Some meat for the lions

[SD Realtor]

Rus got me to thinking about the Real Estate Disposition Auction…. I dug up a sale from the auction…

For those with MLS access you can verify, for those that don’t…

– 11119 Morning Creek Dr was on the market at the beginning of the year at 679-709k. I “believe” the previous owners bought it for 690k. So it sat and did not sell.

– House goes back to the bank in February… Bank tries to put it on the MLS at like 661k and it doesnt move. (I brought a client over to this home and we checked it out as well…) Definitely not worth 661k AND it smelled bad.

– House was sold at the June auction for 614k. Who bought it?

A mortgage broker!! Woohooo!!!

– House was relisted in June (immediately after the auction) at 684k!!!

– No it has not sold and it is now at 639k-651k… but is has NEW PAINT and landscaping…

[an]

Base on the comps, How much do you think it can sell for right now? The carrying cost is probably around 3000-3500/month and it’s been about 3-4 months since it was sold at the last auction, so that’s at least $9-14k in carrying cost so far. Even if it can be sold for $651k – 3% commission, that’s $631k – $10k in carrying cost, that’s $621k. A grand profit of $6k for all that work.

[an]

Base on the comps, How much do you think it can sell for right now? The carrying cost is probably around 3000-3500/month and it’s been about 3-4 months since it was sold at the last auction, so that’s at least $9-14k in carrying cost so far. Even if it can be sold for $651k – 3% commission, that’s $631k – $10k in carrying cost, that’s $621k. A grand profit of $6k for all that work.

[an]

Base on the comps, How much do you think it can sell for right now? The carrying cost is probably around 3000-3500/month and it’s been about 3-4 months since it was sold at the last auction, so that’s at least $9-14k in carrying cost so far. Even if it can be sold for $651k – 3% commission, that’s $631k – $10k in carrying cost, that’s $621k. A grand profit of $6k for all that work.

[SD Realtor]

AN I KNEW you would check in on this home… heheheh… Looks familiar to you eh?

I will get back later tonite to look it up.

SD Realtor

[SD Realtor]

AN I KNEW you would check in on this home… heheheh… Looks familiar to you eh?

I will get back later tonite to look it up.

SD Realtor

[SD Realtor]

AN I KNEW you would check in on this home… heheheh… Looks familiar to you eh?

I will get back later tonite to look it up.

SD Realtor

[bsrsharma]

Even if it can be sold for $651k

Time to start using numbers smaller than $520K for stuff like this…

 

[bsrsharma]

Even if it can be sold for $651k

Time to start using numbers smaller than $520K for stuff like this…

 

[bsrsharma]

Even if it can be sold for $651k

Time to start using numbers smaller than $520K for stuff like this…

 

[SD Realtor]

So it is the only active home for sale in 1189 H4. There is not much to compare it to right in that little area. It has a large lot and it backs up to a hillside. The active to pending ratio in 92128 is not to bad right now… npt quite 1 in 4… 150 active and 46 pendings. However there is a ton of stuff in this size range but not with as large a lot. Yet the home is a bit older then the usual 92128 home. So back and forth I go… I think it will be tough for them to get more then the low 600’s if they even get that. They actually just repriced it today.

Also all bets may be off due to the financing climate. We have to see if pending significantly slow down over the next few weeks.

[SD Realtor]

So it is the only active home for sale in 1189 H4. There is not much to compare it to right in that little area. It has a large lot and it backs up to a hillside. The active to pending ratio in 92128 is not to bad right now… npt quite 1 in 4… 150 active and 46 pendings. However there is a ton of stuff in this size range but not with as large a lot. Yet the home is a bit older then the usual 92128 home. So back and forth I go… I think it will be tough for them to get more then the low 600’s if they even get that. They actually just repriced it today.

Also all bets may be off due to the financing climate. We have to see if pending significantly slow down over the next few weeks.

[SD Realtor]

So it is the only active home for sale in 1189 H4. There is not much to compare it to right in that little area. It has a large lot and it backs up to a hillside. The active to pending ratio in 92128 is not to bad right now… npt quite 1 in 4… 150 active and 46 pendings. However there is a ton of stuff in this size range but not with as large a lot. Yet the home is a bit older then the usual 92128 home. So back and forth I go… I think it will be tough for them to get more then the low 600’s if they even get that. They actually just repriced it today.

Also all bets may be off due to the financing climate. We have to see if pending significantly slow down over the next few weeks.

[an]

It looked very familiar because I was going to bid on it the last time around but my max bid was no where near what this broker bid for. I agree that with the current financing climate, it would be very interesting to see how things turn out in the the next month or two. I know that not all 92128 are created equal but there is one in 92128 that’s around the same size house and lot listing for mid 500s and it hasn’t been sold. We’ll just have to wait and see. My guess is high 500s now since 92129 houses with that size and lot and age goes for around that price now.

[an]

It looked very familiar because I was going to bid on it the last time around but my max bid was no where near what this broker bid for. I agree that with the current financing climate, it would be very interesting to see how things turn out in the the next month or two. I know that not all 92128 are created equal but there is one in 92128 that’s around the same size house and lot listing for mid 500s and it hasn’t been sold. We’ll just have to wait and see. My guess is high 500s now since 92129 houses with that size and lot and age goes for around that price now.

[Author]

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