Friday, August 13, 2010

Real Homes of Genius

One of the blogs I frequent is Dr Housing Bubble in LA County.  (  ).  Great commentary on the state of So Cal real estate.  Besides his personal pet-peeve for garbage cans and Realtor cars in listing photos on the MLS (which I share,) he regularly posts about "Real Homes of Genius".

A real home of genius is one where a bank and buyer broke all rules of sanity in overvaluing a property to the point of ridiculousness.  We've got one here in my area this week, and I think I"ll keep them coming.

Real Home of Genius - Santa Maria Style...

The original sales info.  Purchased in 1/2003 for $320,000

Second, Purchased in 11/2005 for $450,000!!

Third, Notice of Default, Notice of Trustee Sale 4/22/2009

Fourth, Trustee Sale on 1/14/2010

Finally, onto the market in 5/23/2010 for $165,500 and reduced on 6/17/2010

Here's the video I shot this morning. A true gem.



Kirk said...

I keep waiting for the theme song to come on... I think you should try and add that to your video posts.

So what happens to the value and price of the home if the bank tears out the illegal room?

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