Interesting/Amusing Property Finds

[quote author="morekaos" date=1241673125]Why would you build this?



<a href="http://www.redfin.com/CA/Temecula/32032-La-Serena-Way-92591/home/12263231">3931 square feet</a>



Or this?



<a href="http://www.redfin.com/CA/Temecula/31625-Pio-Pico-Rd-92592/home/6244006/mrmls-T09034274">4225 square feet</a>



Or this?



<a href="http://www.redfin.com/CA/Temecula/40110-Butterfield-Stage-Rd-92591/home/12263568">2395 square feet</a></blockquote>


There is a limited market for big ass houses on big ass lots in every city. For example, the second house you listed was built in 1983 and is in a group of other houses of similiar size and age.



It's just that in 2006 or so, people got stupid and built too many of these things, many in places where they don't belong. For example, in San Jacinto (in the middle of the desert), there are entire subdivisions full of 3,000+ square foot houses (on smaller lots than your example), most built around 2006. You can buy one now for $150k, or $50 a square foot-much less than the cost to build them, not even counting the land.
 
<a href="http://'http://www.redfin.com/CA/Costa-Mesa/2237-Jeanette-Pl-92627/home/4596306'">2237 Jeanette Pl Costa Mesa, CA 92627 </a>

Price: $699,000



here is a winner...

<img src="http://media.cdn-redfin.com/photo/46/bigphoto/129/S566129_9_0.jpg" alt="" />

<img src="http://media.cdn-redfin.com/photo/46/bigphoto/129/S566129_7_0.jpg" alt="" />
 
[quote author="halfnote19" date=1241737476]<a href="http://'http://www.redfin.com/CA/Costa-Mesa/2237-Jeanette-Pl-92627/home/4596306'">2237 Jeanette Pl Costa Mesa, CA 92627 </a>

Price: $699,000



here is a winner...

</blockquote>


Is that hi-low carpet in the office? What a rat-hole - how do people live like this? I'm sure IR2 has seen it all, though. And did you notice his first listing price - $825,000? Now he is asking $699,000?
 
You've got to wonder what happened there.



Old owners put in a retirement home and the grandkids moved in?





or the 50 year old owners did too much LSD back in the day?
 
That house has good bones, but needs alot of work.

They will never sell it for that price... my guess would be its probably currently worth 400k
 
[quote author="SoOCOwner" date=1241744391][quote author="halfnote19" date=1241737476]<a href="http://'http://www.redfin.com/CA/Costa-Mesa/2237-Jeanette-Pl-92627/home/4596306'">2237 Jeanette Pl Costa Mesa, CA 92627 </a>

Price: $699,000



here is a winner...

</blockquote>What a rat-hole - how do people live like this?</blockquote>


Well, the only reason that it's on the market in the first place is that they stopped. Living, that is.



<blockquote>Listing Information

Conditions: Probate </blockquote>
 
[quote author="freedomCM" date=1241745884]You've got to wonder what happened there.



Old owners put in a retirement home and the grandkids moved in?





or the 50 year old owners did too much LSD back in the day?</blockquote>


From the listing:



<em>Listing Information



* Conditions: Probate </em>



Someone passed away, and the court has told the kids to sell it. The kids must be high because they were not smart enough to spend the money to get a trust set up, and they are high because it will never ever sell for that price. At first I thought it might be a case of de-staging for a short sale, but realized the kids probably just ransacked the house to find anything of value for the judge.



Word to the wise: Get a trust set up before your parents die, i.e. call a trust attorney tomorrow. It will save you a whole lot of trouble.
 
[quote author="graphrix" date=1241759775]



Word to the wise: Get a trust set up before your parents die, i.e. call a trust attorney tomorrow. It will save you a whole lot of trouble.</blockquote>


You are correct. Go a step further, set a Trust for yourself as well.
 
RE: Riverside and the kennels. The cul de sac over there is nothing but kennels. I take Maggie over to Sun Run and the minute you turn on Riverside it's racuous barking. It's not habitable for residential with all the dog noise. It's not cheap either.... $31/nt and they all around the same price. It seems that a number of the kennel owners live in the houses themselves. At least on weekends, they are all full.
 
<a href="http://'http://www.redfin.com/CA/Newport-Beach/2323-Irvine-Ave-92660/home/3566093'">2323 IRVINE Ave Newport Beach, CA 92660 </a>



<strong>May 05, 2009 Listed $1,189,000</strong>

Jan 05, 2004 Sold $404,000

Dec 05, 1989 Sold $305,000



Do they really think their home over doubled in value?! And they are on a really busy street.



<img src="http://media.cdn-redfin.com/photo/46/bigphoto/100/U9002100_0.jpg" alt="" />
 
OK, this is the biggest WTF price I have ever seen! And the real doozey is that even at this ridiculous price it's contingent on the short sale being approved!!<a href="http://www.redfin.com/CA/Costa-Mesa/594-Knowell-Pl-92627/home/4557017">594 Knowell</a>
 
[quote author="stepping_up" date=1241834756]OK, this is the biggest WTF price I have ever seen! And the real doozey is that even at this ridiculous price it's contingent on the short sale being approved!!<a href="http://www.redfin.com/CA/Costa-Mesa/594-Knowell-Pl-92627/home/4557017">594 Knowell</a></blockquote>


May 07, 2009 Listed $640,000

Apr 07, 2004 Sold $410,000



I saw that one and just laughed... its on a really bad side of costa mesa.

It's hard to believe that some lender thought that house in that area was worth more than 640k.
 
It also appears to be a case of HELOC abuse... if these idiots had put a little bit down with a 30 yr fixed they would not even be underwater on the house, much less forced to go into a short sale.
 
[quote author="freedomCM" date=1241856971]they would still be underwater if they had put 10% down on a 30yr



just not $300k underwater</blockquote>


No, they wouldn't. If they would have put 10% down they would have financed $369K and had over 5 years of payments bringing the loan balance down to around $350K or less. It would appraise for at least that today. And, they would probably be eligible to refi into an even lower rate with the new 105% program.
 
well, 616 Bay is larger and has been on the market for 4 months at 390. 590 Bay just sold at 360 and is a good comp. 603 knowell is short selling at 330.



i guess we will see what the market says.
 
[quote author="freedomCM" date=1241920817]well, 616 Bay is larger and has been on the market for 4 months at 390. 590 Bay just sold at 360 and is a good comp. 603 knowell is short selling at 330.



i guess we will see what the market says.</blockquote>


616 is a short sale, so you wouldn't expect it to move fast. we don't even know if the bank has approved the short sale. What do you show for 603 Knowell? The only thing I see on Redfin is that it was bought in 2000 for $181K listed for a few months and then delisted in Jan. 590 is a good comp, but again these guys shouldn't have owed any more than that. I do think appraisals come in a bit higher than what distressed properties are listing for, especially short sale listing prices.
 
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