[quote=sdrealtor]WTF? How do you know what a property in Malibu is worth? $1M could be a steal for land value for all we know. It is so far outside our view it is irresponsible to make comments like you but then again thats what you do. Ready fire errrr …..aim?[/quote]
egads, we have our “resident wino” on attack again :=0. You gotta ask yourself if he could ever find another Pigg to “troll behind.”
Glad I could be of “assistance” in opening your latest (albeit, now inebriated) “diatribe,” sdr!
I merely stated that “the vast majority” of buyers don’t want to deal with the work that some short-sale properties and REOs engender, what with the “squatting sellers/defaulting trustors” possibly stripping the place and/or escaping with their “valuables” and leaving their filth and whatever they don’t want, behind. This is “typical behavior” more often than not, the same as it is with an “escaping tenant” who is behind in their rent and about to be evicted (and even an evicted tenant, lol).
I NEVER stated that this property “as-is” (or even the lot it sits on) wasn’t worth $1M! I am familiar with that beach and am headed back up there next month with one of my kids.
What I DID state is that it takes a certain kind of buyer, no matter where and what price range, to purchase a heavy fixer or a heavy cleanup project. The vast majority of buyers are turned off by a project such as this and will walk out of it, even if it is in their price range.
It appears this particular seller hasn’t spent any money in needed repairs/improvements in many years. However, it has obviously been successfully used for its owner’s “ATM machine” due to its “superior location.” Hence, the “short sale” earlier this year. Hail to the “drive-by appraisal” of recent years, lol! I wonder how “short” his/her lenders were finally paid in April of this year :={
