All of these have their trustee-sale date scheduled in the next couple of weeks.
The last two houses are active short-sale listings, the gray house on 4th is listed for $2.195, and the oceanfront house has its short-sale approved for $2.86 million – but no takers. Will the bank let the free-rent program continue, or drop the hammer?
Even if there are loan-mod candidates among these, I think by the time they get this close to their date they are in grave danger of losing their house. Will there be buyers on the court house steps, or back to bene?
funny I was just over at Grandview during lunch the other day and was wondering if/when you would cover any of the cliff houses on Neptune. One thing I like about that street is that almoust every house is unique, and usually not in a bad way.
The one on Neptune almost looks like a typical French Canadian suburban style duplex! 🙂
You’d think that after the Indian Ocean tsunami wiped out so many coastlines back in 2004 that people would be hesitant to live so close to the ocean. Obviously the prices tell a very different story.
Jim:
Can you explain the redfin pricing info for the 560 Neptune listing. It states that the property was listed for $2.4M in Sept and is now $2.86M.
Many of the redfin listing show a “price increase” like this. Is this related to the bank/REO or flippers?
Also, I know properties on this strip need serious retaining walls which can cost hundreds of thousand to permit, design, & build. Does this place have a wall?
Interesting thought Francois, I googled and found this info:
CALIFORNIA’S TSUNAMI RISK
Since 1812, the California coast has had 14 tsunamis with wave heights higher than
three feet; six of these were destructive. The Channel Islands were hit by a big tsunami
in the early 1800s. The worst tsunami resulted from the 1964 Alaskan earthquake and
caused 12 deaths and at least $17 million in damages in northern California.
The 1992 Cape Mendocino earthquake produced a one foot tsunami that reached
Humboldt Bay about 20 minutes after the shaking. Although not damaging, this tsunami
demonstrated that locally generated tsunamis can reach our coastline quickly. Had the
earthquake lasted longer, the wave heights would have been higher. Evidence
suggests that large earthquakes capable of producing local tsunamis recur every two or
three hundred years.
Very rare, but they are a danger. In the mean time I’d worry much more about the threat of wildfires and teenage drivers.
If our coastline were hit by a 200 foot wave I doubt the property values would change much…
Wow–some very nice properties ripe for the pickin’ at the trustee sales! I am saving my pennies for a good buy in late ’10 or ’11. 🙂
-Erica
Yeah, I’m thinking late ’10 myself.
I’m in for ’10 or ’11 on a second property. Half dollar cost averaging here I come – only because my first house is just a home.
I love Moonlight Beach -we got hailed on Sunday at sunset while taking our annual family holiday pics. Those ominous clouds were no joke.