Pacific Beach...Oooooooouch!!!

User Forum Topic
Submitted by La Jolla Renter on July 29, 2008 - 10:36pm

Submitted by jpinpb on July 30, 2008 - 7:02am.

Featured on BMIT

Submitted by pk92108 on July 30, 2008 - 8:37am.

any basic info on the property?? My server at work is blocking the link to sdlookup.com. (I suppose they want me working!)

thanks

Submitted by jpinpb on July 30, 2008 - 8:51am.

1069 Archer St

property taxes due:
10,540.01 12/10/2007 DUE 10,550.01 4/10/2008 DUE 21,090.02

Short sale
Listed: 07/27/2008
List Price: $995,000
MLS#: 080052719
Beds/Baths: 4 / 4
Square Feet: 2,962 sf
PPSF: $336
Year Built: 2005

Sales History
Date Price Held Return Annual
11/18/2005 $1,715,000

"Elegant entry foyer with beautiful stairway to master suite & family room. Architectural curves and arches throughout. Large formal dining room with built-ins. Master bath has spa tub & shower. Family room area with wet bar, half bath & 20x12 spa area, view deck with spiral stairway leads up to roof deck or down to ground level patio & large yard. Roof deck with georgeous views of bay and ocean. Separate laundry room. Home prewired for security, cat5. Absolutely perfect!"

But if you get a chance when you're not at work, check it out on SDLookup or BMIT. You'll be quite amused.

Submitted by pk92108 on July 30, 2008 - 9:09am.

thanks jp...i will and do a drive by as I live pretty close. is there a catch?????

thanks

Submitted by jpinpb on July 30, 2008 - 9:17am.

Gosh, where to begin. Doubt the short sale will go through. It's w/Countrywide/B of A, though the realtor seemed on top of it and making an effort to make it happen. Open house on Saturday noon to 2.

The couple that own the place have a nonMLM business Swanlifestyle. BMIT covers it in detail.

Photos of house

Nice place. Probably looking for a bidding war. We're guessing banks won't go for it, eventually NODs, foreclosure and bank sale - thinking anywhere 6 to 12 months, at which time, I'm guessing 800k.

But you never know. Quite a drop from the bubblicious price. Maybe a knife-catcher would go for it. I'm tempted. Zoned multi. Pretty nice, close to beach and LJ.

Submitted by ucodegen on July 30, 2008 - 9:40am.

Yeah, but I don't know about the architecture.. too McMansion, with heavy emphasis on the Mc..

Submitted by La Jolla Renter on July 30, 2008 - 1:15pm.

This house was a spec house by Armstrong construction.

I remember it sat on the market for a long long time before this couple bought it. I would say they paid top retail dollar at $1.7M, even in 2005. At that price, Armstrong probably cleared a 1/2 Million in profit.

Can anyone tell what they put down? I would love to see the complete story and follow the entire money trail.

Rags to Riches (perceived) to Rags.

Submitted by SD_Coastal on July 30, 2008 - 2:45pm.

What do you want to bet Armstrong gave some money back at closing? That's probably what they've been living on the past couple of years.

Submitted by jpinpb on July 30, 2008 - 4:03pm.

That's what I'd like to know. What is the financed amount? Any money down? I may just have to make a trip down to the county. I've got Friday off. I'll keep you posted.

In the meanwhile:

I guess their place in Sedona, Arizona is in trouble.

Submitted by La Jolla Renter on July 30, 2008 - 4:32pm.

Good call SD_Coastal... that's the business plan of the Raw Raw MLM gurus...

Buy a fat pad... no money down, get cash at closing, lease a $100k Mercedes, use extra cash to go to the MLM seminars in Cancun etc. Got to look the part!

What a great business plan... I think your odds are better at winning the lottery than making millions in MLM.

Submitted by jpinpb on July 30, 2008 - 5:20pm.

Okay, people. I did a little more digging. I think they’re just VICTIMS. This is another casualty of real estate. It’s just more collateral damage going on here.

I question how much money they make in their flourishing non-MLM enterprise. They did, however, make some money in real estate. It costs money to live a lifestyle of luxury after all. They were on a buying and selling real estate shopping spree whilst involved in their non-MLM.

The seed money started with Brian’s purchase of 820 Nantasket Ct. Unit 5. on 03/24/00 for 345k. Let the ride begin

Next, they bought 301 Calle de Sereno , Encinitas, CA 92024, on 05/12/04 for $1,040,000. (My guess, zero down I/O)
Did they live there or rent it out?

They sold the condo at 820 Nantasket Ct , Unit #5, San Diego, CA 92109, on 09/02/05 for $840,000.

Cleared how much from Nantasket after realtor/closing?
Maybe 400 (not counting their mortgage payments for however many years, perhaps help from rental?)

Then they finally bought their lifestyle of the rich and famous dream home 1069 Archer St , San Diego, CA 92109, on 11/18/05 for $1,715,000. Sold by Armstrong Custom Homes, LLC. getting money back from Armstrong?

Shortly thereafter, they sold 301 Calle de Sereno, Encinitas, CA 92024 on 01/26/06 at a tax value of $1,245,000

They cleared how much from Calle de Sereno after realtor/closing? 150k?

So they have over half a million cash from their real estate ventures, not counting 4240 S Lariat Loop Flagstaff AZ 86001 bought
03/23/2007: $795,000, original principal balance of the note is $636,000.00 - going to foreclosure?

WaMu loan in AZ

Submitted by FormerSanDiegan on July 30, 2008 - 6:46pm.

Nice work jpinpb

Submitted by jpinpb on July 30, 2008 - 7:54pm.

As I said on SDL,

I wonder how much money they have left. They put money down on AZ?

Bought 03/23/2007 for $795,000. Original principal balance of the note is $636.

It did cost money every month to live in these places over the last 8 years, hopefully while owning homes that overlapped, they rented them out.

It costs money to do their world tour.

The thing I can't figure out is when they dropped out of the corporate world and she stopped peddling drugs. Were they solely living off their real estate money the past couple of years?

I just don't see them making all the money they're claiming off the MLM. That sounds like a load to me. That's just pretend/fake income. May qualify you for a loan, but doesn't mean you'll be able to keep the place.

Submitted by jpinpb on July 31, 2008 - 8:41am.

I just heard about a prowler felon last night in the 800 block of Archer. Caught him w/a knife, spark plug tips and stolen property (women's rolex watches). The guy is in his 50's. Gonna be deported.

I thought North PB was somewhat safe, but apparently not. This was at 1:45 in the morning. Kinda scary.

Submitted by nostradamus on July 31, 2008 - 8:51am.

He's a lucky felon: deportation is better than prison. At least this way he can be back in a week to finish where he left off.

OT: I'll bet crime will increase while our economy collapses (I know, duh).

Submitted by jpinpb on July 31, 2008 - 9:05am.

Yeah. I was thinking that. Dumb. Like fishing. Catch and release. The guy will just be back.

I agree that we'll be seeing an increase in crime. Just scary to think how easy it is to break into a place. Here you're sound asleep and before you know it, someone is breaking into your place.

Lucky the cops were patrolling the area and saw the guy.

Submitted by Dwip on July 31, 2008 - 9:56pm.

OK, I give up. Why would a prowler be carrying spark plug tips, as opposed to, say, a bicycle pump or a distributor cap?

Submitted by jpinpb on August 4, 2008 - 8:41am.

You can break glass w/spark plug tips. I guess if you throw it at a window, it will shatter the window. Very effective on cars. Not sure about house windows. In any case, it is considered by the police as a "burglar's tool" of the trade, so to speak. Really no other reason to carry them around.

In any case, OC Renter has an update on the Swan-song's world escape on BMIT

I went by the house and checked it out. If anyone is interested, I posted on SDL

Submitted by Allan from Fallbrook on August 4, 2008 - 8:59am.

jp: This might appear to be a stupid question, but what, exactly, do they do? I checked out the Swan Lifestyle website, but there is nothing in terms of content there. This "hybrid business model" they tout/shill could be anything.

I understand the MLM concept, but don't you have to have something in terms of a product or service in order to gull your "downline"?

Similar question to mine on BMIT. I'm not understanding why someone would leave a lucrative position with GSK for something with apparently dubious prospects.

Any ideas?

Submitted by Ren on August 4, 2008 - 9:35am.

Unless you have anti-nausea medication handy, do NOT go to youtube and search for "swanlifestyle".

Submitted by jpinpb on August 4, 2008 - 10:13am.

Allan - not a stupid question. Thats's what everyone was trying to figure out. OC et al came to the conclusion that they sell nothing. Dreams of a rich lifestyle maybe. It's MLM of websites, maybe? Get people to buy a "Lifestyle of the rich and famous" website and sell it to other people. Some ridiculous concept.

Clearly from the checking I did, in the past few years they made about half a mil in real estate. Questionable how much, if anything, they made in their scam business.

However, no "proven" income got them 1.7 million dollars in loans to "buy" a house.

Ren - I know. Makes you want to puke.

Submitted by Allan from Fallbrook on August 4, 2008 - 10:47am.

jp: I spent several years in the corporate consulting business, and was amazed by the number of people that made a great living by selling absolutely nothing but hot air and vaporware.

Ole P.T. Barnum was right.

Submitted by Coronita on August 4, 2008 - 11:07am.

bumping this top to get all the politics OT threads at the bottom.

Submitted by PorkmanDelardo on August 4, 2008 - 11:16am.

"Rhoda" and the "Brain" are selling Liberty League International, motivational tapes and seminars. $1,500 to $12,995. LLI was sued by the AG in Arizona for false and misleading advertising practices. After paying the fine, they revised their website with the requisite disclaimers and are still in business. Many knock-offs have resulted since they have been very successful early on. However like all pyramid shcemes, there are early winners, and losers that were late to the party. Looks like the "Swan" lifestyle is taking a dump. Porkman

Submitted by jpinpb on August 4, 2008 - 12:45pm.

I just don't know how they can show their face around town. Can't pay property tax, house is up for short sale, lawsuit against them. I'd be so embarrassed.

They disgust me. I think they're a big joke.

Submitted by PorkmanDelardo on August 4, 2008 - 1:22pm.

I smell a new reality series on the Bravo network... Follow "Rhoda and the Brain" as they stay one step ahead of the law on their 2 year odyssey around the world, reeling in suckers who answer their ad in the Reader to join the Swan Lifestyle. Porkman

Submitted by SD_Coastal on August 4, 2008 - 1:31pm.

SO, the next question is what does their $1.7M "Live the swan Lifestyle" McMansion go for? The asking price of $995 seems real reasonable in this market, I bet they get several offers over asking and someone gets it for around $1.1M. Not saying it's worth it, but North PB seems to be showing signs of late summer life (got to get kids in school, etc.) and several fixers have gone pending in that area for $700k-$800k in the past couple of weeks.

Anyone else have any guesses? Did anyone stop by the big open house to see what it looks like in person?

Submitted by NotCranky on August 4, 2008 - 1:34pm.

My guess is that they are trying to sell it to one of their friends at an under-market price in some kind of a hidden profit scam.

Submitted by jpinpb on August 4, 2008 - 6:35pm.

As I said on SDL, the realtor at the open house said the loan is 1.7.

The first is 1.3.

If they got an offer for 1.3, the second would have to agree to not take any money on their 400k note. What incentive would they have to do this? Is there something hidden in the bailout bill that says take a loss on a short sale and we'll reimburse you?

I don't think the second is going to take that kind of straight loss. They may go for it if it's close, like 1.5. So the first will have to force a foreclosure and then sell it for less. JM2C

Submitted by nostradamus on August 4, 2008 - 6:45pm.

Can the 1st and 2nd agree to a split based on the % each of them loaned? If the 1st loaned 80% and the 2nd loaned 20%, then those are the percentages they get from the final sale price. Assuming they can work together.

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