There's an old saying "Fool Me once..."
Let's see if it rings true. This is "Sterling Hills" aka Las Posas Adjacent. Just a local joke. According to Redfin the sales history for this Diamond on the Rough is:
Sales History
Date Price Appreciation
04/05/2007 $919,449 -21.2%/yr
04/14/2006 $1,160,000 29.5%/yr
10/31/2001 $367,273 -37.6%/yr
02/23/2001 $507,000 --
And what are they wishing for now? $987,000. These idiots want to be paid $67,000 for holding this turd for 3 freakin' months. Heck it sold for $1.16m just 15 months ago so why not? This one doesn't smell right.
839 DIAMOND DR Camarillo, CA 93010
Beds: 3 Baths: 3.5
Sq. Ft.: 2,690 $/Sq. Ft.: $367
Lot Size: 8,407 sq. ft.
Year Built: 2000 Stories: 1
County: Ventura Neighborhood: Las Posas Estates
MLS#: 70011688 Status: Active
On Redfin: 12 days
Sterling Hills; One story home with golf course view. Tile entry. 3 bedrooms, additional room could be sewing room or computer room. Granite counters in kitchen. Large master bedroom with beautiful bathroom and walk-in closet.
23 comments:
One thing about the housing bubble. It ain't over 'till the foreclosure lady sings.
NR
PS Note the lack of any claims to be the premiere commenter here.
Northern Renter -
Very restrained. I'd have to SECOND the lack of claim to premiere commentator. :)
Nearly Murst!
Is it because the house 3 doors away sold for $1,100,000 according to Zillow?
Not much different, only has 5 beds not 3.
It doesn't smell right if it's not yours Dawg. What do you think these speculators should get for the place, a loss? Oh wait, it looks like the guy who bought in April of 2006 got a loss.
Even at 10% annual appreciation since 2001, this place is worth somewhere between $820K and the $920K. That's a good return for anyone. To be expected on a regular basis? Of course not.
Still playing on Zillow, how much does this say about the property:
" Zestimate Ranking
92% of homes in the 93010 zip code have a value lower than this home. "
Maybe two blocks over:
http://www.redfin.com/stingray/do/printable-listing?listing-id=715111
108 days on Redfin at $779,500.
Think about it Arthur. 8% in 93010 are more expensive.
Go to realtor dot com and just type in SFR and 93010. 260 listings only 2 are less than $500k.
Newsflash, Countrywide currently has 20 different strike prices actively trading.
Legion! CFC look look look. Are you gonna pull the trigger?
Think about it Arthur. 8% in 93010 are more expensive.
I was being sarcastic. I wonder how many of that 8% are only 3 beds?
CFC have been as low as 19.25 today and are struggling to get back over 20. Drinks are on Legion?
Countrywide's stock has too much risk for me to play with. I might make a lowball offer on one of the houses they own. The current bankruptcy fears are do to them not having the cash to keep operating.
Legion is too busy taking a nap™ dreaming about all the sweet™ cashback at close™ he's going to get when he closes out his short sale™.
But seriously, the price history on that home is very strange. I'm beginning to suspect that, rather than having been flushed out of the market, the speculators are still at it, only now it's a zero-sum game. Instead of everyone getting rich as prices go to the ceiling, the prices are now fluctuating, with some speculators "winning" and others losing.
Of course they're all losing when carrying costs and transaction costs are taken into account, but the point is that they're still trying to play the game. Now that it's a zero-sum game, however, they'll go under one by one, until the last of them get crushed by REO and builder prices that they can't compete with. Looking at how many listings there are, however, it doesn't look as if that's happened yet.
@Serinitis: I wouldn't make even a low-ball offer. The banks are not even close to capitulation on REO prices. Everything I've read indicates that foreclosures are being priced at "going prices", which means a price basis set by the few remaining "greater fools", not to mention fraudulent transactions.
Not until the banks begin pricing *below* the "going price" will bank-owned homes become worth looking at. That won't happen until the banks are under tremendous long-term financial pressure. As many hedge funds and lenders as have gone under, the banks themselves are still convinced that financial market disruptions are short-term, and there isn't a sense of urgency--yet--to clear out their directly owned real estate. We'll see how long that attitude lasts when we hit the ARM rate reset peak later this year.
Oh my...
@Peripheral
Curent bank pricing is why I have not even tried working with them. However, if Countrywide is going to go under because of cash flow, there is a slight chance they may take dirt low offers to keep going for a little while longer.
Is it just me or does it seem a bit odd that these people wanted to buy a $2.45 million house with only 10% down?
10% down does not seem odd. Paying 2.45 million when the original asking price was 2.2 million seems odd. This looks like it was a no money down deal
@serinitis,
Yes, that too, but it's a very desirable Marin location.
Why don't you think 10% down is odd for house in that price range?
Mortgages are still one of the lowest places to get money lent to you. If you have money in play it is worthwhile to get the biggest mortgage you can. And for the bank, if the house was truly worth 2.45 million and you had a multimillionare buying with plenty of assets I would not have a problem lending the money.
This deal looks like house is purchased for 2.2 million, bank lends 2.45 million, seller and buyer split the extra 245,000.
@serinitis
Well, the fact that the deal fell through (with a 75K loss) suggests to me that the couple in the article did not have plenty of assets available to put 20% down.
Looks like I'm not the only person who thought 10% down was unusual...
Only 10% down? In Marin?
"10/31/2001 $367,273 -37.6%/yr"
I don't think the data you have for this sale is correct.
Property Address: 839 DIAMOND DR, CAMARILLO, CA 93010
**************************** SALES INFORMATION *****************************
Sale Date: 8/9/2001
Recorded Date: 10/31/2001
Sale Price: $ 640,000 (Full Amount Computed From Transfer Tax)
People have forgotten how much a million dollars is.
I think 20% down payments required will remind many of them.
Also watching a 'million dollar house' depreciate slowly over a few years will remind them having debt on depreciating asset = leverage bites both ways.
I'm totally shocked that homes are STILL SELLING (half the noraml volume) but still very good prices being gotten if you have a prestige location or spectacular home. I'm talking about ventura county.
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