At that time, all we knew was that the opening bid was $513,000. Bank of America went on to list it for $524,900 on behalf of the seller, and we had four offers right away. The highest offeree was a Vegas guy who owned not one, but two private planes, but he objected to the bank’s demand to waive his appraisal contingency. So we waved bye-bye to his $575,000 offer, and took buyer #2, a single guy who owns a number of properties (double-digit) who plans to live there for the time being.
Congratulations to pemeliza, with the closest guess of $550,000!
Honorable mention goes to Billy Atwater for guessing $552,500, and predicting that it’ll close in late spring! The list of guesses are posted in the comment section.
A pair of Padres tickets and a t-shirt for each of you!
This REO was assigned to me on September 10th, and just hit the open market today, listed for $414,800. Has it been going up in value the last few months?
We’ll see – if you feel like guessing the final sales price in the comment section, the closest will get a to-be-determined prize package, including an assortment of Padres tickets and bubbleinfo t-shirts. We’ll see if the B & D appliances still pull their same cachet!
I had so much trouble giving away Padres games last year, I didn’t renew my season tickets, after 12 years.
Nathan won the contest for Charger playoff tickets, but said he couldn’t make it, and to either give the tickets to the second-placer, or do something else with the dough.
Let’s do something else, so all bubbleinfo participants can benefit.
What could we spend a few hundred dollars on?
Data research?
Pizza parties?
Haiti relief?
Medicinal marijuana for shadash?
Paint for the truck? (hat tip to Justin)
Arturo Ruiz’s ride screams his Chargers pride. The Logan Heights resident painted his 1966 Chevy truck, and his house, in blue and gold.
On September 22nd there were 11,011 pendings, and today there are 10,313 pendings.
Just a pause before the Spring Kick? Or more downdraft ahead?
I don’t have the inventory-per-day stats, but in November, 2008 there were 4,248 new listings inputted onto the MLS, with the list prices averaging $271/sf.
Last month there were only 3,546 new listings, and they averaged $279/sf.
The REO tsunami dripped another drop today, I was assigned this property whose trustee sale was just last Thursday, November 12th.
The former owner was from Newbury Park, which, according to wiki, has the highest median prices in Ventura County, and among the most affluent areas in the country. It is typical for these types of folks to come to Oceanside, thinking they are going make a killing on beach real estate.
This is a unique property, so let’s have a contest!
Guess the eventual sales price!
On the tax rolls it’s 3 br/2 ba, 1,300sf on a 1,500sf lot. There aren’t any great comps, and no appraisals or BPOs have been completed, so I don’t know what the list price will be. But the opening bid at the trustee sale last week was $513,000 with no takers.
The vacant lot in the video below had listed for $499,000 but had to get down to $275,000 before going pending (sellers paid $399,000 in 2004), and the new condos featured in a previous video have all closed between $405,000 and $781,000, so it appears there is still an appetite for beach real estate in Oceanside!
You can see photos at this link, where they are asking $1,900 per week in winter, and $2,000 per week for summer rentals:
The REO in the village of Carlsbad finally listed today.
The list price? $601,900.
I mentioned that my BPO was $599,900, but the video must have been powerful. Of the record 92 guesses, only 19 were under $600,000, and 20 were OVER $700,000!
I appreciate the optimism, and it’s a direct contrast to prior contests when most guesses were well below the eventual sales price.
I’m hoping this doesn’t get too out of control, because I just received my latest quarterly scorecard, and got ripped again for selling them too high. Every category had a perfect score except BPO:SP, which equaled 114%. They dinged me for 35% for missing so badly!
The contest was to guess the sales price, and the winner to receive a slightly-used bubbleinfo t-shirt and prize-to-be-named-later. Guesses are in the comments section, and here is the original video:
Thanks everyone for participating in the contest for Chargers playoff tickets!
Here are the finalists for best explanation, and winner of four Padres tickets vs. Cardinals:
#4, from JK:
Positives
1) Fannie Mae loans will still be available
2) Stimulus money will inject some money
3) Some people will ‘feel rich’ with the Dow over 9,000
4) Most people still dont understand that it may be easier to walk away
5) Lots of people in SD made money off real estate; once you start, it’s hard to stop
Negatives
1) Banks are drawing a harder line on mods
2) There is a lot of meat left to grind into sausage (foreclosure pipeline)
3) Double dip recession starts when clunkers ends
There isn’t much for sale now and don’t see much on the horizon. This supposed tsunami that is going to hit is looking more and more like an ankle slapper.
#1, from JordanT – THE WINNER(lack of seasonality, and similar to today’s market)
Seasonality is not a major factor in this market as the buyers are investors and first time home buyers (very similar dynamic to last fall). The number of distressed sellers will stay about the same as well, since there doesn’t seem to be much seasonality to NODs/NOTs. Congress will at least extend the $8,000 housing credit, with a chance of making it $15,000 to anyone.
Therefore, the market is going to be very similar to what it is today.
Though with 22,462 houses and condos on foreclosureradar’s list of NODs, NOTs, and REOs, there has to be relief ahead, doesn’t there? Typically in January we see the low inventory count for the year, before the spring kick.
Let’s use the active inventory as one of our primary indicators.
We’ve seen over the last few months how frenzied up buyers can get when there are few homes for sale. If we head into the 2010 spring kick with an ultra-low inventory and decent interest rates, it’s going to be off to the races.
If there is a surge of REOs over the next six months, and we head into the spring with a bloated inventory, then we could slog along.
We’ll probably know where we stand by the holidays.
Housingtracker’s average for last December was 15,116 homes for sale, and today’s count is 11,457 listings.
If the active inventory is rising by the holidays, then trouble is brewing, because normally the inventory declines towards year-end. If there are fewer homes on the market in December than there are today, then the spring kick should be lively – any increase in REO inventory could correspond with the usual seasonal boost.
Where do you think we’ll be?
Guess how many attached and detached active listings there will be on the morning of December 1st, and the closest guesser will receive two tickets to a Chargers game!
We’ll have an instant winner too – the best explanation for a guess will receive four Padres tickets for Saturday August 22nd vs. Cardinals at 7:05pm!
The REO in the village of Carlsbad finally listed today.
