Repos hitting astounding new lows-will it affect the rest

[temeculaguy]

In the past two weeks I’ve seen repos listed at at least 25% below the listed comps, and many are in good shape. Below is an example of $106 a sqaure in one of the nicer parts of Temecula. It is one of many to recently hit the market and all of them make me think they are typos.

http://www.redfin.com/stingray/do/printable-listing?listing-id=1332438

With regards to this particular property, it is probably the worst location I can think of, corner house at a signal light, fifty feet from a high school, with a five lane road on the other side of it’s wall. The house next door sold 5 months ago for 527k and is smaller, a dive repo down the street sold three months ago for 100k more and is 1,000 sq feet smaller. It’s zestimate is 522k but they list it for 329k. The other crappy corner lot next to the busy street at the other entrance on the next block sold last December for 630k and was 800 sq ft smaller. While I’m too picky about location to buy this one, what will the effect of these fire sale repos be on the comps, this is 50% off the comps in a year!!! If it was any other lot and you didn’t see the red, yellow and green ambient light from the signal all night through your blinds or if my mental health wasn’t hanging by a thread already, I’d jump on it. This has got to make every other house in the tract impossible to appraise and finance for more than 350k. It has a low tax rate for the area and a $20 association, I’d save a few hundred on rent by buying it. I’m hoping for some support from my pals here, that these are just the first few pops in the jiffy pop theory, so I can avoid the falling knife because this knife looks like it fell and is sticking out of the ground.

[cashflow]

Hi TG,

Following the area too and hadn’t seen that one, wow that’s pretty incredible…that’s 2002 prices I believe….good find, but I truly think it’s just the beginning of things to come. There’s just so much build out around there and inventory, especially bank owned. So hang on tight. I’ve been tempted too at putting in some low ball offers, but I really think the timing is that we are just starting to get a bit of momentum in price depreciation at this point. So I’m controlling all my mommy nesting instincts! Hang in there…the perfect place will be in that price range in the not so far future.

[cashflow]

Hi TG,

Following the area too and hadn’t seen that one, wow that’s pretty incredible…that’s 2002 prices I believe….good find, but I truly think it’s just the beginning of things to come. There’s just so much build out around there and inventory, especially bank owned. So hang on tight. I’ve been tempted too at putting in some low ball offers, but I really think the timing is that we are just starting to get a bit of momentum in price depreciation at this point. So I’m controlling all my mommy nesting instincts! Hang in there…the perfect place will be in that price range in the not so far future.

[cashflow]

Hi TG,

Following the area too and hadn’t seen that one, wow that’s pretty incredible…that’s 2002 prices I believe….good find, but I truly think it’s just the beginning of things to come. There’s just so much build out around there and inventory, especially bank owned. So hang on tight. I’ve been tempted too at putting in some low ball offers, but I really think the timing is that we are just starting to get a bit of momentum in price depreciation at this point. So I’m controlling all my mommy nesting instincts! Hang in there…the perfect place will be in that price range in the not so far future.

[cashflow]

Hi TG,

Following the area too and hadn’t seen that one, wow that’s pretty incredible…that’s 2002 prices I believe….good find, but I truly think it’s just the beginning of things to come. There’s just so much build out around there and inventory, especially bank owned. So hang on tight. I’ve been tempted too at putting in some low ball offers, but I really think the timing is that we are just starting to get a bit of momentum in price depreciation at this point. So I’m controlling all my mommy nesting instincts! Hang in there…the perfect place will be in that price range in the not so far future.

[cashflow]

Hi TG,

Following the area too and hadn’t seen that one, wow that’s pretty incredible…that’s 2002 prices I believe….good find, but I truly think it’s just the beginning of things to come. There’s just so much build out around there and inventory, especially bank owned. So hang on tight. I’ve been tempted too at putting in some low ball offers, but I really think the timing is that we are just starting to get a bit of momentum in price depreciation at this point. So I’m controlling all my mommy nesting instincts! Hang in there…the perfect place will be in that price range in the not so far future.

[Eugene]

that’s 2002 prices I believe

No it’s not. Says right there: sold on 03/26/2003 for $304,000.

[Eugene]

that’s 2002 prices I believe

No it’s not. Says right there: sold on 03/26/2003 for $304,000.

[Eugene]

that’s 2002 prices I believe

No it’s not. Says right there: sold on 03/26/2003 for $304,000.

[Eugene]

that’s 2002 prices I believe

No it’s not. Says right there: sold on 03/26/2003 for $304,000.

[Eugene]

that’s 2002 prices I believe

No it’s not. Says right there: sold on 03/26/2003 for $304,000.

[4plexowner]

tg – how do you know this a REO and not a short sale?

I ask because I am leery of short sale pricing right now

the 3 bdrm SFR listed at $297K north of Adams in Normal Heights (active thread about 2 wks ago) opened my eyes to the pricing strategy on short sales (ie, list at a ridiculously low price so some wide-eyed buyer will make an offer that can be presented to the bank)

do you think this thing might actually close escrow at this price?

~

aside: I’ve been in southern CA too long – $329K actually seems like an inexpensive house!

[4plexowner]

tg – how do you know this a REO and not a short sale?

I ask because I am leery of short sale pricing right now

the 3 bdrm SFR listed at $297K north of Adams in Normal Heights (active thread about 2 wks ago) opened my eyes to the pricing strategy on short sales (ie, list at a ridiculously low price so some wide-eyed buyer will make an offer that can be presented to the bank)

do you think this thing might actually close escrow at this price?

~

aside: I’ve been in southern CA too long – $329K actually seems like an inexpensive house!

[4plexowner]

tg – how do you know this a REO and not a short sale?

I ask because I am leery of short sale pricing right now

the 3 bdrm SFR listed at $297K north of Adams in Normal Heights (active thread about 2 wks ago) opened my eyes to the pricing strategy on short sales (ie, list at a ridiculously low price so some wide-eyed buyer will make an offer that can be presented to the bank)

do you think this thing might actually close escrow at this price?

~

aside: I’ve been in southern CA too long – $329K actually seems like an inexpensive house!

[4plexowner]

tg – how do you know this a REO and not a short sale?

I ask because I am leery of short sale pricing right now

the 3 bdrm SFR listed at $297K north of Adams in Normal Heights (active thread about 2 wks ago) opened my eyes to the pricing strategy on short sales (ie, list at a ridiculously low price so some wide-eyed buyer will make an offer that can be presented to the bank)

do you think this thing might actually close escrow at this price?

~

aside: I’ve been in southern CA too long – $329K actually seems like an inexpensive house!

[Author]

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