Few of the interesting points here regarding these 11 homes:--2 out of 11 are listed for sale--11 out of 11 were purchased or constructed after 2003--11 out of 11 were refi'd, purchased or constructed after 2004--4 of 11 are from 4S Ranch proper--2 of 11 are from Santaluz
11353 AVENIDA DE LOS LOBOS #E, SAN DIEGO 92127
--1,230 sqft
--11/04/2005: purchased for $390,000
--05/30/2008: NOD
--not listed or pending

17081 W BERNARDO DR #102, SAN DIEGO 92127
--1,040 sqft
--09/27/2004: purchased for $362,990
--11/21/2007: listed for $224,777-$249,777
--05/30/2008: NOD

16588 GETTYSBURG DR, SAN DIEGO 92127

After 573 days on the market (exact days may vary as listing re-listed)...
...and $8,075 in HOA
...plus $20,583 in mello roos
...also $75,762 in property tax
...and last but not least approx $500,000 in mortgage cost
...we have a buyer!!!

First purchased for $4.35 million on 7/28/2006 and immediately listed for sale on 8/2/20006, Mr. Quarterback finally got this 8,200 sqft Santaluz estate off his shoulders as this home went pending as of 2/27/2008.

2 weeks ago, we found REALTOR® Ong and her husband facing imminent foreclosure on 7383 Los Brazos in the gated community of Santa Monica in Santaluz.
A week later, we found REALTOR® Ghanayem on 7378 Los Brazos also receiving her NOD.
This week, REALTOR® Gutierrez on 7395 Los Brazos decides to join the fun and entered the realm of NOD as well. This 3,677 sqft home was initially purchased from the builder in 12/2003 for $853,000, and it looks like the default is on a loan Gutierrez took out in 9/2004.

Just a week ago BMIT featured the Ongs foreclosing away at 7383 Los Brazos in the gated community of Santa Monica in Santaluz.

As misery loves company, it turns out a REALTOR® neighbor across the street just received her NOD as well.

7378 Los Brazos, San Diego, CA 92127
--3 beds, 2.5 baths, 3,677 sq ft
--12/2003: purchased from builder at $823,500.
--07/2005: refi'd for $995,000.
--01/28/2008: NOD filed by Countrywide.

You would think folks would have learned by now...

This home has quite a history here on BMIT. This is one of the homes that inspired the RSF Triumvirate to greatness as they made a cool half a million dollar on this one back in April of '06. It was also featured here in May of '07 as a fine example of an early payment default. The home at the time was listed by the bank as a REO with the lender taking a $332,000 loss within a single year.

After half a year as a REO, looks like an aspiring foreclosure shark decided to take the bait and went for it:

14444 Rock Rose, San Diego, CA 92127 (3,531 sqft)
--03/2003: purchased by the RSF Triumvirate for $849,000.

This next post first starts with the current owners' impecable market timing. The Ongs purchased this over 4,000 sqft McMansion in the gated Santa Monica development in Santaluz just a month before the peak in San Diego's median price. The price for buying at the peak means almost $500,000 of profit for the original owner who held the property for just a little over a year and a half.

Assuming the initial terms of the mortgage was less than stellar, the Ongs then refi'd $1.2 million of the mortgage just 10 months into their purchase.

In January of 2004 REALTOR® Kent snatched up a piece of prime Santaluz 1.6 acre plot at $560,000. Despite monthly mello roos, property tax, and HOA of $1,500 on an empty plot of land, this property was going to make him millions by the time he's done with the home.

Figuring the longer he hold on to the land, the more it appreciates, REALTOR® Kent then held on to the empty plot for a couple of years. This is called Kent's "maximize profits through absolutely no cash flow properties" plan.