50% Loss in Real Estate (or more)

NEW -> Contingent Buyer Assistance Program
Moving north from Santa Ana, How about a smallish (1440sf) 4/2 townhome at $199,000 and 53% off of a 2005 price in Anaheim?



<a href="http://www.redfin.com/CA/Anaheim/1963-W-Greenleaf-Ave-92801/unit-C/home/5258851">1963 W Greenleaf Ave #C Anaheim, CA 92801 </a>



It's another chasing the market winner being on the MLS for 270 days and a starting price of $389,000. Unlike Irvine, it has a mere $150/month HOA and no mello roos.



A clean basic rental that isn't trashed.



<img src="http://i-0.rfimg.us/photo/46/bigphoto/102/P608102_3_1.jpg" alt="" />
 
[quote author="stepping_up" date=1217665341]Our Paso home had a box from the early 60's that was an upgrade from the '40's. We upgraded it to today's standards, moved it outside, moved a power line that was grandfathered in, but still dangerous and grounded all the outlets in a 1,841 sq/ft home for a grand total of ~$3,500. Is there some wiring that these 1950's homes would need that bring it up to $10K?</blockquote>


It's not the wiring in a 50's home that will bring it up to that, it will be the 1785 sqft. that is using the same panel of a 785 sqft. from the 50s. Most likely you will need a whole new panel, plus all new circuit breakers, not to mention any rewiring of the fire hazard they created, and the labor hours will add up because it is very time consuming and you don't want them to make any mistakes.



Moving the panel, upgrading the circuit breakers, and moving a power line for $3500 is a pretty good deal, depending on what was done. Most electrical contractors charge a hefty premium to move the main power line.



Like I said, depending on what the building inspector determines what needs to be done will truly determine the price of the upgrades. If you get a contractor to pre-inspect the home and they determine that the work will be $10k because you need a new panel, breakers, etc., and the inspector says just upgrade the breakers and move the panel that should cost $3500, then don't use that contractor.
 
[quote author="CM_Dude" date=1217663501]There are some great, cheap homes in SanTana right now, but spend a little time driving around at different times of the day, and you will see why. Also, the crime is out of control. I drive to court up Flower often, and would NEVER live there. Just a few blocks away from the 1311 S. Flower house, a man was shot while standing on his front porch in broad daylight - victim of two gang bangers taking potshots at each other. If you have been reading anything lately, you'll know that shootings are WAY up in SanTana.



LL, I like that house from a price/aesthethic standpoint as well, but would never, ever, ever put my personal safety at risk by living in inner-SanTana. SAPD has completely lost control, and the horrible City Council and lame-duck SAPD Chief are doing nothing about it.</blockquote>


It seems like the City is missing an opportunity to bring "other elements" into it. If they could completely clean up one neighborhood, e.g., Henninger Park or <a href="http://www.wilshiresquare.org/index.html">Wilshire Square</a>, you could get some singles, DINKS, and families who were going to send their kids to private school anyway to move in there and take advantage of the affordability. And then reclaim each neighborhood block by block.** It breaks my heart that <a href="http://www.redfin.com/CA/Santa-Ana/303-S-Broadway-92701/home/12388016">this house </a>, which is walking distance to the downtown area, is reasonably affordable and could be restored fairly easily by a family that appreciates it. Instead, it will probably get turned into a flop house or a duplex, the original fixtures stripped, and the exterior stuccoed. :down:





**Yes, I know, there are constituents that would b*tch about running the poor people out, or running the Mexicans out. The fact of the matter is, there are lots of 2/1s and 1/1s that could be affordable to working class folks, or could be rented out to poorer folks. And frankly, I don't care who lives next door to me, so long as they aren't loud (occasional parties are ok), don't park the car on the lawn, and maintain their property. And I think I can say with a fair amount of certainty that lower income folks don't want to live in crime ridden neighborhoods either. The DA keeps pressing for gang enhancements (an additional 10 years to the sentence) to try and clean these places up, but the gangs keep replacing these people as fast or faster than the judges can sentence them.
 
[quote author="EvaLSeraphim" date=1217716670][quote author="CM_Dude" date=1217663501]There are some great, cheap homes in SanTana right now, but spend a little time driving around at different times of the day, and you will see why. Also, the crime is out of control. I drive to court up Flower often, and would NEVER live there. Just a few blocks away from the 1311 S. Flower house, a man was shot while standing on his front porch in broad daylight - victim of two gang bangers taking potshots at each other. If you have been reading anything lately, you'll know that shootings are WAY up in SanTana.



LL, I like that house from a price/aesthethic standpoint as well, but would never, ever, ever put my personal safety at risk by living in inner-SanTana. SAPD has completely lost control, and the horrible City Council and lame-duck SAPD Chief are doing nothing about it.</blockquote>


It seems like the City is missing an opportunity to bring "other elements" into it. If they could completely clean up one neighborhood, e.g., Henninger Park or <a href="http://www.wilshiresquare.org/index.html">Wilshire Square</a>, you could get some singles, DINKS, and families who were going to send their kids to private school anyway to move in there and take advantage of the affordability. And then reclaim each neighborhood block by block.** It breaks my heart that <a href="http://www.redfin.com/CA/Santa-Ana/303-S-Broadway-92701/home/12388016">this house </a>, which is walking distance to the downtown area, is reasonably affordable and could be restored fairly easily by a family that appreciates it. Instead, it will probably get turned into a flop house or a duplex, the original fixtures stripped, and the exterior stuccoed. :down:





**Yes, I know, there are constituents that would b*tch about running the poor people out, or running the Mexicans out. The fact of the matter is, there are lots of 2/1s and 1/1s that could be affordable to working class folks, or could be rented out to poorer folks. And frankly, I don't care who lives next door to me, so long as they aren't loud (occasional parties are ok), don't park the car on the lawn, and maintain their property. And I think I can say with a fair amount of certainty that lower income folks don't want to live in crime ridden neighborhoods either. The DA keeps pressing for gang enhancements (an additional 10 years to the sentence) to try and clean these places up, but the gangs keep replacing these people as fast or faster than the judges can sentence them.</blockquote>


I would kill for a house like that one! Can you just see the wine cellar in the basement? Seriously, I've seen such neat homes in that area and at great prices. I can't help but to think that at some point that area could be revitalized. The houses are too cool to not end up being appreciated.
 
20 years ago, there were two neighborhoods in Fresno that would qualify under the above critera. You still wouldn't want to live there.



This is exactly the type of housing stock I'm looking for. But I don't really want to live in politically disfunctional and incestious Santa Ana, which to me is any neighborhood outside of Floral Park and maybe one or two others. I'd love to live walking distance to downtown.



I love homeless. Well, okay, maybe not that part.
 
First 50%+ off in Costa Mesa!



670 Wilson sold for $315k 7/18/8 (11 months on the market!), REOd for $544k on 6/23/7, previously sold for $694k ([<strong>did they make a payment, or was this pure fraud?</strong>) (previous sale $490k 2/2/7)



and this is for a 1433sf 3/2, 1961 POS house in a bad area.
 
[quote author="EvaLSeraphim" date=1217716670][quote author="CM_Dude" date=1217663501]There are some great, cheap homes in SanTana right now, but spend a little time driving around at different times of the day, and you will see why. Also, the crime is out of control. I drive to court up Flower often, and would NEVER live there. Just a few blocks away from the 1311 S. Flower house, a man was shot while standing on his front porch in broad daylight - victim of two gang bangers taking potshots at each other. If you have been reading anything lately, you'll know that shootings are WAY up in SanTana.



LL, I like that house from a price/aesthethic standpoint as well, but would never, ever, ever put my personal safety at risk by living in inner-SanTana. SAPD has completely lost control, and the horrible City Council and lame-duck SAPD Chief are doing nothing about it.</blockquote>


It seems like the City is missing an opportunity to bring "other elements" into it. If they could completely clean up one neighborhood, e.g., Henninger Park or <a href="http://www.wilshiresquare.org/index.html">Wilshire Square</a>, you could get some singles, DINKS, and families who were going to send their kids to private school anyway to move in there and take advantage of the affordability. And then reclaim each neighborhood block by block.** It breaks my heart that <a href="http://www.redfin.com/CA/Santa-Ana/303-S-Broadway-92701/home/12388016">this house </a>, which is walking distance to the downtown area, is reasonably affordable and could be restored fairly easily by a family that appreciates it. Instead, it will probably get turned into a flop house or a duplex, the original fixtures stripped, and the exterior stuccoed. :down:





**Yes, I know, there are constituents that would b*tch about running the poor people out, or running the Mexicans out. The fact of the matter is, there are lots of 2/1s and 1/1s that could be affordable to working class folks, or could be rented out to poorer folks. And frankly, I don't care who lives next door to me, so long as they aren't loud (occasional parties are ok), don't park the car on the lawn, and maintain their property. And I think I can say with a fair amount of certainty that lower income folks don't want to live in crime ridden neighborhoods either. The DA keeps pressing for gang enhancements (an additional 10 years to the sentence) to try and clean these places up, but the gangs keep replacing these people as fast or faster than the judges can sentence them.</blockquote>


Eva, that house is GORGEOUS! I would buy that in a heartbeat if it weren't located where it is!! What a crying shame...
 
I saw <a href="http://www.redfin.com/search#pt=6&max_year_built=1940&status=3&v=3&lat=33.758268527335126&long;=-117.87950277328491&zoomLevel=16&region_id=38465&region_type=2&market=socal">this one</a> over the weekend. It needs some work, but is in a decent neighborhood. Although it does not show up in the pics, the kitchen still has the original buffet / pantry that is in amazingly good condition. I wanted to do nothing more than call the bank and make them an offer for the fixture - until, of course, my husband pointed out that we would have no place to put it. :P
 
Did you check out this one at the same time?

[http://www.redfin.com/CA/Santa-Ana...ehind it in the satalite photo, a green pool)
 
<strong>I think it is time to open the 60% off thread:</strong>



<img src="http://i-0.rfimg.us/photo/46/bigphoto/521/P635521_0.jpg" alt="" />





http://www.redfin.com/CA/Santa-Ana/2205-Oak-St-92707/home/3095501









Listing Price History

Date Price

May 02, 2008 $349,000

Jun 06, 2008 $319,000

Jun 24, 2008 $280,000

Jul 31, 2008 $250,000

Source: SoCalMLS

Sales History



Property Tax

Date Price Appreciation

Dec 13, 1995 $145,000 --

Jan 24, 2000 $153,639 1.4%/yr

May 03, 2000 $160,848 18.2%/yr

Sep 04, 2001 $199,000 17.2%/yr

Sep 14, 2005 $499,000 25.6%/yr

Jun 21, 2006 $617,000 31.9%/yr
 
Here's another one in a complex that has been featured in the "losses" threads a lot.



53% off



1030 W MACARTHUR Blvd #149

Santa Ana, CA 92707



<strong>Price: $160,000</strong>



Beds: 2

Baths: 1

Sq. Ft.: 905

$/Sq. Ft.: $177



Sales History

Mar 27, 1991 $125,000

Nov 21, 1995 $146,096

Jan 12, 1996 $146,096

May 01, 1996 $75,000

Sep 28, 2000 $121,000

<strong>Nov 09, 2005 $345,000</strong>



<a href="http://www.redfin.com/CA/Santa-Ana/1030-W-MACARTHUR-Blvd-92707/unit-149/home/5568074">http://www.redfin.com/CA/Santa-Ana/1030-W-MACARTHUR-Blvd-92707/unit-149/home/5568074</a>
 
Oh yeah! Well how about 57% off? For a 3 bedroom none the less.



<a href="http://www.redfin.com/CA/Santa-Ana/1001-W-MACARTHUR-Blvd-92707/unit-85/home/5519256">1001 MACARTHUR BLVD #85</a>



Sales History

Date Price Appreciation

Dec 30, 2004 $326,000

May 02, 2007 <strong>$414,000</strong>



I smell fraud, but that might be due to the crappy a$$ Realturd description and info. Either the HOA is $1 or the Realturd wanted to let you know there is only <em>one</em> HOA. Or... it might be the fact that the bank will probably taking this one back on 8/27 and the NTS is $422k, more than what they paid. Mmmm...
 
[quote author="graphrix" date=1219126200]Oh yeah! Well how about 57% off? For a 3 bedroom none the less.



<a href="http://www.redfin.com/CA/Santa-Ana/1001-W-MACARTHUR-Blvd-92707/unit-85/home/5519256">1001 MACARTHUR BLVD #85</a>



Sales History

Date Price Appreciation

Dec 30, 2004 $326,000

May 02, 2007 <strong>$414,000</strong>



I smell fraud, but that might be due to the crappy a$$ Realturd description and info. Either the HOA is $1 or the Realturd wanted to let you know there is only <em>one</em> HOA. Or... it might be the fact that the bank will probably taking this one back on 8/27 and the NTS is $422k, more than what they paid. Mmmm...</blockquote>


Look more closely at the street pic... It's right next to the bus stop. That's really convenient, being next to the bus stop should add at least $50k to the price.
 
Ouch is right!



I was going to say that it must be the REO price, but then I saw that #11 is for sale too.



For 582 days!





Listing Price History

Date Price Feb 03, 2007 $514,900

May 23, 2007 $504,000

Jun 29, 2007 $499,999

Nov 07, 2007 $479,999

Dec 13, 2007 $475,000

Mar 19, 2008 $459,000

Apr 04, 2008 $448,000

Aug 13, 2008 $395,000



<strong>

I guess that is what happens to a three-level 2/2 with $300/month HOA fee!</strong>
 
<strong>Another 60% off!

</strong>



<img src="http://i-0.rfimg.us/photo/46/bigphoto/801/P652801_0.jpg" alt="" />



<blockquote> Price: $260,000

Beds: 4

Baths: 2

Sq. Ft.: 1,808

$/Sq. Ft.: $144

Lot Size: 7,500 Sq. Ft.

Property Type: Single Family Residence

Style: Traditional

Year Built: 1910

Stories: 2 Levels

Area: Santa Ana South of First

County: Orange

MLS#: P652801

Source: SoCalMLS

Status: Active

On Redfin: 4 days

FANTASTIC VALUE ON THIS SPACOUS 2 STORY 4 BEDROOMS HOME VALUE PRICED FOR QUICK SALE. FORMAL LIVING ROOM, SPACIOUS KITCHEN, ONE BEDROOM DOWNSTAIRS, ALL BEDROOMS ARE LARGE, HUGE BACKYARD FOR ENTERTAINING, GOOD CURB APPEAL. SUPER MOTIVATED SELLER WILL MAKE EVERY EFFORT TO WORK WITH YOUR QUALIFIED BUYERS. SUBMIT!!! </blockquote>




Sales History



Property Tax

Date Price Appreciation

Feb 01, 1990 $120,000 --

Mar 28, 1995 $500 -65.5%/yr

Jun 07, 1995 $138,000 >1,000%/yr

Feb 01, 1996 $170,000 37.5%/yr

Apr 26, 2000 $202,500 4.2%/yr

Sep 09, 2002 $218,701 3.3%/yr

Oct 16, 2002 $299,000 >1,000%/yr

Feb 11, 2004 $455,000 37.4%/yr

Mar 09, 2006 $650,000 18.8%/yr

Jun 06, 2008 $273,590 -32.0%/yr
 
It's a rope swing from a good-sized tree in the front yard... which doesn't concern me nearly as much as the apparent noose on the left-hand side of the roof.
 
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