“$534k for a 2/1 under 1000 feet? I’d say that the MH premium is still rather high. Nice kitchen…from the 70’s.
The built-ins are nice but there’s no way I’d pay that much for that place.”
This place closed during the tax credit frenzy so I would say it is not unreasonable that something this would be selling for 450k before this is all over. I guess the point I was trying to make is that mission hills is kinda tanking right now and I would definitely not pay 550k+ for a house in NP a block away from University near a gas station with a 10k home depot kitchen thrown in. See for example,
The place on Montecito sold for 300k in 1990 which was the peak of the last bubble but interest rates were also 8-10% so when you factor in the difference in rates the payment is pretty much the same.
As far as the mission hills premium, there is a pretty close house match in north park on Granada that sold for 495k late last year
So maybe there is a 10-15% premium right now for north mission hills. Personally I would pay that premium and get a fixer. You can always fix the house.
