[quote=pemeliza]”The second, Pringle Hill listing is striking and the view is great for that area. The buyers who got that one for $650K were lucky.”
I agree, this is one of the best deals I have seen in a while but then again not that much is selling these days. The question is did the seller panic or has the market actually moved down to that level? Honestly I have been over the recent sales in the area and I don’t see anything resembling that deal especially when considering the view. In any market, it is always possible that a deal will happen at a below market price and that may be what happened here. They took $75k below their lowered asking price of $725k shortly after two large price reductions so they were obviously very motivated at the end:
Price Reduced: 08/02/2010 from $829,000 to $725,000
Price Reduced: 07/20/2010 from $899,000 to $829,000[/quote]
The pfl said the house had only had one owner, and it had passed down thru the family at least once. It’s possible it had no mortgage or just a small one to rehab it like the pics show. The seller was able to “meet its target market” because of low/no encumbrances, much like the free-and-clear heir.
A very nice job done on the floor/walls/kitchen etc, with attention paid to detail and preservation. Even the large pocket door in the living area looks like it still works!
This nearly 100 year old property could possibly be eligible for Mills Act property tax treatment (if SD was solvent enough at present to be accepting applications). There’s always that chance in a few years that SD would be taking applications again. Obviously, the previous owner(s), being protected by Prop 13, had no need for Mills Act treatment so didn’t apply.
Very good condition for its age, jpinpb. Thanks for sharing!
