There has only been one house in the Covenant close under $1,000,000 so far, the 1,862sf one on 3.16 acres at 6427 Paseo Delicias:
http://www.sdlookup.com/MLS-090036222-6427_Paseo_Delicias_Rancho_Santa_Fe_CA_92067
It had listed for $1,320,000 in June, but had to lower to $999,800 before it sold for full price on September 30th. Will there be more?
This will be a good test:
Here’s the previous short sale listing if anyone wants to see more pictures…
http://www.sdlookup.com/MLS-090030405-15641_Las_Planideras_Rancho_Santa_Fe_CA_92067
Ha, catchy title.
Coffee is for closers.
That is an awesome property IMHO and could be a real showpiece. RSF is getting tempting at these prices.
I agree, when you think of what you get for $1.0 to $1.3 in other areas, getting 2+ acres in the Covenant is going to attract some attention.
Lago Lindo was another Covenant REO that closed recently. It fell out of escrow twice, and still sold over list price, all-cash:
http://www.sdlookup.com/MLS-090059727-5840_Lago_Lindo_Rancho_Santa_Fe_CA_92067
The Oceanside beach bungalow has a full-price offer in, and two more expected tomorrow. The offer in was from a Dana Point agent and fan of bubbleinfo – hello Tony! Did you see the listing on the blog? I hope you did, that way if B of A ever complains about my coverage here of their REOs, I can tell them it’s working!
That is an awesome property IMHO and could be a real showpiece.
I’ll *third* that sentiment. If I were residing in SD these days I’d be seriously interested. Beats the hell out of anything in CV.
I could live in that house with no updates.
Why would the REO agents not expose it to the rest of the market? Are they trying to get both sides of the transaction? Just askin’.
I can’t believe Lago Lindo sold over list, all-cash, with all the potential problems you mentioned in the video. I guess it was the giant lot. Maybe RSF does have levitation magic.
osidebuyer – Lago Lindo is one of the ‘prime’ streets in RSF and it is difficult to get on that street for a ‘reasonable’ price. Essentially LL will support prices well above the $3-4mm range if done right. Thus high lot value due to location.
Lou – they don’t expose it to the rest of the market so they can bring the buyer *and* the seller, thereby getting all the commission instead of half.
Slimey, slimey, slimey
Not on this property though.
Locomotive Breath – That was the only thing I could think of but I’m sure the banks want maximum exposure too so I’m a bit surprised this would happen other than rarely and certainly not in this market.
There are listing agents that are all too happy to breach their fiduciary duty to their bank-sellers, out of greed.
One agent said that they want to sell their own listings before inputting them onto the MLS to limit having to process so many offers.
Nice interior. The outside is showing its age, but that could be second home neglect. Might want to get an engineer to look at that brick retaining wall.
Yes some agents do try to double end their assets but this one will go to the offer the asset manager choses, all offers will be submitted.