Strange off-market transactions with huge discounts?

[bearishgurl]

[quote=sdrealtor]Assessor is not stupid and will deal with it accordingly at fair market value.[/quote]

Absolutely true. Several recent short-sale buyers I am acquainted with rec’d their first full tax bill (after the supplemental bill was issued) reflecting an assessment of $80K to $160K more than the price they paid for the property.

Even the Assessor believes that short sales are sold at prices ridiculously under market.

There is virtually no way for these recent SS buyers to appeal their *new* assessment, either, because the recent sold comps support the higher assessment.

[SD Squatter]

Yet another strange transaction in 92124:

http://www.redfin.com/CA/San-Diego/11292-Promesa-Dr-92124/home/4990628


Jun 06, 2012 Listed (Active) $609,000 -- SANDICOR #120028842
Feb 29, 2012 Sold (Public Records) $423,000 -5.1%/yr
Aug 29, 2011 Sold (Public Records) $403,750 --
This home was foreclosed and bank-owned.


Foreclosed and bank-owned in August 2011, then magically sold half a year later with not a day on the market (insider’s deal?). Now back on the market at 30% premium?

[ucodegen]

[quote=SD Squatter]Yet another strange transaction in 92124:

http://www.redfin.com/CA/San-Diego/11292-Promesa-Dr-92124/home/4990628


Jun 06, 2012 Listed (Active) $609,000 -- SANDICOR #120028842
Feb 29, 2012 Sold (Public Records) $423,000 -5.1%/yr
Aug 29, 2011 Sold (Public Records) $403,750 --
This home was foreclosed and bank-owned.
[/quote]I don’t think this one is too odd. It was probably one that was sold off ‘in-batch’ to an investor group. They did put money into it.. new floors, redone kitchen, new carpet, redone yard-back and front. I do think that they are pricing it too high on the market for that area.. but then again, I could be wrong. If you look at Google, you will see what the outside looked like before ‘rehab’.
http://maps.google.com/maps?q=11292+Promesa+Dr+San+Diego,+CA+92124+&hl=en&ll=32.825618,-117.080815&spn=0.000579,0.000488&sll=37.0625,-95.677068&sspn=50.157795,63.984375&t=h&hnear=11292+Promesa+Dr,+San+Diego,+California+92124&z=21

Now for the issues in the property. The portion that sticks out into the backyard is an addition onto a patio (enclosed patio conversion?). These houses were normally a ‘square’ footprint. I hope it was done right.. with the footing being properly built instead of straight onto patio slab. The garage looks like it is also an addition and it looks like it was not done correctly per the roofline. The roofline should look like the garage roofline on the neighbor to the north. Having that flat valley intersection can cause water and debris to pool and you start getting water damage. You can see where the neighbor to the south had a similar garage addition and they ended up adding a pitch to the valley. This house does not have such a pitch added (unless real recently during the flipper rehab).

Ok guys.. This is a little OT to the thread.. but looking around the neighborhood on Google.. I saw this. What the heck is it? Looks like there is some underground tunneling going on around there. Anybody heard anything? The square hole is large enough to drop a truck down it.
http://maps.google.com/maps?q=32.835619,-117.073113&ll=32.835611,-117.073075&spn=0.002241,0.001953&num=1&t=h&z=19

If you don’t see anything there.. just zoom in one step… or move the map a bit.
Another one here.. same story with ‘zooming’..
http://maps.google.com/maps?q=32.829802,-117.069098&num=1&t=h&z=19
And here..
http://maps.google.com/maps?q=32.840004,-117.0795&num=1&t=h&z=19

[bearishgurl]

[quote=ucodegen]…Ok guys.. This is a little OT to the thread.. but looking around the neighborhood on Google.. I saw this. What the heck is it? Looks like there is some underground tunneling going on around there. Anybody heard anything? The square hole is large enough to drop a truck down it.
http://maps.google.com/maps?q=32.835619,-117.073113&ll=32.835611,-117.073075&spn=0.002241,0.001953&num=1&t=h&z=19

If you don’t see anything there.. just zoom in one step… or move the map a bit.
Another one here.. same story with ‘zooming’..
http://maps.google.com/maps?q=32.829802,-117.069098&num=1&t=h&z=19
And here..
http://maps.google.com/maps?q=32.840004,-117.0795&num=1&t=h&z=19%5B/quote%5D
uco, this area was notorious in prior decades for having buried ordinance of WWII-era military shells and artillery found (even AFTER residential development) and is just south of the now-defunct “Camp Elliot.” Perhaps a new “spec builder” is taking every precaution and shaving the land prior to laying foundations.

Just my (somewhat “educated”) guess to explain these photos.

[ucodegen]

[quote=bearishgurl]uco, this area was notorious in prior decades for having buried ordinance of WWII-era military shells and artillery found (even AFTER residential development) and is just south of the now-defunct “Camp Elliot.” Perhaps a new “spec builder” is taking every precaution and shaving the land prior to laying foundations.

Just my (somewhat “educated”) guess to explain these photos.[/quote] Considering the vertical shaft.. I don’t think so. One of these looks like a tunnel entrance. I think you may have only looked at the first link without zooming in.. When you first select the link, it looks like the area has just been ‘cleared’.. zoom in one step and all of a sudden you see a large gaping square shaft. I suspect Google is using two image sources. The one that just shows a flat area is older than the one that shows the shaft.. which is more recent. The thing must have been constructed within the past year or so.

The thing on the trailer on the bottom edge of the cleared out area is a high power portable generator.. somewhere around 250KW or more (250KW is the bottom end for that size )

[bearishgurl]

[quote=ucodegen][quote=bearishgurl]uco, this area was notorious in prior decades for having buried ordinance of WWII-era military shells and artillery found (even AFTER residential development) and is just south of the now-defunct “Camp Elliot.” Perhaps a new “spec builder” is taking every precaution and shaving the land prior to laying foundations.

Just my (somewhat “educated”) guess to explain these photos.[/quote] Considering the vertical shaft.. I don’t think so. One of these looks like a tunnel entrance. I think you may have only looked at the first link without zooming in.. When you first select the link, it looks like the area has just been ‘cleared’.. zoom in one step and all of a sudden you see a large gaping square shaft. I suspect Google is using two image sources. The one that just shows a flat area is older than the one that shows the shaft.. which is more recent. The thing must have been constructed within the past year or so.

The thing on the trailer on the bottom edge of the cleared out area is a high power portable generator.. somewhere around 250KW or more (250KW is the bottom end for that size )[/quote]

uco, if there are any access roads to the site, why don’t you drive out there and have a look for yourself!

[Hobie]

Me thinks, is got to be air venting / access for the fresh water aquaducts.

[bearishgurl]

[quote=Hobie]Me thinks, is got to be air venting / access for the fresh water aquaducts.[/quote]

Except the “CA Aqueduct” ends at least 215 miles away from SD in the Los Padres Nat’l Forest: (Pigg Desmond’s “territory”)

http://en.wikipedia.org/wiki/California_Aqueduct

I think uco needs to take an “in-person” look at it.

See: http://articles.latimes.com/1990-10-26/local/me-3090_1_live-explosives

[Hobie]

From there it goes into Lake Dixon and Lake Miramar, etc. then into smaller distribution pipes which eventually feed your home. This is probably one of the main supply lines heading south.

[Anonymous]

I second this guess. It’s probably part of the water distribution infrastructure. There’s a lot more of this stuff than many people realize.

Could be an extension of the San Diego Aqueduct? I don’t know the exact route, but there are some large venting and pumping structures for it in Rainbow. Few people driving along the I15 through Temecula/Fallbrook realize there is an underground “river” right alongside them. These things are all over California.

[ucodegen]

[quote=bearishgurl]uco, if there are any access roads to the site, why don’t you drive out there and have a look for yourself![/quote] I checked, the access is barred. It does look like a mountain bike will work though.. so I am considering it. I’m going with aqueduct venting as well… though the ‘sloped’ pipes are odd, unless it is to get equipment into the pipe. The only underground that is being constructed that I know if is the Vicente – Mira Mesa tunnel, though that should not be heading south to the Mission Valley area.
http://www.jacobssf.com/index.php/news/view/444/
http://www.tunnelingonline.com/featurestory/archived/2011/04/featurestory2.php

[bearishgurl]

There are oil pumping stations just southwest and southeast of there. Could it be that an oil pipeline is being built to service communities to the north of there? The Navy owns “airspace land” directly north of there. If this is the case, the pipelines would have to go thru their land, which is likely not a problem.

[SD Squatter]

[quote=ucodegen]
Ok guys.. This is a little OT to the thread.. but looking around the neighborhood on Google.. I saw this. What the heck is it? Looks like there is some underground tunneling going on around there. Anybody heard anything? The square hole is large enough to drop a truck down it.
http://maps.google.com/maps?q=32.835619,-117.073113&ll=32.835611,-117.073075&spn=0.002241,0.001953&num=1&t=h&z=19

If you don’t see anything there.. just zoom in one step… or move the map a bit.
Another one here.. same story with ‘zooming’..
http://maps.google.com/maps?q=32.829802,-117.069098&num=1&t=h&z=19
And here..
http://maps.google.com/maps?q=32.840004,-117.0795&num=1&t=h&z=19%5B/quote%5D

To end all speculations, this is indeed the south end of the second San Diego aqueduct and San Diego treated water pipeline. There are three pipes running there, two with untreated, and one with treated water. There was recently some upgrade work done on this section, the project is currently on hold:

http://www.sdcwa.org/mission-trails-project

map:

http://www.sdcwa.org/sites/default/files/files/PortalLocationMap_022912.pdf

Detailed maps of the entire system can be found in the SDWCA master plan:

http://www.sdcwa.org/sites/default/files/files/master-plan-draft-report-2002.pdf

Now back to the topic 😉

[Mayze]

Sold for $755k in Nov ’02.

Foreclosed for $400k in Jan ’12 ??!!??

4000 sq ft in 4S Ranch?

http://www.redfin.com/CA/San-Diego/9791-Deer-Trail-Dr-92127/home/6493933

On market for $900k by these guys:

http://www.yelp.com/biz/blue-mountain-realty-inc-vacaville-2

W T F

[sdrealtor]

The 900K doesnt sound far off. Prices in desireable areas are easily back to 2003 levels if not higher. Not sure about the $400K foreclosure. Maybe that was a 2nd trust deed that got foreclosed on?? Not sure what to make of that.

BTW, its already pending.

[Author]

Posts