Encinitas Flip in trouble?

[gecko]

LUXURY HOME DISTRESS SALE, ENCINITAS RANCH, 1458 HERITAGE LN ENCINITAS, CA. APPRAISED FOR A SOLID $1.3M A FEW MONTHS AGO. BRING OFFERS, SELLER READY TO NEGOTIATE. LARGE LOT @ END OF CUL DE SAC SOME OCN VWS FRM UPSTAITS,5 BEDROOM/5.5 BATH

Asking $1,125,000 on craigslist

Zillow shows: Sale History
11/14/2005: $1,257,000

[PerryChase]

I could not see find it on ziprealty.com.
The big loss is perhaps why they’re doing a FSBO?

[gecko]

The craigslist ad is placed by a realtor???

LUXURY HOME DISTRESS SALE, ENCINITAS RANCH, 1458 HERITAGE LN ENCINITAS, CA. APPRAISED FOR A SOLID $1.3M A FEW MONTHS AGO. BRING OFFERS, SELLER READY TO NEGOTIATE. LARGE LOT @ END OF CUL DE SAC SOME OCN VWS FRM UPSTAITS,5 BEDROOM/5.5 BATH, DISTRESSED WOOD CABINETRY, GRANITE IN KITCHEN, SEPARATE ENTRY GUEST QTRS, FABULUOUS POOL/SPA W/ WATERFALLS, FINISHED GARAGE. OPEN SUNDAY 11/5 FROM 12 TO 4. TAKE I-5 EXIT LEUCADIA BLVD, EXIT EAST RIGHT QUAIL GARDENS, LEFT PASEO DE LAS VERDES, RIGHT HERITAGE, GO TO END OF CUL DE SAC. WORTH TAKING A LOOK!!!! AGT. F. WEINBAUM, MARTIN REALTY 858.342.1199

[Anonymous]

I hope they enjoyed living in this house for a few months. What a waste of time packing and moving! I Zillowed the property to see that it backs up to what looks like a busy street feeding the subdivision, Paseo de las Verdes. Comparables show a larger house backing up to the golf course selling for 25% less per sq ft than they paid.
hmmm.

[Bugs]

There are two other homes listed on that street, one of which has a distant blue water view and the other of which is a larger home. Both are listed below this one’s prior sale price. This property had to be reduced in order to compete with these other listings, and isn this price range, many of the sales that close will do so well below their listing ranges.

Looking at the sales data for this year in Encinitas Ranch and considering this property apparently has no view amenity, the other sales appear to fit the trend demonstrated by these listings. I can see one sale that appears out of line with this trend but besides that I’m not seeing any sales that would fit in with a 04/2006 value of $1.3mm.

There’ll probably be a loss; the question is how much?

[bub]

"APPRAISED FOR A SOLID $1.3M A FEW MONTHS AGO."

Damn Realtors! I got your appraisal right here!

 

[bub]

Sorry re. the above post.

Guess I picked the wrong day to give up drinking. 😉

[CardiffBaseball]

Guess I picked the wrong day to quit amphetamines.

[Author]

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