Rouriel Noub…, Both Buyer and Seller in San Ramon, CA

Is this a great deal?

Asked by Rouriel Noubini, San Ramon, CA Tue Mar 4, 2008

http://clients.listingalert.net/clientorganizer/organizer/li…

The similar house was sold 100k more in recent months. I am so surprised to see it drop so much in such a short period. Other Banks and even Builders will soon follow. We are just in the middle of this down turn. Is the bottom already here or it just starts falling off. Home buyers, patience is gold.

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17
Final, it is sold $800k. Looks like 3000sqft for $800k is current Windermere on going rate.
0 votes Thank Flag Link Tue Jun 17, 2008
This property has gone pending with at least 3 offers.
0 votes Thank Flag Link Tue Mar 18, 2008
What happened to this property. Did it get sold? If so for how much?
0 votes Thank Flag Link Tue Mar 18, 2008
What makes this home a great deal? Because someone overpaid 2 yrs ago and now it's listed for less, it is a great deal. Please use some logic. It is a NOT a great deal. A cookie cutter small lot home where you can hear you neighbors talking in their backyard, no style, boring design; oh and its 800K. Am I crazy or is 800K a small amount of money now a days.
Home is worth 200 x monthly rental per market. These home are renting for around 2500'month. That would price this at around 500K and not a penny more. Good luck.
John
0 votes Thank Flag Link Sun Mar 9, 2008
I think it is a killer deal. San Ramon has very few foreclosure. I am sure this home will go more than asking price.
0 votes Thank Flag Link Thu Mar 6, 2008
I have mulitple pictures of the property and it is not damaged at all, nice quiet street, landscaped front and back with stamped concrete and only some yellowing beginning on the grass. Includes working fridge, washer and dryer, multiple built ins throughout house including built in desk and cabinetry, and a nice floor plan. Email me directly if anyone is seriously interested. I promise that this will be gone within the week. Thanks, AJ Cohen ajcohen@apr.com
0 votes Thank Flag Link Wed Mar 5, 2008
"I saw the house in 2236 KEATS LN, San Ramon, CA 94582 too. a big hole on the master bedroom wall. looks like some one is really upset. "
It's still gone in one week at $850K or more. I also visited a foreclosure house, and lost count on how many big blows on the walls. But those holes are easy to fix anyways. This makes me think what's wrong with the property above for being listed at such a low price.
0 votes Thank Flag Link Wed Mar 5, 2008
HaHa, Foreclosure Sabotage. Not every home walker is happy. I saw another REO home with central AC missing.
0 votes Thank Flag Link Wed Mar 5, 2008
I saw the house in 2236 KEATS LN, San Ramon, CA 94582 too. a big hole on the master bedroom wall. looks like some one is really upset.
0 votes Thank Flag Link Wed Mar 5, 2008
I was curious after this discussion so I did a little research and found some interesting statistics at piggington.com and some other bubble blogs. I don't have CCCo-specific data, but it seems that across most of California the historical average is between 20% and 60% of NODs turn into Trustee Sales. Right now, that percentage is climbing very quickly toward the 60% end of the range. Kind of surprised me - I didn't think that many NODs would proceed through the foreclosure process.
0 votes Thank Flag Link Wed Mar 5, 2008
It is not an error in the posting, I went out and saw it and spoke with the agent. I bet it goes within the week for close to asking, maybe a touch above. This is very similar to the listings on Tiger Lily, Sandalford and Salisbury, banks dumping inventory. The advantage are to the buyers, even if we correct another 10-15% someone can still buy this right now at 784K and in October this went off the market at $959K, the lowest price at the time in San Ramon (155K discount, almost a 20% correction. Drop me a line if anyone wants more info at ajcohen@apr.com Thanks, AJ
0 votes Thank Flag Link Tue Mar 4, 2008
RealtyTrac does double count. Other sites are more accurate.

I totally agree with NestoFC. San Ramon (not sure Danville) will be severely affected. Its house price just run up too fast too much, this correction is inevitable. We are still in 3rd to 5th inning. How bad it will be, I do not know. If anyone has any info about this listing, please post here. I doubt there may be some typo in the listing, either wrong price or wrong Sq Ft.
0 votes Thank Flag Link Tue Mar 4, 2008
Don't subscribe to RealtyTrac anymore (so maybe Dr.p can correct me if I'm off) and, yes, I realize that Realty Trac can double count and have inaccuracies, but I count over 70 REOs, over 30 upcoming auction properties, and over 90 NODs in 94582. Back of the envelope estimate, but properties in the foreclosure process (including NODs) total about 40% of resale properties. Some will depend on how many of those NODs turn into short sales, auctions or REOs, but I predict a coming foreclosure wave in San Ramon.

I'm usually a market bull, but cities and towns like San Ramon and Danville will not escape this correction. Despite all the bad news that we've already heard (especially east CCCo) the Easy Bay RE correction is still very early days. It will be severe.

It would be interesting to know who owns the property. Is this a lender strategy? Or their agents' strategy? Small lender who just wants to get their losses on the books and collect their insurance? Or a larger lender who can see the coming wave and knows they need to get out quickly?
0 votes Thank Flag Link Tue Mar 4, 2008
Maybe you are right, it is just a tactic. It puzzles me why bank wants to play such tactic. I do believe it will be sold above asking. Really curious about its final sale price.

However, the banks may just see something we do not , probably another incoming wave of foreclosure. They just want to get rid of properties on their hand quickly, at any cost. I use realtytrac.com to track REO and foreclosure activities. There are more and more NODs filed every day in San Ramon area. It will take at least 6 months for those NODs to become REOs. The sub-prime reset will peak this year. From 2010, comes the massive Alt-a (liars loan) and option ARM (minimum payment) reset. Hope we have pulled ourself out of recession until then. It will get worst this year and next. There are even some foreclosures on Multi-million houses in Norris Canyon. Fed's cut help little because so many people just walk off because they have negative equity. The only solution is loan forgiveness (bail out buyers and flippers).

http://www.doctorhousingbubble.com/wp-content/uploads/2008/0…
0 votes Thank Flag Link Tue Mar 4, 2008
It's a great deal if it's really bought at that price, but I doubt. Take a look at this house, 2236 KEATS LN, San Ramon, CA 94582, similar size, asking $850K, on the market for 7 days, and it's gone. This is one strategy agents use, listing low to get more viewers, and then let them bid up. From recent sold home data, current market is quite stable. REO is not the real issue in San Ramon, if you compare REO or foreclosures in San Ramon to other cities around Bay Area, San Ramon isn't that bad at all, the main force drives market down is builder's inventory, but all three builders in Windemere are slowing down. Also, current high inflation will increase builders' costs, they will be less willing to cut the price. I think the key thing to watch is how bad this round of economy recession will be, and how much impact on Bay Area.
0 votes Thank Flag Link Tue Mar 4, 2008
Like what everyone has predicted, price will fall back to 2003 level. Likely more REOs will soon follow. Couple months ago, Centex "aggressively" cut some new homes to low 800k when most of REOs are sitting at high 900k. Now it is bank's turn. This is a do or die race, can Centex, Lennar, Shappell keep up before they run out of cash? Glad I canceled a contract with Centex a month ago.
0 votes Thank Flag Link Tue Mar 4, 2008
Wow, the lender really wants to unload it I guess. Nice find Dr..p, did you see the sale history:
01/04/2008: $945,175 *
03/23/2005: $969,000
09/23/2004: $842,000
* I assume this is the loan default amount. So the bank is taking a loss of $160k plus transaction costs ;-)

Be interested to see if this goes fast and how it affects the neighborhood prices. There are going to be more and more REOs in a place like Windemere where many home were bought using toxic loans.
0 votes Thank Flag Link Tue Mar 4, 2008
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