The bank may be exempt from disclosure and is selling “as-is”, but the flippers and agents are obligated to disclose all known defects.
Flipper paid $945,000 on 11/18/09 at the ‘steps, and re-listed for $1,395,000 to $1,495,000:
Jim Klinge
Klinge Realty Group
Broker-Associate, Compass
Are you looking for an experienced agent to help you buy or sell a home?
Contact Jim the Realtor!
- 682 S. Coast Hwy 101, Suite #110
Encinitas, CA 92024 - (858) 997-3801 call or text
- klingerealty@gmail.com
CA DRE #01527365, CA DRE #00873197
Just think…some people spent about that same amount to live in a tract house in Encinitas or Carlsbad. I’d take that Fairbanks Ranch home over the tract houses any day. Gorgeous, gorgeous, gorgeous!!!!! 🙂
3 words:
Negative Hydrostatic Pressure
So who is stupid enough to buy this house?Is it the people looking for an 8000 tax credit?
Comps make it look like a good buy. But at least $300,000 plus to fix up.
Areas more dependant on real estate longer to recover?
http://www.azcentral.com/business/articles/2009/12/14/20091214biz-brookings1215.html
“Flipper paid $945,000 on 11/18/09 at the ’steps”
That’s a LOT of cash, fees, commissions, etc.
Any delays in peddling this albatross and its a potential BIG loser.
It takes Brass Balls to sell (buy) Real estate?
Good Luck with this one, Bucko.
Coffee is for closers…
I wouldn’t touch that house with the cracks. Just a rule for me …. if I see a major issue within the first visit its a no buy … cracks, sound or perma smell. I’m so use to new houses now it felt like a let down going inside that one. Definitely major inside work. Otherwise, the neighborhood presents itself beautifully and nothing to be ashamed of looking on the streets.
I understand the whole location thingy but good grief… It looks scary and I can’t even smell it. The neighborhood is beautiful but you gotta give it to that flipper. He has a huge set!… I am so curious to see what happens with this one. It is a gamble that could pay off big time or bomb badly. I can’t imagine a home inspector not having red flags all over that report.
I found the listing for it. Is the HOA fee correct? $1100/month? It seems like the other homes in the ‘hood pay just over $400/month.
http://www.sdlookup.com/MLS-090068304-16875_Camino_Lago_De_Cristal_Rancho_Santa_Fe_CA_92067
Fru-fru smelling room? ick! Pink(ish) room too.
horizontal cracks are not that much to worry about. It is usually settling… above the foundation (studs too short, foundation not 100% flat)… see below.
*)First crack is not that bad (near the door to the pool).
*)Backwards slope from the pool to the glass doors is a potential big problem. I didn’t see any ‘drainage’.. are there french drains in the ground there?
*)That crack that bisects the house through the hallway scares me. To have that type of crack, you need a crack in the foundation or there was an addition that was not properly done and the crack is at the seam of new and old foundation. I suspect that this may be the case because the drywall looks a little different across the crack (time index 3:47 – color variation).
*)Time index 4:03 – what is going on with the bottom corner of the floor?
*)Time index 5:25, what the **** is that? Discontinuous foundation?
*)Time index 5:37 – does that crack line up with the cross-hallway crack noted earlier? That crack is large enough to tear the moisture barrier behind the stucco. With those water marks going down it.. doesn’t make me feel too good. A good way to get water behind the stucco and into the wall.
The pool “popped” from hydrostatic pressure. It either wasn’t excavated and sand lined properly or it spent a season empty. The contemporary brickwork was a replacement for the original concrete at grade that buckled. Except for the last those cracks are not structural and to be expected. That last however is a red flag.
Conclusion: $1.5m purchase, $600k rehab, $2m final value equals no deal.
Was that a meat cleaver in the kitchen??!? YIKES
What exactly do you do with a house like this. Put the 300-500K in rehab so you’re in it 2 mil or do you just tear it down and go in another mil for a total of 2.5. The small lot really makes it tough to decide.
Pass.
The part of the house with the huge crack outside looks like an addition. It’s as if the entire addition is now tilting over and separating itself from the rest of the house.
I’d never touch that one. Don’t care how much money I have. Not that I have it. Which I don’t. 🙂
i have been to two wedding receptions at Fairbanks Ranch. The second time I went a hour early and just drove around the neighborhood. There are just some unbelievable houses. Then you come upon a house that looks like it was just built ten years ago and looks like a typical 1950’s type house. Interesting.
Having partnered on several homes in Fairbanks Ranch over the years, I can say it is one heck of a great neighborhood. Wide streets, mature trees, various architecture, armed guards, top schools, etc. It will never be duplicated again.
However, there are several areas where there is significant earth movement, drainage issues, fill dirt, etc. Parts of Circa Oriente, etc.
I have no idea where this home is located, however, one must be VERY careful and understand why a home is priced so low in here vs. competition.
Its the lot by lot dirt knowledge that the best couple of RSF realtors are worth their commission in these types of situations.
Does anyone know how a private guard could legally give out “speeding tickets”, as Jim says?
Would they be enforceable in any way?
Maybe the HOA contract states that one must pay the speeding tickets. But if you don’t live there-I would imagine you could toss them. As for the cracks, all except the last one outside look like no big deal to me-but that one was fairly scary.
Usually the pools that I have seen ‘pop’ have moved more than that.. It could have been an original install that was bad. A good way to find out is to pull up the address on Google earth/yahoo maps and go for satellite view. The images usually lag by at least 1 to 2 years.
If the pool popped.. I would be worried about how stressed the plumbing for the pool is. Also consider that if the pool ‘popped’.. it is going to slowly start ‘settling’ with the water in it.. yet more stress on the pools plumbing.
FYI: Watt industries bought and subdivided the lots starting in 1977. The home sites where bought “as is” with no guarantees of the underlying geology. Each buyer was responsible for soils testing, compaction and the like. As a result there are a number of homes such as this within the “Ranch.”
Wouldn’t the investor/buyer been able to see the problematic clues from an exterior walkaround as shown on the video? A lovely home with some upgrading, but the compression cracks, in my opinion, are overwhelming. Similar to some new high end homes built here over a rapidly declining underground aquifer (population expansion and overbuilding created over demand on water source causing land to sink). Some homes saved by pumping a concrete type material under the slabs, plus other remedies. I’m not a geo engineer, however, the pool and related plumbing is probably leaking. A pool auto-fill system may obscure the leakage. JtR, this is a perfect example of why buyers should hire a pro like you when buying a home.
Speeding tickets: They get you 2 ways: 1) you are responsible for your guests and if they get a ticket, you get billed and deal with it as you see fit. Remember that you need to be ‘called in’ by an owner so they know where each visitor belongs.
2) if you are a non-affiliated person, like a real estate agent, then your ticket will pop up on the guards computer before he authorizes you to enter for a showing…thus, pay or be banned!!!!
Remember, the guards are actually armed. I had a guard come into one of our homes with his gun drawn when he didn’t recognize the car in the driveway and didn’t see a pass in the window.
Maybe I have no imagination but man….that’s one depressing house.