Realtor dot com listing here. Looks fairly typical for the area. Big yard, lots of bedrooms, priced comparably. Alright, a slow market but price is price. The Zillow tells more of the story. 
Nice pool. Trees. Good schools.
Even held value and apparently widened against the competition.
Sale History
05/01/2007: $929,250
09/13/1999: $520,000
Well Mrs. Dawg and I were yard sailing on Saturday and stopped in. Hey no problem without an appointment; Vaccant. Wide open. Not to worry about the danger, the pool was walkable across the mosquito larvae. The crunch of the broken glasstop cooking surface on the kitchen floor made a great burglar alarm. The recent short term tenants obviously perfered Jim Beam and generic brand condoms to the usual Chardonnay and french tickler crowd. And who owns this sweet piece of the American Dream? Countrywide. Real pictures and more on Tuesday. In the mean time ponder that the last market sales price was $520k and Countrywide was owed $929k and as a REO they value it ON THEIR BOOKS at $1.2m. Now why would they, Countrywide, with access to $187b in credit wish to inflate the value of some piddling little asset only a dozen miles from the corporate HQ? Surely an oversight. Don't you think?
43 comments:
FIRST and foremost the house is worth only what someone will pay for it.
(*:
Now why would they, Countrywide, with access to $187b in credit wish to inflate the value of some piddling little asset only a dozen miles from the corporate HQ?
***********************8
I don't know Dawg, but I still do not know what that temperature thingy was for either.
Was the inflated appraisal for the Cash Back at Close?
heh
How fitting.
I was talking to a guy from Mass late last week. His son is a REALTOR and works with CFC on their REO's. Word is they will approve short sales of up to 40% just to keep it off their books.
HOLY NUTS!
CFC will have to discount 40% if they keep hiring agents like that broad.
Did you see those pictures?
Dear Angelo - want to blow out your REOs? Put money into repairs and hire agents who can take a decent picture or two. Or expect everyone to lowball the crap out of these - 40% is being nice.
that's great news gameover. time to pick up a property or two.
As Dave Barry often has to say - "I am not making this up!" - from the listing:
Has the remains of a Koi farm with separate breading pools on the right side of property in the back. Check with the HOA regarding the use.
@soem dood
You beat me to it.
Breaded koi are edible?
@ wagga
Hey, in this market, you 'que what you gotta 'que... just watch for the tiny bones.... he he he
Lol'er Fish?
Radar can haz anything he wantz
The Mooch™ is gone. She left some stuff behind. Used her toothbrush to clean the cat boxes to Radar's specifications. Put said toothbrush in with her stuff on the street.
Where is that CFC REO page again?
If they have anything intriguing in Tennessee or NC, I might just put that 40% discount rumor to the test!
Never mind - really wasn't that tough to find:
http://www.countrywide.com/purchase/f_reo.asp
It should be noted that those pictures are extremely flattering. The pictures I'll post on Tuesday are some serious surreal estate porn.
If this is any indication of 1) their REO stock or 2) anything remotely representative of the assets in the troubled portion of their retained portfolio or 3) similar to what they've been bundling, slicing and selling then CFC is in serious trouble. It's also damning evidence that management has really screwed the pooch.
Oh, and soem dood.
I was wondering how long before somebody picked up on that "feature."
Has Casey returned?
http://iamfacingforeclosurethereturn.blogspot.com/
We're up early, aren't we?
For kc, that is.
Forget the REO and the KC return (say it isn't so . . . ), we actually have a developing story on our hands:
Ahead of the Bell: Countrywide Financial
"A Keefe, Bruyette & Woods analyst downgraded Countrywide Financial Corp. on Monday, saying a run on the mortgage lender's bank could pinch its access to cash.
Since Friday, reports in newspapers such as the Los Angeles Times claimed customers at Countrywide's banks were lining up to withdraw deposits concerned about the safety of their funds given the Calabasas, Calif.-based company's liquidity issues.
Keefe, Bruyette & Woods analyst Frederick Cannon sent a member of his team to a Countrywide office and said there was a waiting list and people were sitting on the floor. The clients wanted to take their money out, he said, or were looking for reassurance their money was safe."
I never thought I'd see a run on the bank in my lifetime . . . this may not ruin CFC, but it's not looking good . . .
Confirming the inevitable at CFC:
Countrywide Said to Begin Layoffs
"Countrywide Financial Corp., the nation's largest mortgage lender, has begun laying off staff as part of its effort to ride out the credit crunch that has rocked the home loan industry, according to a report published Monday.
The job cuts occurred in Countrywide's Full Spectrum Lending unit, according to the Wall Street Journal, citing an internal e-mail sent Friday to employees of that division."
40% of deposits are not insured. Those people had damn well better reconsider.
What 40% are those Rob? Not that I have any money at CFC, but I thought most deposits were insured at banks.
Also, it's kinda interesting to see how this whole lender meltdown will play out. It's definitely different now in the internet age versus the last meltdown in the late '80s.
There are certain products that are not insured. There are also balance over the insured limit.
Here's some disclosure on their MM Accounts:
The Annual Percentage Yields (APY) and Interest Rates are effective as of Monday, August 20, 2007 at 8:30 AM EST. Money Market APY's and Interest Rates may change at any time without prior notice, including after account opening. APYs shown apply to consumer accounts. The minimum deposit to open an account and obtain the APY is $1,000. Fees could reduce earnings on the account. See Application Disclosure Handbook for details. Money Market tiered APYs for balances are as follows: $1,000-$49,999 is 4.50%; $50,000-$99,999 is 5.25%; $100,000-$2,499,999 is 5.25%; $2,500,000 and over is 5.00%. Subject to withdrawal limitations.
And the booklet in bold letters:
.
NOT .FDIC .INSURED NOT .GUARANTEED .BY .ANY .BANK NOT .A .DEPOSIT
MAY .LOSE .VALUE NOT .INSURED .BY .ANY .FEDERAL .GOVERNMENT .AGENCY
https://bank.countrywide.com/CW_Dis_Agreement_D.pdf
My favorite quote from a related article:
Countrywide tries to calm bank customers
"'There will always be people who are concerned and want to put their money somewhere else,' said Christopher Wolfe, an analyst at Fitch Ratings. Countrywide is 'trying to let people know that their deposits are insured -- and they are up to FDIC limits.'
So if customers have a $200,000 deposit, they would be made good on $100,000 of that if anything goes wrong, Wolfe commented."
Well, that's comforting! If I have $200,000 on deposit, I could only lose a mere $100,000! If that doesn't calm the customers down, I don't know what will.
Memory says that when we had the S&L crisis, the Feds made good on even uninsured deposits. The logic was it was far better to hit the taxpayers with a little extra expense rather than have a run on the banks. Most people do not know which accounts are insured and which are not.
Awful quiet here today...
..... too quiet....
I think everyone is simply stunned by the re-emergence of Casey. :)
Yeah... that or it's just a slow news day.
Gameover said:
"Word is they will approve short sales of up to 40% just to keep it off their books.
HOLY NUTS! "
If true, HOLY NUTS is right! Now, could it be for a community? A certain country (e.g., San Diego?) only? I ask...
For if this is universal:
This is one of the four horsemen of the ARMagedon.
As I "Iamfacingforeclosure.com", I thought the implode-o-meter bought the name.
Love the house. Do realize, generic condoms are in.
As to banks, the wife is not happy with me. I made her pull out a bunch from Indymac and put it anywhere we wouldn't have a combined $100k. The rate drop is going to cost us $8/year. ;) I even pulled out cash from what I believe is a very stable credit union. Why? I'm just not willing to risk $100k anywhere. Kind of a classy problem to have... ;)
Got popcorn?
Neil
Stucco on plywood, PVC plumbing, concrete slab. That sounds like $1.2 million to me.
Zillow is worthless. They show a 6.1% decline in this house price since the 5/1/07 sale which should make it "worth" 872k. Not to mention the new neglect/repairs needed. And you have to love the green pool, maybe you can save money on koi food by dumping them straight into the pool instead of the koi ponds? Do koi (a type of fish) each algae (caused by the sun)?
Back to my point. How can zillow show a price decline for this specific house of 6.1% since May yet value the same house at $1m-1.3m?
Dawg, when you get your pictures tomorrow, you should add them to zillow.
This place looks like a gigantic shack that has been empty for years. It doesn't even look worth the 1999 sales price. Looks like the koi farmer took out a lot of sweet home equity and didn't use a dime on the house or property.
I had no idea that an "estate" could look like this mess!.
How long has this place been empty?
Rob, are the "recent tenants" vandals, transients, or neighborhood kids? What a lovely gated community. The neighbors must be dying. It reminds me of a much nicer house I saw on that Richard Davis flipper show. The one with the beautiful view, larger lot, bigger house, and 9 million rats. :shudder:
I just e-mailed half the board of directors and investor relations about this wonderful property they own. I also told Angie he's been "PWNED"!! LOL
Oh yeah. It's ugly as sin. I guess you pay $1m for the near acre, tear it down and start over.
Okay, I'm back. Disneyland. Remember, I got kids and amazing as it may seem a life beyond EN. Pics tomorrow early. Sh¡thole don't come close. We need to broadcast this one far and wide. If this POS were a person his first name would be Casey. Eveything wrong with this market in one spot.
The recent tenants are surely kids but not "neighborhood." The neighborhood just doesn't have the demographics to support this type of behavior. Bored rich kids from Mission Oaks going cross town to party is more the modus operandi.
Tyrone has the real point. This is a dozen miles from HQ. How in hell does somebody not see a million dollar mistake 15 minutes away and not put eyes on the ground?
I'd take the place, strip to drywall and cement. Do a California facelift and do a $900k as-is sale. That's if I were Countrywide. Being me, I'm thinking I have to offer $4xxk, pay my crew emergency wages and turn this toad into a prince and sell for $6xxk to make decent coin.
Rob,
Hope you and the family had a great time at WallyWorld.
If it's rich kids from Mission Oaks, how are they getting in? To me, HOA spells gated community & private security. CC&R's and cops govern us plebes. If gated, how are they getting in?
Either way, how haven't the neighbors reported the trespassers?
And you say this house is typical in the Dawg Pound? Yikes!
I can hardly wait for the real pics of this disaster tomorrow.
$3-400k in your 'hood sounds about right for this dog. It's a major fixer, even without seeing the inside. The house is terrible, the landscaping overgrown and awful, the pool and koi (a kind of fish) ponds are disgusting.
But for the right price...it could be somebody's sweet™ deal, maybe even sweetcashbackatclose™ to fix the problems. As long as the cash back fixes the problems.
Curious, a little indulgence. All your questions should be answered.
To start, There is no HOA. THere are people who act like an HOA but aren't. At that a minor issue. The 'hood dates from the early 50s when HOA meant BBQs and no auto wrecking yards. Gated is an 80s thing.
This is a case of Mrs Dawg saying "No, I don't want to look. I'll take your word."
More tomorrow.
I hate avocado in my sushi!
@Lout Minatti: "Stucco on plywood, PVC plumbing, concrete slab."
That's all you'll ever get, regardless of the price point. I have $3MM+ homes going up not far from where I live, and guess what's inside? Concrete slab, two-by-four framing, PVC plumbing, stucco on plywood. What are buyers paying for? Location, fancy-looking light fixtures (made in China, of course), and the builders' profit margin.
If you want real quality in a home in the U.S., you've basically got three options: buy an older home (pre-1950's), build to commercial specs (steel framing etc.), or fly in carpenters and masons from Europe who know what they're doing.
Heck, I hate avocado AND sushi and any combination thereof!
Sushi is one of the basic food groups. To utter such blasphemy at patrick.net would garned a virtual beating.
Buffett could buy parts of Countrywide: report
"Billionaire investor Warren Buffett may buy parts of beleaguered mortgage lender Countrywide Financial Corp, some investors are speculating, according to The Wall Street Journal."
Key word--"speculating". Actually, this has all happened before--Buffett was contacted by LTCM when they were melting down to see if he would bail them out. He basically said he would pick up only a few of their best positions, and at a steep discount. The "geniuses" at LTCM were insulted by his offer, and basically told him that there wasn't a chance of that happening.
Not to be cynical about Buffett--because he's generally a very nice person--but if he's sitting across the deal table from you, you need to be absolutely certain that you're getting a good deal, because chances are you're not.
IF Buffett buys anything from CFC--and that's a big if--it's likely to be their most valuable holdings (e.g. the bank), not their trash, like the retained alt-A mortgages, or the koi (that's a type of fish) farm or the rest of their REO portfolio.
Buffet would look at CFC and decide there's nothing there. There is nothing there. What? An overpriced HQ with overpriced employees? He sold most of his CA real estate at the exact same time I did for the same reasons I did. For the skills of the corporate leadership? It is to laugh. For the bank? Maybe but he also knows there are going to lots of banks for sale cheap real soon. Let CFC fold and buy E*trade for a song with none of the baggage. Just my quick thoughts. Feel free to poke holes.
Oh, E*trade has its own baggage. From Herb Greenberg:
How E-Trade mortgages its past, future
"With the mortgage market going through an upheaval, you would think Mitch Caplan would be ducking for cover.
As the mortgage mess continues to evolve, the company he runs, E-Trade Financial Corp., is clearly in the thick of it, so much so that after reviewing its financial statements, you might think it was a mortgage REIT disguised as an online broker."
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