Sunday, December 16, 2007

Finally, a home we can all afford

15263 Washington ST, Lake Elsinore, CA 92530

This is a 2234 sq/ft 3 bed 3 bath home, built in 1997. It's in a decent area and it sits on a nice sized 1/4 acre lot. It was purchased last in Feb 2006 for $490k. Now it's listed for $100K. I'm not sure if this is a realtor trying to get some offers and a bidding war going. Or if it's just a pissed off seller that's given up and listed it as a short sale for a price the bank will obviously laugh at.

Anyway here's a nice home listed for $100k, or $45/sf.


Anonymous said...

More likely that the guy left a 0 off of the price and he thinks it's now worth $1 million.

Anonymous said...

Doesn't seem logical. Fair value is probably around $250-300K, maybe.

(809 Solano looks suspicious)

Sale History
02/17/2006: $490,000
10/16/1997: $153,000

Some comps from Zillow:

Sold 10/31/2007: $275,000
15166 Biarritz St

Sold 01/19/2007: $420,000
15209 Lamplighter Ct

Sold 02/17/2006: $490,000
253 S Pennsylvania St

Sold 01/26/2007: $423,000
29276 Northpointe St

Sold 09/11/2007: $470,000
809 Solano Ct

Sold 01/30/2007: $470,000
228 S Torn Ranch Rd

toothlesselsinorewhore said...

There is 490k worth of mortgages on this property. Elsinore is my home and my farm area. That house would sell in the 275 area.

The private remarks in the MLS say this will sell at an auction with an opening bid of 100k. It doesn't say when or where the auction is. The buyers premium is 10% on top of the high bid.

AS for the comps posted, the only relevant comp is Biarritz or the REO sold last month on Etinine for 265k which isn't listed. Etinine is a little bit smaller size and a little smaller yard however is in a slightly better street/area. Washington Street is very close to Ralph, Terra Cota, Torn Ranch and such which have older, smaller homes that have some rough looking houses and lots of rentals. For the misfits in the Ralph/Terra Cota areas Biaritz and Etinine are a walk they probably wouldn't make.

papasmurf said...

10% buyers premium is a lot. Does the buyers premium get added to the listed sales price. Or is it the bid price that goes down as the sales price? anyone know?

toothlesselsinorewhore said...

The premium is added to whatever the high bid amount is. The bidding looks like it is going to start at 100k. What ever the high bid amount is plus the 10% is the sales price.