First time poster- but this topic interests me. The first question I always ask when someone sells something that is worth 1.4m for 1.1 is what wrong with the deal? Second why would a owner give you 300,000? Did you do something special for him/her.. If not then I don’t think it’s worth 1.4m.. but this does not kill the deal.. the property is worth what you pay for it and will then re-adjust the area up or down to the level as you will be the best comparable and indicator of value.
That being said, I sold my ocean view home at the end of 04. When everyone thought I was crazy.. I also purchased it in 97 when everyone thought I was crazy.. So it’s your call and everyone elses to judge you.. results will show that a home with that kind of view will always have the awe-factor. The improvements you make and the ability to handle that cost will make up for or increase the loss of the initail purchase. So buy high or buy low but make sure improvements are quality and cost effective.. then the market will take over good or bad. But at least you have done the best you could.
If he is going to give you 300k make it 400k and it’s a deal.
If you don’t need the house this will show as a strength to the seller. I would also shop the area as I do and find a house with simular qualities that looks run down.. there are some over there espically when you make the left and go up the hill at the end of sunset cliffs.. plus less plane noise. Start calling the owners and see who’s ready to sell. If you can find another house that tickels your fancy you will get the orginal one at a lower price..competition works both up and down..
one beachhunters opionion.. I watched my house for 5 years before I purchased it out of a short sale.. but I am single with no kids. Renting sucks but today it’s the right thing to do.
