This is the third time we’ve seen this property,and the price goes up every time.
When it was first assigned to us in June, I was thinking $175,000 for this house on Olive (though Mr. T was more optimistic). There has been vigorous flipper activity in the lower ranges, and he thought this could get into the low-$200,000s.
These were the tenants who had their $1,000 per month lease invalidated by Bank of America, but then the tenant’s father the attorney intervened and they got to stay through the end of the year.
In the meantime, these three sales took place:
1. A standard 2 br/1 ba, 1,064 house sf listed for $175,000, and closed for $235,000:
2. A flipper bought this REO off the MLS on September 30th for $212,000, and put it back on the market on November 15 for $337,000. It is pending, with the current list price of $289,900:
3. A flipper bought this on the courthouse steps for $219,000 in March, and turned around and sold it for $262,000 on October 20th:
In the last six months there have been 33 houses sold in 92083 between $200,000 and $250,000, and only 15 of the 33 closed below list price. Many closed well above list.
I thought that we still needed to be in the low-$200,000s – this house isn’t buffed out, and it has some negatives, though they did pay for new carpet and paint. I sent in my BPO at $229,000 with supporting documentation, so today they list it for $247,900. We’ll see what it sells for, but another example of a hot market:
The address is 1688 Olive, Vista, CA 92083, and it’ll be in the MLS tomorrow morning.