One of the blogs I frequent is Dr Housing Bubble in LA County. (http://www.doctorhousingbubble.com/ ). 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.