Forum Replies Created
-
AuthorPosts
-
SD Squatter
ParticipantHere is another one:
http://www.redfin.com/CA/San-Diego/11189-Avenida-De-Los-Lobos-92127/home/4669447
Just listed a month after purchase with absolutely NO WORK done on improvements for a cool $100k more (ok, ok, it’s “freshly painted”). The agent, who also owns the house, didn’t even bother to change the first picture and is reusing the old one from the short sale. Check out wild price swings during the earlier short sale. Trying to get an offer in for the short sale was an impossible task of course…
The pretend-to-the-bank game continues…
Participant[quote=no_such_reality][quote=SD Squatter]With San Diego inventory at all time lows, I find it disturbing that short-sale flopping is still happening right in the open:
http://www.redfin.com/CA/San-Diego/10782-Viacha-Dr-92124/home/5403989
- 1-minute midnight listing at way-below market price marked pending check!
- Crappy pictures with discouraging description check!
- Agent not answering phone, nor accepting other offers check!
- Listing agent also representing the buyer check!
- The bank not giving a … about it check!
When will it stop?[/quote]
let’s re-examine this. What’s a one minute midnight listing? That fact that the thing goes live on MLS at 12:01AM data X/Y/Z? That’s when they go live. or are you saying, it was up for one minute?
[/quote]It was listed and immediately marked pending.
[quote]
Way below market price? Not really, it looks to be about 15-20% below already rehabbed sales that occurred. That’s not way below, that’s reality on being 30 years dated.
[/quote]The “reality” should be discovered by the open market, this is just speculation. But this was not to be.
[quote]
crappy pictures and discouraging description. IMHO, I can see plenty in the crappy pictures to guess this is a vintage 1978 home. Jewel in the rough, IMHO, is likely a compliment.
[/quote]Posting crappy pictures is also a good short-sale strategy to discourage bothersome potential buyers.
[quote]
Agent not accepting other offers. Can’t help you there, when did you call and how much cash were you throwing? Frankly, a smart agent would know this home and seller really need a seasoned rehabber to sell.
[/quote]Voicemail full (over several days, starting the day it was listed). Finally:
“Sorry, we are not accepting any more offers.”[quote]
bank not caring. Actually, not a bank sale would be my guess. There’s no way it would sell in 9 days if it was. likely was an equity seller.
[/quote]I guess the equity seller didn’t care much about the equity, but still cared enough, that he forced the agent to bother making a crappy listing just to pretend that the seller did care.
Participant[quote=bearishgurl][quote=SD Squatter][quote=SD Squatter]With San Diego inventory at all time lows, I find it disturbing that short-sale flopping is still happening right in the open:
http://www.redfin.com/CA/San-Diego/10782-Viacha-Dr-92124/home/5403989
- 1-minute midnight listing at way-below market price marked pending check!
- Crappy pictures with discouraging description check!
- Agent not answering phone, nor accepting other offers check!
- Listing agent also representing the buyer check!
- The bank not giving a … about it check!
When will it stop?[/quote]
(…)
CT Homes seems to do all the “right things” to make a successful profit. Did you think they work for free, SD Squatter? You DO realize that within that $225K, they have to recoup the cost of labor, materials and closing costs on both transactions, right??It’s a free country, SD Squatter. You either think it’s worth the price they’re asking and make an “acceptable” offer … or you don’t.
[/quote]
You obviously misunderstood the point I was making, bearishgurl. I have absolutely nothing against fixing and flipping houses for profit. It’s beneficial for the neighborhood and if there are people willing to pay someone for that, that’s great.
[quote=bearishgurl]
Your other option was to buy it last year “as-is” for $450K and pay the closing costs, while you lived somewhere else since then and do what flippers do. Take your pick.If you knew about the listing when it was “in the rough,” why didn’t you make an offer back then?
******************
If CT Homes purchased this Tierrasanta listing as a “short-sale,” at least they were an “arm’s-length” buyer (unlike the “crooked” SS’s selling to “relatives”). CT paid was it was worth to them at the time and the bank approved the sale. They now have the good fortune of marketing it in rising market but likely did not know at the time of purchase they would be able to ask $675K.
You can’t win if you don’t play.[/quote]
The point I was trying to make was that the original sale was not really an “arm’s-length”, obviously you’ve missed that part (see my check list in the original post). So no, it was not really possible to purchase the house back then and CT Homes did not really pay the market price, since the house was never in the open market. Here is the original listing again including fabulous photos of that flop that went pending the same day it was listed:
http://www.redfin.com/CA/San-Diego/10782-Viacha-Dr-92124/home/5403989/crmls-T12125981
Sold 9 days later.
You can’t win if you don’t get a chance to play.
Participant[quote=SD Squatter]With San Diego inventory at all time lows, I find it disturbing that short-sale flopping is still happening right in the open:
http://www.redfin.com/CA/San-Diego/10782-Viacha-Dr-92124/home/5403989
- 1-minute midnight listing at way-below market price marked pending check!
- Crappy pictures with discouraging description check!
- Agent not answering phone, nor accepting other offers check!
- Listing agent also representing the buyer check!
- The bank not giving a … about it check!
When will it stop?[/quote]
Heh heh, guess what, the story doesn’t end there:
Exquisite remodel by CT Homes from the Hit TV show “Flip This House”.
http://www.redfin.com/CA/San-Diego/10782-Viacha-Dr-92124/home/5403989Of course we have a 50% ($225,000) flipper premium. Or shall we call this the TV show premium? This is more than funny 🙂 Here is the link to the original flopped “sale”:
http://www.redfin.com/CA/San-Diego/10782-Viacha-Dr-92124/home/5403989/crmls-T12125981
ParticipantTypical short sale clutter and piles of junk, including a detailed look at the pantry inventory and head shots of current owners, but the family pet in picture 6 is what sells it for me:
December 12, 2012 at 4:42 PM in reply to: Bond holders vs. Calpers – who gets priority when CA cities go BK #756204ParticipantCALPERS trying to rewrite city bankruptcy rules
Bloomberg:
“The California Public Employees’ Retirement System is trying to rewrite the rules for bankrupt cities, claiming that it should get paid before almost everyone else, including bondholders.”
December 12, 2012 at 1:52 PM in reply to: State of CA public employee psychiatrist gets paid $822,000 salary #756198ParticipantYeah, let’s raise some more taxes, it’s for saving the middle class, for the kids, or something…
ParticipantI think it’s ridiculous that banks accept such obvious fake attempts at salesmanship as legit. It’s right there in the open, all it takes is to look at the listing.
ParticipantSeems like it’s not just me who thinks that paying for an earthquake insurance with a 15% deductible is not worth it.
The earthquake risk in San Diego area is relatively low. A moderate earthquake (like the 5.5 magnitude 2008 Chino Hills) causes mostly minor damage where the deductible kicks in.
Participant[quote=bearishgurl]
The county “assessment” has no bearing on what the replacement cost of a particular dwelling is or will be. Hopefully, you have a “replacement value” policy which means the insurance co will replace what was there in case of fire or other calamity, no matter how much it costs.[/quote]“Replacement value” from the tax record (150k), or my own claimed assessment value (300k) provided by me when I applied for the insurance coverage? Who will decide “what was there”, once it’s gone up in smoke? I’m sure the insurance company can overspend me on lawyers any day…
[quote=bearishgurl]
Earthquake coverage is separate from your homeowner’s policy. If you don’t have a separate policy through the CA Earthquake Authority, your property is not covered for earthquake damage.[/quote]Yes, I have just given it as an example. I wonder what percentage of people in SD have that coverage. It seems rather expensive given the real risk of having a catastrophic earthquake here in the next 50 years.
ParticipantMaybe so, but “what-if” I had to file in the future an insurance claim against a loss on the property (fire, earthquake, flood, etc.) Obviously the insurance company has its own appraised value on the house (~300k), but it may change once there is a loss and they send in their lawyer squad to minimize “claim loss”. Should I worry at all?
ParticipantOk, here are some rough rounded-off numbers:
Old assessment (late 2011, after a foreclosure by the bank):
land: 180k, improvements: 280k total: 460kNew assessment (spring 2012, after a purchase from the bank):
land: 300k, improvements: 150k total: 450kNo changes to the property between assessments (ok, maybe bank did vacuum the dirty carpet that it didn’t even bother to replace).
Some volatile market we’ve got here…
ParticipantThe house and the parcel is exactly the same as in the last assessment. As for swapping fields… no idea 🙂
Participant[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=19If 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%5DTo 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 😉
-
AuthorPosts