Quick Deals in Early '11

Posted by Dave Fratello on Friday, February 4th, 2011 at 5:26am.

We've had an interesting couple of weeks following the plight of 2006 resales in 2011, various and sundry shorties, REOs and failed auction homes, even seeing the end result of a failed foreclosure flip.

Along the way, people are buying. And not only on the "wrong" side of Oak.

There are intriguing, quick new deals around town – except the Hill Section, which currently has no pending sales on the MLS.


Sand Section

You'd think busy, busy Highland would be a liability, particularly up in the most Norte-est part of El Norte.

And if you knew that 4104 Highland (3br/4ba, 2550 sq. ft.) had suffered from a peak-year overpay (2005 at $1.450m), a 9-month flopped listing (2007-08), a foreclosure and further, big discounting before its June 2009 sale (for $970k, -17% off the REO start price), you might have imagined – after all that – that this year's attempt to sell for $1.069m might have also faced some challenges.

But here's the thing. History doesn't predict the future.

This early-90s home, smartened up and upgraded in spots by the current owners, has just defied its history as a troubled property and found a deal within 10 days.

Maybe someone simply liked the size, views and price just enough for the whole thing to make sense.

And maybe the fact that the fraudster former owner is now in prison (for a Ponzi scheme involving real estate flipping!) has finally cleansed the property of its demons, enabling this positive turn of events.


Tree Section

In the Trees, it's 2 listings above $1.6m that were on the radar here just recently that have moved quickly:

The first is 2509 Palm (5br/4ba, 3200 sq. ft.), the late-bubble speckie with almost too much history to hint at again here. (But see "Failed Auction Home Returns on Palm" if you need more.)

June 2009: $1.675m.

Asking for this year's relo sale: $1.749m.

DOM: 14, before a deal posted.

1604 Poinsettia (5br/4ba, 3125 sq. ft.) is the "New Tree REO" that we mentioned here the other day.

Launched at $1.632m.

DOM: 6.

Looking to a different part of the Trees, there's this terrific Craftsman-inspired home that barely had time to attract much notice. If you live nearby, or have ever had occasion to pass 656 Marine (4br/4ba, 2800 sq. ft.), you probably know it as a bit of a local landmark.

It's as unique and timeless inside as you might hope, with nice downstairs living spaces, a sunny master and a great 2nd-floor landing/office overlooking the living room with treetop views that might convince anyone to work at home.

Word is that Marine's current (outgoing) owners moved quickly back in 2006 when they found that their "favorite home" in the Trees was becoming available. They paid $2.150m then, but offered it back this year for $1.8m. DOM: 10.

700 13th is one oddball home (7br, 5ba, 3125 sq. ft.) due to a late-90s addition that put bedrooms just about everywhere. (You did see that 7br note, right?) It's around the corner from Martyrs and boasts a little ocean peek if you look right; mainly it's location and size in the home's favor. The trust sale lasted only a couple of days at $1.295m.

Finally, 2818 Ardmore (5br/5ba, 3500 sq. ft.) is a shortie with a location issue that MBC previewed about 2 weeks ago.

It's a big, newer (2001) home on a wide, but shallow, 5000 sq. ft. lot, with a layout that's a bit choppy and a current condition that can best be called "cluttered."

It was purchased for $1.675m in Feb. 2005, began at $1.499m (short) and ran a total of 13 DOM.
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