San Diego Housing Bubble News and Analysis

It must be the pool

HOLY CRAP! Did I just step into some time portal back to 2005?

I think you're right. I'd be suspicious of a straw sale going on. WTH.

I don't think anything in Sanctuary has closed under a million especially this larger plan. $990K would have been a great price for this highly upgraded home. The builder is still asking 1.2 for the smaller plan with less upgrades. This was probably a short sale with multiple offers and bank came back with the higher price. It could still be fishy, but the price is reasonable. This is one of the reasons that a few us agree that Localguy and few other buyers that bought the last few homes in Scripps Preserve got a great deal.

There is nothing fishy about this sale. Listing agent is Battiata and selling agent is Keller Williams. Sorry guys. On a ppsf it is a bit over 200 ppsf. It sold for 1.855M in 06 and 1.22 now. So why the whining? The buyer financed 860k.

SDR is right. that is still a huge drop from 06 pricing. the 990k asking was typical "short sale low asking" tactic.

here's a nearby "new purchase straight from the builder" that backs to a busy street avg ~45mph:

15035 Applewood Ct, San Diego, CA 92131
--5 beds, 5.5 baths, 5,599 sq ft
--04/16/2009: purchased by a SD Charger for $1,500,000

a couple of doors down someone scored the same house from Shea around the same time for $1 million flat.

this market is filled with great buys and "say what?" deals, that's just how it is.

The house across the street is showing significant distress...

11533 Edgewood Pl, San Diego, CA 92131
Paid $1,848,000 on 12/1/2006
Was listed earlier this year for $1,075,000.
http://www.sdlookup.com/MLS-090017063-11...

They owe $33,154.47 in defaulted property taxes and penalties. (I guess it's the previous 2 years.) They did not pay the ~$8k that was due on 12/10 for the first half of this years taxes.

NOD was issued on 4/1/09

Trustee sale is scheduled for this Wed. 1/13/2010.
Info from fidelityasap:
Sale Status: Postponed to 01/13/2010
(Beneficiary's Request)
TS Number: 20080028701710
ASAP Number: 3027289
Notice of Sale Amt: $1,439,883.35

I guess my questions are: who pays the unpaid property taxes? The buyer? The bank?

I'll be curious what the opening bid ends up being on this one.

The buyer if it goes to third party. Very nice house. I don't think it will be picked up by a third party unless it goes below 950K.
11216 DEPRISE CV went to 3rd party on 1/6/10 for 860K.

There is a wide range of pricing out here right now. I just noticed that a house on Fortino Point sold for $890,000.00ish. And if the house on Deprise sold for $860,000.00....go figure. Does anyone know what the remaining Calabria homes sold for? They are stacked in like sardines. You can still score a decent house out here for a good price. I must admit, I trip out on the wide variety of pricing. There is a ton more lookly loo traffic now as well. Cars are driving by checking out the two homes, squatterville, next to me.
Localguy

The house on Deprise was sold at Trustees auction (not a traditional MLS listing).

11445 FORTINO PT (6bd 4.5ba, 3816 sqft) is sceduled for Trustees auction on 1/19 with opening bid of 667K. The loan in default is for 645K.

15517 MISSION PRESERVE PL (4bd 4.5ba, 4474 sqft) is sceduled for Trustees on 1/20 with opening bid of 845K.

15133 ALMOND ORCHARD LN (5bd 5.5ba, 5535 sqft) was passed on and went back to the bank on 12/31/09
the opening bid was 899K

Fortino has been postponed a few times. We have looked at it since June.

Radar doesn't show a second on this property. I would think the owner could sell this property as a traditional sale before allowing it to forclose.

The sales office at "Serenity" is claiming that sales are brisk and that a new phase was just released. The prices have not come down significantly and I wonder who is buying these homes for close to $1 million AND paying $500 MR every month...
Any thoughts?

Hate to state the obvious but people with more money than you and I.

what is a trustee auction? How can one be in the auction? Does it require cash purchase?

Trustee auction is the foreclosure sale at the courthouse steps. Yes, it's all cash. There is risk involved since you are not guaranteed clear title as you would be in an escrow situation. You can't do any conditional inspections and get out of the deal. The bank that is foreclosing sets the opening bid - some are set nice and low, others pretty high.

The risk has kept me out of this - but the rewards *can* be great. I'm still watching for a good rental property... It seems like it would be easier to get a positive cash flow property this way than in a traditional sale. The idea is an interesting one.

Anyone can go to trustee auctions - they are at the various courthouses, on the steps, at 10am each work day. You can get a list of upcoming auctions on fidelityasap.com... but they don't always post the opening bid before the auction.

11533 Edgewood Pl, San Diego, CA 92131
Postponed with a new auction date of 2/1/10

...with more money than us but poorer judgment? I think you can buy a home for the same amount of money and not pay MR.

UCG

Fidelity is a very updated site. As the opening bids get set they are sent to fidelity pretty much real time. Many times the opening bids do not get set until the day of the auction and in some cases not until after the auction begins. Actually those are the best opportunities because many people will hold off researching properties without an opening bid.

So when the trustee gets the opening bid they put it on fidelity pretty darn quick. If fidelity doesnt have it up yet it is mostly because it has not been set yet.

So to anyone reading, you can set up a free account at www.fidelityasap.com and get very realtime auction information including postponements and all that fun stuff you see being posted.

Thanks for the info Adam.

Just curious... If you see an opening bid posted, is it more likely to go to sale (vs being canceled) than one that does not have a published opening bid? My thinking, which could be entirely bogus, is that if they've done the leg work to determine and publish an opening bid, they're less likely to cancel/postpone because they've put some more legwork in.

I see a ton that are postponed - and never had an opening bid published... I have yet to see an opening bid published and have it cancelled... (That I remember.) I've only been actively watching the trustee sales for a few weeks, though.

Hi UCG -

There is a corollary there. The earlier the opening bids that are published, the more opportunity for people to research, scope the home, etc... Still even the opening bids that are published day of the auction get researched some. Most of the bigger players at the auctions have a decent network. They have a guy placing the bid at the courthouse, he is usually talking realtime to someone at a central office who can also do the title checks. There is usually a another scout driving around to eyeball the property to at least check out the external condition. So the more professional organizations are well prepared to deal with the late opening bids. However alot of the scrappers are not gonna bid because they didnt prepare sufficiently.

As far as postponement, I have never looked statistically at how many opening bids ended up getting postponed. Your theory may carry water but I know for a fact that those with opening bids have gotten postponed before. We have literally been on our way to the auction and have seen postponements of opening bid established homes. In general it "APPEARS" to me that when there is no opening bid, that usually signifies a bk, however what do I know?

Keep doing your research and you will learn valuable experience. I would advise that you try to log your data so you can look back on it because the fidelity window is only 7 days in reverse.

Update to 11533 Edgewood Place.

From fidelityasap.com - it went back to the bank today.

Sale Status: Back to Bene 03/01/2010
TS Number: 20080028701710
ASAP Number: 3027289
Notice of Sale Amt: $1,439,883.35
Opening Bid Amt: $1,055,000.00
Sold Amt: $1,055,000.00