Brown-lawn REO special in Temecula

[AK]

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

[temeculaguy]

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.

[temeculaguy]

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.

[AK]

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

[hipmatt]

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.

[no_such_reality]

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

[DCRogers]

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. 😉

[Author]

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