Thursday, October 29, 2009

A Tale of Two Neighbors Part 1 The Ranchos

The paths to putting houses in strong hands are varied and interesting. Here we have two neighbors that have taken roads less travelled. This is the Somis Area of Ventura County.

Our two market competitors are in the lower left:
5577 La Cumbre Rd
Somis, CA 93066
Price: $750,000
SQ. FT.: 3,631 $/SQ. FT.: $207
LOT SIZE: 2.16 Acres

And at the upper right:
4386 Palomino Dr
Somis, CA 93066
Price: $628,300
BEDS: 4 BATHS: 2.5
SQ. FT.: 2,486 $/SQ. FT.: $253
LOT SIZE: 0.66 Acres

Now look at the differences in their descriptions.
La Cumbre
Short Sale: Subject to Lender Approval. Great value property in rural Somis, Horses Allowed! Spanish Ranch Style 4 Bedroom/4 Bath single level home with in-ground pool on two acres. Family and Living rooms. Game room includes a wet bar. This home is clean. Multiple fruit trees. Home sets on back of part of acreage. Call your Realtor today and schedule a private showing!
Just REDUCED over $56,000! Exceptional opportunity for this gated corner lot property with over 1/2 acre and views front and rear from front & rear balconies/deck. Property is dated, but in good condition. 4 car garage with 1 tandem space plus an RV garage and plenty more room for storage. All bedrooms upstairs. Great potential. .. great area. Property is sold as is and buyer is responsible for any & all inspections.
50% more house in obviously better condition on 3x the land and privacy. No contest here especially since Palomino all but screams that there are structural problems. It probably isn't an oversight that it wasn't picked up by the aggressive third party buyers for a flip. The question is whether La Cumbre is really a short sale that isn't obvious from the records and whether it will eventually go back to the bank for an even better deal.

In part 2 we'll graduate from rachos to a pair of nearby neighboring ranches.


EconomicDisconnect said...

I think 700k is a small price to pay to have the Rancho Carne Toros as your home cheerleading squad.

H Simpson said...

I see Arnold has a sense of humor.

I wonder if this will help him influence the legislature.

Time will tell


segfault said...

"concrete slab foundation"

Now, I will grant you that there are some parts of the country where the water table or soil conditions preclude a basement, and this may be one of them, but it just kills me when I see a "luxury" or "custom" home without a full basement. If I have to go through an attic or crawlspace to run my Cat6 cable, it ain't a luxury home!

Rob Dawg said...

Always confused me for a bunch of reasons. It's cheap square footage in a world of expensive houses.

EconomicDisconnect said...

I am from the northeast, where things are expensive, but no where near California expensive. At least the homes in CA are not 150 year old victorians with lead pipes and asbestos insulation! Be happy!

Did you see the GDP number? All is well so go back to sleep.

w said...

I always enjoy these posts Rob,

May I contribute...

13430 ANDALUSIA Dr A huge beautiful custom home with oversize rooms, high ceilings, fun amenities, a pool all on 5 acres with direct access to Wildwood park horse trails. Also, in a private gated community.

11623 Barranca Rd A plain, very dated, large but not huge, rather boring rectangular ranch house. Several miles of convoluted trails and across a busy main road from Wildwood Park. Some fun amenities but not enough to choose this home over the other.

Julia said...

I'm thinking about buying the La Cumbre house and the realtor suggested that there might be a bidding war. She said that it's a short sale and there are a lot of offers being put in for the house.

Any one know of any reason NOT to buy it?