I saw this property and I think 2828 Deerpark was a better deal, in better condition (just outdated) and if you add a second story, a full on bay view. I got a letter from the realtor saying 456k was the highest bid and if I was interested in going higher to let him know b/c he was putting in the package to bank.
I was not interested in getting into a bidding war. I will let this person buy and bring down the comps. 2828 Deerpark was going to foreclosure 5/27. There are NODs in the area. Realtor/owner has one on Deerpark listed for a very long time in same condition for 615k. I think he may want to reconsider that price after this sale goes through. There is also a bank owned on that street that is not in the MLS yet.
I still think of Clairemont as median neighborhood and median should go for 350k max, maybe 400-450k for canyon – and I mean canyon, not Balboa. That’s JMO. From the inventory that is out there, I’m hoping that the decline in prices will continue to that point. Anyone who is foolish enough to get in a bidding war on this Mt. fixer deserves the punishment for it later.
As far as flipping, were the credit standards loosened? Who is going to buy? Is there a burning desire for upper income people to live in Clairemont? I thought the upper income all wanted to live in Carmel Valley/4S Ranch.
Maybe investors buying w/the intention of renting. If that’s the case, I don’t think the numbers add up on ROI.
