Huntington Beach Foreclosure

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Maltese_IHB

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I am wondering if any of you saw this home in South HB this weekend:



http://www.redfin.com/CA/Huntington-Beach/9391-Gateshead-Dr-92646/home/3780937



It is a bank-owned (B of A) property at Brookhurst and Bushard. It is in reasonable shape for an REO, but I estimate that it needs 100K of work to make it as we would want it. We saw it Thursday evening and we returned today for another look. I don't think that I have ever seen this much traffic through a property.



My question for the IHB audience is what would you offer for this property? We did place an offer, but I am doubtful that we will be competitive. According to the listing agent there have been multiple offers, and the bank is waiting until 9 am tomorrow to look at offers.
 
A friend of mine who is looking in the area says that the foreclosures in HB have extremely high traffic, good luck!
 
You really think so? I do think it odd that there is a "Huntington Homes" blog, given that they do not have a "Stanton Homes" blog, etc. But I think the heavy traffic may be due to the low listing price and the low price/sq ft. If you think that prices are going back to 2002, however, then this is no bargain. There are few sales in this tract so it is really hard to measure the value. According to the agent who was working for the listing agent, there are several all cash offers, and many others. Lots of Asians (hence the cash offers?) passing through today.
 
While I do think the Register's focus may have increased the traffic, my friend initially started looking in HB over a year ago and the REO open houses were madhouses even then.
 
LOL, knifecatchers. More REO is coming, and the knifecatchers are clueless about what is to come. Threads like this fill my schadenfreude for the month. Thanks!
 
Graphix, this one is priced 50% off peak for this neighborhood. Knife catcher or not, there is no guarauntee that at bottom this part of HB will get any cheaper than the present asking price. Hence the interest.
 
[quote author="Maltese" date=1232408518]Graphix, this one is priced 50% off peak for this neighborhood. Knife catcher or not, there is no guarauntee that at bottom this part of HB will get any cheaper than the present asking price. Hence the interest.</blockquote>


I would argue that if you are paying attention, every area will be priced less than it is now. It just isn't feasible that one little area has reached bottom and no where else has. I don't think there's a guarantee of anything in life but a continued search for bottom everywhere is a pretty safe bet.
 
[quote author="graphrix" date=1232389300]LOL, knifecatchers. More REO is coming, and the knifecatchers are clueless about what is to come. Threads like this fill my schadenfreude for the month. Thanks!</blockquote>
You are a sick, sick puppy...haha But I'm evil like that too so let the knifecatchers catch away because there is more pain to come.
 
As an update, the property received 52 offers as of this morning when the property was put on hold. According to my realtor, 3 of the offers were out of her office (unbeknownst to her) and they think that the property will land somewhere in the 950K range (230K over the listing price.)
 
[quote author="Maltese" date=1232451690]As an update, the property received 52 offers as of this morning when the property was put on hold. According to my realtor, 3 of the offers were out of her office (unbeknownst to her) and they think that the property will land somewhere in the 950K range (230K over the listing price.)</blockquote>


Suckers.
 
Oh, the hype of the bidding wars and the feeling that you are missing out on something, just what every seller wants a buyer to feel. Just ask the people who stood in long lines and bought a bunch of crap for close to regular price at Circuit City in the last few days. They will be sorry later.
 
[quote author="tmare" date=1232456716]Oh, the hype of the bidding wars and the feeling that you are missing out on something, just what every seller wants a buyer to feel. Just ask the people who stood in long lines and bought a bunch of crap for close to regular price at Circuit City in the last few days. They will be sorry later.</blockquote>
Just further proof that people in general are brainless sheep followers.
 
[quote author="Maltese" date=1232408518]Graphix, this one is priced 50% off peak for this neighborhood. Knife catcher or not, there is no guarauntee that at bottom this part of HB will get any cheaper than the present asking price. Hence the interest.</blockquote>


While I am busier than normal, I want to look into this area for you. I have a feeling you might be surprised at what might be coming to this neighborhood. I could be wrong, but keep this thread active to remind me to look into it.
 
Graphix, thanks for looking into the pending foreclosures in this neighborhood. There aren't very many homes in the tract, and only 1-2 sold per year, even at the peak. That being said, I imagine that many of the peak purchases are in trouble. We are not emotionally attached to this tract. I just felt that this was a good deal (so did 52 others), but not to the extent that we would bid this up past 2003 prices.
 
It is important to remember that it isn't just the people who bought at the peak that are facing foreclosure. Many of those who bought at reasonable prices chose to HELOC themselves into an untenable debt load. So the actual foreclosure numbers are likely quite a bit higher than you expect.
 
[quote author="Maltese" date=1232497431]Graphix, thanks for looking into the pending foreclosures in this neighborhood. There aren't very many homes in the tract, and only 1-2 sold per year, even at the peak. That being said, I imagine that many of the peak purchases are in trouble. We are not emotionally attached to this tract. I just felt that this was a good deal (so did 52 others), but not to the extent that we would bid this up past 2003 prices.</blockquote>


Wait and see how many of those "52 bidders" are the real deal. Most probably won't qualify, or follow through.



There was a post recently about a similar situation in Yorba Linda, and the bank came back to offer at a lower price to the original bidders, as the whole top flight of bids failed.
 
Quite possible. The listing agent must be pissed for letting so many offers through. I can't imagine how much paper he had to feed his fax machine to receive all 52 offers.
 
[quote author="Maltese" date=1233584463]http://huntingtonhomes.freedomblogging.com/2009/01/25/5-bedroom-surf-city-house-prompts-bidding-war/15872/



To revive a dead thread... the crazy offer-fest for this place got picked up last week by the Register. According to this article, we were one of the top 10 offers, although we still have yet to hear anything back from the realtor (no courtesy call to say, sorry we took another offer).



Graphix, I am still waiting for your knowledge on NODs in this tract.</blockquote>


Ugh... I have been a slacker as a whole when it comes to foreclosures and even IHB. Sorry about that. When you say tract, do you mean the homes south of Hamilton, or just south of Adams? South of Hamilton there are very few, south of Adams and it gets pretty big. BTW, my info won't be NODs, but NTSs or homes that are scheduled for the auction. NODs come and go, and are not always a good indicator as NTSs are.
 
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