This very nice CV house was just sold for $262 per SQFT.

[aa]

This 3622 sqft house with canyon view was sold for $950,000. The house next door was sold a few months ago for 1,020,000.

http://www.sdlookup.com/MLS-110042074-5888_Blazing_Star_Ln_San_Diego_CA_92130

[The-Shoveler]

Gee that seems like a real nice home an all and the lot was even good sized (but seems maybe some of that lot was the hill behind the house ?).
But man am I glad I don’t feel compelled to live in CV.
HOA and MR seems too rich for my taste as well.

Anyone see that Tsunami of homes that was supposed to hit about now ?
Maybe yet another false warning yet again.

[sdrealtor]

Heres what it looks like on face value. There have been 5 sales in the last 6 months on that street. Four of them between $1.02 and 1.07M. This one was in default and an auction was scheduled. Original owner paid almost $1.3M and put down almost $400K. Loan amount was only about 900K. The lenders foreclose very quickly when there is equity or it is only slightly underwater if at all like this one. They bhad to get it sold and didnt have time to waste. They took an offer that would cover the loan and selling costs rather than getting foreclosed upon. At least that is what the data suggests

[aa]

No wonder. So the original owner lost $400k and the new owner got a deal.

[sdrealtor]

More than $400K as they had to landscape, paint, window treatments etc. Could have lost as much as $500K on that one.

Auction was scheduled as quickly as possible after the notice of default was filed (90 days). The default amount was $956K so they probably wrote a nice check at closing also. Although maybe the buyer wrote that check but kept it separate from purchase price to keep taxes lower.

Edit: Correction. Upon examining the listing history it was a short sale that got approved quickly because it wasnt short much. The lender only had to cover selling costs and probably jumped at it because the seller took the lions share of the loss. Seller didnt care whther it was 950 or 1M as they werent getting any of it any way. Seller was also a mortgage broker whose company went down the tubes.

[aa]

Feel sorry for the seller. The house had been listing for 1.15M. If it were sold for about 1.1M, He could get some money back. What about the house next door? also a short sell? These two houses had the same agent.

http://www.redfin.com/CA/San-Diego/5894-Blazing-Star-Ln-92130/home/17206134

[Coronita]

I’m surprised more chinese people didn’t jump on this house.

Three 8’s in the house number. 5888.

🙂

[earlyretirement]

Looks like a nice house. We looked at several in Pacific Highlands Ranch last year. There are some nice upgraded houses there but the biggest problem we found was the high density and lack of privacy.

However, at least these on this street don’t have anyone behind them. Some of the ones we saw had 5 neighbors that all could easily peer into your back yard.

I agree CV is conveniently located but I just couldn’t see spending $1 million + for something in that neighborhood. I found the HOA fees rather low compared to some areas but it looks like these have the Mello Roos taxes.

I thought I remembered seeing some in Pacific Highlands Ranch with no Mello Roos…was I wrong?

At the prices it closed for seems to be a fairly good deal.

[Author]

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