[quote=jpinpb]I think this flip qualifies as out of the ballpark. 3829 Texas. Not the best area. Overpaid for the fixer in May for 385k. After a little sprucing lipstick-on-a-pig, asking 590k, $599 psf. Median ppsf in 92104 is about $400. How it’s even going to appraise is a mystery to me. 200k more and it’s near the gas station.
The other one in 9104 that I think is quite optimistic is 3806 Villa Terrace was a fixer listed for 275k. Someone overpaid in March and bought it for 320k. Now trying to sell for 599k. PPSF: $586
I feel like I fell in some 2005 time machine.[/quote]
Uhhh no.
Both of these might qualify as overly optimistic.
However they are well within the range of possibility.
For those that do not know, this is an area of North Park that is often more coveted than Hillcrest.
Finding anything with 2 bathrooms for less than 600 is rare.
If you go 5 blocks south, the properties jump to over a million (maybe 750 for a fixer).
The criteria are:
East boundary: 28th St
West boundary: Florida St
North boundary: University
South boundary: Upas
Room count: min 2 bath
Min sqft: 1000
Max sqft: 1500
The only property sold low is the property on Villa Terrace you mentioned. It was missing part of the floor. That means it probably could not get financing. That is probably why it sold for all cash.
You took the 2 cheapest sales in Morley Field (both of which were serious fixers) and said that the resale was unrealistic.
I disagree.
They may not get what they are asking but I doubt they are more than 10% off.
