Thursday, July 17, 2008 at 11:53AM
Bargain-Priced REO
Here is the video of the new listing at 796 Arthur in Oceanside. It was taped this morning on the way back from the dentist's office, and my mouth was numbed up pretty good, so it may sound like I'm mumbling more than normal:
In the video I mention the very tragic shooting of the late Officer Dan Bessant, which happened on this street in December, 2006, just two months after the birth of his child. Here is a link to a story about the shooting - at the end it gives details how to donate to his family:
http://www.signonsandiego.com/news/northcounty/20061221-1328-bn21officer6.html"
The last two sales of this floor plan were 5139 Barry was for $250,000 on 5/26/08 (list price was $234,900) and 727 Butterfield for $235,000 on 7/3/08 (list price was $192,500).
This house on Arthur is 4 br/2 ba, 1,279 sf and is listed for $169,900.
Jim the Realtor
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Reader Comments (15)
Thank you showing much respect for Dan Bessant and his family as well as the community of Oceanside.
My pleasure, Keith.
I've followed the story from the beginning, and it couldn't be more tragic - he was 25 years old, and for no reason, some punk shoots him from behind.
Here are a couple of more stories:
Scroll down on this one
Follow-up story in U-T
Story about 5K run
No disrespect intended; but that area is scary, if you ask me. My wife calls it "scara-mesa", because it's a scary rendition of harmless mira mesa. There's a reason that Arrowood begged to be part of the fallbrook school district. That whole place from Rena ave down is not a place that I would live if I could avoid it. It's a rural slum.
In my opinion, houses in that area should be less than 100K, and I think that's a pretty optimistic outlook.
Chuck Ponzi
Don't worry Chuck, you'll get your wish in 2010.
Whenever I hear about Arthur St. I immediately think of that horrible shooting. I knew Dan from my church and he was a great person and it still makes me very sad. Thanks for showing respect for him and his family by mentioning him.
That whole area is full of gangs. Very sad because the lot is a nice size and the house isn't too bad either, but too many windows when one would have to be watching out for gunshots....
Jim,
First comment thought a big fan for a long time. Just wanted to point out that CV has just unveiled a codified Abandoned Residential Property Program. See http://tinyurl.com/5lx3f6
Thanks for the good work!
That's the problem with these areas. It's difficult to commit, even as a landlord, to an area like that. If only the gangs realized the damage they are doing to themselves.
Back in the mid-90s, we were checking out that general area, but on one of the worst streets (Calle de Estrella, IIRC), and chatted up one of the residents. It was a father who moved his family from LA "to get away from the gangs". Just like many outlying areas in LA (Lancaster, Palmdale, etc.), they brought the problems with them -- their own kids. It's very sad, because oftentimes, they really aren't bad parents. Just blind. Wish someone could find a way to change the culture in the gang-infested neighborhoods. So many attempts, so little success.
It's really fascinating to see some people now trying to sell that bought for <$200K around 2000-2001 in that neighborhood! They sat around and watched their houses appreciate from $100Ks up to near $500K and all the way back down again, talk about opportunity lost.
genekatz,
They won't forget about the appreciation to $500k. They still have the refi'd cash-out mortgage to prove it!
Jim,
what is the rent going for in that area for something like this?
You should be able to get $1,400 to $1,500/month without too much problem.
I just cannot bring myself to own a house where once there was an owner who said; "Hey! I've got a great idea, let's redo all the floors in marble... black marble." Makes you wonder if there are inverted pentagrams under a coat of whitewash.
If this one sits then we've finally flushed out the last of the knife catchers. The problem for the poor Realtor® who has this listing whomsoever that may be is that I expect a parade of people looking to buy who honestly cannot afford even this.
Even though my math gland had its first secretion in a very long time this one still doesn't pencil out. As an investment you'd probably need 40k down and a $20k rehab fund. Neighborhood and 2 months to clean and show and $1500 in that neighborhood and expected vacancy rate still looks marginal. That said the price was indeed low enough to actually get me off my fat math gland and run the numbers. That's progress.
Add in the gas bill too, that ought to kill it for good. Glad to hear the glands are working!
What are we going to do with you - would you buy a property in SD County if it was the smoking buy? Or is the distance a deal-killer?
The idea of owning a vacation home is quickly extinguished for most people now. Quality vacation rentals are so readily available and far more economical.
With appreciation in the dumper, the only reason to buy additional properties is to get healthy positive cash-flow.
If I could find that, would you buy it?
I've owned property 100+ mi away before. San Diego is going to go through a rough patch but it is a fundamentally diverse, sound and desirable region. My concern is not the screaming buy available now or soon but 1) getting undercut by the next screaming buy and 2) getting/keeping renters and 3) the State of California. All previous calculations may go away if say the state decides Prop 13 doesn't apply to commercial property. So yes, a screaming buy in San Diego sounds good as soon as we can see more than 3 months into the future. And no BS, I was a landlord before I owned my own home and was successful without a bubble for more than 20 years. I will be a landlord again. If that includes San Diego after the smoke clears I know exactly who will handle the transaction.
We can work with 1 & 2, but number 3 sure is a wild card these days.- are you going to comment on EN about Arnie's latest adventure?