I think the Del Cerro Heights are a relatively undiscovered area that has some great view homes. The home you write about doesn’t have a city skyline view or sunset view which is what people want most up there. The house also has a lot of trees that block the view that there is (Tijuana). These trees are owned by the neighbor below so you can’t cut them down. The house itself has potential. It is owned by the original owners that built it themselves. There has been no updating but there is a lot of space and potential. It is overpriced for it’s current condition. There is also an ackward, ugly workshop built on one side and a “maid’s room” that was added on and is only accessible from the outside. The stairwell needs re-working – it is very claustrophobic. It has a nice sized, flat back yard. All that said, the house has some potential but would never earn the really “big bucks” because it doesn’t have the premium view that the rest of the street has. My idea of a fair price for this house is $725. I have owned a house in Del Cerro Heights and have been intensely watching this market for years. It has been extremely volatile in this market downturn. There have been at least two foreclosures (on Madra) in the last year. I would estimate that downturn to be 20-25% and I’m starting to think about investing again.
