Crosby – still foreclosure deals in San Diego

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Just noticed a Crosby foreclosure that closed today for $1.467M – it sold in 2001 for $1.54M and looks like it had over $2.2M in mortgages against it. Huge sq footage and lot – 7940 Dixie Lane, San Diego, CA 92127 Seems like someone got a great deal. Thought those days were over but looks like there may still be good deals out there…

[spdrun]

Nah, there are many places (condos) that went for $300k at peak, have $275k of loans on them, and are worth around $200k.

[[email protected]]

Do you think there’s more opportunity for flips in the condo mkt vs single family nowadays?

[Escoguy]

RSF is a complex market. These do pop up from time to time but it’s out of range for most buyers and doesn’t make sense as a rental except in very limited circumstances. So yes congrats on the deal, if you are in that price category, there is likely more out there but you need to work with a very experienced agent who knows RSF and how to make it work.

[flyer]

We’re in the 92067 zip, RSF, and, I believe The Crosby is in the 92127 zip code. If anyone is interested in listings in either, just pull up 92127 or 92067 at sdlookup.com.

[[email protected]]

I spoke to a realtor today who said that there were much higher offers but the deal that “won” was all cash. It seems it’s hard to get a really good foreclosure deal without an all cash offer. Would you agree?

[flyer]

Although I’m not a realtor, the best deals I’ve seen via family, friends and acquaintances do usually seem to be all cash offers.

[all]

[quote=flyer]We’re in the 92067 zip, RSF, and, I believe The Crosby is in the 92127 zip code. If anyone is interested in listings in either, just pull up 92127 or 92067 at sdlookup.com.[/quote]

There is an option to pay and have your mail routed through RSF, if you live in Crosby. I heard more than one person referring to Crosby as RSF because of that.

[spdrun]

Why? Just an appeal to snobbery?

[flyer]

Could be, sp. That’s the way they marketed The Crosby from Day 1, even though it’s not in RSF. Guess they had their reasons.

[[email protected]]

Noticed that this house on Dixie sold for $1.795M only a year after they purchased for $1.467M as a foreclosure. Didn’t look like they did any significant renovations. Even in this hot market, $300K+ for not doing much work seems pretty sweet!

[Essbee]

I think the kids are also assigned to Solana Santa Fe Elementary and that feeder pattern, rather than to Poway Unified schools like the rest of 92127.

[SK in CV]

[[email protected]]I spoke to a realtor today who said that there were much higher offers but the deal that “won” was all cash. It seems it’s hard to get a really good foreclosure deal without an all cash offer. Would you agree?[/quote]

Which sounds like this was not a foreclosure, but rather already an REO or a short sale. Foreclosures are always all cash. Lenders suck at dealing with REO and other distressed assets.

[zk]

[[email protected]]Noticed that this house on Dixie sold for $1.795M only a year after they purchased for $1.467M as a foreclosure. Didn’t look like they did any significant renovations. Even in this hot market, $300K+ for not doing much work seems pretty sweet![/quote]

Minus $90,000 in realtor commissions, if you paid 5%.

[La Jolla Renter]

[quote=zk][[email protected]]Noticed that this house on Dixie sold for $1.795M only a year after they purchased for $1.467M as a foreclosure. Didn’t look like they did any significant renovations. Even in this hot market, $300K+ for not doing much work seems pretty sweet![/quote]

Minus $90,000 in realtor commissions, if you paid 5%.[/quote]

And potentially short term capital gains, caring costs, staging, painting, etc. Could cut the perceived profit in half.

[Author]

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