Sunday, January 14, 2007

Dream home for sale

Looks like my dream home is on the market. This home is located at 2606 Eagle Crest. I first spotted this home a few years ago while playing golf at Seven Oaks. It was on the market for a few years and it finally sold for $1,400,000 on 2/26/04. It is now back on the market and it looks like the new owner is trying to make a "sweet" profit. The home is listed for $2,300,000.

How much will it sell for and how long will it take?


AnalysisGuy said...

There's an easy answer to this question.

Simply take the amount the home is overvalued ($900,000+) divide that by the number of local buyers who can handle a $2.3 million mortgage (100).

Answer = 9,000 months at this price or 750 years!

Anonymous said...

$1,000,000. Max!

Lou Minatti said...

Nice house. I also live in one of the nation's armpit, and a house like that would be about $500k.

Nothing wrong with living in an armpit city. But such cities should be cheap.

Rob Dawg said...

There's a little $5 million number in Bakerfield currently under construction that I have my eye on.
I suspect that the after the courts are done seling off the contents I'll have a nice blank sheet shell and whatever coffee cans are buried in the backyard.

crashbabycrash said...

That house is badasss! Love this place, but what will it fetch and when?

My guess is sometime late spring and the price will be $1,800,000. Belive it or not, there are plenty of people in town who can afford this. The question is, when will they be convinced that the market has finally hit bottom and decide to buy.

Perfect Storm said...

The law firm of Ackerman, Cowles & Lindsley filed a lawsuit against several real estate companies and professionals along with other purported investment groups. The suit alleges that some 400 or more investors were brought into a real estate “flipping” and “skimming” scheme operated by Jovane Investments, Stonewood Consulting, Inc., Pacific Wealth Management LLC (Nevada) and others. It is claimed that as many as 5000 residential home loans may go into foreclosure status within the next several months as a result of the alleged fraud.

Temecula, CA (PRWEB) January 14, 2007 — The Temecula law firm of Ackerman, Cowles & Lindsley filed a 1.2 billion dollar claim against what are alleged to be the perpetrators of a vast real estate and currency exchange scheme taking place in Southern California.

Riverside County Superior Court Case No. RIC463483 (Anonymous Investor v. Jovane Investments, et al.) was filed by an investor who claims to have suffered $3,000,000 in damages on her case alone. The plaintiff seeks to have the matter certified as a class action later this year because there are another alleged 400 investors in the alleged scheme.

The amended complaint, filed on January 12, 2007, alleges that the operators of the Jovane Investment firm of Murrieta, and related businesses, including Stonewood Consulting, Inc., Pacific Wealth Management LLC (Nevada), Oetting Enterprises, and Sunburst Financial Systems, Inc., engaged in a real estate scheme involving perhaps as many as 5000 home loans in the Southern California region. The defendants are alleged to have incited members of the general public. members of the military, and nursing staff at Rancho Springs Community Hospital in Southern California, to get involved in a real estate business whereby “investors” could each become the owners of multiple residential properties throughout the Temecula Valley and Northern San Diego County.

swamp said...

This photo is of a house not a home.

Part of the emotional appeal of house debtor is to call the person a home owner.

Bakersfield Bubble said...

I predict this him WILL NOT sell this year! Its in the bag!??!!?

Anonymous said...

IF it sells, it will go for less than $1.2m.

Keep us posted.

Anonymous said...

I am guessing, 1.2 million in about a year. ~15% off the 04 price. We are at 04 prices already. In fact he can sell it quick probably to a GF if he drops it to 1.4 mill now. but he is going to chase the market down I think.

Anonymous said...

Yes, I AM ONE of those clients of Ackerman's that are suing b/c we want to stop others from suffering the fate we will. We will be living a in dumpy motel shortly b/c we cannot file BK to rid the $54,000.00 in credit card debt that Pacific Wealth left us. The new laws prohibit us from filing - even though we never got the money.Plus I plan to raise cain with govt officials over allowing mortgage companies to give loans that require payment amounting to more than what a family brings in monthly. We are losing our home currently. We tried to save it but Pacific Wealth mortgaged it to the hilt - no balance. Can't pay for credit cards that PWM took out - so those debts pile. No long can even rent b/c rent prices are as high as the mortgage. Cannot get a mobile home even b/c you must own it to live in it also requires a 20% down payment. PWM messed us up beyond bad - DO NOT TRUST THEM! To boot, they plunder many of our military who fought in Iraq too. Our next move will be living in our vehicles or a cardboard box if we cannot get a dumpy motel room for the next seven years.

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