Repos and Resales, mind the gap

[ucodegen]

@pizzaman

http://www.redfin.com/stingray/do/printable-listing?listing-id=1162064

What, the Realtor could not afford a decent point and shoot? Looks like the pictures were taken with a cheap camera phone. Only one image looks focused. What a way to represent your client!

House A, 800k, nice pool and some upgrades

http://www.redfin.com/stingray/do/printable-listing?listing-id=1003623

House B, 417K, the exact same house on a different street but without the interior pictures, they both are on the golf course. How bad can it be inside?

http://www.redfin.com/stingray/do/printable-listing?listing-id=1353217

These houses also show different sq footage, lot size and number of rooms… though from the outside, they look the same.

[bonfire]

“The 11/07/2007 sale is likely the bank taking it back at auction”.

This brings up a question I have had for a while. Are foreclosure auctions reflected in the statistics as “SALES”, when they revert back to the bank? Aparently they are, therefore skewing sales figures to a more positive side. It appears that there are more sales happening when, in fact, some of those “sales” are really forclosures. Yeah, I think it’s going to start happening in chunks.

[bonfire]

“The 11/07/2007 sale is likely the bank taking it back at auction”.

This brings up a question I have had for a while. Are foreclosure auctions reflected in the statistics as “SALES”, when they revert back to the bank? Aparently they are, therefore skewing sales figures to a more positive side. It appears that there are more sales happening when, in fact, some of those “sales” are really forclosures. Yeah, I think it’s going to start happening in chunks.

[bonfire]

“The 11/07/2007 sale is likely the bank taking it back at auction”.

This brings up a question I have had for a while. Are foreclosure auctions reflected in the statistics as “SALES”, when they revert back to the bank? Aparently they are, therefore skewing sales figures to a more positive side. It appears that there are more sales happening when, in fact, some of those “sales” are really forclosures. Yeah, I think it’s going to start happening in chunks.

[bonfire]

“The 11/07/2007 sale is likely the bank taking it back at auction”.

This brings up a question I have had for a while. Are foreclosure auctions reflected in the statistics as “SALES”, when they revert back to the bank? Aparently they are, therefore skewing sales figures to a more positive side. It appears that there are more sales happening when, in fact, some of those “sales” are really forclosures. Yeah, I think it’s going to start happening in chunks.

[bonfire]

“The 11/07/2007 sale is likely the bank taking it back at auction”.

This brings up a question I have had for a while. Are foreclosure auctions reflected in the statistics as “SALES”, when they revert back to the bank? Aparently they are, therefore skewing sales figures to a more positive side. It appears that there are more sales happening when, in fact, some of those “sales” are really forclosures. Yeah, I think it’s going to start happening in chunks.

[Coronita]

Along similar lines, I see pricing in Carmel Valley between owners in new communities versus old(er) all over the map.

Example:

1) Pardee "Saratoga"

http://redfin.com/stingray/do/printable-listing?listing-id=1301818

2724sqft 4bed/3.5 bath. Notice no landscaping yet. $1,047,250

Versus

2) Belmont

http://redfin.com/stingray/do/printable-listing?listing-id=1290882

3,398 sqft, 4bed/3.5 bath.

$997,888-$1,029.000

 

3) or La Strada

http://www.redfin.com/stingray/do/printable-listing?listing-id=1265648

2928 4bed/3.5 bath

$949,000-1,049,000.00

 

I'd say for #1, whoever buys this unit will probably need to shell out another $50k to cover that 5500sqft brown dirt in front and back, and add some irrigation. Then they'll also be shelling out $66/month on hoas.

It's a long way before things start to normalize. My hunch in is some folks in CV are just going after their asking price, and if they can't get what they want, they're just adopting a wait and see approach.

 

 

[Coronita]

Along similar lines, I see pricing in Carmel Valley between owners in new communities versus old(er) all over the map.

Example:

1) Pardee "Saratoga"

http://redfin.com/stingray/do/printable-listing?listing-id=1301818

2724sqft 4bed/3.5 bath. Notice no landscaping yet. $1,047,250

Versus

2) Belmont

http://redfin.com/stingray/do/printable-listing?listing-id=1290882

3,398 sqft, 4bed/3.5 bath.

$997,888-$1,029.000

 

3) or La Strada

http://www.redfin.com/stingray/do/printable-listing?listing-id=1265648

2928 4bed/3.5 bath

$949,000-1,049,000.00

 

I'd say for #1, whoever buys this unit will probably need to shell out another $50k to cover that 5500sqft brown dirt in front and back, and add some irrigation. Then they'll also be shelling out $66/month on hoas.

It's a long way before things start to normalize. My hunch in is some folks in CV are just going after their asking price, and if they can't get what they want, they're just adopting a wait and see approach.

 

 

[Coronita]

Along similar lines, I see pricing in Carmel Valley between owners in new communities versus old(er) all over the map.

Example:

1) Pardee "Saratoga"

http://redfin.com/stingray/do/printable-listing?listing-id=1301818

2724sqft 4bed/3.5 bath. Notice no landscaping yet. $1,047,250

Versus

2) Belmont

http://redfin.com/stingray/do/printable-listing?listing-id=1290882

3,398 sqft, 4bed/3.5 bath.

$997,888-$1,029.000

 

3) or La Strada

http://www.redfin.com/stingray/do/printable-listing?listing-id=1265648

2928 4bed/3.5 bath

$949,000-1,049,000.00

 

I'd say for #1, whoever buys this unit will probably need to shell out another $50k to cover that 5500sqft brown dirt in front and back, and add some irrigation. Then they'll also be shelling out $66/month on hoas.

It's a long way before things start to normalize. My hunch in is some folks in CV are just going after their asking price, and if they can't get what they want, they're just adopting a wait and see approach.

 

 

[Coronita]

Along similar lines, I see pricing in Carmel Valley between owners in new communities versus old(er) all over the map.

Example:

1) Pardee "Saratoga"

http://redfin.com/stingray/do/printable-listing?listing-id=1301818

2724sqft 4bed/3.5 bath. Notice no landscaping yet. $1,047,250

Versus

2) Belmont

http://redfin.com/stingray/do/printable-listing?listing-id=1290882

3,398 sqft, 4bed/3.5 bath.

$997,888-$1,029.000

 

3) or La Strada

http://www.redfin.com/stingray/do/printable-listing?listing-id=1265648

2928 4bed/3.5 bath

$949,000-1,049,000.00

 

I'd say for #1, whoever buys this unit will probably need to shell out another $50k to cover that 5500sqft brown dirt in front and back, and add some irrigation. Then they'll also be shelling out $66/month on hoas.

It's a long way before things start to normalize. My hunch in is some folks in CV are just going after their asking price, and if they can't get what they want, they're just adopting a wait and see approach.

 

 

[Coronita]

Along similar lines, I see pricing in Carmel Valley between owners in new communities versus old(er) all over the map.

Example:

1) Pardee "Saratoga"

http://redfin.com/stingray/do/printable-listing?listing-id=1301818

2724sqft 4bed/3.5 bath. Notice no landscaping yet. $1,047,250

Versus

2) Belmont

http://redfin.com/stingray/do/printable-listing?listing-id=1290882

3,398 sqft, 4bed/3.5 bath.

$997,888-$1,029.000

 

3) or La Strada

http://www.redfin.com/stingray/do/printable-listing?listing-id=1265648

2928 4bed/3.5 bath

$949,000-1,049,000.00

 

I'd say for #1, whoever buys this unit will probably need to shell out another $50k to cover that 5500sqft brown dirt in front and back, and add some irrigation. Then they'll also be shelling out $66/month on hoas.

It's a long way before things start to normalize. My hunch in is some folks in CV are just going after their asking price, and if they can't get what they want, they're just adopting a wait and see approach.

 

 

[temeculaguy]

ucodegen, The reason they show different square footages and room #’s was when they were new there were some choices that could be made (which is common in some larger and newer homes, they like to call it “semi custom”). If you look closely at the third car garage by itself on the left, it is not a garage door on one of them, rather a window. The 800k house elected to have the third car garage made into a bedroom while the 417k one has a garage door. The footprint and exterior is the same. It’s a personal choice that doesn’t affect value too much once houses get to a certain size. Personally I’d prefer 4 bedrooms and a 3 car garage over 5 bedrooms and a two car garage. In that size of a house, a two car garage can be a drawback to some buyers, myself included.

[temeculaguy]

ucodegen, The reason they show different square footages and room #’s was when they were new there were some choices that could be made (which is common in some larger and newer homes, they like to call it “semi custom”). If you look closely at the third car garage by itself on the left, it is not a garage door on one of them, rather a window. The 800k house elected to have the third car garage made into a bedroom while the 417k one has a garage door. The footprint and exterior is the same. It’s a personal choice that doesn’t affect value too much once houses get to a certain size. Personally I’d prefer 4 bedrooms and a 3 car garage over 5 bedrooms and a two car garage. In that size of a house, a two car garage can be a drawback to some buyers, myself included.

[temeculaguy]

ucodegen, The reason they show different square footages and room #’s was when they were new there were some choices that could be made (which is common in some larger and newer homes, they like to call it “semi custom”). If you look closely at the third car garage by itself on the left, it is not a garage door on one of them, rather a window. The 800k house elected to have the third car garage made into a bedroom while the 417k one has a garage door. The footprint and exterior is the same. It’s a personal choice that doesn’t affect value too much once houses get to a certain size. Personally I’d prefer 4 bedrooms and a 3 car garage over 5 bedrooms and a two car garage. In that size of a house, a two car garage can be a drawback to some buyers, myself included.

[temeculaguy]

ucodegen, The reason they show different square footages and room #’s was when they were new there were some choices that could be made (which is common in some larger and newer homes, they like to call it “semi custom”). If you look closely at the third car garage by itself on the left, it is not a garage door on one of them, rather a window. The 800k house elected to have the third car garage made into a bedroom while the 417k one has a garage door. The footprint and exterior is the same. It’s a personal choice that doesn’t affect value too much once houses get to a certain size. Personally I’d prefer 4 bedrooms and a 3 car garage over 5 bedrooms and a two car garage. In that size of a house, a two car garage can be a drawback to some buyers, myself included.

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