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  • March 24, 2007 at 12:45 PM #8669
    AK
    Participant

    For some reason this one seemed interesting …

    37790 SEA PINES, Murrieta, CA 92563

    Bedrooms: 3
    Full Baths: 2
    Partial Baths: 0
    Square Feet: 1,143
    Lot Size: 6,098 Sq. Ft.
    Year Built: 1989
    Listing Date: 12/13/06
    On Market: 101 days
    Type: SFR
    Status: ACTIVE
    MLS #: T669584

    Description
    Bank owned. Great starter. This home was being remodeled and has new paint inside and outside trim. Updated counter tile in kitchen was almost complete except for grout. Finish the remodel and you’ve got a great little house. Large backyard with storage shed. Seller will contribete $3000 to closing costs.

    Price Reduced: 12/28/06 — $360,000 to $353,000
    Price Reduced: 01/17/07 — $353,000 to $345,000
    Price Reduced: 02/17/07 — $345,000 to $333,000
    Price Reduced: 03/07/07 — $333,000 to $324,500

    Zillow shows:

    Sale History
    01/16/2004: $280,000
    07/12/2002: $215,500

    March 24, 2007 at 2:21 PM #48385
    temeculaguy
    Participant

    There’s a reason. That one is in the North East edge of Murrieta and too old. It is conveniently within walking distance to an airport and the jail. I used to live about a mile from there and there’s nothing more appealing than realizing your nearest gas station or market is also the nearest gas station for anyone released on foot from jail and couldn’t get a ride. Older, low-end, non-HOA in bad locations like that one will be among the first casualties of the subprime meltdown because thier potential buyer just became unqualified for a loan. The brown lawns are a dead givaway in well kept or newer neighborhoods but there it can just be caused by lawn parking or improper diposal of used motor oil.

    March 25, 2007 at 11:55 AM #48422
    temeculaguy
    Participant

    I’ve been watching that one and wondering the same, how low will it go? If something like that gets to the mid 200’s I’d probably buy it. I’d rather be in Redhawk or Wolf Creek but Vail Ranch probably has more subprimes. I think wolf creek will have considerable repos because they were all purchased 04 to 07 and many of the tracts have lowered prices below what hundreds of people paid. I wonder how these banks can survive the next six months without moving these repos.

    March 25, 2007 at 7:13 PM #48415
    AK
    Participant

    Thanks for your insights Temeculaguy. Location is everything as they say …

    Here’s another brown-lawn special … seems to be a Countrywide REO. Interesting because it seems to indicate that some lenders are starting to “get it” … This one listed immediately after foreclosure at $339,900 or $230/sf (roughly “loan balance plus 6 percent”) presumably in hopes of a quick sale. Zillow comps (such as there are, it’s a slow year) seem higher though are probably distorted by the usual factors. Interesting to see how low this one goes …

    List Price: $339,900

    33282 AVENIDA BICICLETA, Temecula, CA 92592

    Bedrooms: 3
    Full Baths: 2
    Partial Baths: 0
    Square Feet: 1,457
    Lot Size: 6,969 Sq. Ft.
    Year Built: 1994
    Listing Date: 03/01/07
    On Market: 24 days
    Type: SFR
    Status: ACTIVE
    MLS #: T704899

    Zillow sale history:

    02/13/2007: $321,057 (foreclosure?)
    07/13/2001: $183,000
    05/28/1999: $136,500

    So somewhere between 2001 and 2007, something happened to $138K. I guess a burn rate of $25K/year is pretty modest compared to other examples we’ve seen.

    Edit: Found the loan info on a foreclosure site.

    Loan amt: $304,500
    Loan date: 10/15/2004

    Default recorded: 10/04/2006
    Delinquent amount: $9,609

    Notice of sale: 1/09/2007
    Trustee sale: 1/26/2007
    Minimum bid: $318,912

    March 25, 2007 at 10:31 PM #48443
    hipmatt
    Participant

    It would have to be $200k max for me to even think about it. If its a fixer, in that neighborhood, and prices are gonna go down to 2000 prices, then 200k is still high. Its only 1100sqft. In 3-4 years it may be worth less than 200k.

    March 26, 2007 at 10:20 AM #48456
    no_such_reality
    Participant

    I agree, $200K won’t hold out there for non-prime properties or any property requiring work.

    March 26, 2007 at 5:49 PM #48489
    DCRogers
    Participant

    Man, how do you squeeze 3 beds and 2 baths into 1,100SF?? I live in an older 2 bed 1 bath home of the same size in Normal Heights, and can’t imagine giving up any space to more sleep space or plumbing. Guess modern homes are like the Tardis… more room on the inside than they appear on the outside. 😉

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