[quote=AN]bearishgurl, I guess you’ve never remodel a kitchen before. After doing mine, I can tell you for that size kitchen, depending on the appliances and cabinet and flooring, it can easily be $50k+. The RB house in in even worse shape. I would think it would take at least $100k to upgrade the kitchen, bathrooms, and flooring of that house to get to the same quality as the Shadetree house.[/quote]
AN, I HAVE remodeled kitchens before, but bought cabinets and appls at deep discounts, carried them home ourselves and installed them ourselves, with some intermittent professional and family help. I’ve only spent $5K to $15K at most, but this was also years ago and in all instances but one, just refaced cabinets but did not replace. And I have never installed granite.
No, I have never installed a subzero like Shadetree has (shortsale listing at Stonebridge). I have never had any use for a frig that big. And Shadetree has a large kitchen with a large island. In fact, the whole place seems like an airplane hangar to me. The master bath is so sterile, it reminds me of a doctor’s office.
I don’t think it would be worth it to invest $50K in a kitchen unless the property was located in an upscale-enough area to recoup that investment upon sale.
[quote=AN]Whether $361k-$516k will fix the problem is irrelavent. My point is that people like to pay for move in ready home and they’ll pay a premium for it. New homes are move in ready. You can’t really compare the two. I know that in term of value, buying an old fixer will give you bigger bang for your buck. But that doesn’t change what people want and what people are willing to pay a premium for.[/quote]
I don’t consider those two active listings in Poway and RB I provided to be “old fixers.” Poway is a little more dated than RB but is on a MUCH larger lot with more potential and possibilities. It might need some new appls, but DOES NOT need a kitchen remodel.
[quote=AN]BTW, I never mentioned ppsf. You seem to tell me to compare the whole package, yet you failed to do the same yourself. Whether you’d buy in Stonebridge doesn’t matter. It’s what the buyers who would that matter and what price they’re willing to pay. What you put as premium might not be what the buyers of these price range would put as a premium, and vice versa.[/quote]
My ppsf comment was not directed at you. It was directed at Piggs commenting that Stonebridge has a low ppsf. Even though the county assessor comps properties this way for assessed value, it is not the be-all and end-all. The assessor just has to justify it on paper for themselves. They do not visit it and don’t have to live in it.
Old v. new and the price (incl MR) is in the eye of the beholder. Different strokes for diff folks. The point we’re discussing here is if the 24-30 yrs left of MR (assuming those listed annual figures are correct) added to the price paid for the property make the MR property HIGHER or LOWER than a resale on the open market (with NO MR). So all we can do is consider comparable listings in the same school district, since that seems to be the main selling point of Stonebridge. There aren’t a lot of mcmansions on the market that have the square footage of and are comparable to Stonebridge. I maintain that sheer cavern-like square footage does not necessarily equal value and that the portion of buyers who would even need or could use that kind of space is minuscule.
[quote=AN]How much of a premium do you put on that view for the Shadetree house?[/quote]
AN, look at it again. The “view” out back of Shadetree is of NOTHING. Vacant hills filled with dry brush. So it is worth NOTHING. The backyard is a nondescript patch of sod with an upgraded square patio and fire pit. I had friends in an 1800 sf PUD in RB that had the EXACT same backyard setup as this house (but w/a better view). They sold it last year and moved out-of-state. The Shadetree house is a big, square box. The RB house has MUCH better curb appeal. Based upon the pics, RB’s very expensive garage doors along with its back and front landscaping, expensive pool/jacuzzi, the street views of the neighborhood and backyard view of the golf course is FAR superior to that of Shadetree. Its appliances are less than five years old. Shadetree has some built-in cabinetry in a couple of rooms, but RB has a pecan library. To me, the beautiful brick two-way F/P in RB is preferable to the prefab ones in the walls of Shadetree.
Mind you, I don’t golf and so wouldn’t want to pay the HOA to live in a golf community but Fairway Pointe (RB) looks to be a beautiful custom-home community, IMHO. The subject’s vacant lot was purchased in 1985 for $140K and the home was finished in 1987. These residents have access to “Bernardo Heights” amenities and FP is a very well-maintained for the $210 mo. dues.
Stonebridge consists of tracts of super-size mcmansions situated in a mostly undeveloped area where no sold comps exist to justify their asking prices.
