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
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.
