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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] A Bubble of One! Re: for any who thinks SD hasn't fallen yet... Posted by JK (The OTHER other JK) on October 11, 2006 at 8:14 AM In Reply to: for any who thinks SD hasn't fallen yet... posted by Heidi - Short Sale Realtor on October 10, 2006 at 9:13 PM : Here's a story about a property scheduled for auction 10/11/2006. : 3/2 Bath Home ~1700 sf in desireable part of Poway. Sold in 17 days during the peak of the market for $976,000 and closed in August 2004. : These buyers got 100% financing in 8/2004. : ~$685K First : ~$295K Second : Tomorrow (10/11) the 1st is foreclosing with $708K estimated default. : Now there are only 2 comps for homes that size within 1 mile per Realist. : 1 sold for $936K and 1 for $740K. : A property on the same street that is 2.5 times larger with an extra 2 acres of land and 5bd/5ba, recently sold for $only $950K after 150 days on the market. They originally asked for $1.2M. : So - I wonder - if the auction takes place - if this one will get bid up above the $708K estimated default amount. : I think I'll go to this auction. I want to see for myself how it plays out. I don't see how this was EVER a million dollar house. Houses in the area go for closer to $400 sq ft not $600 - even at the top of the market. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Here's a story about a property scheduled for auction 10/11/2006. : : 3/2 Bath Home ~1700 sf in desireable part of Poway. Sold in 17 days during the peak of the market for $976,000 and closed in August 2004. : : These buyers got 100% financing in 8/2004. : : ~$685K First : : ~$295K Second : : Tomorrow (10/11) the 1st is foreclosing with $708K estimated default. : : Now there are only 2 comps for homes that size within 1 mile per Realist. : : 1 sold for $936K and 1 for $740K. : : A property on the same street that is 2.5 times larger with an extra 2 acres of land and 5bd/5ba, recently sold for $only $950K after 150 days on the market. They originally asked for $1.2M. : : So - I wonder - if the auction takes place - if this one will get bid up above the $708K estimated default amount. : : I think I'll go to this auction. I want to see for myself how it plays out. : I don't see how this was EVER a million dollar house. Houses in the area go for closer to $400 sq ft not $600 - even at the top of the market. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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