Del Mar Mesa REO's. It's just a matter of time….Perhaps if we start seeing $1.5/$1.4/$1.3/$1.2 mill for some of these homes ON A REAL BACKYARD, we might motivate to get off the sideline. We're still a long way away, but it seems like there is hope these days :).
Still think that $2mil Pardee Derby Hills plan 3 tract home is worth it???? I think not 🙂
To use an old adage spoken here so much :"we've definitely got time on our side"….Now if only both of our jobs will survive through a recession, and/or my company takes off…hmmm….
6508 Mesa Norte Dr., Carmel Valley, CA 92130 –4 beds, 4.0 baths, 4,258 sqft on 1.4 acres –11/2005: purchased for $1.978 million –11/2006: was entertaining offers from $2.490 to $2.690 million –06/2007: aggressively dropped his wish price and sold for $1.975 million
The next two decided to keep their asking price. Afterall, they didn't want to 'give it away.' Well, what you don't 'give away' will be 'taken away' these days…
6473 Mesa Norte Dr., Carmel Valley, CA 92130 –5 beds, 5.5 baths, 5,417 sqft on 3.7 acres –11/2005: purchased for $2.275 million –11/2006: was entertaining offers from $2.3 to 2.6 million –06/2007: REO to bank for $1.9 million –03/2008: sold for $1.775 million ($500,000 loss club member)
6515 Caminito Stella, Carmel Valley, CA 92130 –4 beds, 5.0 baths, 4,879 sqft on 1.1 acres –07/2005: purchased for $2.035 million –11/2006: was asking for $2.225 million –01/2008: REO to bank for $1.514 million –02/2008: sold for $1.625 million
And lastly, we have the lone hold out. Back in November of '06, the home has been empty for 14 months as the flipper waited and waited for his payday. As he was unable to find a buyer, the home was pulled off the market, presumeably to wait out the market some more.
6532 Mesa Norte Dr., Carmel Valley, CA 92130 –4 beds, 4.5 baths, 4,879 sqft on 25,000 sqft lot –09/2005: purchased for $1.982 million –11/2006: was entertaining offers from $2.395 to $2.495 million
So who is the biggest loser? The dump? The two foreclosures? Actually, try the hold out. The foreclosed floppers at least stopped bleeding. Meanwhile, the hold out continues to bleed thousands of dollars month after months on a property that is now only 80% of its initial purchased value.
Going back to the intial questions… to keep, to rent, or to dump… the answer seems pretty clear here, doesn't it?
