San Diego Housing Bubble News and Analysis

This is the trustee sale.

This house has a fairly checkered past over the last couple of years and is an interesting lesson for anyone who still thinks the coast is immune.

In March 2008 it was listed for sale for a mere 2.5mil. Over the course of the next year it was reduced in price to 1.5mil.

http://www.sdlookup.com/MLS-081019724-14...

Looks like NOD was filed in Dec. 2008, and now it has been foreclosed on. There were two loans, one for $1,280,000 and the second for $500,000

Interestingly, the listing on sdlookup shows the place as pending, but somehow I doubt that's accurate if it was foreclosed on earlier this month.

I'm not sure if the 1,179,017 is just the bank taking it back or if someone bought it off the courthouse steps. Maybe SDR can clarify that.

Worth mentioning is that a neighbor is on the market at 1.45mil and also has NOD filed, so there might be another comp killer on this street if the bank takes that one back.

http://www.sdlookup.com/Property-B05D648...

Oh yeah, almost forgot. There was another bank REO around the corner on La Jolla Rancho that is now pending. Don't know what it will close at, but it went pending at 1,949,000 which was a little more than 500k off the 2005 purchase price

http://www.sdlookup.com/MLS-080082556-94...

xbox it is not pending anymore BUT on the MLS it is pending but that is the case of a REMAX listing agent being asleep at the wheel and listing the property as pending during the short sale process and forgetting to cancel the listing. Good to see she is on top of things.

At any rate the current owner according to the realist tax roll is Morgan Stanley Trust. To be honest, I cannot say if that is the investment bank or a private trust that happens to have the same name. So I do not want to make a conclusive statement of whether it went back to the bank or not.

It does appear to have gone back to the bank, previous owner was "CASAQUITE VIVIEN". A possibility is that someone forgot to postpone the trustee sale, and it will be rescinded soon.

It could have happened that way Eugene and I have seen that happen before. If the loss mitigation dept does not keep reminding the legal dept to postpone then oops... bye bye property...

However in this case given the length of time it was taken off the market, I believe that the short sale just did not work because whatever was offered was not high enough.

Just a guess though. My bet is that we do not see this one get rescinded.

It was still listed 3/23 and trustee sale took place 4/7 ... wouldn't it be unusually quick for banks to decline the short sale and decide to foreclose less than two weeks after getting an offer?

It does not look like it's been rescinded YET, and it's been two weeks already ... so you may be right.

This brings up a question that I've been wondering in general. Do banks foreclose faster on high end properties? NOD was in 12/08 and foreclosure was in 4/09. (Actually NOD might have been filed earlier and it just took a bit for that record of it to be put up on SDLookup) That's pretty quick. It was my understanding that if you had a potential short sale, and you played your cards right, it generally would take a year before your were tossed out of your house. But maybe banks move quick on high end properties. Anyone know if this is true?

XBoxBoy