I live in the neighborhood where this house is located, have examined this empty house from the outside and have peeked in the windows.
This house has no garage, a very small yard, no view, and it looks like not much has been done since it was originally built. All in all, it is in need of a serious renovation.
So why, the $640,000 asking price?
To me, this seems like the perfect house for a first-time home buyer, young professional, who is willing to put in some leg work.
It has already been on the market for 164 days.
Can anyone make sense out of this asking price? I am thinking about making an offer on this.
Beats me, California Dreamin’, magical thinking or maybe too many long hits on the bong. Looks like they are a long time owner too judging by the whoppping $425 dollars they paid in property taxes last year.
The facts are it started at 700k. It is now at 600-640k. The mortgage recording history is a 220k mortgage in 1990 and another 64k in 2004. I guess you could run a comp analysis to see where it falls in the solds comps.
Personally I wouldn’t touch it unless I could get it to pencil out as a rental regardless of what the comps were.
I haven’t done any type of mathematical analysis on this property, but I could sleep at night if I bought this property for $350,000.
That seems reasonable to me considering the neighborhood, condition/age of the house, and the way the market is heading.
If that house was in Minnesota, I would make an offer of $130,000 to $150,000. Based on that logic, is the premium to live in San Diego $500,000 (since the listed price is $640,000)??
From a lay person’s prospective, it seems like a big deal to me that the house is currently empty, and has been for some time. Obviously, someone is carrying the property, but they don’t have the luxury to take it off the market and continue to live in it while they wait for better times.
It’s a big house for the neighborhood… almost 2000SF, where the typical house has about half that. That drives up the $/SF calculations in this area.
However, I think this person got over-inspired. North of Adams, perhaps, where larger homes are at a premium, but this neighborhood is best described as “transitional”… OK if people think the transition is going their way, but in these troubled times, they may think it’s as likely to stay the same quality or even devolve, so I think they’ll have to wait for someone willing to pay for the extra space.
500 of those square feet appear to be in a craptastic add-on family room… It was still a good size before this was added, but the net effect actually lowers value in my (and I would think most people’s) opinion.
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