320 Robinson, 40% loss

[citydweller]

I noticed a listing for 320 Robinson, mls 076056069, it was purchased in April 2005 for $780K, it is now listed for $470K, which is a 40% loss. This listing price is also 20% below what it sold for in April of 2004 ($580K).
Does anyone know if this is a foreclosure sale? I find it hard to believe the bank would discount it this much, unless maybe there was a large down payment?

[blahblahblah]

Hmmmm, just checking that one here on Zillow. I think I once knew someone who rented that place! It’s in 92103, right? Do you know if it’s the red one or the yellow one? There are two little stucco houses right next to each other there on the North side of Robinson. That would be an amazing loss. $470K is still too much for a 1050sf 2/2 in a noisy area like that, but it’s a start in the right direction. Certainly it sounds like a deal but it’s probably an error. Zillow shows that it just sold on 4/26/2007 for $642K, 4/29/2005 for $780K, and 10/01/2004 for $722K. Seems fishy, those are extremely high $/sf values for such a tiny place…

[blahblahblah]

Hmmmm, just checking that one here on Zillow. I think I once knew someone who rented that place! It’s in 92103, right? Do you know if it’s the red one or the yellow one? There are two little stucco houses right next to each other there on the North side of Robinson. That would be an amazing loss. $470K is still too much for a 1050sf 2/2 in a noisy area like that, but it’s a start in the right direction. Certainly it sounds like a deal but it’s probably an error. Zillow shows that it just sold on 4/26/2007 for $642K, 4/29/2005 for $780K, and 10/01/2004 for $722K. Seems fishy, those are extremely high $/sf values for such a tiny place…

[citydweller]

The picture on the mls shows a mustard yellow colored house. I wonder if it’s a lot split. The $780K purchase price may have been for both units, and now they are being sold separately.

[citydweller]

The picture on the mls shows a mustard yellow colored house. I wonder if it’s a lot split. The $780K purchase price may have been for both units, and now they are being sold separately.

[blahblahblah]

Would make sense — I always thought that was a duplex… Still not a great deal for only 1050sf…

[blahblahblah]

Would make sense — I always thought that was a duplex… Still not a great deal for only 1050sf…

[SD Realtor]

The MLS shows two sales, one in 2005 and one in 2004. The one in 2004 was for 722k and the one in 2005 was for 780k. The tax roll identifies the lot as 4500 sq ft and only 1 home with a garage. So no I do not believe this is a duplex nor was it ever sold as a duplex. The purchase in 2005 was financed 100% and the property went back to the lender on 4/26/07.

SD Realtor

[SD Realtor]

The MLS shows two sales, one in 2005 and one in 2004. The one in 2004 was for 722k and the one in 2005 was for 780k. The tax roll identifies the lot as 4500 sq ft and only 1 home with a garage. So no I do not believe this is a duplex nor was it ever sold as a duplex. The purchase in 2005 was financed 100% and the property went back to the lender on 4/26/07.

SD Realtor

[Arraya]

That is very stange. First of all if you were going to apprias that today you would come in around the mid to low 600s on paper, don’t let the ridiculous price they paid full you. That still seems very strange for for a bank to discount that much today. I have seen on a few bank owned properties they list at a very discounted price and treat it as an auction. You call the listing agent and he tells you to put you best offer and on such and such a date they would let you know.

I am persuing short sales and bank owned properties at the moment and banks seem at best overly optimistic about there pricing and at worst completely unrealitic.

[Arraya]

That is very stange. First of all if you were going to apprias that today you would come in around the mid to low 600s on paper, don’t let the ridiculous price they paid full you. That still seems very strange for for a bank to discount that much today. I have seen on a few bank owned properties they list at a very discounted price and treat it as an auction. You call the listing agent and he tells you to put you best offer and on such and such a date they would let you know.

I am persuing short sales and bank owned properties at the moment and banks seem at best overly optimistic about there pricing and at worst completely unrealitic.

[temeculaguy]

While it seems like there may be more to the story because the banks have been stingy thus far, I think it is a sign of things to come with the banks. I’ve been tracking bank owned properties that have been on the market over 90 days and their numbers are increasing, albeit my info reflects only one zip code. They can’t hold out forever and they should be more informed than the average seller that there plenty more coming because they own them. The lenders are going to start getting nervous very soon and we will see more examples of drastic discounting on REO properties in the coming months.

[temeculaguy]

While it seems like there may be more to the story because the banks have been stingy thus far, I think it is a sign of things to come with the banks. I’ve been tracking bank owned properties that have been on the market over 90 days and their numbers are increasing, albeit my info reflects only one zip code. They can’t hold out forever and they should be more informed than the average seller that there plenty more coming because they own them. The lenders are going to start getting nervous very soon and we will see more examples of drastic discounting on REO properties in the coming months.

[Author]

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