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In anticipation of another fourth-quarter bulk purchase attempt, let's keep an eye on those REOs that might work as a rental property.  The first six are in Oceanside, and the last is in a decent part of Vista.  'BTB' is the 'back to beneficiary' price, the amount that was the likely opening bid at the trustee sale.

3 br/2 ba 1,074 sf

$170,000  SP 2/2000

$348,705  BTB 2/08

$199,900  LP 3/08

10 days on market

YB:1970  6,000 sf lot

Based on this one, you can say we're almost back to 2000 prices.  With 20% down payment you should be able to break-even the first day, the rents should be around $1,200 or higher.  Yes it's an edgy part of town, so pick your spots carefully.

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4 br/2 ba 1,604 sf

$450,000  SP 11/06

$121,000  BTB 3/08

$207,000  LP 4/08

1 day on market

YB:1971   6,300 sf lot

Needs TLC but a 4 br should get around $1,500 per month for rent.

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4 br/2 ba,  1,411 sf

$316,500  SP 9/03

$370,000  BTB 12/07

$214,900  LP 1/08

101 days on market

YB: 1973  6,600 sf lot

The original list price was $269,900 in January, so the bank is moving on this one.  it would break-even with 20% down around $150,000 to $170,000.

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3 br/2 ba, 1,210 sf

$324,000  SP 10/03

$274,050  BTB 2/08

$224,900  LP 4/08

13 days on market

YB: 1986  8,800 sf lot

Nice yard and on a culdesac, but these were cheaply made with some of that presswood siding.

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4 br/2 ba  1,279 sf

$455,000  SP 10/04

$444,085  BTB 1/08

$234,900  LP 4/08

YB: 1986  6,200 sf lot

2 days on market

Fannie Mae foreclosed on this one - I guess they haven't got the memo that lenders should reduce their opening bid at the trustee sale to see if they can dump them there. Most of the foreclosures I've seen by Fannie have had a high BTB number.

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3 br/2 ba 1,332 sf

$480,000  SP 4/05

$304,383  BTB 1/08

$369,000  LP 1/08

YB: 1979  9,174 sf lot

74 days on market

This doesn't seem like that great of a deal, but I don't remember seeing remarks like this before: "Call for details on workable pricing WELL BELOW LIST PRICE with 4% to agent".

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3 br/1.5 ba  1,221 sf

$525,000  SP 9/05

$281,705  BTB 4/08

$309,900  LP 4/08

1 day on market

YB:1986  16,000 sf lot

This would be better for an owner-occupant.  It has a big lot on a culdesac in a pretty good part of Vista, but I might be biased - I went to Shadow Mountain High School.  Yes, the same HS that Curt Schilling and Mike Bibby attended.

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I still haven't seen or heard of any bulk purchases happening yet, but it can't be long now - if you hear of any, let us know!

The trustee sales on these properties produced no bidders, and went 'back to the beneficiary'. The notice-of-trustee-sale amount is what's owed to the bank, and the published number. Normally you can only find out what the opening bid is if you call the trustee a day or two before the sale date. If we keep seeing the opening bids dropping substantially below the amount owed, you'll know that the banks are trying to liquidate right on the steps, rather than list on the open market later. When you see these come on the market, the list price should be around the opening bid, unless they get greedy:

There was a 14% drop between the average posted Sale Amount, and the actual Opening Bid at the courthouse steps - yet in every case here, there were still no bidders.

4336 Highland, Carlsbad

5 br/4 ba,  4,193 sf

$1,700,000  SP 9/06

$1,306,400  TS 2/08

$1,095,000  LP guess

First Franklin shouldn't be too surprised that this came back, the down payment when purchased for $1.7 million was $40,000, and the buyer had over $1 million in loans outstanding on other properties.  The last short-sale listing cancelled last month mentioned that the bank's appraisal was $1.45 million, the list price was $1,200,000, and still no sale.

YB: 1983  HOA & MR = 0

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14425 Cheyenne Trail, Poway

4 br/4.5 ba,  6,455 sf

$2,450,000  SP 7/04

$2,781,335  TS 1/08

$2,250,000  LP guess

I know that the house on Bryce Point went pending this week, but this REO could cause values to take a step back around the Heritage Golf Estates.

YB: 2001  HOA = $339, MR = 0

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16716 Valle Verde, Poway

4 br/4.5 ba,  4,094 sf

$1,650,000  SP 2/06

$1,300,919  TS 12/07

$1,095,000  LP guess

This REO sold for $1,200,000 in 2004, and with its age it needs to revert to that price or lower.

YB: 1978  HOA & MR = 0

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17466 Luna De Miel, RSF

5 br/4.5 ba  4,125 sf

$2,500,000  SP 5/06

$1,883,170  TS 10/07

$1,595,000  LP guess

The trustee sale date was scheduled for October, 2007 - not sure what is holding this up, but once it hits the open market, don't be surprised if it scales back to the price it sold for iin 2004 - $1,590,000. (that buyer got foreclosed on too)

YB: 1990  HOA = $38  MR = 0

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5971 Avenida Chamnez, La Jolla

4 br/2.5 ba, 2,467 sf

$600,000  SP 3/98

$1,050,610  TS  11/07

$1,195,000  LP guess

The previous remarks indicate that this appraised a couple of years ago around $1,800,000, but it's just the type of house that makes for a hard sell these days.  Smaller house, yard is all pool, 8 ft. ceilings, and wood shake roof will cause the price to be substantially lower.

YB: 1959  HOA & MR = 0

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3542 Jasmine Crest, Olivenhain

6 br/7.5 ba,  8,751 sf

$3,263,821 min. bid

trustee sale was scheduled

for last week

$2,000,000  LP guess

Newly constructed in Olivenhain (and may need some finishing touches) on a 2.1-acre lot in Wildflower Estates overlooking the Bridges golf course in RSF. 

YB: 2007  HOA = $371/mo.  MR = 0

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LOOK FOR THESE COMING TO MARKET SOON!

This will go down as one of the better deals of the year - the trustee sale was yesterday for this property at 7951 Sitio Solana in the Ranch development in Carlsbad.  Though it was mentioned here and on several foreclosure sites, only one bidder showed up - and bought it for the minimum bid of $941,426.  There hasn't been a sale that low for a house of that size, 3,654 sf, in the Ranch since 2000-2001.  The person who got foreclosed was the origianl owner who paid $746,000 in January, 1999.

The floor plan has the master suite on the first floor, and this premium location on a quiet culdesac made it a superior property - the type to keep an eye out for when looking for a house! 

The sales price is what the previous owner paid for them.  Some of these are listed for sale, others will be on the open market soon.

These are mid-range active listings of REOs around North County.  The TS is the price at the trustee sale at which the bank took it back - meaning no bidder would pay that amount, in cash, on the steps of the courthouse.

3440 Ann Dr., Carlsbad

3 br/2 ba,  1,568 sf

$656,000  SP 6/05

$427,925  TS 12/07

$515,000  LP

DOM 17

In the heart of Old Carlsbad near the high school - close enough that you'll get a fabulous experience of today's youth.  Because the parking lot at CHS is too small, the kids park in the neighborhood, and this house is a block away.  Enjoy fast-food wrappers thrown in your yard most days of the week!  Foreclosed owner from San Jose never tried to sell, juts milked it for the rent.

YB: 1960, HOA & MR = 0

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4330 El Capitan, Carlsbad

3 br/2.5 ba 1,855 sf

$670,000  SP 9/04

$529,384  TS 12/07

$525,000  LP

DOM = 37

This fell out of escrow recently, but is a decent buy for a newer tract house with no fees.  It's a little rough around the edges and has a smaller yard, but you couldn't do a lot better for this money today in Carlsbad.

YB: 1988 HOA & MR = $0

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3965 Hibiscus, Carlsbad

3 br/2 ba  1,313 sf

$780,000 SP 5/06

$672,463 TS 8/07

$569,900  LP

DOM = 15

It's not easy to find a single-family residence on a 10,000 sf lot west of the I-5 freeway for this money in Carlsbad, but some people don't like the neighborhood - heck, it's in the path of progress!

YB: 1962, HOA & MR = 0

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2668 Peppertree, Carlsbad

4 br/3.5 ba,  3,019 sf

$948,500  SP 10/05

$813,017  TS 1/08

$759,000  LP

DOM = 36

In Bressi Ranch, where the comps are undergoing tumultuous revolt.  A 2,693 sf house closed for $680,000 on 2/11/08, and a 2,812 sf house closed for $900,000 on 2/13/08.  Never mind the intra-family sale of $300,000. When the comps have that type of spread, it makes buyers pause.

YB: 2005,  HOA = $193, MR = $203

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2229 Lagoon View, Cardiff

3 br/2.5 ba,  2,245 sf

$523,000  SP 11/02

$680,000  TS 6/07

$713,000  LP

DOM = 114

In gated Sandy Point east of the I-5, this is the cheapest listing on the street - the others are $795,000 and $895,000, but they've both been hanging around since September.  This vintage (1988), like El Capitan above, was when builders were using plastic plumbing, and there was the big class action lawsuit.  Check to see if the house has been retro-fitted, because if not, the lawsuit has closed, and you'll be on your own if you want to replace with copper pipes. This house was also a foreclosure in 1996, selling for $268,000.

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16620 Cimarron Crest, 4S Ranch

4 br/3 ba,  3,444 sf

$527,000  SP  4/02

$950,000  SP  5/07 100% fin.

$789,664  TS

$789,900  LP

DOM = 36

This was probably a first-payment default, and notice to 4S sellers looking for $1 million-plus that you are being undercut by the banks. Will it matter to future buyers looking back at this one someday that it was one of those goofy 'community-friendly' plans that has the garage in back off the alley, eating up the whole backyard?  Probably not, all they'll be seeing is about $200/sf.

YB: 2002,  HOA = $89, MR = $187

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12412 Carmel Cape, Carmel Valley

3 br/3 ba,  2,043 sf

$684,000  SP 6/06

$664,864  TS 12/07

$724,500  LP

DOM = 45

Even the banks are optimistic in Carmel Valley - this one is trying to turn a profit.

YB: 1984,  HOA & MR = 0