Finally some evidence the banks are slashing repo prices

[no_such_reality]

I think that we are still some time away from seeing reel price reductions

The Irvine Housing Blog is covering Woodbridge village this week. Today’s post features a probable REO as a small 3/2 condo below $400K at $343/sq ft, when other similar properties are holding out for $500+/sf and $500K+

[no_such_reality]

I think that we are still some time away from seeing reel price reductions

The Irvine Housing Blog is covering Woodbridge village this week. Today’s post features a probable REO as a small 3/2 condo below $400K at $343/sq ft, when other similar properties are holding out for $500+/sf and $500K+

[CAwireman]

Great post Temecula guy.

Are these homes sharing community services? Or,
do one or more have private pools?

Please keep these examples coming. It helps immensley!

HiggyBaby

[CAwireman]

Great post Temecula guy.

Are these homes sharing community services? Or,
do one or more have private pools?

Please keep these examples coming. It helps immensley!

HiggyBaby

[rocket science]

I love the brown yard syndrom on the repo

rs

[rocket science]

I love the brown yard syndrom on the repo

rs

[temeculaguy]

Higgy, I can post these all day.

Prop A http://www.redfin.com/stingray/do/printable-listing?listing-id=639303

Asking 529k, paid 710k 07/05, nice little 180k loss if it were to sell at list.

Prop B Paid 625k in 04/06, thinks the market is on the rise and is asking a mere 735k, good luck with that.

http://www.redfin.com/stingray/do/printable-listing?listing-id=834298

Model matches, same exact sq. ft, same side of the street about 6 houses apart from each other and only a 206k price difference.

[temeculaguy]

Higgy, I can post these all day.

Prop A http://www.redfin.com/stingray/do/printable-listing?listing-id=639303

Asking 529k, paid 710k 07/05, nice little 180k loss if it were to sell at list.

Prop B Paid 625k in 04/06, thinks the market is on the rise and is asking a mere 735k, good luck with that.

http://www.redfin.com/stingray/do/printable-listing?listing-id=834298

Model matches, same exact sq. ft, same side of the street about 6 houses apart from each other and only a 206k price difference.

[avidsaver]

Great post. Raised my morale today. Please continue to keep us posted.

[avidsaver]

Great post. Raised my morale today. Please continue to keep us posted.

[temeculaguy]

It just keeps getting better. This guy is sitting on the market for 104 days at 749k

http://www.redfin.com/stingray/do/printable-listing?listing-id=581725

then 13 days ago, around the corner, about five houses away this repo pops up that is a model match for 518k

http://www.redfin.com/stingray/do/printable-listing?listing-id=834508

Sure the guy at 749 has a neat pool and while the pictures of the repo aren’t up yet, I’m sure it is need of some sod. But crap that is almost 1/3rd off for the repo(excuse me, corporate owned). 231k will buy a neat pool and a hell of a lot of sod.

My question to bugs or the other appraisers, after some of the repos sell for that much less, will the higher priced homes ever get a loan because the comps I’m citing are same development, literally within a hundred yards or closer and exacts models, isn’t that going to be an issue for financing if a bigger fool did buy the overpriced one? Or do you dismiss repos when doing appraisals?

[temeculaguy]

It just keeps getting better. This guy is sitting on the market for 104 days at 749k

http://www.redfin.com/stingray/do/printable-listing?listing-id=581725

then 13 days ago, around the corner, about five houses away this repo pops up that is a model match for 518k

http://www.redfin.com/stingray/do/printable-listing?listing-id=834508

Sure the guy at 749 has a neat pool and while the pictures of the repo aren’t up yet, I’m sure it is need of some sod. But crap that is almost 1/3rd off for the repo(excuse me, corporate owned). 231k will buy a neat pool and a hell of a lot of sod.

My question to bugs or the other appraisers, after some of the repos sell for that much less, will the higher priced homes ever get a loan because the comps I’m citing are same development, literally within a hundred yards or closer and exacts models, isn’t that going to be an issue for financing if a bigger fool did buy the overpriced one? Or do you dismiss repos when doing appraisals?

[temeculaguy]

You guys keep pushing me I’m going to keep throwing them up there.

Here’s a little price drop, not a model match like the others, the two more expensive ones are the middle model and the larger model and the cheaper two recent listing are the smaller model of the same tract. Three are on the same street, one is the next street over.

Prop A paid 541k 03/06 3090 sq ft listed 13 days ago for 475k as a short sale

http://www.redfin.com/stingray/do/printable-listing?listing-id=830543

Prop B paid 682k for 3428 sq ft 04/06 and we all know real estate went up so they listed for 769k and have been on the market for 113 days

http://www.redfin.com/stingray/do/printable-listing?listing-id=563870

Prop c on the next street over paid 525k in 03/06 and is lited for 475k and a second listing shows range listing as 425k to 475k, I just post the higher priced link because the mls has it at 475k

http://www.redfin.com/stingray/do/printable-listing?listing-id=734658

And this one which is much larger at 3900 sq ft listed at 710k on the same street as Prop A and B, 136 days on the market.

http://www.redfin.com/stingray/do/printable-listing?listing-id=508748

This last one is a fine example of “staging to sell” I like the mattress on the floor, table with no chairs and rooms with a couch and no coffee table. Also note the free pull down window shades two years after purchase (Temecula building code requires builders to put in the pull down shades to avoid the sheets or foil in the windows). At least there won’t be any holes in the walls since there are no decorations or pictures mounted despite being lived in for two years. If you ever needed to see the definition of housepoor, this is it.

So 3 months ago this was a neigborhood that realtors actually listed in the 700’s and in the last few weeks the listings are in the 400’s, sure the three sizes in the same tract should be priced a little higher than each other but these guys are cutting each others knees off, i bet the block parties will be a bit tense this summer.

These are actually still selling from the builder but it’s nearing closeout. Builder website lists all four models with the smallest at 510k and the largest at 601k, but that is the website price, there is a minimum 30k in incentives last time I visited.

http://www.standardpacifichomes.com/findhome/NeighborhoodIntro.aspx?NID=1163

[temeculaguy]

You guys keep pushing me I’m going to keep throwing them up there.

Here’s a little price drop, not a model match like the others, the two more expensive ones are the middle model and the larger model and the cheaper two recent listing are the smaller model of the same tract. Three are on the same street, one is the next street over.

Prop A paid 541k 03/06 3090 sq ft listed 13 days ago for 475k as a short sale

http://www.redfin.com/stingray/do/printable-listing?listing-id=830543

Prop B paid 682k for 3428 sq ft 04/06 and we all know real estate went up so they listed for 769k and have been on the market for 113 days

http://www.redfin.com/stingray/do/printable-listing?listing-id=563870

Prop c on the next street over paid 525k in 03/06 and is lited for 475k and a second listing shows range listing as 425k to 475k, I just post the higher priced link because the mls has it at 475k

http://www.redfin.com/stingray/do/printable-listing?listing-id=734658

And this one which is much larger at 3900 sq ft listed at 710k on the same street as Prop A and B, 136 days on the market.

http://www.redfin.com/stingray/do/printable-listing?listing-id=508748

This last one is a fine example of “staging to sell” I like the mattress on the floor, table with no chairs and rooms with a couch and no coffee table. Also note the free pull down window shades two years after purchase (Temecula building code requires builders to put in the pull down shades to avoid the sheets or foil in the windows). At least there won’t be any holes in the walls since there are no decorations or pictures mounted despite being lived in for two years. If you ever needed to see the definition of housepoor, this is it.

So 3 months ago this was a neigborhood that realtors actually listed in the 700’s and in the last few weeks the listings are in the 400’s, sure the three sizes in the same tract should be priced a little higher than each other but these guys are cutting each others knees off, i bet the block parties will be a bit tense this summer.

These are actually still selling from the builder but it’s nearing closeout. Builder website lists all four models with the smallest at 510k and the largest at 601k, but that is the website price, there is a minimum 30k in incentives last time I visited.

http://www.standardpacifichomes.com/findhome/NeighborhoodIntro.aspx?NID=1163

[temeculaguy]

Cool Video, most of the repos I compared were just outside of Temecula in an unicorporated area called Morgan Hill. It still has about six or seven tracts selling and was developed during the boom years so it is ripe for foreclosure. It was overpriced to begin with and had the highest taxes in the area, exceeding 2% so that is where I initially looked for a wave of foreclosures and wrote about it a few months ago on this site. This link is an L.A. NBC news story on how the residents are angry at all the brown lawns and want the H.O.A. to take care of the landscaping, they also complain that is hurting their ability to sell, causing a downward spiral in pricing. The news story even names the development and I think it shows video of some of the ones I compared but I swear I just saw it, they copied me, not the other way around.

http://video.knbc.com/player/?id=120347

[Author]

Posts