Something Ain’t Right in San Marcos

[CarlsbadMtnBiker]

Hey guys, something may not be right in La Costa Oaks (92009) as well. Here is a house that recently sold for $1.1M and nobody ever moved in and now back on the market for like $850K or lower.

The address is 3401 Corte Brezo Carlsbad, CA 92009

What king of squirrely stuff is going on with this place? This is just over the hill from San Elijo Hills towards Encinitas.

[SD Realtor]

JES I recall your original post… weren’t you juice back then? Anyways I recall looking into it then…

CarlsbadMtnBiker there seems to be merit in your post. I don’t like how this looks. The home went on the market in December of 06 at 950k… then they brought the price down a little bit… then the price was boosted up to 1.05-1.075M…then the offer comes in at 1.1M…imagine that! The purchase was of course financed 100%, oh and the buyers agent got 4% cbb.

The listing agent also happened to represent the buyer as well! Ted Graham with Realty Specialists. I have never done any business with him… sdr have you worked with him before?

So here we are a few months later and the home is on the market for 890k and listed as a short sale.

As for how the home appraised at 1.1M back in December of 06… I will leave that to Bugs and SD Appraiser. It does look sketchy cbmtn. Good find.

SD Realtor

[SD Realtor]

JES I recall your original post… weren’t you juice back then? Anyways I recall looking into it then…

CarlsbadMtnBiker there seems to be merit in your post. I don’t like how this looks. The home went on the market in December of 06 at 950k… then they brought the price down a little bit… then the price was boosted up to 1.05-1.075M…then the offer comes in at 1.1M…imagine that! The purchase was of course financed 100%, oh and the buyers agent got 4% cbb.

The listing agent also happened to represent the buyer as well! Ted Graham with Realty Specialists. I have never done any business with him… sdr have you worked with him before?

So here we are a few months later and the home is on the market for 890k and listed as a short sale.

As for how the home appraised at 1.1M back in December of 06… I will leave that to Bugs and SD Appraiser. It does look sketchy cbmtn. Good find.

SD Realtor

[SD Realtor]

JES I recall your original post… weren’t you juice back then? Anyways I recall looking into it then…

CarlsbadMtnBiker there seems to be merit in your post. I don’t like how this looks. The home went on the market in December of 06 at 950k… then they brought the price down a little bit… then the price was boosted up to 1.05-1.075M…then the offer comes in at 1.1M…imagine that! The purchase was of course financed 100%, oh and the buyers agent got 4% cbb.

The listing agent also happened to represent the buyer as well! Ted Graham with Realty Specialists. I have never done any business with him… sdr have you worked with him before?

So here we are a few months later and the home is on the market for 890k and listed as a short sale.

As for how the home appraised at 1.1M back in December of 06… I will leave that to Bugs and SD Appraiser. It does look sketchy cbmtn. Good find.

SD Realtor

[farbet]

OC Renter had this house in La Costa Oaks on his blog ” Super TED” a few days back.Check it out

http://bubbletracking.blogspot.com/2007/08/another-realtor-with-magic-touch.html

Really how can you trust these realtors! IS he the mortage broker or is asociated with the broker?

[farbet]

OC Renter had this house in La Costa Oaks on his blog ” Super TED” a few days back.Check it out

http://bubbletracking.blogspot.com/2007/08/another-realtor-with-magic-touch.html

Really how can you trust these realtors! IS he the mortage broker or is asociated with the broker?

[farbet]

OC Renter had this house in La Costa Oaks on his blog ” Super TED” a few days back.Check it out

http://bubbletracking.blogspot.com/2007/08/another-realtor-with-magic-touch.html

Really how can you trust these realtors! IS he the mortage broker or is asociated with the broker?

[sdrealtor]

SD R,
I never heard of him. DOn’t know if you picke dup on this tidbit but he’s wasnt just a dual agent he was the seller also.

It was a lousy location with no upgrades and minimal landscaping. Whoever appraised that home should be locked up with the agents and the sellers.

[sdrealtor]

SD R,
I never heard of him. DOn’t know if you picke dup on this tidbit but he’s wasnt just a dual agent he was the seller also.

It was a lousy location with no upgrades and minimal landscaping. Whoever appraised that home should be locked up with the agents and the sellers.

[sdrealtor]

SD R,
I never heard of him. DOn’t know if you picke dup on this tidbit but he’s wasnt just a dual agent he was the seller also.

It was a lousy location with no upgrades and minimal landscaping. Whoever appraised that home should be locked up with the agents and the sellers.

[Butleroftwo]

“As a comparison, look to 646 Edgewater Dr., San Marcos, 92078. Right up the street, same house, better landscaping, and sold in the low 600s!”

JES,
646 Edgewater may have a better view but when it was sold it only had dirt in the front and back yards. There wasn’t even a walkway to the front door. It needed a lot of work.
It sold for 630 at an internet auction that had a high transaction fee. I do agree that something ain’t right about the extra $100,000 at 356 Flower Hill Way.

[Butleroftwo]

“As a comparison, look to 646 Edgewater Dr., San Marcos, 92078. Right up the street, same house, better landscaping, and sold in the low 600s!”

JES,
646 Edgewater may have a better view but when it was sold it only had dirt in the front and back yards. There wasn’t even a walkway to the front door. It needed a lot of work.
It sold for 630 at an internet auction that had a high transaction fee. I do agree that something ain’t right about the extra $100,000 at 356 Flower Hill Way.

[Butleroftwo]

“As a comparison, look to 646 Edgewater Dr., San Marcos, 92078. Right up the street, same house, better landscaping, and sold in the low 600s!”

JES,
646 Edgewater may have a better view but when it was sold it only had dirt in the front and back yards. There wasn’t even a walkway to the front door. It needed a lot of work.
It sold for 630 at an internet auction that had a high transaction fee. I do agree that something ain’t right about the extra $100,000 at 356 Flower Hill Way.

[Bugs]

I looked at Corte Brezo. I’ve done some reviews in that neighborhood back when it was still under development so I know it reasonably well.

This property originally sold for the $818k in 07/2004, then it resold in 01/2007 for the $1,100,000. The first is $880k and the second is with the same lender at $220k. I haven’t seen a lender walk away from a 20% second yet but you never know.

I know exactly how the house was appraised for $1,100,000. The appraiser has 3 higher priced neighborhoods from different builders within a 6-block radius. Hovnanian was the low priced leader in that area. The lender was too dumb to scrutinize the appraisal.

To show exactly how stupid the lender on this sale was, there is a slightly larger model home located DIRECTLY ACROSS THE STREET that originally sold in 09/2004 for $861,000 (higher than the subject’s $818k), resold in 09/2006 for $965,000 because it had some site improvements, and resold AGAIN in 01/2007 (same time as the subject’s 01/2007 sale) for $920,000. This property DOESN’T back to RSF Rd, is a slightly larger model and it has better landscaping.

The better location (less traffic noise) and larger size of this other property is demonstrated by the higher original sale price in 2004, and in fact is typical for that neighborhood from what I’ve seen.

An appraiser who’s researching the prior sales history of our property couldn’t fail to to come across this other then-pending sale across the street. There was probably a sign in front when they went to look at the house they were appraising. There was another Hovnanian sale on Sitio Lirio in 10/2006 that also amply demonstrates this property would have been a push at $900k in 01/2007. Straight up, a$1,100,000 appraisal on this property would have obviously been a crooked appraisal, which is something I don’t often opine from afar.

[Bugs]

I looked at Corte Brezo. I’ve done some reviews in that neighborhood back when it was still under development so I know it reasonably well.

This property originally sold for the $818k in 07/2004, then it resold in 01/2007 for the $1,100,000. The first is $880k and the second is with the same lender at $220k. I haven’t seen a lender walk away from a 20% second yet but you never know.

I know exactly how the house was appraised for $1,100,000. The appraiser has 3 higher priced neighborhoods from different builders within a 6-block radius. Hovnanian was the low priced leader in that area. The lender was too dumb to scrutinize the appraisal.

To show exactly how stupid the lender on this sale was, there is a slightly larger model home located DIRECTLY ACROSS THE STREET that originally sold in 09/2004 for $861,000 (higher than the subject’s $818k), resold in 09/2006 for $965,000 because it had some site improvements, and resold AGAIN in 01/2007 (same time as the subject’s 01/2007 sale) for $920,000. This property DOESN’T back to RSF Rd, is a slightly larger model and it has better landscaping.

The better location (less traffic noise) and larger size of this other property is demonstrated by the higher original sale price in 2004, and in fact is typical for that neighborhood from what I’ve seen.

An appraiser who’s researching the prior sales history of our property couldn’t fail to to come across this other then-pending sale across the street. There was probably a sign in front when they went to look at the house they were appraising. There was another Hovnanian sale on Sitio Lirio in 10/2006 that also amply demonstrates this property would have been a push at $900k in 01/2007. Straight up, a$1,100,000 appraisal on this property would have obviously been a crooked appraisal, which is something I don’t often opine from afar.

[Author]

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