Saturday, April 28, 2007

$100K+ loss in Carlsbad

3580 Gorge Pl
Carlsbad, CA 92010

Facing a potential $100K + loss in 20 months is only fair when you are foolish enough to buy at the top of the market but rest assured you will not be the only one.


Anonymous said...

700k is still too steep for that property.

Chuck Ponzi said...


I looked at it... nice property. But, it's an REO currently. Nevertheless, it has a couple faults:

1. Huge power lines in the back yard create crackling and humming sound, but the lot is big.

2. Can anyone say landscaping? You would have to put perhaps 25-30K into the landscape.

3. Neighbor said original purchasers lived there in total a couple months (including default period). Lender is clueless and swimming in REO. It will be on the market for a year, easy.

4. All in all, nice interior. Should be worth close to 500 in today's market with current interest rates at the most optimistic. But... it is Carlsbad. New school is in the neighborhood. Plenty of snooty house-rich neighbors... this place is bubble troll heaven.

Gotta love the smell of denial.

Chuck Ponzi said...

oh, and as a sign of the times, neighbor said original purchasers were in the loan business.

loan business went belly up in his words "20 minutes after they moved in".

Chuck Ponzi