How can so many mansion-like homes in Malibu, etc. sell at prices of 100,000 when it's neighboring homes are selling in the millions? Back taxes

Asked by Bumblebee, Malibu, CA Sun Mar 14, 2010

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Dan Chase, Home Buyer, Texas City, TX
Sun Mar 14, 2010
BEST ANSWER
Are you seeing this in a realtytrack ad here? Realtytrack is famous on here for listing all of the foreclosures (they pay ad space) and buyers not being able to buy a house of the price listed as for sale. Often the prices are really how far behind in payments the owner is and the house may never be for sale. If the house does finally go up for sale the real selling price is likely to look nothing like that listing price.

You can ask any realtor about foreclosures. They have access to the real foreclosures for sale. Realtytrack is unreliable at best for getting sale prices from.
0 votes
Mike "The Ma…, Agent, Malibu, CA
Thu Feb 14, 2013
It looks like you got your question answered. Please excuse any real estate agent who just doesn't understand that someone could be confused by the data online.
0 votes
Monique and…, Agent, Beverly Hills, CA
Sun Mar 14, 2010
Hello Bumblebee,

Wishful thinking. Those homes aren't selling for those prices. It's just one of the many loans they are in default on. Rats. I wish I could buy a home in Malibu for 100k. I just sold a condo there for 2.750 so 100k is HIGHLY unlikely.

Best,

Monique Carrabba
The Carrabba Group
Keller Williams Hollywood Hills
mcarrabba@kw.com
(323)899-2900
0 votes
Dan Chase, Home Buyer, Texas City, TX
Sun Mar 14, 2010
You are welcome. I know it can be confusing sometimes. A lot of us on this site wish that realtytrack listings would be removed as "for sale" as they really are not. They like to get your credit card number and charge you as you keep trying to cancel according to many.
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Bumblebee, , Malibu, CA
Sun Mar 14, 2010
Dear Dan Chase, Yes! That is what I am seeing! You answered my question perfectly. Thank you so much! SUSAN
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Bumblebee, , Malibu, CA
Sun Mar 14, 2010
So sorry... I meant to say Dear Mr. Kent....not "Kent"
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Bumblebee, , Malibu, CA
Sun Mar 14, 2010
Dear Kent, Thank you for answering my question as you understood it. However, I am so sorry that my question was taken as irresponsible. The last part of my very sincere question was cut off. I asked if the buyer of these dirt cheap forclosures would owe back taxes from the defaulting owner. Are these prices for real? If so, why arent investors snapping them up? Thank you
0 votes
Bruce Kent, Agent, MALIBU, CA
Sun Mar 14, 2010
that is a completely irresponsible question AND simply not true. There are ZERO homes in Malibu being sold for "back taxes" as this writer implies.
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