SDLookup.com > 13348 Shadetree Ct

perrychase 11/7/2006 1:49:08 AM

List Price: $1,199,900 - $1,285,900 Bedrooms: 5 Full Baths: 4 Partial Baths: 1 Square Feet: 5,060 Lot Size: N/A Year Built: 2005 Listing Date: 10/03/06 On Market: 35 days Type: SFR Status: ACTIVE MLS #: 068084420

perrychase 11/7/2006 1:51:06 AM

Picture

SD Watcher 11/1/2007 9:12:48 AM

Looks like some idiot purchased this as an REO and is now attempting to flip it for more than the 2006 purchase price! It will be fun to watch them crash-and-burn.

jpinpb 2/7/2008 10:09:30 AM

This property was sold by the Bank of New York in August 2007 for $1,080,000. Whoever bought it did well, almost 300k off the original asking price. But I just can't imagine someone buying it the way the market is nowadays. It would shock me if someone would be so foolish. They can probably buy a similar home from the bank at a fraction of the cost. The market is full of defaults and foreclosures. We have enough inventory for a year out. Tightening of credit standards. No sign that the economy will improve. Job losses everywhere. Unemployment rising. Places in La Jolla are declining in value, not just Eastlake. This house is not so spectacular. I just can't imagine this place selling for this price. But a fool and his money - so maybe someone out there will be dumb enough go for it. Good luck. I hope this guy has a lot of money set aside to make the payments for a year or two. Last time something on this street sold for 1,250,000 to 1,440,000 was at the peak in 2005. At least he's not wasting any time putting it back on the market. This market is so crashing. Anyone getting this is surely going to lose equity upon purchase. Catching a falling knife would be an understatement. Wouldn't anyone buying a house w/this price tag do some research first? Maybe people dealing w/millions don't care. They have money to throw away. Yet I'm sure they didn't make money by being foolish.

SDChad 2/8/2008 10:00:09 AM

JP, the person trying to flip this has got to be an idiot. They did not get a great deal. The fact is that the builders in Stonebridge are selling similar homes for less money. A few examples: 15070 Almond Orchard Ln (086007976) is asking $1,276,990 for 5,955 sqft; 15579 Camden Pl (086008818) is asking $1,169,900 for 5,399 sqft; and 15593 Via La Ventania (086006881) is asking $1,098,900 for 4,630 sqft.

And the kicker is that most of the descriptions of these homes say "make an offer". If the builders can't sell the brand new ones for less than this guy, then he doesn't have a prayer. New sod and a few trees are not worth a $300k premium. It will be fun to watch go REO by the end of this year unless they lower their price, a lot. Oh, and don't forget the $5-6k in Mellow Roos per year on these places.

jpinpb 2/8/2008 5:03:53 PM

SDChad - I thought whoever bought it did well. I mean in 2006 it sold for 1.457 mil. He grabbed it for just over a mil. The problem is it looks like he wants to flip. I'm not too familiar w/the area. I didn't realize builders were selling for the same amount or less. Hard to compete w/builders. Builders are dealing and throwing in xtras and even willing to pay HOAs or buy-downs. I agree that some trees or fireplace in backyard would not amount to 300k. If they were holding it for 10 years or so, then sure he'll get his money and then some. But the way the market is now, I just don't see this being an easy flip. Quite frankly, I've seen nicer exterior homes in 4S Ranch. But seems like the view on this place up top the hill is pretty nice. Big lot. But if I had a million + to spend, doubt I'd buy this place.

jpinpb 2/9/2008 8:54:09 AM

Someone just gave me more info on this place and told me to go here for the history: http://bubbletracking.blogspot.com/search?q=shadetree+scripps+ranch Kind of funny and sad that someone's got a webpage for this particular property. Should be interesting to see what happens.

jpinpb 2/28/2008 8:26:31 AM

Did this baby get sold?

jpinpb 2/28/2008 8:33:12 AM

MLS 086008595
Not active?

SDChad 2/28/2008 8:43:26 AM

Doesn't appear to have sold. It looks they keep pulling the listing in order to reset the DOM before it even hits 30 days. This will be the 3rd time they have done it. So far DOM has been 19, 28 and this time 24 days. In addition, one of the builders in Stonebridge just lowered the price on a 5,955 sqft house to $1.25 million. This flip will end up back with the bank eventually unless the flipper has deep pockets and can sell eventually at a loss.

jpinpb 2/28/2008 9:05:24 AM

I don't see it going back to bank. Maybe they'll be able to ride it out.

Brian 2/28/2008 9:33:37 AM

Many flippers/specuvestors are making the decision to walk rather than shoulder the carrying costs, which, over time, eat up any profit they might have.

jpinpb, add-up the carrying costs over 10 years and see how much of burdern that property might be. For what? Sell it in 10 years for the the same price, and break-even? The thing is that they will not break even; they will have a big loss if you consider the carrying costs.

jpinpb 2/28/2008 10:00:03 AM

Brian - I totally understand that and agree. HOWEVER, I don't think the people who bought this place are in agreement. Clearly, they thought the market was still good when they bought it from the bank and they were so optimistic, they listed it for 300k+ more than what they bought it for from the bank.

You say it will be 10 years before they can sell it for the same price. I agree. Despite houses declining slowly in some areas, I don't think we will have a healthy r.e. market for quite a long while. BUT, some people are still positive about the market. Some people, believe it or not, think it's going to turn around next year. I see places that sell that I expect to see on the market until year's end at a reduced price. Greater fool theory.

They might find someone to take the bait who is not so negative about the market. They already put a chunk of change deposit on the place and been making payments. Hard to walk from that. Easier to tell yourself it's going to turn around and hang in there. No one wants to mar their credit. Maybe the government will help save them. Ok. All kidding aside. I'm sure their hope is to find someone to sell it to and if there's still a chance, then why completely rule it out by walking away?

I personally don't think so. But I try to put myself in their place. That's the mentality of a lot of sellers. That's why the resistance of reducing. Those walking now are mostly a year behind and so upside down. These people are still ok. How long that will last and how long before the market turns around? Multi-million dollar questions and depending on who you ask, you will get different answers.

Brian 2/28/2008 10:29:03 AM

jpinpb, what you said makes sense especially if you look at it from the perspective of the seller.

But how OK do you think this guy is? He already defaulted on this December 2007 property taxes of $9,970.88. My experience if that when people don't pay their property taxes, they soon end up with an NOD then NOT.

jpinpb 2/28/2008 10:38:28 AM

I was not aware of the default on property taxes. That usually is not a good sign. I still think they won't go down w/out a fight. Most people don't, especially if you've got a lot riding on it. People who did zero down and lived there for a year for free banking money, or renting it and banking rents, they got nothing to lose. Easy to walk. People who have tied cash into a venture have a deeper appreciation for things and harder to walk away.

Brian 2/28/2008 12:18:37 PM

I agree that people don't go down without a fight.
But who are they fighting?

The best hope for this flipper is to find a knife catcher who falls in love with the house. But isn't the builder selling for less?

Actually we want the FBs to deplete their savings to keep the banks solvent. If everyone walks the economy will collapse, affecting the rest of us.

jpinpb 2/28/2008 12:29:27 PM

Once again, Brian, you got me. I'm sure that is what they're hoping for is a knife catcher. And of course, if the builder is selling for less, the odds don't look too good. I wouldn't want to be in their shoes. Wait! I once was, in the '90's. I was able to ride it out and sold when the market improved. Of course, I was living in the place I bought and it wasn't sucking 8k+ a month out of me. I didn't make a killing. I felt lucky to have been able to ride it out. Hindsight being everything, wish I would've held on longer and sold at peak.

Maybe that's why I can see the seller's point of view. I didn't want to walk and did everything I could to hang on. It was worth it to me. Not everyone is in that position. I don't know how much overhead these people have. This time around the charts show a pretty steep rise in prices. Hard to sustain. May take longer for recovery. Still yet, people are buying.

1763 Law St - sold for 150% profit on '02 purchase

http://www.sdlookup.com/Property-05D61277-1763_Law_St_San_Diego_CA_92109

Someone out there thought this was a good value and thought the market was strong. Go figure. Makes no sense to me. That's why I say, sellers have an everburning flame of hope - or rising river of denial. This will be a tough one to do a quick flip.

I totally have your thoughts. It defies any logic. I guess you're right. Better the FB using their money and keeping the economy afloat.

Brian 2/28/2008 10:07:07 PM

jpinpb, yeah, i remember the 1990s well. I was here too. Back then it was possible to ride it out. You could give up that new car you wanted and that would cover the amount you were under-water.

But today, people have already spent away that future new car via mortgage equity withdrawal. They amounts are much bigger so it's not surprising to me that foreclosures and bankruptcies are all over the map. Many marriages, friendships and relationships will not survive this housing crash.

jpinpb 5/11/2008 9:53:22 PM

Relisted. Will they have their pay day and find a spring shopping fool?

Listed: 05/08/2008
List Price: $1,299,000 to $1,399,000
MLS#: 086033770

jpinpb 5/11/2008 10:22:49 PM

Map on this listing is not accurate

Stonebridge place for sale:
15069 Almond Orchard Ln
Price: $1,195,990
MLS# 086030976

jpinpb 5/11/2008 10:26:44 PM

MLS# 086021116
13120 Downing Ln
Price: $799,900

jpinpb 5/11/2008 10:30:08 PM

MLS# 086014113
Price: $825,000 to $850,000
11357 Silver Oak Ln

jpinpb 5/11/2008 10:35:41 PM

And this one looks very impressive! I like it a lot. Smaller house, slightly larger lot. I love the exterior. Brand new.
MLS# 086027761
Price: $999,900
15533 Mission Preserve Pl

jpinpb 5/11/2008 10:38:34 PM

This one priced higher, but lot size is over twice the size Lot Size: 28,156 sf

MLS# 086032427
11224 Deprise Cove
Price: $1,599,876

jpinpb 5/12/2008 8:11:10 AM

The links to the other listings:
http://www.sdlookup.com/MLS-086030976-15069_Almond_Orchard_Ln_San_Diego_CA_92131

244 ppsf

http://www.sdlookup.com/MLS-086021116-13120_Downing_Ln_San_Diego_CA_92131

224 ppsf

http://www.sdlookup.com/MLS-086014113-11357_Silver_Oak_Ln_San_Diego_CA_92131

231 ppsf

My favorite: http://www.sdlookup.com/MLS-086027761-15533_Mission_Preserve_Pl_San_Diego_CA_92131

216 ppsf

This last one is prices more, but more than double the size lot w/pool http://www.sdlookup.com/MLS-086032427-11224_Deprise_Cove_San_Diego_CA_92131

jpinpb 8/21/2008 4:59:46 PM

Still no takers.
List Price: $1,249,000
MLS#: 080057337
Listed: 08/15/2008
Days on Market: 6 - HA!

jpinpb 10/2/2008 1:11:45 PM

Stealth?

jpinpb 11/16/2008 9:57:41 AM

List Price: $1,249,000
MLS#: 080074811
Listed: 11/03/2008

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