Holy SantaLuz Bank Owned homes

User Forum Topic
Submitted by Alex_angel on August 29, 2007 - 6:14am

I was looking at a realtors site that lists bank owned homes and when I search for homes in Santa Luz there was over a hundred listings. I drive though Santa Luz every day to get to work in Rancho Bernardo and always wondered why that area was so quiet. You never see any cars in the driveway of homes, most have no landscaping and you never see a soul anywhere.

To me it seems like the flippers wanted the big payday and bought these ginormous homes in hopes of flipping for a 1/2 million-1 million profit but got into the market too late.
These home sizes listed range from about 3000 to 12000 sqft. Looking at photos, almost all are empty, no lanscaping or just half landscapes. Most have incomplete interiors. You can see they started to design but quit half way.

The home prices start at 1 million and go up to 7.4 million. I wonder how low these prices will go when the banks just unload them all.

People nicknamed 4S 4Closure Ranch. Then I will nickname SantaLuz as SantaLoser

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I noticed that they took
Submitted by gracie on August 29, 2007 - 6:54pm.

I noticed that they took down a the big SantaLuz sign on Carmel Valley Road......Maybe they are just replacing it with a new one...but, the sign was down today.

There do appear to be a huge
Submitted by Rational expect... on October 12, 2007 - 10:51am.

There do appear to be a huge number of new (nouveau) rich homes in North County SD. Evidence to date suggests that prices will drop most for lower-income/starter homes, but this may be worth questioning:

1.) Everything has been overbuilt, but which categories (i.e. price) of homes have been overbuilt the most?

2.) A recent WSJ article showed that "high-interest loans" have been used much more broadly than previously suspected.

Interestingly, the peak year for these loans was 2006 (not 2005) and the ratio of loan value to proportion of loans changed as well, indicating that more expensive homes were being bought more often with these high interest loans.

3.) The collapse of jumbo loans adversely affects the "working rich" as much or more than the working class.

4.) The corrosive effect of market conditions (declining prices, softening economy, harsher lending standards) should tend to "work their way up" through the housing market, first affecting cheaper homes, and then more expensive.

So, will North County luxury look more like Las Vegas boom in a couple of years? Santaluz already has more for sale signs that Walmart after Christmas. What about Crosby, Carlsbad, etc.?

Rational expectations

Could you post the web site
Submitted by raptorduck on October 12, 2007 - 12:12pm.

Could you post the web site that lists these bank owned homes in Santa Luz?

http://beautifulcaliforniahom
Submitted by Alex_angel on October 12, 2007 - 1:09pm.

http://beautifulcaliforniahomes.com/bank...

The banks don't own all
Submitted by waterboy on October 12, 2007 - 1:24pm.

The banks don't own all those homes....It is just a list of all homes listed in Santa Luz.

Alex
Submitted by pertinazzio on October 12, 2007 - 1:43pm.

Alex wrote:

http://beautifulcaliforniahomes.com/bank...

Thanks that is the kind of site and information that I was looking for when I first wandered into Professor Piggington's amazing Econo-Almanac ..... just for fun I am checking out Spring Valley where my sister the San Diego message therapist (typical, huh?) and I can see right away that she is in a highy dangerous elevated "REO zone." Is there any way to figure out what the previous selling price was for these gems? Once again, thanks. I am definitely in the right place!

Beatus ille qui procul negotiis ... paterna rura bobus exercet suis, solutus omni fenore..... Horace

waterboy wrote The banks
Submitted by pertinazzio on October 12, 2007 - 2:02pm.

waterboy wrote

The banks don't own all those homes....It is just a list of all homes listed in Santa Luz.

Then why, o water boy, does it tell you that they are all bank owned when you go to the site and register and everything? It certainly seems like the site sponsors are some kind of REO specialists?

Beatus ille qui procul negotiis ... paterna rura bobus exercet suis, solutus omni fenore..... Horace

Pert - Many of the 919xx zip
Submitted by SD Realtor on October 12, 2007 - 2:03pm.

Pert -

Many of the 919xx zip codes are in the red zone so to speak. Of course there are many many others in the red zone as well. In spring valley if one bought a home there in the last 3 years more then likely that home is worth less then it was at the time of purchase.

If you want to look at bank owned properties go to a website called www.reotrans.com as opposed to the other site mentioned in this thread. Also yes you can find the previous price for any home. Go to sdlookup.com. Or post it here and many a poster will help you out.

SD Realtor

Pert wrote - "Then why, o
Submitted by SD Realtor on October 12, 2007 - 2:05pm.

Pert wrote -

"Then why, o water boy, does it tell you that they are all bank owned when you go to the site and register and everything? It certainly seems like the site sponsors are some kind of REO specialists? "

Don't believe everything you read online Pert.

I am a "specialist" at football picks. Unfortunately I went 0 for 2 last weekend.

SD Realtor

Pert last thing... reotrans
Submitted by SD Realtor on October 12, 2007 - 2:24pm.

Pert last thing... reotrans is not an all inclusive site...meaning there are lots of bank owned properties out there that are not in reo trans. LOTS... but reo trans does not have properties listed that are not lender owned.

SD Realtor

Okay one last piece of
Submitted by SD Realtor on October 12, 2007 - 2:39pm.

Okay one last piece of information... Pert and Raptor sometimes you will see things posted on Piggington that are much more wishful thinking and speculative rather then based on facts.

So on the Sandicor MLS there are 74 active homes for sale when you do a search and type in Santaluz in the subdivision as the search string. Of those 74 active homes, I took a quick look at the remarks and confidential remarks section... usually for reo homes and short sales there will be a remark indicating so... Out of the 74 homes there was 1 reo sale and 1 short sale.

That does not mean there are not more. A more thorough search would be to look at the tax record to see who the owner is (look for a bank or a reconveyance company as the current owner) but I do not have the time or motivation to do that. Raptor your agent can do that for you.

Anyways there also may be more reo properties or short sales but they are not on the MLS. I doubt very much that there are that many though... give it time...maybe a year or two. Just trying to post facts...more or less...

SD Realtor

SDRealtor. Thanks!
Submitted by raptorduck on October 12, 2007 - 4:34pm.

SDRealtor. Thanks!