2002 Rollback

NEW -> Contingent Buyer Assistance Program
Speaking of Santa Ana, what do you think of this "cozy home" that last sold for $500,000 and is now listed for $260,000?



<a href="http://www.redfin.com/CA/Santa-Ana/524-S-Flower-St-92703/home/3066419">524 S. Flower St.</a>



<img src="http://i-0.rfimg.us/photo/46/midphoto/862/genMid.P638862_0.jpg" alt="" />
 
[quote author="no_vaseline" date=1212014969]Oh yeah? That's nothing. Check out some of <a href="http://www.redfin.com/CA/Santa-Ana/2613-N-Ponderosa-St-92705/home/4458019">this</a> 1/2 a mile away.



Hat tip for Eva on this one, it was listed on the same page as "similar properties".



Sales History

Date Price Appreciation

May 02, 1989 $23,000 --

Mar 06, 1995 $193,074 43.9%/yr

Aug 31, 1995 $165,000 -27.6%/yr

Nov 05, 2001 $277,000 8.7%/yr

Apr 28, 2006 $630,000 20.1%/



Listing Price History

Date Price

Jan 19, 2008 $529,900

Jan 31, 2008 $479,900

Apr 05, 2008 $399,900

Apr 18, 2008 $379,900

Apr 29, 2008 $339,900



At this pace they'll have a 2001 rollback by the end of the summer.</blockquote>


That really has to be a short sale, so the listing price has no basis for what it will actually sell for.
 
Here's a house in Santa Ana that sold for $650,000 in 2005 and is now listed for $300,000. I'm tempted to say that's a good bargain for a 9,000 sq ft lot.



<a href="http://www.redfin.com/CA/Santa-Ana/1421-N-King-St-92706/home/3055511">1421 King St</a>



<img src="http://i-0.rfimg.us/photo/46/midphoto/936/genMid.P638936_0.jpg" alt="" />



Edited to add: Does anyone know why Google doesn't have street view for Santa Ana? Were the van drivers too afraid of flying bullets? Will they add it later?
 
[quote author="ABC123" date=1212015633]Speaking of Santa Ana, what do you think of this "cozy home" that last sold for $500,000 and is now listed for $260,000?



<a href="http://www.redfin.com/CA/Santa-Ana/524-S-Flower-St-92703/home/3066419">524 S. Flower St.</a>



<img src="http://i-0.rfimg.us/photo/46/midphoto/862/genMid.P638862_0.jpg" alt="" /></blockquote>


Again, has to be a short sale listing, so not relevant.
 
Are these actual sales or is it the price that the bank took it back?



<a href="http://www.redfin.com/CA/SANTA-ANA/1721-S-VAN-NESS-AVE-92707/home/3089935"> 1721 S VAN NESS AVE SANTA ANA, CA 92707</a>



Sales History

Nov 30, 2001 $215,000

Apr 15, 2003 $286,000

Oct 18, 2007 $486,000

<strong>Apr 28, 2008 $185,000 </strong>



<a href="http://www.redfin.com/CA/SANTA-ANA/1209-W-6TH-ST-92703/home/4499868"> 1209 W 6TH ST SANTA ANA, CA 92703</a>

Jan 08, 1991 $128,000

Aug 07, 2000 $187,000

Apr 28, 2005 $500,000

<strong>Apr 10, 2008 $202,875 </strong>



<a href="http://www.redfin.com/CA/SANTA-ANA/5317-W-1ST-ST-92703/home/3464593"> 5317 W 1ST ST SANTA ANA, CA 92703</a>



Sales History

Jul 29, 2005 $460,000

Dec 11, 2007 $248,320

<strong>Apr 07, 2008 $215,000 </strong>



<a href="http://www.redfin.com/CA/SANTA-ANA/301-E-CENTRAL-AVE-92707/home/3095342"> 301 E CENTRAL AVE SANTA ANA, CA 92707</a>



Mar 29, 2006 $530,000

May 03, 2007 $450,613

<strong>Mar 03, 2008 $235,000 </strong>



<a href="http://www.redfin.com/CA/SANTA-ANA/306-W-BISHOP-ST-92701/home/3068002"> 306 W BISHOP ST SANTA ANA, CA 92701</a>



Feb 27, 2001 $190,000

Mar 22, 2004 $384,000

Feb 11, 2005 $470,000

Dec 30, 2005 $600,000

<strong>Apr 03, 2008 $250,000 </strong>



<a href="http://www.redfin.com/CA/SANTA-ANA/1002-W-MCFADDEN-AVE-92707/home/3077531"> 1002 W MCFADDEN AVE SANTA ANA, CA 92707</a>



Dec 22, 1995 $149,500

Dec 22, 2005 $600,000

<strong>Mar 21, 2008 $254,000 </strong>
 
[quote author="stepping_up" date=1212016300]



Again, has to be a short sale listing, so not relevant.</blockquote>


It is relivant because that home needs 50-80K in work to make a home you could sell today for, say, $420K. I realize you can't get a deal done at that price. The bank won't take it. Yet. But six months ago you'd never see anything at that price period.



A sign of things to come, so to speak.
 
[quote author="no_vaseline" date=1212018437][quote author="stepping_up" date=1212016300]



Again, has to be a short sale listing, so not relevant.</blockquote>


It is relivant because that home needs 50-80K in work to make a home you could sell today for, say, $420K. I realize you can't get a deal done at that price. The bank won't take it. Yet. But six months ago you'd never see anything at that price period.



A sign of things to come, so to speak.</blockquote>


True. I just hate the short sale listings. There are a couple of them that I would have loved to have bought at the "asking price" but they just weren't going to happen. 6 months ago you weren't seeing any short sales go through, but starting to see some now. Lately I've seen the SS listings with radical price drops every week or two, but it isn't the price that is preventing some of these from selling.
 
[quote author="stepping_up" date=1212014722]Is it a short sale or are the owners taking that big of a loss?</blockquote>


If it is a short sale, it will generally say so somewhere in the listing. It may not be the description, but somewhere else.
 
<a href="http://lansner.freedomblogging.com/2008/05/28/socal-home-pricing-seen-at-worst-in-43-years/#comment-69893">And the beat goes on................</a>
 
[quote author="EvaLSeraphim" date=1212021377][quote author="stepping_up" date=1212014722]Is it a short sale or are the owners taking that big of a loss?</blockquote>


If it is a short sale, it will generally say so somewhere in the listing. It may not be the description, but somewhere else.</blockquote>


<em>Priv Rmks: Short sale subject to lender approval, Call first. Showing hours are Monday thru Sunday 9am-4pm. Call the owners at (714) 953-5071 to let them know you are coming. If they don't answer, call the listing agent Vilma at (714) 865-9529. </em>



Agents are sometimes hiding this info on the listings so that potential buyers are not deterred. The title search preliminarily shows $399,200 in loans outstanding against the home, when it was purchased for $499K on 1/5/2006.



Sellers have already eaten their $100K. Lender will decide how much of a haircut it will take.
 
How about 51% off of Feb 2006 pricing in Tustin?



<a href="http://www.redfin.com/CA/TUSTIN/15500-TUSTIN-VILLAGE-WAY-92780/unit-76/home/4490967/bankOwned-2216355">Tustin Village</a>



I still wouldn't want it.



Or this one in Tustin, east of 5 south of the 55, SFR 3/3. The dumb bank wants 80% of 2005 pricing but took it back in foreclosure for 45 cents on the dollar compared to the 2005 sale. <a href="http://www.redfin.com/CA/TUSTIN/1777-MITCHELL-AVE-92780/unit-51/home/4607800/bankOwned-1982946">Tustin SFR</a>
 
[quote author="IrvineRealtor" date=1212022378][quote author="EvaLSeraphim" date=1212021377][quote author="stepping_up" date=1212014722]Is it a short sale or are the owners taking that big of a loss?</blockquote>


If it is a short sale, it will generally say so somewhere in the listing. It may not be the description, but somewhere else.</blockquote>


<em>Priv Rmks: Short sale subject to lender approval, Call first. Showing hours are Monday thru Sunday 9am-4pm. Call the owners at (714) 953-5071 to let them know you are coming. If they don't answer, call the listing agent Vilma at (714) 865-9529. </em>



Agents are sometimes hiding this info on the listings so that potential buyers are not deterred. The title search preliminarily shows $399,200 in loans outstanding against the home, when it was purchased for $499K on 1/5/2006.



Sellers have already eaten their $100K. Lender will decide how much of a haircut it will take.</blockquote>


I've even some agents calling the property a bank owned, but when I called them they turned out to be a SS.
 
[quote author="stepping_up" date=1212030634]I've even some agents calling the property a bank owned, but when I called them they turned out to be a SS.</blockquote>


I'm going to start my marketing vernacular with "MOSTLY BANK-OWNED" going forward. People are buying these, even if they are not a good value, simply because of the fact that they are perceived as a good deal. The thinking is, <strong>if it is an REO, it must be a deal!</strong>
 
[quote author="IrvineRealtor" date=1212032273][quote author="stepping_up" date=1212030634]I've even some agents calling the property a bank owned, but when I called them they turned out to be a SS.</blockquote>


I'm going to start my marketing vernacular with "MOSTLY BANK-OWNED" going forward. People are buying these, even if they are not a good value, simply because of the fact that they are perceived as a good deal. The thinking is, <strong>if it is an REO, it must be a deal!</strong></blockquote>


That is because Steve "quantum economics" Thomas and Vince "Kool-Aid kingpin" Bindi both say that <a href="http://www.ocrealestateblog.com/blog/_archives/2008/5/26/3712999.html">REOs are flying off the shelves with people bidding 3-5% over the list price</a>. Freakin idiots, don't they read IHB and get the coming foreclosure stats. Oh well, it will be fun to make fun of how wrong they are six months from now, just like it is now with Gary Watts. BTW, did he find Johnson's razorblades, because he sure has been quiet.
 
[quote author="IrvineRealtor" date=1212032273][quote author="stepping_up" date=1212030634]I've even some agents calling the property a bank owned, but when I called them they turned out to be a SS.</blockquote>


I'm going to start my marketing vernacular with "MOSTLY BANK-OWNED" going forward. People are buying these, even if they are not a good value, simply because of the fact that they are perceived as a good deal. The thinking is, <strong>if it is an REO, it must be a deal!</strong></blockquote>


That is so true! I told my agent if she could come up with a way to word the listings as bank owned it would generate 10x more interest. Your vernacular could work :)
 
<a href="http://www.redfin.com/CA/Tustin/13341-Marshall-Ln-92780/home/4451053">I don't even know where to start with this one.</a>



Okay, so it backs against the 55. I can tell you it's quieter than you'd imagine unless we're talking about Saturday night, when it's loud as all hell (motorcycles, making FULL THROTTLE passes down the 55).



Outside of that:



13341 Marshall Ln

Tustin, CA 92780

Price: $419,000

Beds: 4

Baths: 2

Sq. Ft.: 1,550

$/Sq. Ft.: $270

Lot Size: 7,300 Sq. Ft.

Property Type: Single Family Residence

Style: Bungalow

Year Built: 1976

Stories: 1 Level

Area: Tustin

County: Orange

MLS#: P639111

Source: SoCalMLS

Status: Active

On Redfin: 2 days



Sales History

Date Price Appreciation

Mar 29, 1996 $185,000 --

Oct 11, 2005 $698,000 14.9%/yr



I dig the conforming price......
 
um, how about with the non-permitted addition:

<blockquote>Additional sunroom/family room not included in sq.ft.(300 sq.ft). </blockquote>


and then see what is in the background of this first pic?

<img src="http://i-0.rfimg.us/photo/46/bigphoto/111/P639111_2.jpg" alt="" />



yes, that is the soundwall for the 55. so maybe a little noise on saturday nights, but also a constant drone of traffic and all the soot, meaning no open windows even when you finally get used to the noise.
 
This is very bizarre



<a href="http://www.redfin.com/search#pt=6&sold_within_months=3&max_price=600000&num_beds=3&status=3&lat=33.645377999999994&long;=-117.92656600000001&zoomLevel=17&listing_id=1698594&market=socal&v=2">1952 Arnold</a>



Bought in Sept '04 for $500K. Came on the market about a month ago for $575K as a 3/2 971 sq/ft. Yesterday, the price drops to $390K and listing agent adds in the pesky info about the non permitted additions. That's a tremendous price drop and probably makes it a short sale? Did they take a second on it, making it a short sale from day 1? Adjusted for inflation, this looks like a late 2002 rollback.
 
[quote author="freedomCM" date=1212111086]um, how about with the non-permitted addition:

<blockquote>Additional sunroom/family room not included in sq.ft.(300 sq.ft). </blockquote>


and then see what is in the background of this first pic?

<img src="http://i-0.rfimg.us/photo/46/bigphoto/111/P639111_2.jpg" alt="" />



yes, that is the soundwall for the 55. so maybe a little noise on saturday nights, but also a constant drone of traffic and all the soot, meaning no open windows even when you finally get used to the noise.</blockquote>


I disclosed it was right next to the freeway! However, it's not that bad. The soundwall works pretty well. The lighter the traffic, the worse the noise is (that drone you were speaking of) but even at Saturday at 2AM it's barely noticable.



Remember, I grew up on a farm 1/2 mile from my nearest neighborhood. I'm used to quiet. Living near the freeway isn't too bad compared to, say, living next to a train. That's brutal.
 
<a href="http://www.redfin.com/CA/Costa-Mesa/671-W-Wilson-St-92627/home/4558937">671 W Wilson St</a>

Costa Mesa, CA 92627



<img src="http://i-0.rfimg.us/photo/46/bigphoto/596/R801596_1.jpg" alt="" />



<strong>Sales History</strong>

Date - Price - Appreciation

Nov 14, 2005 $680,000 --



<strong>Listing Price History</strong>

Date - Price

Feb 13, 2008 $400,000

Jun 09, 2008 $349,999



<pre class="code">Last Sale Date - Last Sale Price - Prev Index - Ratio - Current Index

Nov 2005 - $680,000 - 262.56 - .51 - 135.14 </pre>



With the new index of 135.14 brings it <span style="color: red;">back to July 02</span>.
 
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