Sub-2001 sold price in Del Mar

[mrquoi]

A little present for all you doubters who think, naaaah, prices will never come down in the nice parts of town.

13881 Durango Dr, Del Mar, CA 92014
5 beds, 4.0 baths, 2,879 sq ft
7,300 sq ft / 0.17 acres

Sale History
01/18/2007: $1,005,750
10/31/2002: $1,135,000
07/19/2001: $1,075,000
01/21/1994: $530,000

[sdrealtor]

That would be a wonderful present but it is not the case at all. DM is very hot and prices have not fallen. There is very little inventory in DM.

What you are seeing is a foreclosure. House went on the market at $1,299,900 and sold in less than 1 week. This example proves the opposite of what you stated.

[CAwireman]

sdr, what was the 01/18/2007: $1,005,750 thing? Does
this show up when a house is foreclosed upon?

Thanks for the info. I won’t mention this one to my
wife 😉

Sincerely yours, HiggyBaby

(Formerly known as cawireman)

[anxvariety]

What you are seeing is a foreclosure. House went on the market at $1,299,900 and sold in less than 1 week. This example proves the opposite of what you stated.

It sold 30% below the foreclosure list price you posted, which as the thread points out is also lower than the 2002 pric… And what are you saying this doesn’t show? Did the house sneek by the millions of San Diegans dying to buy in Del Mar? Is there so little inventory that no one even tries??? I’m trying hard to get what you’re saying… is this just a transfer to the bank? Please elaborate..

[SD Realtor]

anx –

Many people mistakenly think that when a property goes to auction (trustee sale), that it automatically sells. In fact the opposite is true. Today the vast majority of the properties do not get purchased and then they become lender owned, (REO). This event IS recorded by the county because the property is now essentially owned by the lender. As sdr pointed out, this was the case for this property. This is the case for pretty much all the properties that make it to foreclosure these days.

Furthermore sdr is correct in saying the lender will put it back on the market for more then what was the loan balance. We will see if it sells. Most likely it will.

SD Realtor

[mrquoi]

LOL. You mean a foreclosure selling in less than a week for about 25 percent off list price is a prime example of a very hot market? What are the signs of a cold market?

[sdrealtor]

The price you see is what the bank took it back at. It came on the market as an REO, sold in 1 week, is currently inescrow and will likely close around $1.3M.

Anx, kinda funny how we both went in and edited our not so kind responses to each other.

Follow up- I just looked at the house and location. It probably sold above asking with multiple offers. $1.4 would not surprise me.

[sdrealtor]

mrquoi,
I dont know how to make it any clearer than this. The house went to auction and the bank took it back for $1.05M. It was not on the market at this time. They cleaned it up and put it on the market for $1.3M. It went into escrow in less than 1 week and most likely will close above $1.3M.

That is the sign of a hot market.

[SD Realtor]

mrquoi – I think you are confused with a recording verses a sale. As sdr is pointing out, the lender took the property back because it did NOT sell at the trustee sale. The event however was recorded by the county as it should be. The price that you see was most likely the opening bid amount. This also MAY NOT cover all the deliquencies on the home. So title went to the lender. The house did NOT sell for 25% off the list price as you are implying. As sdr pointed out, the house was currently listed for sale, by the lender, who now holds title, and is now in escrow for the much higher price.

SD Realtor

[DaCounselor]

mrquoi’s gleeful original post and the ensuing fallout is a prime example of what happens when folks jump to conclusions and don’t perform due diligence.

thanks to both resident realtors for setting the record straight.

[r271828]

As I recall, this property had an unpermitted guesthouse (2BR/1BA) in the back yard. From talking to people I know who live and have built in Del Mar, it seems that the permitting process there can be quite arduous. Does anyone have thoughts or information on how something like this would affect the value and marketability of the property? It was not clear when the guesthouse was built.

Thanks!

[PerryChase]

Many folks in Del Mar and other non-master planned coastal communities have buddies who are contractors. They build un-permitted additions all the time. It’s a not problem so long as it’s disclosed and the buyer is OK with that. The lender, however, may not take that extra space into account for loan purposes.

[El Jefe]

In Del Mar it would not make much difference at all sale or price wise. It can not legally be considered in the Sq-Ft calc of the house, but the price/sq-ft is a joke in Del Mar anyway.

If they ever did any construction/remodeling on the property that required permits and inspections, they could get in a sticky situation. The Inspector could cite and force them to bring it to code if it is habitable, i.e. obviously a granny flat, and not storage shed or garage, if it was never permitted and inspected when it was built. Read city income from more inspections and permits?!? That could be big $$$$ if it was originally built by inbred jed and the country quire swinging left handed hammers. Or they would make you tear it down if you don’t want to bring it to code. I have seen this scenario play out several times, although not in Del Mar specifically.

Speaking of permits in Del Mar, you need to get approval from the design review board. The DRB in Del Mar is a bunch of worthless bitter geriatrics. My partner has had to sue Del Mar several times to get anything done there. Once had to sue to the actual 2 DRB members personally that would not approve the project but would not give any reasons. Bend over backwards, do everything they want, be in full compliance, and then they still won’t approve your project because it “just doesn’t *FEEL* right for Del Mar”. Del Mar is the WORST area for the “I have mine – now lock the door” syndrome.

[an]

Wow, Del Mar seems to be just as bad as RSF Covenant. Really defeat the idea of buying a shack w/ some land & ocean view and rebuild it to be your dream home.

[sdrealtor]

Not to burst the Del Mar Review Process bashing bubble but I believe this house is actually under the jurisdiction of the City of SD not Del Mar. Not all homes west of the 5 are officially in the city of Del mar and I think this could be one.

Yup! Just checked the Thomas Guide map and it is City of SD.

[Author]

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