[quote=researcher9]To ljinvestor, Eugene et al,
Sorry guys, with all due respect … I think you are wrong on this. I hate to break your enthusiasm, but 6721 Camphor is not a deal/steal but a FRAUD. I dont say it as my opinion … I present to you the Hard Data.
This one is pretty close to me, as I have been trying to buy on Ocean View side of that street/hood for the past 2+ years … There is nothing under a Million there. Its the best part of 92011 … better than Bay Collection and most of Aviara.
Here is the Hard Data …
6744 is not a Comp to this one as it’s on Non-View side at a much lower street. Not even in the same hood.
Same goes for 1202 Mariposa.
Difference in View side (West) and Non-View side (East) on Camphor and Barberry is 200-300K+.
If you want to see the True Comps … watch out for 6707 Barberry (Sit Down Pano Ocean views but still not as great as they are from the Camphor Pl). Listed for 1.4 Million on Dec 12 and went pending in just 2 weeks. That computes to $421/sqft.
Another possible Comp is 1278 Veronica sold for 1 Million+ in May 2010 at $301/sqft. Again not a True Comp but can be considered.
Remember Ocean View Properties can not be Comped with Non-Ocean View … why .. Because I am trying to buy one for $850k for the past 2+ years and could not find anything decent in 92011.
Back to 6721 Camphor … called the Listing Agent (who btw also happens to be some RE Legal/Attorney type) … Wanted to put in the offer but was told “already accepted and locked one in … Not accepting any backup offers” … Reminded her that it’s not ethical to represnt both sides while shorting the bank, neighbourhood and other potential buyers. Was told in a lawyer speak …. “Its OK to do it by Law and legally an agent can represent both sides … Ethics are well Non-technical stuff and its nice to have those too”.
How many times have you seen a deal that looks like this …
Active -> Contigent -> Pending –> “Changed Price while pending” –> Sold.
Lesson learned … if you want to get the “Deal” … join them … there are many out there representing both Seller’s side and Buyer’s Side in a short sale.
Another example from the nearby hood is 1278 Mariposa .. Lost on that one too … learned the same lesson there too.[/quote]
The same seems to be going on the College Area. There are quit a few places that are/were obviously mini-dorms (5+ Bd) that are listed, immediately contingent, and follow the same pattern as written in your post. I had a friend in the RE business tell me that he thinks one property owner/investor/landlord is listing the properties only to have a business partner put in a short sale offer. They take the property from one of their hands and place it in another, so that they can get out from under the large mortgage initiated back in 2004-2006. I guess it’s one way to get over on the banks, but that doesn’t make it ethical. They should know that two wrongs, don’t make a right. Yet another example of unethical real estate goings-on.
