Perhaps banks are finally lowering prices on REOs?

User Forum Topic
Submitted by DCRogers on August 15, 2007 - 8:53pm

Here's one in my neighborhood:

3596 SYDNEY PL, SD - Normal Heights, CA 92116

"Bank owned home! Very impressive custom home on 1 acre w/views of mission valley. Entire upstairs is a very large master suite w/huge walkin closet & bath. Upgrades thru out home include: granite counters,custom flooring,great fireplace, finished basement."

http://www.ziprealty.com/buy_a_home/logg...

Now, with a list price of $894,900, 4 bed, 3 bath, 2500sf, on 1 acre, that might actually get a few sniffs. But I note it because the bank is actually accepting the bath it has to take to get some movement. Here is the sales history (the most recent sale is the bank taking it back, I think... perhaps the 80% on a 80/20 loan...)

Sale History
06/21/2007: $992,427
11/23/2005: $1,200,000
11/10/2003: $730,000

10% bath on their loan amount, not including other costs... and with the new price, the home is down 25% from the $1.2M sale less than two years ago...

‹ Yawn Bank Solvency and FDIC Worries ›
That is a really nice home.
Submitted by Allan from Fallbrook on August 15, 2007 - 10:51pm.

That is a really nice home. I think it is still overpriced, but I don't imagine it will be much trouble to find a buyer at that price, especially given the plot size and those views.

It's a house with a lot of character.

I hate zip, no zip links, I
Submitted by temeculaguy on August 15, 2007 - 10:57pm.

I hate zip, no zip links, I cannot remember another password, my brain is full.

Downside is that the "view"
Submitted by DCRogers on August 15, 2007 - 10:58pm.

Downside is that the "view" is not of Mission Valley, as claimed; instead, it's the big climb of Interstate 15 from the valley onto the mesa top, with truck noise from both the uphill climb, and noise from compression braking on the decline...

@temeculaguy Sorry, there
Submitted by DCRogers on August 15, 2007 - 11:03pm.

@temeculaguy

Sorry, there doesn't seem to be a reference to this property in sdlookup.com yet...

It wasn't on redfin but
Submitted by temeculaguy on August 15, 2007 - 11:10pm.

It wasn't on redfin but there was a cool little house on the same street.

http://www.redfin.com/stingray/do/printa...

Too many safety issues for me though. I would certainly smash the glass panes behind the desk when I get out of the chair, I know I would use the bedroom fireplace, kick the covers off in the night and light the house on fire and I drink a lot so I'm sure i would fall in the pool coming out of the garage door, head my head and drown. But it looks cool.

If you create a log-in @
Submitted by JC on August 15, 2007 - 11:15pm.

If you create a log-in @ http://www.sandiego-mls.com/index.html you can see this listing.

The home does look beautiful and is on a huge lot, but as another poster noted it is very close to the 15. Also, it close to Kensington, but it is still Normal Heights.

So, I guess I am confused as how this commands such a premium? Is the idea that the land could be developed further? Or, am I missing some other obvious factors?

Thank you.

Re: 3515 SYDNEY PL To heck
Submitted by DCRogers on August 15, 2007 - 11:24pm.

Re: 3515 SYDNEY PL

To heck with safety, having a neighbor with that overlook into the backyard pool kills any chance of skinny-dipping without an audience...

(As for safety, the bedroom fireplace is an accident waiting to happen, I must admit. But a selling point for those with a partner with cold feet!)

I know this area. Not the
Submitted by SD Realtor on August 15, 2007 - 11:35pm.

I know this area.

Not the side of 15 that you want to be on. You want to be in Kensington, not Normal Heights. The home backs up to the freeway bigtime. To me the price reduction is nice to see but the 1.2M previous sales price was an incredible joke. It will be interesting to see what it goes for.

SD Realtor

http://roachfiend.com/archive
Submitted by meadandale on August 16, 2007 - 6:55am.

http://roachfiend.com/archives/2005/02/0...

Bug me not to the rescue!

Works like a champ.

Speaking of banks lowering
Submitted by Arraya on August 16, 2007 - 8:40am.

Speaking of banks lowering prices....

Here is on I found this morning, it may be the first 50% off peak sighting.

Downtown of course.

702 Ash St #205
San Diego, CA 92101
General Info
Location: San Diego > Downtown
Neighborhood: Cortez Hill
Community: El Cortez
Zoning: Special And/Or Misc.
Use: Agricultural Preserve (Under Contract)
Parcel Number: 5340320514
MLS Listing
List Price: $309,900
MLS#: 076041731
Tax Assesment
Land Value: $130,561
Improvement Value: $304,643
Net Value: $435,204
Est Property Tax: $5,440
Sales History
Date Price
12/14/2005 $625,000
12/01/2004 $429,868

http://www.sdlookup.com/Property-3BCEC90...