Wednesday, October 14, 2009

Late to the Party

Gee, did I miss anything? you know, like the biggest bubble in modern history?

Wait, I've got a couple of circa 2005 attitude beauties that need sellin':
Anacapa:

rm and gracious home of over 4230 sq. ft. with vaulted wood ceilings throughout combine with expansive lighting to enhance the wood tones of the glowing maple flooring. Open floor plan with 5 bedrooms, 5 1/2 baths, antique wall fixtures blend with the inviting comfort of the home's decor. Interior activities flow to the exterior activities and multiple patios, including the unusual BBQ pit which allows seating around the perimeter with moving tractor seats. A prime grove of avocados with good well water for irrigation + Ventura County Waterworks for domestic use. A steel arena, custom stalls, 3 covered feed areas, Round pen + deck, oversize tack room, custom built wash rack, trails, enclosed dog runs, workshop, fencing, 2-400 Amp electic panels, landscaped areas with mature trees, 32 x 30 Breezeway, 7 X 80 front porch, Guest house approximately 540 sq. ft. , a workers residence of approx. 1500 sq, ft. Flat area + knoll with viewing deck to enjoy the valley and ocean views.

OCEAN EFFIN' Views? The curvature of the earthe takes care of that. Jeez.
And this poor sod:
Apple Ave.
Beautiful newer home in Wrightwood. Home built in 2008, this home features 3 bedrooms with two full bathrooms. The home has a large living room with fireplace for cozy winter nights with an open kitchen area. There are two inside laundry rooms and a large 2 car garage. The exterior features a wrap around deck with views of the mountains. This home is a must see.

See the similarities? Ouch.

13 comments:

wagga said...

I geddit:

First thing you check out the view - When they lie about that can you believe anything they say?

w said...

Not exactly the most prime location for a 4.2 million dollar home. It is built on the flat part of the property near the gated entrance to the other ranchettes. At most they have a view of the hillside across the street.

I noticed that the small 10-20 acre properties along this area of Stockton and another area on Balcom Canyon were selling right up to the peak for around $80-100,000 an acre as basically open lots. I know for sure that two of them were owned by groups of investors who thought they would split them and build mansions on them. It must be painful.

Here is one of them: Balcom Cyn

They do not mention in the description that they are deep into the fire zone and that the avocado trees across the street all froze and died. Also, the property is to steep to walk around.

W.C. Varones said...

Both built in 2008.

$4.2 million for the ass end of inland Ventura County?

And that Wrightwood guy paid $110,000 for a teardown and then using really cheap construction built for $112/sqft (using the tax assessment of the improvements)?

What did $112/sqft get you in 2008? Used linoleum and Chinese drywall?

sm_landlord said...

The insanity continues.

Even with the value of the dollar having collapsed 25% since 1999, I still can't get my head around the prices.

I wonder if the Fed will ever stop buying up borken MBSs, and the banks will start processing foreclosures, so that we can finally see where the market is?

Rob Dawg said...

I know i'm preaching to thechoir but these two just scream "it ain't over!" First idjit is asking for millions more than the property is worth. the second wants to walk away from a terrible investment with a profit.

Until we get capitulation with these types we won't find a bottom.

H Simpson said...

Stock market at 10,000 and climbing for no really good reason.

California has a "investment" frenzy in real estate.

Starting to see ads for "unique" mortgages.

Hummmmm, I think we have been here before.
I just wonder how many of those who lost 40% of their 401k last Oct, pulled their money and are now getting in again?

These folks are going to get hosed twice in a 30 month period.

As Gomer Pyle used to say:
Fool me once, shame on you
Fool me twice, shame on me

I really need to get that new Remingtom 670 pump shotgun this week. Going to be some poor clowns looking for handouts/trouble when the music stops this time. I am investing in lead rather than gold..

h.

Cobradriver said...

Rob,

You know the market is getting really interesting when a cash buyer walks. The home across the street from Mom and Dad had a credit offer of mid 90K,cash offer of high 70's. Bank took the cash offer. It was to close last week. The realtor was putting the sign back up Monday and I asked what happened.

The guy never showed at closing.

I am pretty sure the high end will drop as much as the low end. We still have a long ways to go here and we are a good year or so ahead of the rest of the country.

About half the mechanics in my workgroup covering western Florida have a mortgage. All were bought pre runup(2001-earlier). Every person is upside down currently.

The conversation has been interesting in our meeting. At least the tin foil predictions I made a couple of years ago are coming true. I almost thought for a while I would end up as a laughing stock...

Chris

Off for free food and and some fishing(on the company!)

Bill in NC said...

Meanwhile...

"America's largest public-pension fund, Calpers, revealed that a former board member had reaped more than $50 million in fees for arranging investments that could saddle state taxpayers with hundreds of millions of dollars in losses."

http://online.wsj.com/article/SB125553138534384951.html?mod=WSJ_hps_LEFTWhatsNews

Lex said...

^^^^

Could of seen that coming. The guy's name tells you he was raised by wolves.

Add that to the $600 million CalPERS and CalSTRS flushed down the tubes in Tishman's NYC project:

Stuy Town debacle

w said...

Lex, I am confused. Why were the investors in Stuy Town getting loans instead of using cash? Shouldn't Calpers or GIC be simply buying something and collecting the rents?

Lex said...

CalPERS and CalSTRS are equity partners. Problem is, there is no equity and multiple defaults are looming.

Investors were sold this project on the assumptions that Tishman could (1) reduce the number of rent-stabilized apartments (2) increase market-rate rents. Fail on both assumptions (the first was a near--impossibility under any circumstances).

Here's the abridged version.

w said...

They were not nervous when they were told "I'll meet you in the park after dark and you bring the cash in a brown paper bag."

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