[quote=sdrealtor]Every house I selling in MM has multiple offers on it. Those are bidding wars and they are everywhere. You are looking backward whereas I see the present and whats ahead. It aint pretty if you are a buyer.
I just stopped by Sorrento Heights. They released 13 homes that are probably the worst locations they have and sold 7 already. Most of the early buyers defer waiting for better locations. They will all be gone in a week or two. Those are houses with MR (the only ones in that area that have them) and HOA (most dont have them and certainly not this high) priced well over $100K above existing home resales.
The market has already turned and you will pay more the longer you wait. Not alot more quickly but more than you could have paid. You will face tougher competition and the quality of the inventory isnt as good. Anything good (like Winans Cove) got 10+ offers in a weekend and went all cash, above ask with no contingencies. You cant compete with that.
Good luck…..
BTW, a house selling within $5K of asking is basically at asking and the difference is usually some kind of concession or agent rebate.[/quote]
I understand what you’re saying here, sdr. Winans Cove was in exceptionally good condition – turnkey, in fact, with a larger lot and quality landscaping. The tracts built in the early 90’s forward are a far cry from the older tracts.
I would agree that MM is in an enviable location for access to good jobs. HOWEVER,
I have nothing against MM but the avg ’70’s/’80’s MM tract home there is what it is. Most have few walls (or “pony walls”) separating the rooms. The difference in floor coverings in these models are the only thing indicating a “change in room,” LOL. The “open floor plan” was very popular in that era. Acoustical ceilings abound and some are vaulted (some of these with beams covered with accoustical “knockdown”), making the material even more difficult to remove properly. Scaffolding is often needed to remove it from the vaulted two-story models, both in MM and PQ. The walnut/wrought iron stair railings there are very dated looking. IIRC, several tracts there were built with faulty PBT plumbing and dozens of properties there have had slab leaks. This all costs major money to correct for the new “investor.” In addition, most of the streets there are extremely crowded with parked cars.
It all “looks” enticing on the surface but my advice would be “caveat emptor” when considering a “rental quality” property purchase in MM (either SFR or condo). Before placing an offer (as a buyer) the first thing I would do is call my insurance agent and have them thoroughly check out the address on their big “computer in the sky” named CLUE :=0
