how low can you go?
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| 10/07/2007 4:12 PM |
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605k off previous 05 sale price including 6% transaction costs. I thought the high end was weathering the storm well, but apparently not.
I wonder what similar properties will bottom out at? |
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Brian
Posts:4665
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| 02/23/2008 8:57 PM |
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14160 BRYCE POINT, Poway, CA 92064
4 beds, 5.5 baths, 7,716 sq ft on 1.3 acres
05/2005: purchased for $3.42 million
06/2007: listed on MLS for $3.295 million
Price Reduced: 08/23/07 — $3,295,000 to $2,995,000
Price Reduced: 01/08/08 — $2,995,000 to $2,895,000
Price Increased: 01/10/08 — $2,895,000 to $2,995,000
Price Reduced: 01/10/08 — $2,995,000 to $2,895,000
02/04/2008: NOD filed.
02/21/2008: 247 days on market and over $500,000 discount from almost 3 years ago and still no sale. |
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Brian
Posts:4665
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| 02/23/2008 9:08 PM |
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| December 2007 installment of taxes of $21,220.26 now defaulted. |
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EP
Posts:0
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| 02/23/2008 9:11 PM |
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| This house was mentioned over on a real estate bubble blog several days ago (I won't link to it at the moment, and you'll soon understand why). The blog author detailed the circumstances of this listing (including the publicly available NOD information kindly posted by Brian above). Today, the author was forced to remove his posting because the home owner's attorney has threatened legal action for posting this information. And just when you thought you'd seen everything, the post-bubble world gets a bit nastier... |
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Brian
Posts:4665
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| 02/24/2008 12:20 AM |
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For more interesting details, just google the address with the word "bubble"
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JSixpack
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| 02/24/2008 11:30 PM |
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Or... You could lease it for $22,000... Is that per month? Yikes!
http://www.dreamhomesmagazine.com/Home131354.html
Is it just me, or does that lease amount look kinda similar to the 2007 tax bill? Or is that the actual debt carry cost per month? OUCH!
Oh yeah, don't forget the quoted $500 monthly HOA fee on your spreadsheets folks! |
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jpinpb
Posts:4538
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| 02/25/2008 7:14 AM |
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| That is such BS. How can you be sued for posting a public record? That is so wrong, besides the free speech part. It is a public record. All you're doing is typing the information on a site. Anyone can go to county and get it. That really angers me that an attorney would threaten lawsuit. ACLU should get in on this. |
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Brian
Posts:4665
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| 02/25/2008 10:12 PM |
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People who have money (even dwindling reserves of cash) and power think they can intimidate. I'm sure people who got high during the boom have not learned humility yet. Only foreclosure can bring them back down to earth.
It would have worked better if this property owner had written OCrenter and said "Yes, I'm facing financing problems; I'm trying to work things out; my business is not doing great and I don't need anymore publicity. Please be nice and remove the post. I would appreciate it and I'll make $100 contribution to your blog. Keep up the good work."
I'm sure OCrenter, the nice guy that he is, would have complied.
But the guy chose to pay the attorneys instead (you can be sure that the lawyers fees will mount to the thousands). Certain executives know it's better to hire a public relations firm. Some other executives go with hired legals guns and shoot threats and intimidation. What method do you think works better?
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Brian
Posts:4665
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| 02/25/2008 10:24 PM |
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| Nothing to do with this house, but, in general, I would not lease a house with an NOD. There's a good chance the owner pockets the rent and doesn't make the mortgage payments. When the place gets foreclosed, the renter is on the street without a lease. |
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Brian
Posts:4665
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| 04/24/2008 9:57 AM |
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Second installment of taxes have been defaulted. Total due $42,450.52.
This house is now off the MLS. How are they going to pay-off the debts without selling the house?
NOD was filed 2/4/2008.... 90 days later -> NOT .... 21 days later -> Trustee's Sale.
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buyer08
Posts:16
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| 04/24/2008 1:07 PM |
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| That attorney's threats are empty - legally. As long as the blogger did not make derogatory remarks about the owner's professional or personal integrity, (or criminal record, or health status etc) - there is absoluntely ZERO liability for posting public records. The lawyer's threat was just that - a threat. . . .his client knows that the blogger would probably be scared into taking the post off rather than hire someone to defend himself if a baseless lawsuit was filed (that said, if someone files a lawsuit with NO merit (which should have been known by the attorney) - the innocent defendant can always retaliate with a "malicious prosecution" action. That guy is the reason attorneys get a bad rap. . . |
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Brian
Posts:4665
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| 08/05/2008 8:33 PM |
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Looks like this property sold for about $1 million less than purchase price.
Does anyone know if it was foreclosed or if a short sale was successfully negotiated? |
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jpinpb
Posts:4538
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| 08/06/2008 12:54 PM |
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BMIT has an update. Chuck has a link to the semi-original post.
Apparently an acupuncturist is the new owner. I didn't realize acupuncturists did so well - or will we see this for sale again in a few years for less |
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Erin
Posts:0
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| 08/12/2008 5:23 PM |
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| From what I can tell through my online research, it sold for $2.5 which paid off the first lender and covered the outstanding property taxes that were due. As to how much was drawn on the 2nd HELOC, if any, or if it was a formal short sale, we may never know. |
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