Interestingly cheap for such a large lot size (although it is next to a busy street). However, it looks like it should be called a fixer based on the outside view.
Submitted by SD Realtor on May 25, 2008 - 10:07am.
That was the trustee sale conveying back to the bank. Amy Green is the listing agent from Prudential and she has a ton of listings. Aggressively priced but man it looks like a ton of work. Also more like this should come up over time.
P.S. There are 3 prudential listings in those Mt. Streets NothEast of Balboa/Genesee that have signs but not in Redfin. All are Prudential and came on the market at the same time. Wondering if they aren't all REOs.
Submitted by SD Realtor on May 25, 2008 - 10:01pm.
dude they may indeed be reo's. Many times brokers will post signs on REOs prior to listing them because they are waiting on the lender to give them the listing price. In some cases there may be signs out for a few WEEKS before the lender sends the listing agent the price. It is a way for the listing agent to get leads and generate interest while they sit and wait for the slowpoke lender to get off the shnied.
Also Redfin is no different then ANY other on line posting site for MLS listings such as Realtor, Zip, SD Lookup, etc... Like anyoen else they get the information from IDX and put thier wrapper around it.
The best news was that the noise from Balboa Ave wasn't too bad. Balboa was 50 or 100 feet below the house level so the back yard shielded the noise to the house quite well. Even outside, it was barely noticable.
A great lot, actually. Lots of space to expand the house, and plenty of space to get away from the neighbors.
There was a lock box on the front door, but other looky loos were already inside - I guess the back was open. Or maybe they climbed in the busted window in the back.
The back was a dirt lot covered in junk - including a weight machine, a door from a 1970's beetle, clothes, and probably two or three 5-yard dump truck loads of other stuff.
The inside was extremely messy. Clothes and bottles of daily use stuff (shampoo, detergent, toothpaste, etc.) laying everywhere. Gross carpet of various colors. Dirty, dirty, dirty. Call it another dump truck load of crap. Maybe two with the carpet. I can't imagine how so many clothes could have fit in the closets. So many clothes.
Looks like they had a "going away" party before they left. Any and all were invited to write whatever they wanted on the walls before they left.
Looking in through the windows, one would expect it to smell terrible, but it didn't smell at all. That is to say - I don't think anyone went to the bathroom anywhere they shouldn't have and no bacteriological nastiness to see.
For the most part, the drywall was in-tact, except for a couple of holes in the ceiling. This mess is a good opportunity to rip out all the drywall to expose and inspect the studs, then insulate the whole house and re-drywall.
I think the most costly problem could be water-caused holes in the drywall around the tub.
These houses were built well with fir lumber so I doubt there are structural problems - unless there is a termite problem that has been neglected for a long time. The facia was looking pretty bad, though. And it looks like they used 1x stock for the facia instead of 2x.
If a nice house with real landscaping resided on this lot, it could see it selling for $550K - $575K in today's market.
I could see a flipper spending way too much on this - A dumb flipper might dream of a $600K sale and imagine a $50,000 budget to get it all fixed up. If an idiot spent $500K on it, I wouldn't be shocked.
If I could have it for $350K, I'd think about it.
More likely, someone will pick it up for $400K - $450K or so. Maybe a smart contractor will bid low and flip it.
Yeah the proximity to Balboa is not anything to underestimate. With that said everything you mentioned is pretty easy, even the drywall. Did you get a look at the footing? Any cracks anywhere?
Submitted by sdnativeson on May 26, 2008 - 9:18pm.
In the mid 3's? LOL. so much for "fundamentals". It's not worth that now and won't be in another year IMHO.
Some neighborhoods in Clairemont (some above the 52 and farther west are nice and can warrant a higher digit but the mount streets? Not much more than a decade ago houses were well under 200 in most of those Mount neighborhoods. I know, I know, its not the same, times have changed etc. but most of Clairemont hasn't changed, for the better.
In the fours and fives it's way beyond the middle, lower middle class area it started out as. The lot sizes on a majority of those homes are far smaller than this place (not much room to grow beyond up).
That all aside I guess someone could get off an having the
most expensive house in this neighborhood.
Good input sdduuuude,
I like this property.This is the ideal rehab property. It is bad enough that only someone with a little money, skills and time can handle it and it is a perfect rent and hold property. It is still priced too high. Maybe the premium for the big yard will hurt the accounting on this one as a rental. Maybe not.
Hopefully we get to where these(with any size lot) are closer to 200k and sitting around with some market time.
Like SDR said there will be more of these and eventually they will be sitting out there rotting with hardly any competition...or at least I hope so.
While you may have dreams of a lower market, which may come eventually, you aren't in touch with current reality of the actual market.
Comps on 3/2 1200 sq. ft houses in the neighborhood easily put a non-trashed house in this area at $450K. With a huge lot, on a canyon, adding $100K to that isn't out of the question. Here's a similar-sized house on a tiny, near-canyon lot that sold for $500K in Jan.:
I think it's a better flip than a rent and hold. I'd rather get out of it quickly - before Summer ends - as I suspect there is still room to fall in this area, especially on the canyon lots.
I look at the canyon lots in Clairmont as almost a different market from the non-canyon lots.
The standard clairemont Mt. Street home (3/2, 1250 sq. ft on a 5-6,000 sq. ft lot) has come down quite a bit - maybe 15% from $525K or so. But the canyon lots are behaving more like Carmel Valley than Temecula and have been retaining their value a bit better and there aren't many up for sale either.
Submitted by sdnativeson on May 27, 2008 - 10:08am.
sdduuuuude, You're right it is a dream of mine. I think I am in touch with the current market though. I am perfectly cognizant of what is taking place, agreed, my perception will differ from others.
Having said that, sorry, but I won't accept (me, myself won't, can't ) Clairemont Mount streets as upper middle class, lower wealthy class(don't really know how to put it) in value.
A lot is bandied about here about market "fundamentals" fact is, a significant portion of San Diegans one - don't make close to 100k yearly income, two - don't have large cash reserves sitting around.
Seriously, I am sure I'll be reading that Paradise Valley is really paradise, Spring Valley is aptly named as it is perpetually springtime and garden like, and Lakeside will be Rancho Mirage West.
About the flip, maybe so. I thought about that. I think at first, about a year from now, I will target buy and hold and hope to be an "accidental flipper" in the cases where things go really well. I don't mind forcing a property like this to cash flow with down payment and sweat equity.Hopefully, better deals come along though. I would like a house in Clairemont for the future. Well anyway, we have to see what this and future fixers go for.
Rustico - a year from now, maybe two makes more sense.
Also, this would be a better place to live than to rent out. I don't think you get the "canyon premium" rent that you do when you buy so you pay extra to buy the canyon lot but don't get the rental income back out of it.
Would be nice to see two or three of these sit for a while before getting offers. Then again, it's a little close to home for me - literally - and one at a time is enough !
Dying to see how much someone paid for this one, and to see if those other new prudential listings are REO.
Must have been good if the agent put it into escrow already and isn't waiting for something better.
Submitted by detourbeach on May 27, 2008 - 1:30pm.
I offered a good chunk of change more than the list price, but less than what the neighbors are appraised for (mid 400's). It will cost 10k just to make it "liveable" (cleaning, carpet, kitchen work, and interior paint).
I'm looking for a place to live in and rent out the other rooms so this property was ideal for me.
I'll have to keep offer price private for now so i don't get "Price is Right'd" and someone submits an offer $1k more than mine.
I'll be happy to post my offer and if it was accepted or not when I find out. They received multiple offers and will be announcing the winning buyer within 7 days.
Submitted by SD Realtor on May 27, 2008 - 11:01pm.
So let's see...
When sellers price a home to high, they are aholes for pricing in a ridiculous manner... When sellers price to low then they are aholes for pricing aggressively to promote a bidding war...
Personally I would much rather have a seller who is willing to price low then one who is not.
Submitted by HomeBuilder on May 28, 2008 - 12:01am.
This house is a complete mess, unpermitted electrical, Toxic Chemicals, (Containers of nitric acid, hydrocloric acid, & contaminated oil,plus several other unidentified liquids) mold and original tile that needs to be tested for asbestos. It does have a large lot but considering it is almost a complete gut it should sell around 300. The houses in the area selling for 450 have significant upgrades.
Some first time flipper (I saw plenty of them there Saturday) will probably bid it up and end up losing his shorts when he sells.
There should be some more REO properties in Clairemont coming to the market this summer.
It's not rebid, it's called highest and best offer and all banks do it whenever there is a multiple offer situation. Bank then looks at best offer, may not always be price, then decides which to take and that's it. No crap.
For those who don;t know what pent-up demand is, this is a demonstration. At the right price there appears to be plenty of demand.
What a bunch of crap they are pulling on this sale...
What if every house in the Clairemont Mount Streets was priced in the 350K range ? Isn't that what you want ?
I saw this property and I think 2828 Deerpark was a better deal, in better condition (just outdated) and if you add a second story, a full on bay view. I got a letter from the realtor saying 456k was the highest bid and if I was interested in going higher to let him know b/c he was putting in the package to bank.
I was not interested in getting into a bidding war. I will let this person buy and bring down the comps. 2828 Deerpark was going to foreclosure 5/27. There are NODs in the area. Realtor/owner has one on Deerpark listed for a very long time in same condition for 615k. I think he may want to reconsider that price after this sale goes through. There is also a bank owned on that street that is not in the MLS yet.
I still think of Clairemont as median neighborhood and median should go for 350k max, maybe 400-450k for canyon - and I mean canyon, not Balboa. That's JMO. From the inventory that is out there, I'm hoping that the decline in prices will continue to that point. Anyone who is foolish enough to get in a bidding war on this Mt. fixer deserves the punishment for it later.
As far as flipping, were the credit standards loosened? Who is going to buy? Is there a burning desire for upper income people to live in Clairemont? I thought the upper income all wanted to live in Carmel Valley/4S Ranch.
Maybe investors buying w/the intention of renting. If that's the case, I don't think the numbers add up on ROI.
Submitted by detourbeach on May 28, 2008 - 8:43am.
It's a bunch of crap because they said EVERYONE REBID without giving any information except there is a bunch of people bidding. Did everyone try to lowball it the first time thinking they would be the ONLY bidder? C'mon, you have to bid knowing there will be alot of people bidding.
It's just a little game the bank is playing to screw with everyone and make them bid happy. They should have just put the house on Ebay.
jpinpb - I agree that Deerpark and Bay Park in general is superior. At 456K, that's a pretty good deal. I think the donwside risk is fairly limited for that buyer. IMO, maybe a bit less than 400K for those places would be the most downside I can see from here. This is an area that has consistent ocean breezes, close to everything in central coastal SD, a move-up neighborhood relative to Mira Mesa and Clairemont. Pretty decent Bay/Ocean view potential.
I know it is frustrating to compete with alot of bidders. That is the way it goes. You can either choose to compete or not compete. Nobody forces you to do either yet you make it sound like someone is making you bid on the home which they are not.
Your prerogative as a buyer is to set your own boundaries and act accordingly. Your budget and the way in which you bid in no way should depend on the presence of other buyers. As a buyer your budget will dictate what you want to spend, not what any seller is telling you that you HAVE to spend to compete for a home.
If you don't like it, don't bid.
It is not a game the bank is playing. It is a game ANY seller would and should play. If people all priced homes in an UBER competitive manner we would find a bottom of a market much faster then we do when people take a year to finally figure out that they need to price in a competitive manner.
Finally, this is how the landscape plays out for properties like this. I am encountering this in ANY submarket where there are homes priced very aggressively. It is frustrating to deal with these scenarios as a buyer but over time you will get used to it. If you don't want to rebid, don't rebid and tell them you are sticking with your initial offer and see what happens.
Am I reading the sales history correctly? Someone bought it last month for 397k now selling it for 282k? Must have something major wrong w/it.
That was the trustee sale conveying back to the bank. Amy Green is the listing agent from Prudential and she has a ton of listings. Aggressively priced but man it looks like a ton of work. Also more like this should come up over time.
SD Realtor
SDR - Thanks. That explains it. You are right. That does look like a ton of work for sure.
Looks like it should be knocked down. But hey, for those people that want a large chunk of land, it's one of the few large cul de sac lots right now.
remember this one?
http://bubbletracking.blogspot.com/2006/...
the flipper in question paid $465,000 for a pretty bad fixer back in 2006. basically $200k off peak.
It isn't even a very large chunk of usable land.
With a steep slope and a 55 MPH street to the rear, it isn't all that.
If this were on a nice quiet Clairemont canyon instead of Balboa Ave. that would have sold for about $650K in 2005.
I'll be surprised if this doesn't get bid up quite a bit, though, from the asking.
If I get a chance, I'll stop by and check it out.
P.S. There are 3 prudential listings in those Mt. Streets NothEast of Balboa/Genesee that have signs but not in Redfin. All are Prudential and came on the market at the same time. Wondering if they aren't all REOs.
dude they may indeed be reo's. Many times brokers will post signs on REOs prior to listing them because they are waiting on the lender to give them the listing price. In some cases there may be signs out for a few WEEKS before the lender sends the listing agent the price. It is a way for the listing agent to get leads and generate interest while they sit and wait for the slowpoke lender to get off the shnied.
Also Redfin is no different then ANY other on line posting site for MLS listings such as Realtor, Zip, SD Lookup, etc... Like anyoen else they get the information from IDX and put thier wrapper around it.
SD Realtor
Hooo Boy.
Stopped by today. Pretty bad news going on here.
The best news was that the noise from Balboa Ave wasn't too bad. Balboa was 50 or 100 feet below the house level so the back yard shielded the noise to the house quite well. Even outside, it was barely noticable.
A great lot, actually. Lots of space to expand the house, and plenty of space to get away from the neighbors.
There was a lock box on the front door, but other looky loos were already inside - I guess the back was open. Or maybe they climbed in the busted window in the back.
The back was a dirt lot covered in junk - including a weight machine, a door from a 1970's beetle, clothes, and probably two or three 5-yard dump truck loads of other stuff.
The inside was extremely messy. Clothes and bottles of daily use stuff (shampoo, detergent, toothpaste, etc.) laying everywhere. Gross carpet of various colors. Dirty, dirty, dirty. Call it another dump truck load of crap. Maybe two with the carpet. I can't imagine how so many clothes could have fit in the closets. So many clothes.
Looks like they had a "going away" party before they left. Any and all were invited to write whatever they wanted on the walls before they left.
Looking in through the windows, one would expect it to smell terrible, but it didn't smell at all. That is to say - I don't think anyone went to the bathroom anywhere they shouldn't have and no bacteriological nastiness to see.
For the most part, the drywall was in-tact, except for a couple of holes in the ceiling. This mess is a good opportunity to rip out all the drywall to expose and inspect the studs, then insulate the whole house and re-drywall.
I think the most costly problem could be water-caused holes in the drywall around the tub.
These houses were built well with fir lumber so I doubt there are structural problems - unless there is a termite problem that has been neglected for a long time. The facia was looking pretty bad, though. And it looks like they used 1x stock for the facia instead of 2x.
If a nice house with real landscaping resided on this lot, it could see it selling for $550K - $575K in today's market.
I could see a flipper spending way too much on this - A dumb flipper might dream of a $600K sale and imagine a $50,000 budget to get it all fixed up. If an idiot spent $500K on it, I wouldn't be shocked.
If I could have it for $350K, I'd think about it.
More likely, someone will pick it up for $400K - $450K or so. Maybe a smart contractor will bid low and flip it.
Yeah the proximity to Balboa is not anything to underestimate. With that said everything you mentioned is pretty easy, even the drywall. Did you get a look at the footing? Any cracks anywhere?
SD Realtor
In the mid 3's? LOL. so much for "fundamentals". It's not worth that now and won't be in another year IMHO.
Some neighborhoods in Clairemont (some above the 52 and farther west are nice and can warrant a higher digit but the mount streets? Not much more than a decade ago houses were well under 200 in most of those Mount neighborhoods. I know, I know, its not the same, times have changed etc. but most of Clairemont hasn't changed, for the better.
In the fours and fives it's way beyond the middle, lower middle class area it started out as. The lot sizes on a majority of those homes are far smaller than this place (not much room to grow beyond up).
That all aside I guess someone could get off an having the
most expensive house in this neighborhood.
Good input sdduuuude,
I like this property.This is the ideal rehab property. It is bad enough that only someone with a little money, skills and time can handle it and it is a perfect rent and hold property. It is still priced too high. Maybe the premium for the big yard will hurt the accounting on this one as a rental. Maybe not.
Hopefully we get to where these(with any size lot) are closer to 200k and sitting around with some market time.
Like SDR said there will be more of these and eventually they will be sitting out there rotting with hardly any competition...or at least I hope so.
multiple offers on it already.
sdnativeson,
While you may have dreams of a lower market, which may come eventually, you aren't in touch with current reality of the actual market.
Comps on 3/2 1200 sq. ft houses in the neighborhood easily put a non-trashed house in this area at $450K. With a huge lot, on a canyon, adding $100K to that isn't out of the question. Here's a similar-sized house on a tiny, near-canyon lot that sold for $500K in Jan.:
http://www.redfin.com/CA/SAN-DIEGO/4621-...
Here's one for ya that closed last month. Sure, it's a greater fool, but it shows the potential of a flip here.
http://www.redfin.com/CA/SAN-DIEGO/4501-...
So, back out $100K for remodelling and $35K for closing costs and will probably go for > $400K to a flipper.
I put an offer in on this house on Saturday.... ;)
Rustico,
I think it's a better flip than a rent and hold. I'd rather get out of it quickly - before Summer ends - as I suspect there is still room to fall in this area, especially on the canyon lots.
I look at the canyon lots in Clairmont as almost a different market from the non-canyon lots.
The standard clairemont Mt. Street home (3/2, 1250 sq. ft on a 5-6,000 sq. ft lot) has come down quite a bit - maybe 15% from $525K or so. But the canyon lots are behaving more like Carmel Valley than Temecula and have been retaining their value a bit better and there aren't many up for sale either.
sdduuuuude, You're right it is a dream of mine. I think I am in touch with the current market though. I am perfectly cognizant of what is taking place, agreed, my perception will differ from others.
Having said that, sorry, but I won't accept (me, myself won't, can't ) Clairemont Mount streets as upper middle class, lower wealthy class(don't really know how to put it) in value.
A lot is bandied about here about market "fundamentals" fact is, a significant portion of San Diegans one - don't make close to 100k yearly income, two - don't have large cash reserves sitting around.
Seriously, I am sure I'll be reading that Paradise Valley is really paradise, Spring Valley is aptly named as it is perpetually springtime and garden like, and Lakeside will be Rancho Mirage West.
sdduuuude,
About the flip, maybe so. I thought about that. I think at first, about a year from now, I will target buy and hold and hope to be an "accidental flipper" in the cases where things go really well. I don't mind forcing a property like this to cash flow with down payment and sweat equity.Hopefully, better deals come along though. I would like a house in Clairemont for the future. Well anyway, we have to see what this and future fixers go for.
detourbeach,
The house went pending. Was your offer accepted?
Rustico - a year from now, maybe two makes more sense.
Also, this would be a better place to live than to rent out. I don't think you get the "canyon premium" rent that you do when you buy so you pay extra to buy the canyon lot but don't get the rental income back out of it.
Would be nice to see two or three of these sit for a while before getting offers. Then again, it's a little close to home for me - literally - and one at a time is enough !
Dying to see how much someone paid for this one, and to see if those other new prudential listings are REO.
Must have been good if the agent put it into escrow already and isn't waiting for something better.
Hey beachy, what did you offer ?
I offered a good chunk of change more than the list price, but less than what the neighbors are appraised for (mid 400's). It will cost 10k just to make it "liveable" (cleaning, carpet, kitchen work, and interior paint).
I'm looking for a place to live in and rent out the other rooms so this property was ideal for me.
I'll have to keep offer price private for now so i don't get "Price is Right'd" and someone submits an offer $1k more than mine.
I'll be happy to post my offer and if it was accepted or not when I find out. They received multiple offers and will be announcing the winning buyer within 7 days.
30 offers!
I got notice today that they received 30 offers on the property and are letting everyone "rebid" one more time...
What a bunch of crap they are pulling on this sale...
So let's see...
When sellers price a home to high, they are aholes for pricing in a ridiculous manner... When sellers price to low then they are aholes for pricing aggressively to promote a bidding war...
Personally I would much rather have a seller who is willing to price low then one who is not.
I fail to understand why this "a bunch of crap"
SD Realtor
This house is a complete mess, unpermitted electrical, Toxic Chemicals, (Containers of nitric acid, hydrocloric acid, & contaminated oil,plus several other unidentified liquids) mold and original tile that needs to be tested for asbestos. It does have a large lot but considering it is almost a complete gut it should sell around 300. The houses in the area selling for 450 have significant upgrades.
Some first time flipper (I saw plenty of them there Saturday) will probably bid it up and end up losing his shorts when he sells.
There should be some more REO properties in Clairemont coming to the market this summer.
It's not rebid, it's called highest and best offer and all banks do it whenever there is a multiple offer situation. Bank then looks at best offer, may not always be price, then decides which to take and that's it. No crap.
For those who don;t know what pent-up demand is, this is a demonstration. At the right price there appears to be plenty of demand.
What a bunch of crap they are pulling on this sale...
What if every house in the Clairemont Mount Streets was priced in the 350K range ? Isn't that what you want ?
I saw this property and I think 2828 Deerpark was a better deal, in better condition (just outdated) and if you add a second story, a full on bay view. I got a letter from the realtor saying 456k was the highest bid and if I was interested in going higher to let him know b/c he was putting in the package to bank.
I was not interested in getting into a bidding war. I will let this person buy and bring down the comps. 2828 Deerpark was going to foreclosure 5/27. There are NODs in the area. Realtor/owner has one on Deerpark listed for a very long time in same condition for 615k. I think he may want to reconsider that price after this sale goes through. There is also a bank owned on that street that is not in the MLS yet.
I still think of Clairemont as median neighborhood and median should go for 350k max, maybe 400-450k for canyon - and I mean canyon, not Balboa. That's JMO. From the inventory that is out there, I'm hoping that the decline in prices will continue to that point. Anyone who is foolish enough to get in a bidding war on this Mt. fixer deserves the punishment for it later.
As far as flipping, were the credit standards loosened? Who is going to buy? Is there a burning desire for upper income people to live in Clairemont? I thought the upper income all wanted to live in Carmel Valley/4S Ranch.
Maybe investors buying w/the intention of renting. If that's the case, I don't think the numbers add up on ROI.
It's a bunch of crap because they said EVERYONE REBID without giving any information except there is a bunch of people bidding. Did everyone try to lowball it the first time thinking they would be the ONLY bidder? C'mon, you have to bid knowing there will be alot of people bidding.
It's just a little game the bank is playing to screw with everyone and make them bid happy. They should have just put the house on Ebay.
jpinpb - I agree that Deerpark and Bay Park in general is superior. At 456K, that's a pretty good deal. I think the donwside risk is fairly limited for that buyer. IMO, maybe a bit less than 400K for those places would be the most downside I can see from here. This is an area that has consistent ocean breezes, close to everything in central coastal SD, a move-up neighborhood relative to Mira Mesa and Clairemont. Pretty decent Bay/Ocean view potential.
Detourbeach -
I know it is frustrating to compete with alot of bidders. That is the way it goes. You can either choose to compete or not compete. Nobody forces you to do either yet you make it sound like someone is making you bid on the home which they are not.
Your prerogative as a buyer is to set your own boundaries and act accordingly. Your budget and the way in which you bid in no way should depend on the presence of other buyers. As a buyer your budget will dictate what you want to spend, not what any seller is telling you that you HAVE to spend to compete for a home.
If you don't like it, don't bid.
It is not a game the bank is playing. It is a game ANY seller would and should play. If people all priced homes in an UBER competitive manner we would find a bottom of a market much faster then we do when people take a year to finally figure out that they need to price in a competitive manner.
Finally, this is how the landscape plays out for properties like this. I am encountering this in ANY submarket where there are homes priced very aggressively. It is frustrating to deal with these scenarios as a buyer but over time you will get used to it. If you don't want to rebid, don't rebid and tell them you are sticking with your initial offer and see what happens.
SD Realtor