It looks like Bank of America foreclosed on approximately $6 million in loans on the package deal offered for sale in Leucadia. The same agents who sold Magno-Bressy are on this case too, and it seems very casual and soft-sold. Are there dozens of buyers waiting in the wings after they saw how Magno-Bressy turned out? Take a look:
Nan-Noo, Nan-Noo
by Jim the Realtor | May 11, 2010 | Builders, Buying at Trustee Sale, Foreclosures/REOs, Jim TV, Market Conditions, North County Coastal, Thinking of Buying? | 11 comments
Nantucket is a mess. You are right when you say that the neighborhood wants it to be over. I know some people that live on Sheridan (next to that triple lot bomber) and all the neighbors just hate Barratt. I always thought they were a little too optimistic and the homes always seemed odd to me.
Despite being 4,000+ square feet, they feel small because there are so many rooms. My house, at 3,300 square feet, is smaller…yet it feels larger. I also don’t get the small lots. I can see a small lot for a small house, but these lots are right in your face and the neighbors are RIGHT there.
And some bought these for $2,000,000? Yeesh. On the bright side, they are big bombers and are good comps for the neighborhood. Hopefully it will spur some people into redoing their own homes. It’s prime west of I-5 real estate, 5 minute walk to the beach…but some of the houses haven’t been touched since 1960s/1970s and need major work.
Some of the custom houses right across from Nantucket are really nice, especially the one on the one on the corner of Andrew & Sheridan. Then you had the guy build that gigantic home at the end of Sheridan.
While it’s interesting for me to look at (I live on the other side near Ashbury, so I don’t see it every day. Hopefully they can get these going quickly so it brings some relief to the neighbors and we can all FINALLY bid Barratt goodbye.
Tiny lots and you get to live next to low-income housing?
If your car won’t start, your jumper cables can reach the beater on your neighbor’s lawn.
It don’t get any better than that!
Heh, my bet is that the definition of “low-income housing” will be pretty loose and really means smaller sq footage middle class housing. No low-income people with beaters need apply.
You would have to be very bold to buy one of these houses. Too much hair on the deal and a home that’s been sitting is a defect litigation time bomb.
I think the lots could go at +$500K each, maybe a little higher not counting the “affordable” unit. The slab is actually the one deal in the bunch, (getting out of the ground is the hardest part of construction). The slab also means underground plumbing is in. The rusty anchor bolts only need to be wire brushed and cold galvanized, no biggie.
What about the stigma? Will poor people tolerate living next to rich people?
JTR – Nice tour, all the expensive work is left on those homes plus possibly reworking the floorplan (aka Mirasol in Carlsbad which you highlighted).
Anyone who pays over $3mm is really a dreamer..
Just surface rust.. not a problem and the slab looks fine. Not sure about the wood though… it might be fine. Out here in the midwest it would likely be scrap but how much rain was it exposed to in that part of california? Any warpage or splitting?
I agree with Mozart. Unfinished housing left exposed to the elements for months, even in the mild San Diego climate, are not good deals.
Live and learn.
You guys may be a little too bearish. I don’t know the ‘hood, but I’ll assume it’s decent. If 3 need $125/ft to complete, that’s $1.5 mil. The slab needs $250/ft, so another $1 mil. Add in $250K in landscaping. Total is $2.75 mil. The 4 should be worth $1.75 mil, no? That’s $7 mil. Pay $3 mil and bag $1 mil. Of course, I imagine it isn’t as simple as just walking up to the Encinitas planning and building counter and just resuming work. I’m sure they want their pound ‘o flesh to re-issue permits, etc. Count on another $100K and infinite pain with that one (BTDT with Encinitas…).
I like it. As soon as Jim enters the first house, the all too familiar “chirp” is heard immediately.
Maybe there will be a sound track at some point. That would be fun.
The buyer of that finished house better not be counting on that view. The two-story that will inevitably go up on the open lot will kill it for sure.