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first loser to read this post.
o. 2, as is fitting.
Shaky video reminds of "The Blair Witch Project".
How does one "read a video" and then claim first?!?
Say, didn't Humpty Dumpty have a great fall?
I wonder how a developer/contractor/purchaser would get a construction loan to actually, you know, finish this shell. Surely no lender would write a standard mortgage on a house with no toilet! (It does have a bath, however, if they pipes haven't been ripped out).
Since it appears to be just a part of a multi-unit building, you can't even level the building and start over LOL.
It's s fixer upper! No price mentioned? Why bother.
They've even got a website, with the LIFE OR DEATH number in red.
Cool.
Quail Ridge Condominiums Oceanside, CA
Move in ready, just buy a paint bucket and a garden hose. Use your imagination.
Maybe HGTV could buy the place cheap and do an entire season of "Over Your Head" fixing it up? Roby
JimPortlandOR, I've seen this in previous housing busts - it's usually an amateur flipper (remodeler) who is going to make a HUGE profit. It is easy to do the demolition, but then the hard work starts.
This is a nightmare for the bank. Owner occupied loans almost always require that the property be move in ready. That leaves investors - and most of them are not interested in doing a rehab.
My guess is this property will take a huge discount to sell - probably to an investor who will put the property in rental condition (no better than what it was before the demolition).
Best to all.
A savvy buyer may just take advantage of that huge discount while, at the same time, privately relishing that the former owner's 'taste' in cabinets, doors, carpet/tile/hardwood, paint and appliances has been erased.
Pure pig and no lipstick may be a selling point for at least a few.
"Guess you don't get a shower for $359,9[00]":
YouTube - Oceanside REO at 392 Compass
Bad sign when your condo association website provides a link to Hope Now Alliance.
And I notice they've stopped posting new entries on their forum as of early June.
Sweet.
I didn't mention a price because the bank is still trying to figure out what to do.
When I told them $75,000, as-is, that didn't go over too well, but come on, it could only be sold to an all-cash buyer.
They have me getting quotes to put it back together - it should be in the high-$100,000s when done.
CR,
Your charity in crediting this destruction to a do-it-yourselfer that ran out of money or ambition is comendable. Frankly, I don't buy the story. I've seen too many houses in Phoenix that have been stripped because the owner intended to give the property back. They even advertise on Craigslist. Sadly, the banks don't go after them.
The last update I saw was 6/23 - here:
QUAIL RIDGE NOTICES PAGE
And the next HOA meeting is posted for next week.
Our HOA is over 3 times as large as this one (over 1000 houses) - and if you look at our HOA website every 3 or 4 weeks - it takes about 3 minutes to catch up on everything new. Roby
Robyn -
You're right about the date (my bad), but look at what the message says.
"Your charity in crediting this destruction to a do-it-yourselfer that ran out of money or ambition is comendable. Frankly, I don't buy the story. I've seen too many houses in Phoenix that have been stripped because the owner intended to give the property back. "
I don't think it is that hard to tell the difference. When everything is gone, including things for which there is no resale value, and it was taken out carefully and neatly, it was a remodel that never got done.
Just saw three duplexes here (El Cajon), REO, one side was pretty obviously the owner, the other in the process of remodel. At least a 40% drop from the high and still too expensive to fix and rent--but we're getting closer.
elgraccho - There's a lot of info there. Did you have anything in particular in mind? Roby
Robyn -
The last message on the forum page is:
UNAVAILABILITY
--The Quail Forum (newsgroup) is unavailable until further review by Board of Directors for privacy and legal concerns.
Sorry for any inconvenience.
Wow.
It is not the everyday renovations that worry me- flooring is not impossible to install, cabinets are a pain, but basic.
The worry I have is the utilities- how is the wiring and the plumbing?
Not enough money in the world for me to take on this project.
Emma,
Listen to the voice over on the video. He says that all the parts were in the property. So where did they all go? Those parts had value-they all weren't throw aways by any stretch-and rightly belonged to the lender.
Something else doesn't ring true. He bought the house in 2004. Money was flowing then and he could have remodeled and flipped it without taking a dime out of his pocket.
No I think it's just another simple case of theft.
I've seen strip-and-run jobs and this isn't one of them. In strip-and-runs the cabinets are still there (there's no market for used cabinets) albeit smashed up a bit but the fixtures are all gone, and the drywall has been smashed out of all the walls to strip the electrical wiring and plumbing out for sale at a scrap dealer. So I agree with those who say this is a rehab gone bad... no way a strip-and-run would look anywhere this neat, no matter how many janitors the bank sent in to clean it up.
Elgraccho - Someone probably threatened to sue about some gossip. FWIW - my very quick look at the place leads me to believe that it's basically a retirement community built in the 80's and that not too many properties are in trouble (I only found 8 real estate listings). Reminds me of the place where my aunt and uncle live near San Diego. I suspect most of the owners - many of whom have owned their places for years and years - are simply staying put. These properties do have problems when the owners have to move into a nursing home or die. For example - I have a friend who is trying to unload his mom's place in Palm Beach County (which is similar to these places) because she's in a nursing home now - and there's no way he can move the place short of almost giving it away.
Anyway - I could be all wrong about this development - but that was my gut reaction.
I realize that there are communities that are catastrophes in terms of foreclosures and the like - I just don't think this looks like one of them. Roby
No market for used cabinets?
About a year ago, I bought $3000.00 worth of kitchen cabinets for my walk-out basement, the exact model still being sold at Home Depot, for $800.00
In about a year from now, if not sooner, I plan on buying 7k worth of high-end cabinets and countertops for 2k. Installed.
Some of you guys are still in denial. Everything was taken out nicely because people aren't going to buy damaged goods. In fact, the people that bought the stuff probably took it out themselves.
I like this as a metaphor for our entire financial system: everything of any value was stripped out and spirited off, leaving an empty husk that we now "have to figure out what to do with".
OT, my local mosquito/disease vector control district was having an open house yesterday, and I ended up sitting down with one of the techs and going on a green-swimming-pool hunt on the computer using satellite photos and GIS overlays; the fire departments know where every pool in the county is, in case they need emergency water supply.
We found one, too. Compared historical photos against current, and figured out it had gone green in the last six months. They'll go out and hassle whoever they can find to treat the pool to stop mosquito breeding.
He told me they're finding a lot of green pools these days; some are vacant houses, and in some cases the house is occupied but the owner can't afford to keep the pool up.
Robyn -
You could be correct, of course. The re-roofing project they talk about (not to mention the photos) tends to support your guess of the original construction date.
But the posting of the Hope Alliance notice, coupled with the shutdown of the foums some (apparently) not too great a time after leads me to suspect there was some trouble in paradise.
If I weren't so lazy, I'd go on Zillow and see if I could get a bit of sales history (if that's available for CA the way it is back here in CT).
Besides, it's almost dinner time. Looking at REO always makes me ravenous.
Best wishes.
I buy the theory of rehab gone bad (although the stuff that was taken out could have been sold - I sell what I can when I decide to redecorate). Because there are lighting fixtures - a ceiling fan - what looks like a hot water heater - etc. - left.
No doubt there is some trouble here - doubt there is any area that is totally unaffected by the current real estate situation. It is all a matter of degree. For example - we have about 3-4 foreclosures in our community now - and it takes perhaps 6 months to sell a house instead of 6 minutes (at prices off the highs). But we had 2 houses for sale on our block in the last year - and they both sold. We aren't being assessed because 1/3 of the homeowners are in foreclosure and aren't paying association dues (as is happening in some condos in Miami). So we are very lucky.
FWIW - we have had 2 foreclosures on our block since we built in 1996 (they took place many years before this current mess). And when the houses were abandoned - neighbors would mow the lawn - shock the pools - get the HOA to come in and get rid of the more obvious health hazards (like rotten food or - in one case - a tank full of dead fish). All it takes is one tu** to spoil a bowl of cream. Do people in other places do that? Roby
Absolute auction in KC, check out the final bids!
KansasCity.com | 404
Now we're moving some properties!
Bob Dobbs
Anyone think of using goldfish, guppies or minnows for mosquito control? In my neck of the woods feeder goldfish and minnows go for 12cents each at larger pet stores.
I had a mosquito problem at my dads, I dropped in $1.00 worth of goldfish into a big tub filled with mosquito larvae. 1 day later no wigglers and so far no mosquitoes have shown up. Any larvae get taken almost immediately and I assume any mosquito that decides to lay is lunch too.
The fish also eat algae so for maybe $1 or so, the mosquitoes could be controlled.