This REO was assigned to me on September 10th, and just hit the open market today, listed for $414,800. Has it been going up in value the last few months?
We’ll see – if you feel like guessing the final sales price in the comment section, the closest will get a to-be-determined prize package, including an assortment of Padres tickets and bubbleinfo t-shirts. We’ll see if the B & D appliances still pull their same cachet!
I had so much trouble giving away Padres games last year, I didn’t renew my season tickets, after 12 years.
Short isn’t necessarily sweet. Don’t cut yourself short or ever, ever censor yourself, because we’re the ones who’ll lose!
Otherwise… nice cleanup, but IMHO that’s a $100K house. Of course, I thought SoCal housing was insane *prior* to the bubble. 😉
10-4, this is probably a house that deserves a 2-minute video?
$314,800 – which is still too much.
My guess is they’ll get $330K… it’s actually a $275K house IMHO but as we all know market value makes true value irrelevant 10/10 times or maybe they’re the same (I wish I were an economist). I like the title of this post and good luck with this listing 😉
$390K
Irrelevant extra characters needed to beat the length restriction.
$324K, just a guess.
Here in NW Indiana, it would be $88,000, and sit for months…..
Does not worth more that $160/sq ft.
Of course a sucker is born every minutes.
I’d offer $99K, but I think it’ll sell for $415K…there’s one born every minute. 🙂
$365k. Would have said 370 if the can opener and toaster oven were stainless steel.
Is Petco park not packing them in by itself? The SF Giants have also been sucking wind the past few years, but still manage to draw decently because people like the ballpark and $8.25 beers.
As for your house, I’m going with $400K. I doubt you have it mis-priced by much.
$349K and some extra text here so I can submit comment
385K, It’s lovely.
$395,000 unbelievable, but true
Let’s see, if it would rent for about $1800/month, that put it around $388k with an 18X multiple. Add in the “it’s an REO, must be a good deal!” factor, and I’ll say $399k.
I’d never pay that for it, though. 😉
Link to the previous vid. https://www.bubbleinfo.com/2010/02/24/flood-911/
My guess is $396,500
“B & D appliances”
Bondage & Discipline appliances.
You California people are so kinky.
Here’s the link to the original video: (first time seeing it for me)
https://www.bubbleinfo.com/2009/09/10/reo-tricklin/
410 k; Don’t forget the State and federal governement are giving free money to buy homes. I would be happy to see a Padres game before I leave the state…
Thanks for the links Jeeman!
“Unbelievable. I thought the mold farms in Oceanside were bad, but we kind of got over that. But this aint funny anymore.”
hahaha
409K because it is spring.
$393K – freeway noise is terrible but schools aren’t bad.
You can’t blame Jim for doing a quickie in this recent clip…especially considering he devoted much more time to it last fall – thx Jeeman for the reference. Jim’s got a biz to run and he’ll rhis in-depth coverage over the years. We are lucky to get any additional coverage on this fixer at all. If this property piques your interest, then give it a further look. Otherwise, do as Jim did and run from it as fast as you can!
Oops! – My second sentence got bastardized somehow and I didn’t notice it until after I hit the Submit button. It should read: “Jim’s got a biz to run and he’ll run it as he sees fit. We’ve been spoiled with his in-depth coverage over the years.” I think it’s time to replace my keyboard.
My guess is 409,000
$399,000. Being optimistic due to spring fever.
I’m going to go for $417K. The lowest price by quite a bit in PQ that’s not contingent or a short sale. I have a feeling somebody’s going to be bidding this one up to get into PQ. Not that I would buy that house for anything but a rental.
I don’t know the area at all, so this is a total guess: $405K
I would guess $369,000 FHA 3 and half down with tax credit.
I wouldn’t pay more than $200K for it , but I’m sure someone will think they got a smokin deal at my predicted price of $375K.
Since this is california I’ll guess 2.75 million. HOA fees will be 1500/mnth +
Nice 2 min. “REO Speedy” video Jim!. Sounds like its going up another 10k by the time it closes to me! Knock off a couple k for some misc. what not prior to closing. 425k with that newly improved I-15 corridor view wall and the word “Rancho” in anything in SD county adds value.
You gave up on the Friars!!!???
Good call on trimming that expense of season tix, but damn, those were the killer seat locations!!!
I’m a big fan of the Price is Right! I’m going to say $1.00. Oops, I guess you didn’t say closest price without going over…
$376,900 and a player to be naned later.
380K if the toaster oven stays.
I’d pay $200,000, but it’ll go for $325,000.
This one has everything going for it – easy access, B & D, rebates galore, stairs to outdoor observation deck – 422K.
3X INCOME. WOULD SOMEONE MAKING $120,000 BUY THAT TO LIVE IN?
IN A WORLD WHERE CASH IS LOOKING FOR INCOME, SOMEONE WITH $400,000 EARNING ZERO IN THE BANK WILL TAKE THE HOUSE, THE $1800 A MONTH IN RENT, THE HEADACHES, UPKEEP ETC, BECAUSE SOMETHING IS BETTER THAN NOTHING.
BUT WHEN WE GET BACK TO 7% RATES AND 5% CD’S, AND NO 3% DOWNS, AND NO $8,000 TAX CREDITS…THEN WHAT’S IT WORTH?
(SORRY CAPS IS A KEYBOARD ISSUE)
I JUST RECALL PAYING $178,000 FOR A NEW HOME SAME SIZE IN ALPINE IN ’95 WHEN RATES WERE 7.5% WHEN I WAS MAKING $85,000 A YEAR. I COULDN’T GET INTO ANYTHING IN THE MID $200,000’S WITH GREAT CREDIT. THE MATH DIDN’T WORK. EVEN IF I WAS MAKING $85,000 A YEAR NOW, I WOULDN’T LIVE IN THAT.
NOTE: MATH HASN’T CHANGED.
WE’LL SEE.
IT’S WORTH IT IF YOU THINK THE 10YEAR AT 3.8% IS A BUY.
$389,000 based on other comps. Love your website Jim.
Backs on the freeway and needs updates galore. So, naturally somebody will buy it for cash waiting for the market to head up in six months. I’ll say the asking price. After all, they’re not making any more of these!
Ummm $419,000 and as an additional bonus I’ll say it’ll be a FHA loan with 3% down and the buyer will think they got a steal because of the tax credit.
-Erica
$350k, maybe.
My comment was a bit too short. I will try again.
$394k, since the easy freeway access will allow the new buyers to blow their $8k in vegas easier.
$430k. Reasonable quality property is getting snapped up right away now from what I can tell.
Full list price.
418??? what a joke. My guess is 376
I will use the standard RSA formula of if it is a fixer and could bring in $1800 a month in rent its worth double that with a zero on the end as an investment, however as someone has already bid $380 000 i’ll go for $382 000.
$425,000 why my gut is telling me…just a guess…thanks Jim for letting us get in on this…your a great guy!!!!!
Here’s a story for a slow Sunday afternoon…
If you’re in the market for a Malibu home that includes a Ferrari……
http://www.walletpop.com/blog/2010/03/26/buy-an-ocean-view-malibu-home-and-get-a-ferrari-f40-as-a-bonus/
You hit the nail on the head, Average Joe.
Not only do low rates help regular buyers afford a higher price at the same monthly payment; these artificially low rates are forcing cash investors to look outside of traditional fixed-income/bond markets. If a house can provide even 3% (net), it’s better than 0.3% in a MM fund.
IMHO, this is one of the reasons for the all-cash offers. It’s the only way for liquid investors to make the numbers work.
Anything over $300K would give all new meaning to “irrational exuberance”. $264,795.32 The way the Padres are playing the winner should get 1 game and the loser should have to go to 5…
I”m going to guess $369,000.
I hope I”m right!
On a side note, does anyone know what the deal is with the huge empty lot on the corner of Ashbury & Vulcan in Leucadia?
$412,697.
When I fill a gas tank, I don’t round it off. It drives everyone crazy! 🙂
Francois – Being paranoid of CC/Identity theft, I round all my CC purchases to $xxx.17 (17 being my birthday) so I can scan my CC bill and see if anything isn’t mine…It too drives everyone crazy!!!
Paranoid doesn’t mean they aren’t after you….
$420K. Run a hose up the stone wall and you have a waterfall in the back yard–waterscape!
Jim, you’ve got an amusing spelling error in the listing:
http://www.redfin.com/CA/San-Diego/15386-Paseo-Ajanta-92129/home/4618998
“Newer vinyly windows”
Anyways, pricing this is hard. The list price is way too high per square foot judging from previous sales in RPQ, especially considering the freeway in the backyard. However, it’s also the cheapest house for sale in RPQ, excluding for-sale-by-owner (one), active short sales (one), or under contract (a bunch, probably mostly short sales in limbo).
Combine the lack of supply and the eighteen grand double cheeseburger, I’m going to guess high and say $422k. Once the double cheeseburger gets moldly, it’s worth will drop to under $400k, possibly below $350k. But it’ll sell before then, so $422k it is.
Aw, poo. Somebody already said $422k. Make it $423k then.
Someone already has 400K so I’ll go with 401K.
The freeway will deter a lot of people so the buyer will have a little less competition and a little more time to make an offer. They’ll try it a little under asking to start with. BUT someone will buy it, and they WILL overpay. Good schools are the only draw I can think of.
$359,000 and that is overpriced
I haven’t received one agent or buyer inquiry yet, on this listing.
Are you usually flooded with inquiries the first day or two a property hits the market?
Love the new turbo Jim video format.
Now that you’re >400k you might think about pro photos to get more inquiries from online viewers.
Love the salespeople who start with insults.
Jinx, The B of A REOs have been priced so well (low), we’re used to getting multiple offers in the first 48 hours. They are getting greedy too, and the seller-exurberance is stalling the market everywhere.
My guess is 500K. Crazy you say? Just trying to win those Padres tickets. Now any final price from 500K to 2 Million will mean I’m the closest estimate!
Yes, I do buy lottery tickets but no, I’m not bad at math. C’mon 500K!
My guess is $367K
395900
Go Padres…