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4911 w mountain view dr - normal heightsUser Forum Topic
Submitted by sd_normal on July 9, 2009 - 12:46pm
http://www.zillow.com/homes/map/4911-w-m... this house in normal heights was on the market for about two weeks before it sold for 460k. I live across the street and was shocked. It had previously sold in 01 and 03, and when i saw the for sale sign go up, i was wondering whether it would go for the 01(290k) the 03(340k) or somewhere in between. Turns out it sold for close to the peak zillow price. I guess this is good news for me. but something seems kind of fishy...just look at the zillow chart. any ideas what happened here?
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That is very fishy. Could it be reflecting a trustee sale back to the bank for the amount owed?
How could ANYONE justify that price?
It's a real sale off of the MLS, it looks pretty legit for the area. From looking at the other closings on the street, it's not really overpriced. Of course, there's no way I would pay $460,000 for a 1/1 not on the beach.
this is a decent neighborhood - Normal Heights well north of Adams - lot size is 8500 SQFT so plenty of room for expanding the house or perhaps building additional units
price seems high but there are certainly properties with less potential than this one
Big lot for the neighborhood - but houses across the street are the ones with the view/canyon.
But - all you need is one buyer to pay the ticket.
This is exactly why I'm leaving San Diego. How can anyone justify close to half a million bucks for a 744-sf 2/1? I'd rather have to deal with the seasons and not be a slave to my mortgage. Just my $.02
People in NYC would think 1/2 a mil for a 744 sq-ft 2/1 is a steal :-D.
Yes, if you believe Zillow it has appreciated 130,000 in the last 30 days,come on! That's why I don't believe a thing Zillow says,unless it says my house just went up 31,000 in the last 30 days, then I believe it (sarcasm).
something to note, it closed at PPSF: $618!!!! just insane
You don't even have to leave too far ... fifteen miles in any direction and half a million bucks get you a four times bigger house.
It must have been a cash buyer and no bank appraisal was necessary.
The buyer probably got frustrated with not getting other houses they may have bid on and then in the frenzy of things offered way too much.
If so, not a very smart buyer.
Just a theory.
I doubt City Heights is 15 miles away. If you think about it, L.A. and S.D. are full of desirable pockets located just a few miles away from not-so-desirable hoods.
It seems excessive, but good-condition 2 bedroom Craftsmans go for 700-800 in North Park and Normal Heights. Not that this place is great curb appeal.
That's exactly my point. No curb appeal, small and old homes that need work, small lots, no view...I don't see the rationale behind paying that much money for what you get.
There's a show on HGTV called 'What You Get for The Money'. They pick a price and look at different markets around the country. Puts everything into perspective, for me at least.
They are paying the premium for "walkability" which for some people ends up near the top of their list when searching for a home. There's a lot to be said for the ability to walk 5 minutes to restaurants, bars, coffee shops, grocery stores, etc. So while the house may be "meh," the location is great with tons of stuff along Adams Ave.
Those of us who enjoy a walkable neighborhood have the opposite view of many in this thread -- why pay all that money to have to live out in the boonies where I need to hop in the car and drive for 15 minutes to pick up a 6-pack of beer?
There's a show on HGTV called 'What You Get for The Money'. They pick a price and look at different markets around the country. Puts everything into perspective, for me at least.
In enough people's minds the neighborhood is the winner of the process of calculating the trade-offs we all make with our housing/life style budgets.
Like some have said this deal doesn't look bad if leaving catastrophic thinking out of the picture. Not saying catastrophic thinking is wrong or right, but it is apparently not controlling the price of this property in real time.
Having lived in San Diego since 1980, Normal Heights from 1985 to 2005 and California all my life, I can sort of see it compared to the choices available to someone or some couple wanting to live in California, close to an urban core,urban entertainment options, urban people, urban job sites, one of the world's best climates, beaches ect. These little houses do look very expensive to me knowing how they are basically shacks and with a not so distant memory of 100-150k actually representing some decent buying power here.
Prices are pretty sticky since peak too though,especially compared to the appreciation this hood had.It makes some sense to me. Relative to population growth, detached housing stock in the urban areas had decreased somewhat dramatically and the mariginal or previously marginal neighborhoods,sandwhiched by better areas, gentrified.Generally speaking, much stronger hands bought here and want to buy here, compared to say Encanto just to the south.