Hey Rad did you see the REO on Lloyd St? Went to auction at the trustee sale for 972 and is listed at 799k by the bank. Anyways that is still alot of coin but it will be interesting to see if this home sits or not.
I did not! I will check it out on the way home tonight though. A house on Chicago down the street from me did go into foreclosure. The owners foreclosed on three properties they own (1 in Bay Park and 2 in Chula Vista) and have essentially vanished. They paid around $800k for it and from what I heard they bought it with 100% financing.
The Chicago listing doesn’t even mention it was an REO… Wowsers… It was purchased in 05 for 665k, then it went to the lender for 650k (trustee sale) and now Prudential has it listed for 445k. NICE… that is a cool 30% off of the 2005 price. Now that is tempered with the fact that it is a 2/2 1248 sf home but still… encouraging at the very least. I assume we are talking about the same home, 3368 Chicago. The Lloyd address is 2915 Lloyd. That 799k price will probably piss off 3023 Lloyd who is on the market for 1.199M-1.399M.
That is indeed the Chicago one. I have the lock box number and am going to take a look at the house tonight. For $445k I might be tempted to lob in an offer…
The pricing of the homes close to the freeway in Bay Park are just stupid. The freeway noise is barely tolerable and the locale is okay but certainly not a million $ neighborhood. Same goes for the two homes close to me on Baker that they are asking for around $1 mil.
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