4656 North Ave

User Forum Topic
Submitted by jpinpb on March 2, 2008 - 8:53pm

I had a somewhat demoralizing day. I'm on the verge of completely stopping to look until end of year. Everything I read and hear point to one direction for real estate, downward spiral. Except the sellers and banks refuse to accept that.

Today I came across this listing. http://www.sdlookup.com/MLS-086009106-46...

I thought I'd check it out. Few months ago I was looking at a place in that vicinity for 650k. I thought I could handle a fixer, get a less expensive place.

Well, I was pretty stunned that they want half a mil for this tinderbox. It pretty much was gutted completely inside. The back had chunks of the building missing.

The problem I have w/properties like this is that they are putting most of the value in the land. But this place would cost so much to repair, you would be just as soon better off to rebuild, except then you have to pay someone to demolish and remove the rubble, which is expensive, unless you just put a match to it.

Just made absolutely no sense. Somewhat flabbergasted. Anyone w/some spare time should drive by to see what half a mil will get you. Beyond laughable. I'm still stunned and just want to give up and throw in the towel. Just such a joke.

At the peak something sold for 650k. Thanks for letting me vent here.

‹ Land parcels - Encinitas 8280 Katherine Claire Ct, 92127 ›
If the listing says that
Submitted by robyns_song on March 2, 2008 - 10:38pm.

If the listing says that it's "basically a shell" (and knowing that listings like to sugar-coat things) why were you surprised to find it gutted? Also, the listing notes that the front of the house must remain...I'm not familiar with California historical designations or anything, but I would look into those things before thinking you can just demo a property and rebuild.

The listing explicitly states that the property is priced as land-only; if the property is gutted, why are you upset that the value is solely in the land? I'm guessing that your qualm is not that the value is placed in the land, but that the land is overpriced.

Yes, robyns. Looking back,
Submitted by jpinpb on March 3, 2008 - 8:51am.

Yes, robyns. Looking back, that is what I had more issue with. I might even be able to deal w/someone saying a 7k parcel in University Heights is worth 500k, but when you have to add in the cost to demolish, then it's a negative that in reality should be subtracted from what the land is worth. Thank you for understanding my little upset rant.

jpinpb, you're too emotional
Submitted by patientlywaiting on March 3, 2008 - 11:29am.

jpinpb, you're too emotional about wanting to own.
With this state of mind, you'll make a mistake that you'll regret.

Stop looking at houses and focus on the economy and the upcoming recession and save cash. When you're the only one with cash at the ready, that'll be the time to buy.

Right now, people are still hoping for a Spring rebound, then up and up from there. So look at listings only for entertainment value. Don't think you'll find anything resembling a good deal out there.

Thanks patiently. I am
Submitted by jpinpb on March 3, 2008 - 11:38am.

Thanks patiently. I am eager and my butt is getting sore sitting on the fence. I get divided at times. Mentally I refuse to cave in to the high prices. Then I just get tired of waiting, hoping to find something doable. Must stick to plan and be patient.