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:
http://www.sdlookup.com/MLS-100014268-1439_Olive_Ave_Vista_CA_92083
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:
Before: http://www.sdlookup.com/MLS-100049366-1043_Olive_Ave_Vista_CA_92083
After: http://www.sdlookup.com/MLS-100067135-1043_Olive_Ave_Vista_CA_92083
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:
http://www.sdlookup.com/MLS-100039095-928_Olive_Ave_Vista_CA_92083
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.
The new carpet and paint doesn’t change the noise of that traffic. But an investor–especially after being able to put just 5% down ($12,395)–certainly wouldn’t care. And a wanna-be buyer would love the no down payment and the 11,000+ sf lot.
Bet it sells over the $247,900 list price and quick. Good luck on your listing, JtR!
Wow. People really really really want to live in California if they’ll pay $250K and more for a dump like that.
I am seeing lots of activity in the 91945 zip as well. Pendings and new listings. Prices dipped for a bit during the winter and inventory was less than mediocre but it looks like renters are getting pushed out and the homes are getting flipped just in time for spring.
Jim – what’s the best way to get rid of gophers – short of hand grenades?
I don’t know about this house….that street is pretty busy. You had a video on this a while back, with the cat on the lawn, and it was hilarious.
“What’s this going to be? A buck 99?”
haha
I have a question though. Did you pick the $247,900 number or did the bank set that?
Stormin, we have a big lot that backs up to a canyon. We’ve tried everything to get rid of gohpers. Traps and poison have killed off a few, but we have hundreds of the little buggers. We’ve decided to give up on a lawn and replace it with fake grass and hope they don’t dig through it.
Ah never mind, I understand it now.
please let us know how this turns out. This is not to far from me, however I’m over on a much more quiet / better tract on rose dr. (no outlet)
http://maps.google.com/maps?q=rose+dr+oceanside+ca
Olive is a pretty tough looking street though, some of the places look like a used car lot or junkyard.
BTW, some one flipped this one from $160K to $292K. Address is Granada but it’s on Olive
http://www.redfin.com/CA/Vista/702-Granada-Dr-92083/home/3370924
Gophers here too. I tried filling their tunnels with water they dug up the other side of the lawn.
Re: Gophers
Will a dog or cat get rid of them? Beagles love to dig.
How about the Rodinator?
http://www.youtube.com/watch?v=DeywW7r4LA4
Much less destructive than Bill Murray’s use of dynamite in Caddyshack. 🙂
Correction. It’s Rodenator, and not Rodinator.
You can even blow up rabbits with it. Elmer Fudd would have loved that!