Thursday, July 17, 2008 at 06:53AM
Collision Course
One of the waiting REOs got the green light yesterday, with many points of interest to it.
796 Arthur, Oceanside 92057
4 br/2 ba, 1,279 sf
$219,500 SP 8/2001
$169,900 LP 7/2008
(-23% compared to last sales price)
Built in 1986, no HOA or MR.
The owner had been hitting the ATM pretty hard, the last time for $405,000 in 2005, financed with two loans ($360,000 and $45,000) by Equity Options, Inc.
The Bank of NY got stuck with this one, or I should say Bank of New York 2005-56.
My list price opinion was $189,000, because another model-match REO on Hollowglen had listed for $185,000 on June 24th. It went pending 12 days later, which means they probably had offers right away.
The other two model-match sales are $250,000 in May, 2008, and $235,000 on July 3rd, which was another REO that the buyer financed with a $176,000 mortgage. You could call that 'instant no equity'.
The most interesting part is squishdown collision - we've seen at least 20 closed sales of REOs in 92057 of the half-duplexes just in the last 90 days. The ones that are attached 2 br/1 ba, 800 sf with a one-car garage, closing in the $130,000 to $160,000 range.
Now larger detached single-family houses with two-car garages are dropping down close to the same price range.
This will be inputted this morning onto the MLS, care to guess the eventual net sales price? A set of Padres tickets to the winner! If the guesses are close, the tie-breaker will be the number of offers submitted.
Check the pictures below, the house is deceiving, because it looks like a wreck. Except for the bedrooms, the entire floor is black marble tile - not your normal 'neutral' look. But it does have a pretty good westerly view from the backyard, and with new carpet and paint it would make for a great rental.
Jim the Realtor
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Reader Comments (36)
$224,500 winner of 5 offers.
If it were a typical realator listing this I would guess below the listing price -- but Jim I know you market, market and market so I will guess $184,500.
$219,500 and 10 offers
$199,900, 5
$190,100
11 offers
The neighbors are going to be glad to see that place cleaned up I bet!
195K
10 offers
Ok, I'll aim high.. $237k, 14 offers.
$175K with 3 offers, one with 100% cash
List price cash payment.
$184,000 with multiple offers
$197,500 with 6 offers
$206.5k, 7 offers
$200,750, 7 offers
5 offers
$215k
$150k, with higher offers backing out at the last minute as RE investors realize everthing is going to hell.
$191500 w/5 offers
$184,000 7 offers
$210K with 7 offers.
Sales price of $210,000. 14 offers. Mr. T.
193K 5 offers
190,000
3 offers
I talked to the listing agent of one of the comps, 5139 Barry. It listed on 4/18/08 for $234,900, and she had 25 offers on it, and sold for $250,000 all-cash. other financed offers we higher. It was the same floor plan, and didn't look much different in the photos.
But I've only had two phone calls and no offers today, as of 3:55pm. It hit the MLS around noon.
We'll see if the black floor, or the fact that we're in mid-July, changes the outcome. Given her results, this could end up as a freak show.
Jim,
The market has come down since April, hasn't it?
Also, a $180K sales price will gross around $5400 commission before taxes and expenses...almost seems not worth it when you factor those in...
Crazy.
Good luck man!
189,000
5 offers.
189,900 , 12 offers
180,000 after 7 offers. The market has just hit the wall, everyone's feeling scared about the economy.April is a long time in the past.
$210,000 with 20 offers
$209,000 with 17 offers.
Or list price with one offer all cash.
I don't know when the pros will stop showing up for the bidding war and work out a gentlemen's agreement on who takes which REOs.
BTW, what's equivalent rent?
On a side note, how rough is that kitchen, it looks dated but serviceable or are the cabinets water damaged and broken hinges?
I ask, because otherwise, I see $3000 of carpet right over the top of the tile, $500 of touch up paint, and $2000 of sod and a place that is ready to go? Maybe lob on $1000 for new faucets,etc.
What would it rent for with a nice green lawn, fresh carpet and new fixtures?
BTW, (last post I swear) any nasty surprises in the master/masterbath or part of the bath we don't see?
$174,900.00
Okay, I lied,I'm posting again. Can I revise my estimate? I saw the video, the countertop and sink in the kitchen has punctures.
After further review of the neighborhood listings, $149,000, 1 offer, cash. Unfortunately, it looks like all the other places for sale are either REOs already or heading to REO when they don't get their price cuz they're upside down $200,000.
240,000/11
Coconutz!
$212,000/27 offers
$179,900 with 8 offers,