First a short follow up to yesterday’s post about the Bel-Air section of HB. No sooner did I write that and bingo! Another one popped up today on the MLS: This listing:
http://www.redfin.com/CA/Huntington-Beach/18782-Sinclair-Ln-92648/home/5950276 at 18782 Sinclair is listed for $769,900 in line with the other short sales. Notice the recent sales price on May 1 of this year of $839,815. I’m assuming that’s the bank taking that one back. A drop from the former price in 05 of $959,500. The list price is a 20% drop from the 05 price but with 10% of the units all in the same boat this baby will sit here for a long time. Take a look at the great kitchen picture:
http://www.redfin.com/CA/Huntington-Beach/18782-Sinclair-Ln-92648/home/5950276 at 18782 Sinclair is listed for $769,900 in line with the other short sales. Notice the recent sales price on May 1 of this year of $839,815. I’m assuming that’s the bank taking that one back. A drop from the former price in 05 of $959,500. The list price is a 20% drop from the 05 price but with 10% of the units all in the same boat this baby will sit here for a long time. Take a look at the great kitchen picture:
Seems like our previous disgruntled tenants, (can you really call them homeowners?), thought they were entitle to a few good appliances on their way out. Why not take the stainless steel refrigerator and microwave or oven, whatever was in that nice other blank square. Needs some paint and cleaning up…umm..yeah and a much bigger price drop still.
2 comments:
Since you said that you have been bidding on some homes in HB, have you taken a shot at one of these Belair beauties? I have been following this tract with interest as well, due to the dramatic downward spiral that is taking down this neighborhood. I would love to know how close to BK the association is at this point.
Hi Steve,
The ones we really like are on Arcadia or better yet Roxbury Ln. Sinclair had a bit too much traffic noise off of Gothard St. for my wife and I have to agree.
We haven't put in a bid yet as we expect them to drop. This one seemed like a good deal for now but we can't get the realtor to return our calls or e-mails and it's been about 5 days now of trying.
http://www.redfin.com/CA/Huntington-Beach/7305-Arcadia-Dr-92648/home/5955287
I think they dropped it artifically low maybe to get some bidding going for now? And then gettting the bank to accept 360k off the last selling price? I don't know. That's hard to do. I think there needs to be a few sales in the low 700's before we see them drop in the 600's but hey, I'd love to be wrong and see them drop really fast.
I haven't seen any numbers for the homeowners association. There expenses might not be as high as you'd think right now since they are new homes. 102 units X $296 dues means they should be pulling in $28,152 a month. My guess is they proabably have some collection trying but HOA's are usually the last ones to get paid. The board is not allowed (I've been on one before) to tell who's behind on payments so they probably won't give out much info on that until one sees a yearly statement).
The fall and winter are going to be very interesting....
HB
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