[quote=bearishgurl]AN, it is obvious here that those 2003 buyers sunk a lot of $$ into it in the form of rehab costs. Thus the 2007 sold price of $925K (factoring in possible “easy mtg $$” and costs of sale).
It is clear from the recent sale price that some “very motivated” sellers either took a huge loss as to their OWN cash or it was a “short sale.”
I wouldn’t be surprised if the 2003 owners sunk 100K+ into the property in materials alone in ADDITION to labor costs and sales costs.
In spite of being “close” to the rising path, Plum is ONE of the BEST STREETS in Fleetridge.
AN, if you believe you will be able to get something for “mid to high $500k” in that hundred block on that street, it will either be a very heavy fixer or a razed view lot. And good luck to you!
A very interesting and unusual property with excellent curb appeal, jp! Thanks again for sharing this good buy!![/quote]
This is what the listing said: “Luxurious Point Loma home with extensive remodel the last three years…”. Last I checked, 3 years ago was 2008, which would mean the buyer who bought in 2007 did the remodeling, not the buyer who bought in 2003.
Where do you get the $100k+ from? Got data to back that up? I have to call BS on $100k+ in materials. I have first hand experience in buying materials of those quality for a house that’s bigger and have one extra bathroom and I can tell you it’s FAR from $100k+ in materials, unless they overpaid for everything.
Did this street got 20% better between 2003 and 2011?
