222 Cerro St, Encinitas CA 92024

User Forum Topic
Submitted by Prufrock on March 15, 2009 - 9:34pm

This 4 bed, 2.5 bath, 1,836 sq ft house apparently sold for $380K last month. It previously had been listed as a short sale for $550K.

Can a realtor or someone with better research skills than I have determine if this was a bonafide sale, or did the bank buy it? If it was a real sale, it should make a fairly big ripple in the older housing stock around El Camino Real and Encinitas Blvd.

Sale History
02/12/2009: $380,000 *
12/18/2007: $509,600 *
05/09/1997: $199,000

‹ You'd have to be an idiot to buy a house Friend signed a lease ›
According to SDL this place
Submitted by jpinpb on March 15, 2009 - 9:53pm.

According to SDL this place sold 2/27/09 for 525k.

According to Redfin it also sold Dec. 18, 2008 for 380k. The sale before that was Dec. 18, 2007 for 509k.

Something very weird about this property. Someone buys it in Dec. for 380k and it gets sold in Feb. twice, once for 380k and then for 525k.

If I didn't know better, I'd say the sale in Feb for 380k was to the bank. But that would be the quickest foreclosure sale in a very long time. So I suspect the sale in Dec. for 380k was to the bank, the sale in Feb for 380k was someone who bought it from the bank and the sale in February for 525k was someone who did a quick flip.

But probably someone w/inside information can give you the real story.

The realist report is as
Submitted by SD Realtor on March 15, 2009 - 10:21pm.

The realist report is as follows:

The trustee sale was 12/18/07 for 509k. It went back to the bank essentially.

Next sale was for 380k to an entity called Liquidation Properties Inc and that was in 12/18/08. (Odd coincidence huh?)Note this was a grant deed.

Next sale was for 380k to an entity called REO Properties for 380k on 12/12/09. Note this was also a grant deed.

Then it closed escrow on Feb 27 as it was listed at 485k and went for 525k. It was marketted as an REO.

It could have been alot of things. It could be that this home was part of a bulk sale. It could be that the original lender has an entity to whom they use to dispose of the property.

So yeah your thoughts were correct. I think it went from bank to either another bank or some sort of institutional investors or group of them. I don't think it ended up in an "individuals hand" until the end.

Others may have better ideas.

That poor house! The
Submitted by anxvariety on March 16, 2009 - 12:11am.

That poor house! The tribulations of identity and self worth!

Looked at this house. Heard
Submitted by hawk on March 16, 2009 - 10:36am.

Looked at this house. Heard from realtor showing it that a group of investors purchased it, fixed it up a bit (still needed A LOT of work) and put on market. Was listed at 485k, sold at 525k, buyer paid too much in my opinion. Surrounding houses are listed in the 500's and in better condition. Will buy in 92024 when prices come down more.