This thread caused me to take another look at 92106/92107 active SFRs (and some solds) today. I was shocked at what people paid in the last ten years for some of those properties and then invested in the permitting process/expense and often $100K to over $200K in repairs, upgrading and/or remodeling, only to dump the property back on the market in 2010 and often sell the property +=-10% of their original purchase price – before any work was done! Even properties with 180-degree or greater views!
A good portion of these listings had photos showing playsets in the yard, kids rooms, etc. I guess many families are having a difficult time holding on. And very few of them were short-sales/REO’s. They were obviously sellers attempting to get out before their situation worsened to those levels. Several had more than three price reductions since the end of summer.
The price/size ranges I was looking at were $550K to $1M and 1400 sf to about 3000 sf. There are a proliferation of very good listings in the $775K to $950K range.
I SO agree with hammer, except to also add Fleetridge, Roseville, Sunset Cliffs and Pt Loma Woods (if you don’t mind an HOA and are more concerned with a large flat lot than “view”) to the list. It’s a great time to make a deal in these two zips on the property of your dreams, if you are able to do so. You may find that you really don’t need to set aside any $$ for rehab or remodel as a previous owner (likely your seller) has already done the work!
And Piggs, don’t forget that SDGE is working burying fibre optic and other lines, currently in 92103 and the SFR portions of southern 92110. It is only a matter of time before they get to the western zip codes. I would venture that La Playa will be free of SDGE easements in about 5 years. So the vision of all your (my!) fav streets with the sit-down views of the harbor or whitewater/MB/LJ marred by SDGE poles/lines will be nothing but a dim memory in another 5-10 years. I have no doubt the elimination of these easements (which frequently appear on title) will increase the property values in these areas SUBSTANTIALLY in the future. As hammer said, there is no other place within the US which offers what Pt Loma does, for any price.
I don’t see these buying opportunities lasting much longer in this particular “niche” market – just enough time to take the “speculators” out of the game and retire all those pesky 2nds, HELOCs and NINA mortgages. Then it will go back to a “regular” market.
What an incredible era we are living in today, both frustrating and full of fantastic opportunities at the same time!!
