Monday, March 10, 2008

Extreme Fixer


Redfin has the details:
169 LA PATERA DR Camarillo, CA 93010 Price: $819,000
BEDS: 4 BATHS: 2 SQ. FT.: 2,000 $/SQ. FT.: $410
LOT SIZE: 1.49 Acres ON REDFIN: 270 days
FIXER-UPPER
NOT A SHORT PAY!! Great Las Posas cul-de-sac location and is a complete fixer upper but has wonderful potential and also includes a barn/storage building. Property is sold AS-IS with no repair or pest control work done. Owners motivated to sell!!! NOT A SHORT PAY!!! -2 additional, contiguous, 1+ acre parcels also for sale (MLS 8000219) for $899,000
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What? no pics of this $820k estate? No problem. I've got some.
A little peeling paint, a little structural rot. They did say fixer.

A little settling, a little foundation work. They did say fixer.

No plumbing and it doesn't take a rocket scientist to know the septic has completely failed either.

So, bottom line; this is worse than buying raw land with one exception. you have existing rights to a house and septic and such.

This is the point where Lou chimes in with expansive descriptions of what $820k gets you in suburban Austin.

We'll watch this one to see if some enterprising contractor can turn a deal or whether I pick it up at the tax auction in 2011. My bet is a contractor pays $620k and does a "Santa Monica Remodel" that sits on the market unloved at $1.1m summer 2009.

18 comments:

Property Flopper said...

First!

Anyone watching oil? $108 and rising...

Property Flopper said...

Hey - was this a drug raid by any chance? The torn out drywall is pretty impressive, looks like someone was looking for something.

Paint and drywall are easy, but the dry rot on the top picture is indicative of some sick "bones". I'd want a COMPLETE termite report done. How close is the nearest sewer line? If you had to redo septic, might be cheaper to tie in to the city sewer.

So not worth north of $800k.

Property Flopper said...

Add to last - most slab foundations have cracks, they pour them too thin. That said, that pic looks more like a canyon than a crack. I'm guessing that floor was pulled up because of water damage.

Rob Dawg said...

An unmanageably long distance from sewer.

The slab foundation is broken, not cracked, broken. The crack picture doesn't show scale but that's like 2 inches across.

This is not a gut, this is a tear down. Nothing wrong with that at the right price but who wants to take the risk and build a new McMansion in this market?

The ceramic on steel tub has rusted through. This is destined to be an unloved orphan.

Casey Serin said...

Thanks for the lead... I'm trying to snag this great opportunity for $849,000 , which would include $30K cash back at close. Then I'll take that $30K, run back to my parents' place, and promptly default on the loan. More passive income!!

Sweet Cashback said...

In addition to cashback you should rent it out and make some more sweet passive income. Make sure to give them a one year lease....it's going to take the bank at least that long to foreclose on you. But hey...you are the foreclosure expert and have to know.

Lou Minatti said...

Camarillo is a beautiful place, as is most of coastal California. Unfortunately it's populated by greedy asshats who have no idea what rational real estate prices are.

That slab? Just to give you an idea of the cost since the Gulf Coast is Slab Repair Central: On a small house, say a two-story shitbox on an 800-square-foot slab, you're talking $30,000. That's just to level. A BROKEN slab I suspect they'd just condemn the house.

Is that land worth $900,000?

Buzz Saw said...

It is time for me to start my new career as a straw buyer. I bid $1.23 million, with $350k to be refunded at close. My good buddy Orangezillo can arrange the financing. I am also looking for investors in my new REIT that I am starting to buy foreclosures with more sweet cash back. Shares are $15k.

w said...

Typical story here:

A neighbor bought a house a few years ago at the beginning of the bubble. Sold it upgraded to the neighborhood where I live. Overpaid at the peak. They decided to move to Sacramento last summer and sold for a 100k loss here. They bought in Sacramento at peak prices high 500's. Now they move back 6 months later. The house in Sacramento is up for sale with no takers, they rent a house here (signed a lease) that is pretty expensive and they just made an offer on another house. Soon they will have three house payments (one of them being rent) if they have their way. All of this on one income of a public employee with no college degree. Besides taking losses on the homes they have sold or are trying to sell they wasted money on the typical toys (truck/camper/flat screens), remodeling, granite and stainless steel. In stead of having a house that is nearly paid off they will be lucky to maintain any equity and avoid bk from what I can surmise.

Jim the Realtor said...

There are 23 houses for sale in SD County that are over 4,000 sf that are less than $820,000.

The agent is an idiot - HELLO - who is going to pay that kind of money for a slab broke in half?

No wonder the public hates us.

Rob Dawg said...

Jim,
There are R_E_A_L_T_O_R_S and there are Realtors. Don't be so quick wear the ashes. I see exactly where this travesty is coming from. I am with you, this place is Fantasy Island but I still see how they got there. An acre with development rights was worth $1m in 2006. They just don't understand because they've no experience with a declining market.

I ddin't post the "bad" pictures. The crack photo was representative of a dozen more. The "barn" was a termite colony, if they stop holding hands...

To be honest I'm only following this one because I want to know which bank lends as a shorting opportunity. Face it, there isn't going to be a market for the tear down or the contractor remodel for years. This neighborhood is full of habitable houses with better aspects for the same price now.

Centipede said...

The Realtard/FM lobbyists are supposedly bigger than Exxon!
They all SUCK!

Centipede said...

I just loved opening (tearing it to pieces) the bullshit Economic Stimulus Payment Notice from the GD IRS.
WHAT A JOKE! Pathetic, sad crap I am so done with.
Believe me, friends, I will fucking revolt, because there is no time left for bullshit.

Lex said...

Looks like Ray Kinsella's dream house.

H Simpson said...

on Redfin's pricing history they show $1.9million in jun 07. So they should be screaming on the radio "55% OFF. WITH PRICES LIKE THIS, IT'S INSANE!!!!"

Casey screwed up. He could have done a MILLON DOLLARS in cashback and only had 1 foreclosure. As a bonus, there was no pool to worry about (4 hours of focused action).

His bird dogging skilz sure suck.

h.

Casey Serin said...

Casey screwed up. He could have done a MILLON DOLLARS in cashback and only had 1 foreclosure.

What's worse is that I stole almost a quarter million from the banks, and have absolutely nothing to show for it... Well, except my credit score is the lowest for any American citizen, my marriage is ruined, and I'll be living with my folks until I'm 50. I've truly been blessed!

Welp, I'm off to Jamba Juice for which my Mom is footing the bill. Then it's back home for a well-deserved nap, more reading about gold-bug conspiracy theories, dinner date with the hot new guy in my life, then off to sleep...

Akubi said...

Kind of looks like Neverland.

Kenneth said...

I just drove through this neck of the woods on vacation. Took two days and the scenic way (via San Francisco and the Cabrillo/PC Hwy's) to go from Tahoe to LA. Definitely beautiful, but man if I had a job in LA I could never do the commute. (It took me 90 min from an In n' Out in Thousand Oaks to LAX and that was at 2-3:30 on a crystal clear Tues afternoon - and I believe I made very good time compared to a normal morning drive)

I'm also amazed that based on this view that everyone is on septic. It seems awfully dense.