Talk about slim pickings – on the MLS there are only two active listings of Carmel Valley bank-owned SFRs:
1. Fairbanks Highlands (here), where it’s the cheapest of 9 active listings.
2. And this one in Palacio Del Mar, a gated community near the intersection of Carmel Country Rd. and the 56 freeway:
If you want to buy a bank-owned property in Carmel Valley, stay on your toes!
Let’s see how long it takes for the bank to put this on market:
http://www.sdlookup.com/Property-7CE3A347-12710_Monterey_Cypress_Way_San_Diego_CA_92130#114715
For anyone who wanted a preview of the “new” Brown years….
He’s out of the gate and after Prop 13 with regards to commercial and apartment buildings.
http://latimesblogs.latimes.com/california-politics/2011/01/gov-jerry-brown-talks-prop-13.html
I was told there was “water intrusion” and that was why the kitchen was removed.
http://www.sdlookup.com/Pictures-100063340#2
Jim: How much in your mind would being next to the freeway and water intrusion reduce the price for this house over a comparable one without those issues?
Second: If the kitchen is still in the shape shown in the pictures, does that mean a buyer would have to pay all cash or could they get financing?
Got one coming soon Jim, let me know if you want to do a fly by.
Kathy,
Thanks for including the photos – they are older, and the bank has since rebuilt the kitchen. The workers were painting the cabinets, and it was too noisy to include in the video.
The 1,245sf REO house I had listed on Paseo Ajanta was similar – it backed to the I-15 with a tall wall in between, AND had a water leak during the listing, which the bank fixed.
I don’t think in the end there was much dropoff in price. There was a 4 br that closed the same month for 14% more that didn’t back to the freeway, but the lower end was hot at the time and the scrutiny was lower.
I might have gotten lucky – mine had been on the market for 76 days, and today there is a 4br 1,600sf active listing across the street for $399,000 that’s not selling.
Generally there should be at least a 10% hit for either freeway or flood damage if you ask me.
There have been 3 closings of this model in the video since March; $717,000, $730,000, and $779,000 which was the most recent in August. So at $620,000 he has a good discount built in.