What housing depreciation?

[I would rather be lucky then smart]

http://www.ranchosantafeauction.com/Valdes.html

According to Zillow, this house was sold for $1.454M in March of 2007.

The seller feels that is has an estimated value of $6.5M.

If only I had the wheelbase to offer the seller $2M and therefore provide him or her a quick $500,000 profit in 6 short months.

I would therefore have $4.5M instant equity!

It looks like the decline in housing prices has now officially ended and this board is no longer relevant.

🙂

[Ex-SD]

There must be some misinformation concerning the prior sale. With that view and size of the home, that IS a $6 million dollar home in La Jolla.

[Artifact]

The link shows it as a foreclosure (except of course those CAN’t happen in La Jolla!) so that might be the foreclosure amount – that still seems to make it strange if the house appraised at 6 and foreclosed for 1.5 – someone with that much equity should have been able to refinance?

T

[NotCranky]

Probably a junior loan foreclosed and that lender is carrying the house.

[one_muggle]

Probably a junior loan foreclosed and that lender is carrying the house.

I’m no foreclosure expert, but I have seen a couple of these in the LA area, with houses foreclosing at numbers as low as $25k. However, I thought the second loan was subordinate and could not foreclose while the primary loan was holding the note…
Unless some newbie mortgage person screwed up, then I would say they would soon get fired, but they’ve probably already been laid off.

[r271828]

As I recall, this house has been on (and off) the market for quite a long time, most recently for ~59 days at an asking price of $4,500,000 – MLS #076058095. So an “estimated value” of $6,500,000 as given on the auction web site seems like a bit of a stretch, to say the least.

[XBoxBoy]

Looks like the bank didn’t get anywhere near the $5,500,000 that was listed as the estimated value in the auction flyer. Matter of fact, looks like they only got $3,300,000

http://www.sdlookup.com/Property-8727EF8D-1702_Valdes_Dr_La_Jolla_CA_92037

I don’t think this was an auction sale, but a sale after the auction, but not sure about that.

Does anyone with access to the loan databases know how much the banks ate on this one?

XBoxBoy

[XBoxBoy]

Looks like the bank didn’t get anywhere near the $5,500,000 that was listed as the estimated value in the auction flyer. Matter of fact, looks like they only got $3,300,000

http://www.sdlookup.com/Property-8727EF8D-1702_Valdes_Dr_La_Jolla_CA_92037

I don’t think this was an auction sale, but a sale after the auction, but not sure about that.

Does anyone with access to the loan databases know how much the banks ate on this one?

XBoxBoy

[XBoxBoy]

Looks like the bank didn’t get anywhere near the $5,500,000 that was listed as the estimated value in the auction flyer. Matter of fact, looks like they only got $3,300,000

http://www.sdlookup.com/Property-8727EF8D-1702_Valdes_Dr_La_Jolla_CA_92037

I don’t think this was an auction sale, but a sale after the auction, but not sure about that.

Does anyone with access to the loan databases know how much the banks ate on this one?

XBoxBoy

[XBoxBoy]

Looks like the bank didn’t get anywhere near the $5,500,000 that was listed as the estimated value in the auction flyer. Matter of fact, looks like they only got $3,300,000

http://www.sdlookup.com/Property-8727EF8D-1702_Valdes_Dr_La_Jolla_CA_92037

I don’t think this was an auction sale, but a sale after the auction, but not sure about that.

Does anyone with access to the loan databases know how much the banks ate on this one?

XBoxBoy

[XBoxBoy]

Looks like the bank didn’t get anywhere near the $5,500,000 that was listed as the estimated value in the auction flyer. Matter of fact, looks like they only got $3,300,000

http://www.sdlookup.com/Property-8727EF8D-1702_Valdes_Dr_La_Jolla_CA_92037

I don’t think this was an auction sale, but a sale after the auction, but not sure about that.

Does anyone with access to the loan databases know how much the banks ate on this one?

XBoxBoy

[Author]

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