There are 10,387 properties on the SD County auction list, but only 193 have hit the court house steps here in the first week of February. Postponements of trustee sales are the norm, but if a few of these in this video hit the court house steps, their pricing, and bidder-interest, should be very interesting.
The third house in the video was offered on the court house steps for $471,337, but no takers, so back-to-bene. They listed it for $563,000, and it closed for $601,000:
The third house that sold for $601K had all the bio funk and below grade water damage. I guess a little paint will fix anything. Sorry I could not find the old video showing all the water damage.
I don’t get it. It sells for MORE as a listing in MLS than on the courthouse steps? Could this be a bubble-era fraud type thing?
About 200 properties per week, 52 weeks per year works out 10,400. How long is the process supposed to take again?
“I don’t get it. It sells for MORE as a listing in MLS than on the courthouse steps? Could this be a bubble-era fraud type thing?”
People with easier financing are often willing to pay more.
Buying at the court house steps has the following disadvantages:
1. You have to pay the entire balance immediately. In full. In cash (cashier’s check to be precise).
2. There’s no title protection, which means back taxes, contractor’s liens, who knows what else might come to bite you on the ass.
3. You usually can’t even inspect the interior of the property yourself, let alone get a professional inspection. The condition could be perfect or completely trashed-you frequently have no way to know.
4. There might be people living on the property which you have to evict.
NOT dealing with all of the above is definitely worth an increase in the price of the property.
I’m stunned the Levante property sold that high. Did their agent not point out the water damage? I wonder what it looks like now after that last rain storm we had.
Keep an eye on the house just around the corner, 7810 Estancia 92009. It was a foreclosure, came on as REO at 500K and ended up selling for 400K because it had major foundation problems. Someone is now trying to flip it at 560-600K.
JTR,
Can you locate the video of the Levante home you shot? Very informative. Maybe the new owners wanted an indoor swimming pool as a result of the recent rains.
Jim, as a free service I present this:
http://exurbannation.blogspot.com/2010/02/put-down-your-beverage.html#comments
Feel free to steal any of those listing flourishes for your “assets.” LoL!
The previous vid:
http://www.youtube.com/watch?v=9LTirsWGVzQ
The green house is probably owned by a family from India, and yes they like that color.
I used to live in an area with a lot of Indian families and many of them painted their homes that shade of green or a sort of Robyn’s egg blue. Those houses simply shouted “we’re from India!” when we drove by them.
sheesh…too tired I guess…should be robin’s egg blue. ?? what was I thinkin’
@NateTG (3)
About 200 properties per week, 52 weeks per year works out 10,400. How long is the process supposed to take again?
Assuming ZERO more get added, yea we’ll be outta the woods in a bit.
I’d be very curious to hear what the queue number was ~4mo ago
Rewatching the old video for the Levante house, I’m amazed it sold for anything. I wonder how much the new owners are enjoying all the rain we’ve been having the past month or so.
What does the orange sign in the front yard of the Levante house say? Doesn’t look like a real estate sign of any sort. Maybe it’s for a contractor who fixed (or tried to fix) all the water issues with the house?
That second house with all the trucks – wouldn’t want them as my neighbor. Jim, nice that you are getting to the better neighborhoods. What, we have 1 – 2 more years of this bouncing around? I predicted 2012/13, for a stable market, but what do I know. It’s raining now, I’m glad I got massive draining around my house. This rain will certainly test the new owners on Levante – perhaps the owner is walking around the outside of the house now with a flashlight.
The sign is from the buyer’s realtor.
Should we start a bet pool on the lawsuits for the water damage? No way is an insurer going to touch that house.
Still raining…the owner should lift up the lid of that coffin and what science experiment is brewing now 😀
The buyer of the Levante house has been fixing it up, and I believe they had concrete out there the other day. Perhaps they are planning to live in it, but I’m guessing they are going to try flipping it. Good luck with that, as they paid way too much for it. A smaller, single-story house across the street, also with a pool just went pending for $525K, IIRC.
I do not care what anyone may say, but these are way overpriced. I would not pay more than $240/sqft for any of these houses.
I agree. A lot of the homes I’ve seen in the area have had foundation problems. I just looked at one the other day on Azahar Pl. with rat traps in almost every room. Nothing says “buy me” like a deluxe rat trap.
Did you see this? One of MSN’s headline articles is about 3 areas with declining prices in real estate and the first one mentioned is San Diego.
http://realestate.msn.com/article.aspx?cp-documentid=23289792>1=35000
After that downpour last night, I wonder how the new owners of the Leveante house are enjoying their new indoor pool.
My next door neighbor painted with that same shade of green, they were Filipino. And it is indeed…um…startling.
I also gotta agree with 3clicks on the 2nd house. I have one like that down at the end of the block. Makes the street look like it belongs in a trailer park. I think they hit the home ATM a lot during the boom to afford all that stuff, which means their day is likely coming (I’d bet the story on the 2nd house in the vid is the same tale of repeated visits to the ATM.)
Finally we can chalk-up a posative point for HOA’s–they would definitely NOT approve of someone painting their house that color–man that was bright!!!
There are no positive points for HOA’s. So what if they want to paint their house some ghastly color. It’s their right.
“Jim, as a free service I present this:
http://exurbannation.blogspot.com/2010/02/put-down-your-beverage.html#comments
Feel free to steal any of those listing flourishes for your “assets.” LoL!” (Rob Dawg, Comment #7)
Hey, “Dawg”, I checked out your new mailbox on your blog. Nice! If I ever find a house to buy on the Central Coast, you’re my “mailbox guy”! I never knew we were (sorta)neighbors and you’re just down in Ventura County…
“The previous vid:
http://www.youtube.com/watch?v=9LTirsWGVzQ” (JtR)
I missed this video the first time around, Jim. Wow, just WOW! That water damage and with the rains now. Jeez, what was the last buyer thinking? Talk about nightmare…
Art–How about no laws and no police also–everyone should just do as the please because it is their right–I’ll take an HOA rather than have a neighbor choose to park on his lawn just because he wants too–HOA’s help to protect a neighborhood’s integrity.