Just One Yesterday, But…

Written by Jim the Realtor

July 7, 2010

We’ve seen the number of actual trustee sales dwindle down to the ridiculous – yesterday there was only one NSDCC house that met it’s fate on the court house steps, but it was a doozy! 

This was the first oceanfront house in La Jolla to be foreclosed this year, a 3,049 square footer in Bird Rock.  You are supposed to leave the cliff alone here, but doesn’t it looks irresistible to create a little walkway down to the surf?

The former owners paid $5.455 million in June, 2006, and yesterday it sold on the court house steps to a third-party for $3,248,500!  A flipper?  Owner-occupier?

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We’re still waiting on another in La Jolla that was foreclosed in April.  This 8,200 square footer was purchased for $6.8 million in August, 2007, and financed with a $7.2 million mortgage from Temecula Valley Bank – cash back at closing?

The opening bid was $4.8 million – but no takers on the ‘steps, so it went back to bene.

Back in the day (late-1980s) we used to do open house in this neighborhood, hoping to land a million-dollar sale (the developer had built a spec house while selling the lots separately).  Now look at it! 

9 Comments

  1. shadash

    How long were the “owners” able to live in the properties before being kicked out?

    7.2mill + pocket a couple million + live for free for 2 years = Scammers Paradise

  2. GW

    Hope that slope behind the bird rock house is stable. Looks like it may have already fallen since it juts out towards the surf behind the house on the right, and it looks like there could be a pile of cobbles at the base that may have come down from above. How would you clean that slope if anything fell over the edge or what about weed abatement?

  3. emmi

    Retractable rope ladder might work, for the spritely anyway.

  4. Former RB Resident

    I’m sure the insurance for landslide on the Bird Rock house is quite reasonably priced and readily available. That aside, let me know who I should write the check to.

  5. Downturn

    The Birdrock house looks great, however, I don’t know if I’d like to live in a neighborhood where the neighbors homes look kind of fuzzy.

  6. Geotpf

    emmi-That’s exactly what I was thinking. I can’t think of a reason why you couldn’t do that, barring the mildly scary climb up and down. Install some secure anchors on your deck, and only lower it when you use it, and you’ve got your own little private beach. That’s got to be worth $3.2 million to somebody.

  7. Erica Douglass

    If I had an extra $3.2M in the bank, I would be all over a house like that. Flipping it for $4.3 should be fairly straightforward. Several hundred thousand dollars of extra money for very little work? Sign me up!

    Worst case scenario: You live in it for a few years. Oh darn. 😉

    -Erica

  8. François Caron

    There’s absolutely no way I could ever sleep in that home!

  9. Kathy Rowe

    WOW! That seems like a terrific price for a home like that. Lucky buyers….

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