REO getting real in 92116

[DCRogers]

http://redfin.com/stingray/do/listings-search#search_location=5049%20hawley%2C%2092116

House sold for $485,000 in May of 2005… foreclosed, and now it’s a REO with a price of $279,000. That’s a 43% cut!

Now, it’s a TINY house, and likely still overpriced (did I mention tiny?), but it’s nice to see some bank getting real.

Oh, and Zillow says it’s worth… (wait for it…)

$515,000.

[kev374]

$349/sqft seems really expensive!! Here in South OC now there are many properties listed at $275/sqft

[kev374]

$349/sqft seems really expensive!! Here in South OC now there are many properties listed at $275/sqft

[kev374]

$349/sqft seems really expensive!! Here in South OC now there are many properties listed at $275/sqft

[kev374]

$349/sqft seems really expensive!! Here in South OC now there are many properties listed at $275/sqft

[kev374]

$349/sqft seems really expensive!! Here in South OC now there are many properties listed at $275/sqft

[Eugene]

Year built: 1913?

[Eugene]

Year built: 1913?

[Eugene]

Year built: 1913?

[Eugene]

Year built: 1913?

[Eugene]

Year built: 1913?

[4plexowner]

Interesting listing – decent location north of Adams for less than $300K – but very tiny and the 1913 build date is probably accurate – listing says ‘As Is’ and ‘future tear down’ which probably means the house is basically a scraper (assume wood issues and outdated electrical and plumbing for starters – wouldn’t be surprised to find foundation issues as well) – the deep, narrow lot limits the options for new construction -‘As Is’ condition of the house most likely eliminates conventional financing as an option

Not a great starter home unless you could do all the work yourself (and thought the work was justified on a ‘future tear down’)

Investment potential: a 2/1 in this location (even a crappy one) probably rents for $1050 pretty easily – 150 times monthly rent would be $157.5K – 100 times rents is $105K – at $279K this property isn’t going to attract investors (although there is probably somebody who thinks they can flip this thing for a profit)

Can someone pull the history on this property please?

[4plexowner]

Interesting listing – decent location north of Adams for less than $300K – but very tiny and the 1913 build date is probably accurate – listing says ‘As Is’ and ‘future tear down’ which probably means the house is basically a scraper (assume wood issues and outdated electrical and plumbing for starters – wouldn’t be surprised to find foundation issues as well) – the deep, narrow lot limits the options for new construction -‘As Is’ condition of the house most likely eliminates conventional financing as an option

Not a great starter home unless you could do all the work yourself (and thought the work was justified on a ‘future tear down’)

Investment potential: a 2/1 in this location (even a crappy one) probably rents for $1050 pretty easily – 150 times monthly rent would be $157.5K – 100 times rents is $105K – at $279K this property isn’t going to attract investors (although there is probably somebody who thinks they can flip this thing for a profit)

Can someone pull the history on this property please?

[4plexowner]

Interesting listing – decent location north of Adams for less than $300K – but very tiny and the 1913 build date is probably accurate – listing says ‘As Is’ and ‘future tear down’ which probably means the house is basically a scraper (assume wood issues and outdated electrical and plumbing for starters – wouldn’t be surprised to find foundation issues as well) – the deep, narrow lot limits the options for new construction -‘As Is’ condition of the house most likely eliminates conventional financing as an option

Not a great starter home unless you could do all the work yourself (and thought the work was justified on a ‘future tear down’)

Investment potential: a 2/1 in this location (even a crappy one) probably rents for $1050 pretty easily – 150 times monthly rent would be $157.5K – 100 times rents is $105K – at $279K this property isn’t going to attract investors (although there is probably somebody who thinks they can flip this thing for a profit)

Can someone pull the history on this property please?

[4plexowner]

Interesting listing – decent location north of Adams for less than $300K – but very tiny and the 1913 build date is probably accurate – listing says ‘As Is’ and ‘future tear down’ which probably means the house is basically a scraper (assume wood issues and outdated electrical and plumbing for starters – wouldn’t be surprised to find foundation issues as well) – the deep, narrow lot limits the options for new construction -‘As Is’ condition of the house most likely eliminates conventional financing as an option

Not a great starter home unless you could do all the work yourself (and thought the work was justified on a ‘future tear down’)

Investment potential: a 2/1 in this location (even a crappy one) probably rents for $1050 pretty easily – 150 times monthly rent would be $157.5K – 100 times rents is $105K – at $279K this property isn’t going to attract investors (although there is probably somebody who thinks they can flip this thing for a profit)

Can someone pull the history on this property please?

[Author]

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