From the hills to the sea, trustee-sale pricing has gotten more attractive – here’s another example:
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
Wow. Painful to think I just bought a place when I see a deal like that.
Deals like that are what get the higher priced neighborhoods dropping in price. As the buyers 10 minutes from there migrate out to that because of the view, size and comparatively low price, the sellers 10 minutes from there have to drop their prices. And so on and so on. Gives me confidence that more of a drop is coming to LJ, RSF, DM and CV.
It starts on the outskirts and slowly but surely keeps coming until it hits the ocean.
Careful Jim, with videos like this, the “Hunter S. Thompson of Real Estate” comparisons are going to start again.
Now Jim, you’re being awfully unkind to your more bearish posters. 😉
You know darm well I think that house is worth every single penny “the flipper” paid for it. Whether or not it’s worth the $775K is a whole ‘nother question.
Yes, that is a fantastic house. If a house is about 50% below peak prices, it’s probably not overpriced. I think even the most bearish of us would agree on that. That house was priced right because the deadbeats were kicked out and WAMU/Chase was able to foreclose on it (because taxpayers are backing their losses). If every lender were to foreclose on the deadbeats, I’m sure housing would be properly priced.
What many of us take issue with is the “free rent” program that never ends — courtesy of the taxpayers, in some situations — and the non-stop manipulation by the PTB and everyone else involved to keep prices **artificially** inflated with stupid credits, fake interest rates, moratoriums, modifications, etc. Please understand our point of view — eveyone is conspiring to take more money out of our pockets, by forcing us to overpay and bail out the idiot borrowers/lenders, and by increasing our deficits to heights never before imagined.
Well, maybe it’s a fantastic deal, maybe it isn’t. Eight acres of what? I watched that and thought okay, what’s wrong with it? Obviously, you can’t cover everything in under eight minutes, but there could be a lot of things that make that house a white elephant.
Regarding, the gas can in the cab: are you serious? That is asking for something really bad to happen. If you run out of gas call yourself a cab. It’s a lot cheaper than skin grafts.
I would buy that in a heartbeat if I knew about it.
Jim,
Might be a cool poll for everyone here.
What color rattle-can paint job should Jim paint the ’66???
What color rattle-can paint job should Jim paint the ‘66???
My vote is “Hunter Orange” aka “Safety Orange”
http://en.wikipedia.org/wiki/Safety_orange
It would be awesome showing up to open houses in something like that. 🙂
That house is the antithesis of Carmel Valley. Nice place. One could throw a hell of a party there, if they were so inclined.
I’ve never seen someone store a gas container inside their truck before. Huffing and driving must be an interesting experience.
Love the house, and think the flipper bought it at a great price.
I still think we have some ways to fall, especially on the coast. When it makes financial sense to buy, I’ll buy.
-Erica
I’m usually with the bears but that place is a steal. If I had the money, I’d live there. I know that area well and on a clear day, there’s a nice view of the ocean from those hilltops. Only downside, driving through blue-rinse land to get to your home.
I still think most people buying now are catching knives. At $500K and some change, that’s a steal. Being bearish doesn’t mean you put your brain on hold, it just means you’re more critical.
I just went to a courthouse auction here in OC as Jim has sparked my interest in them. Only a couple houses actually sold to a few of the regulars there. No crazy bidding, most just got bid up a few K from the starting bid then droned on for a minute in one hundred dollar increments. What I found funny was the guys talking on cell phones covering their mouths like they were nfl coaches making football plays. Thought they were doing it just to be polite to the auctioneer but they would do it even when far from him.
ice weasel,
Like it or not, you’re still with the bears. 😉 It looks like some of the most bearish posters (shadash and I) think that’s a nice house at a nice price.
As you said, being bearish does not mean we won’t buy at any price. If something is priced right, we’ll come out of the woodwork!
I never thought I’d live in Escondido…But if I had a chance at that house for THAT price, I’d do it in a heartbeat! Especially when I compare it to some of the junk I’ve been looking at along the coast.
This is an amazing property. It saddens me that the system is set up so that it’s more cost effective for WaMu to dump the property and for the taxpayer to cover the loss than it is for WaMu to hire a local realtor to sell the property on the open market. So, what is essentially happening is the taxpayers are handing over the cash for flippers to profit off this mess. If the taxpayers were not eating these losses for the banks, WaMu would be wanting the best offer they could get and putting a local realtor to work.
All you reader flippers, be sure and thank your fellow taxpayers for your income.
Ok, find me a place about 1500 square feet at the same price per sqft-I’m there!
Art Elecrtic,
If realtors want to sell the property they can buy it just like everyone else on the courthouse steps.
So, what is essentially happening is the taxpayers are handing over the cash for flippers to profit off this mess. If the taxpayers were not eating these losses for the banks, WaMu would be wanting the best offer they could get and putting a local realtor to work.
—————–
This is exactly why I have a problem with all the flipping. The taxpayers are subsidizing the profits yet again…
Yes, damn nice place at a great (trustee sale) price.
Jim, I sure hope your program gets rolling, ‘cuz it looks like you could score your clients some really sweet deals.
Oh, and tell those “want to report you to Sandicor” weanies to stop crying and go get some ethics.
Awesome place, one of my favorites you’ve shown. Amazing looking deal
I was interested in some properties headed to foreclosure but I gave up tracking them because they kept getting postponed. Jim, how do you know when a property is REALLY going to auction and not going to be postponed or cancelled? Is there a limit to how many times an auction can get postponed?
Can be postponed 1 year
I have a friend that is in the midst of a 3-month “trial period” for a loan mod. His property was originally scheduled to go to auction on 10/8 but it was postponed due to the loan mod. Then it showed it was going to auction on 11-8 (postponed), 12/8 (postponed) and now 1/8 (hopefully postponed), even though he has been making his adjusted payment all along. I am hearing that this “trial period” is standard nowadays. This could be accounting for alot of these multiple postponements–frustrating if you are following a property.
The likely reason that lot is 8 acres is that is the lot size required by the county for steep terrain. When you hear 8 acres, think steep terrain.
Which means most of the lot is unuseable. Still, it does give you privacy.
Fairly funky inside but the layout is good so throwing $100K at it would do it up nice. It would certainly be something to consider.
Those of you who think you’ll be able to buy an oceanfront acre with a huge house and a pool for $1.50, please continue to wait…
PS – still have fond memories of the huge old white 69 Dodge pickup I drove for years. Damn thing was indestructable and I could park in anywhere without worry…it wasn’t worth anything! Could throw anything in the bed as it was already dented beyond repair.
Sometimes I miss that truck…just throw gas in it and drive.