They love me here!” (Rancho Santa Fe) (JtR)
You’ve got that right, Jim! We DO love you here on bubbleinfo. I cracked up when you hit the horn down “Realtor Lane”.
But I laughed more with the house. Seriously, 9,400 square feet? It reminds me of a 10,000 sf house up in Bend, OR–where we once lived. My late husband truly was the “best finish carpenter on the planet”. (OK, I concede I’m a bit prejudice here.) One week-end he took me and our young kiddos to this 10,000 sf monster home in the exclusive “Broken Top” community on the West side of the city.
He knew I loved looking at real estate, and since he loved me, delighted in showing me different homes. He was working there during the week, and had access to the house. (We certainly didn’t break in.)
He knew I’d get a kick out of seeing how the “other half” lived. We walked in the front door and my eyes popped. This was some serious square footage, and a true McMansion. I had never seen a house this big. (He had shown me a 5,000 sf home the year before.)
So when we walked in, our kids immediately took off to explore. I was mind blown with the top level’s 5,000 sf. Then my hubby said, “Let me show you the downstairs.” I was dumbfounded that there was even more sq. footage.
Once we got downstairs, we (again) walked around forever it seemed. At the end of the tour, I turned to him and said: “Why would anyone need this much square footage? But beyond that, is it just me or is the downstairs a 5,000 sf clone of upstairs?” He agreed with me that the downstairs was nearly identical to the upstairs right down to the kitchen (yes, there was a 2nd kitchen right next to the “Game Room”.)
We were chuckling together when we realized we had no idea where our young kids were. We knew they were safe, but where the heck were they? After minutes searching together, we finally found them upstairs playing hide-and-seek.
We literally laughed all the way home and then gratefully got out of our car to walk into our very comfortable 2,000 sf home for our family of four–plus one (now) 15-year old cat who’s still here and delights in galloping down my rental’s hardwood floors.
Thanks for bringing back awesome memories, Jim! They really are priceless as I continue my own real estate search for my last home.