At least you get 3+ acres in quiet area with good ocean view that’s priced lower than 90% of the other listings in the Covenant!
Jim Klinge
Klinge Realty Group
Broker-Associate, Compass
Are you looking for an experienced agent to help you buy or sell a home?
Contact Jim the Realtor!
- 682 S. Coast Hwy 101, Suite #110
Encinitas, CA 92024 - (858) 997-3801 call or text
- klingerealty@gmail.com
CA DRE #01527365, CA DRE #00873197
What I love about this video, Jim, is it shows the “good, bad and ugly” of the house with your always honest verbal comments thrown in. Captions too for added info!
A video like this is such a plus for any buyer because it makes it easy to either keep a home on a prospective list or immediately cross it off–without actually coming for a showing. You provide so much info in under 10 minutes…
For me, land value only (minus cost of tearing down. Home is functionally obsolete and should be torn down at some point. Would never want to throw a couple hundred $K down that black hole.
Would speak with Art Jury about stable to ensure tearning it down didn’t hurt the ability to have a horse designated property. Whether you have horses or not, that distinction does carry some value in the covenant.
I agree with clearfund regarding tearing down the house. The video can’t capture the awful smell that is pervasive throughout it. Any inspection should include thorough mold testing.
I like the one liner
“It’s a bit… original looking”
I like this house. The design is a little funky but it’s not totally weird. Would probably need to strip all the wood walls and replace with drywall + completely redo the kitchen + all bathrooms.
That tennis court would make a great workshop/garage for a car guy.
Horses… Eh.. Could give or take. I’d throw one in (provide a free stable for the SPCA as long as they covered the food) just to keep it as a possibility for the next buyer.
Those cracks are a deal killer. A big question mark.
Interesting house….the cracks are cause for concern, for sure. If someone is looking for $1.5M in Del Mar, they should probably go this route instead. If someone is in the $2M+ range, it would be a tear down. Not sure if the land is worth $1.5M, though.
This is a tough one. But I think the hood might make 1.5M doable.
Four to five years ago they would have been a parade of buyers willing to drop $1.6 for this.
You’d have to go all out if you ever wanted to sell it for a decent pop. It’ll look even more functionally obsolescent another 5-10 years from now.
Is this an REO or a flip? The trustee sale showed it sold for $1 more than the opening bid – implying third party. (And didn’t say back to bene). If it’s a flip it appears they’re losing money after transaction and holding costs.
Here’s the trustee sale info – I captured on sdlookup at the time…
from fidelityasap.com
Sale Status: Sold on 04/05/2010
TS Number: 240280CA
ASAP Number: 3448339
Notice of Sale Amt: $1,540,723.17
Opening Bid Amt: $1,542,860.58
Sold Amt: $1,542,861.58
I saw that too, and the purchaser was Homesales, Inc.
A google search took me to a trulia forum, where this comment was posted in response to the question, “who is Homesales, Inc?”:
Homesales is an siv used by chase to hide losses. This company purchase the foreclosed on asset at the principal amount outstanding, allowing chase to show a -0- loss on their balance shett while the losses are then applied to homesales. Enron style.
Jim – thanks for the explanation… WOW… what a clever way for Chase to hide the losses. And Homesales will have a loss on this one too since the asking is so close to the shadow purchase price.
Wow, that is very interesting, Jim.