Working the F-List

These have an auction date scheduled over the next few weeks – demonstrating what you can expect from the foreclosure list.

At the end of the video there’s a mention of stats for the Carmel Valley to Carlsbad regional market. During the first four months of 2010, there were 631 detached-home closings, and 113, or 18%, were marked as REO or short-sale listings.

It only takes one!

Recon Surge

Eric at the North County Times mentioned the increase in Bank of America notices of trustee sale being sent out.  Click here for link to full article. 

The notices went to 230 homeowners in North San Diego County, a 69 percent increase from February.

Wow, will there will be more SFR short sales or REOs in North SD County Coastal?

There were 22 new notices sent out in February, and 23 in March to SFR borrowers from Carlsbad to La Jolla – not quite a meltdown yet.  There are also some familiar faces on the lists as well, and we won’t count those as new meat.

Here are the lists:

February 2010 Recon NOTS NSDCC

March 2010 Recon NOTS NSDCC

We could all use some more inventory – keep ’em coming!

Added later, the chart from Effective Demand, click on it twice for clarity:

More F-Tour in C-Bad

Besides the fraud and deceit, I have a new story every day about how listing agents are undermining their own sales, to the detriment of their clients, the sellers – and  usually caused by incompetance or inexperience.  Some deals still close, with all parties bitter and pointing fingers, but others never happen.

Take the case where we made an offer that was about 4% below list price on a CV house, priced in the $800,000s.  The listing agent waged her entire case on one sold comp, when there were several others that supported our price.  Proud as she was, her counter came back at $4,000 below the list price, and we walked.  Why? Listing agents who had two sales last year, and are mis-reading the market that badly aren’t open to being wrong about price – and sure enough, two months later the listing is still active, and no price reduction.  My buyers will be closing escrow in the first week of May instead, getting a bigger, better house with state cheese on top.

If you are selling your house, select your listing agent very carefully – check their sales history so you know they can close a deal!

I forgot to mention on the video that the second house on Oak (the one who wanted $1.3 million in 2005) was a foreclosure when they bought it in 1994. Sales prioce was $177,000.


The foreclosure activity around Carmel Valley, Del Mar, and Solana Beach has been sluggish, to say the least.  The numbers of SFRs on the auction lists are low, and they’re filled with loan modders and current short sellers.  With only a handful getting foreclosed each month, the overall inventory of attractively-priced quality homes is discouraging.

Here’s a brief youtube tour – the first house is scheduled for trustee sale on April 23, with an opening bid of $1,327,500, and the other one on the same street had an opening bid of $1,257,031.  The other four bank-owned homes had opening bids of $967,816 (on Winstanley), $835,000, $610,000 (on Barbara), and $1,900,000:

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