As an appraiser the sales I would be looking at would include:
– Montefrio Ct (2,533 4/3 w/pool @ $850,000 in late 12/2006
– Montefrio Ct (2,207 4/3 @ $820,000 in 02/2007;
– Cypress Del Mar (2649 5/3 @ $795,000 in 03/2007;
The oldest sale at the top is probably a better house all the way around – that pool might be worth about $20k, maybe more. The second house on the same street appears to be in similar condition to the first so it demonstrates the difference in living area. The 3rd sale at the bottom is a little more recent but is also apparently in inferior condition.
Because these sales are all a little more dated than I’d like to see I’d probably want to expand my search to include other nearby competing neighborhoods consisting of 1980s homes on small lots in subdivisions featuring homes no larger than 3,000 SqFt. I’d completely avoid the Cantamar project nearby – those homes are a lot bigger and nicer.
To the north of Del Mar Heights Rd, Landfair has some recent sales in the $850k – $910k ranges, but in looking back in time it appears that neighborhood has always sold for about 5% more that the homes in your friend’s neighborhood. I don’t see any differences in pricing there from late last year until now, but the data is kinda skimpy.
I don’t know what this property is worth but I have a pretty good idea of what it isn’t worth.
