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ocrenter.
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July 21, 2009 at 12:18 AM #435024July 21, 2009 at 1:50 AM #434436
pepsi
ParticipantThe deal seems to be for flipper only. The people who have $500K cash sitting around surely isn’t going to buy this for their primary residence.
And for that, with tenant still occupied, I wonder if the price is still good enough to generate meaningful profit with 2-3 months holding time and commission.
They will need to sell it for over 550K to make some reasonable return. If they can get $600K, then it might be some good bet.
Would someone spend $600K for that house after August (not the best time to sell a house) ?
Keep in mind that the next buyer would need about $200K to qualify for confirming loanThe most recent sales are:
10234 Prairie Springs Rd
San Diego, CA 92127
LAST SALE: $560,000 (01/23/2009)and
10274 Prairie Springs Rd
San Diego, CA 92127
LAST SALE: $527,818 (12/05/2008)
BEDS: 3
BATHS: 2.5
SQ.FT.: 2,166
YEAR BUILT: 2002So, $499,999 is not super sweet deal, because you have to pay cash.
July 21, 2009 at 1:50 AM #435196ParticipantThe deal seems to be for flipper only. The people who have $500K cash sitting around surely isn’t going to buy this for their primary residence.
And for that, with tenant still occupied, I wonder if the price is still good enough to generate meaningful profit with 2-3 months holding time and commission.
They will need to sell it for over 550K to make some reasonable return. If they can get $600K, then it might be some good bet.
Would someone spend $600K for that house after August (not the best time to sell a house) ?
Keep in mind that the next buyer would need about $200K to qualify for confirming loanThe most recent sales are:
10234 Prairie Springs Rd
San Diego, CA 92127
LAST SALE: $560,000 (01/23/2009)and
10274 Prairie Springs Rd
San Diego, CA 92127
LAST SALE: $527,818 (12/05/2008)
BEDS: 3
BATHS: 2.5
SQ.FT.: 2,166
YEAR BUILT: 2002So, $499,999 is not super sweet deal, because you have to pay cash.
July 21, 2009 at 1:50 AM #434641ParticipantThe deal seems to be for flipper only. The people who have $500K cash sitting around surely isn’t going to buy this for their primary residence.
And for that, with tenant still occupied, I wonder if the price is still good enough to generate meaningful profit with 2-3 months holding time and commission.
They will need to sell it for over 550K to make some reasonable return. If they can get $600K, then it might be some good bet.
Would someone spend $600K for that house after August (not the best time to sell a house) ?
Keep in mind that the next buyer would need about $200K to qualify for confirming loanThe most recent sales are:
10234 Prairie Springs Rd
San Diego, CA 92127
LAST SALE: $560,000 (01/23/2009)and
10274 Prairie Springs Rd
San Diego, CA 92127
LAST SALE: $527,818 (12/05/2008)
BEDS: 3
BATHS: 2.5
SQ.FT.: 2,166
YEAR BUILT: 2002So, $499,999 is not super sweet deal, because you have to pay cash.
July 21, 2009 at 1:50 AM #434955ParticipantThe deal seems to be for flipper only. The people who have $500K cash sitting around surely isn’t going to buy this for their primary residence.
And for that, with tenant still occupied, I wonder if the price is still good enough to generate meaningful profit with 2-3 months holding time and commission.
They will need to sell it for over 550K to make some reasonable return. If they can get $600K, then it might be some good bet.
Would someone spend $600K for that house after August (not the best time to sell a house) ?
Keep in mind that the next buyer would need about $200K to qualify for confirming loanThe most recent sales are:
10234 Prairie Springs Rd
San Diego, CA 92127
LAST SALE: $560,000 (01/23/2009)and
10274 Prairie Springs Rd
San Diego, CA 92127
LAST SALE: $527,818 (12/05/2008)
BEDS: 3
BATHS: 2.5
SQ.FT.: 2,166
YEAR BUILT: 2002So, $499,999 is not super sweet deal, because you have to pay cash.
July 21, 2009 at 1:50 AM #435029ParticipantThe deal seems to be for flipper only. The people who have $500K cash sitting around surely isn’t going to buy this for their primary residence.
And for that, with tenant still occupied, I wonder if the price is still good enough to generate meaningful profit with 2-3 months holding time and commission.
They will need to sell it for over 550K to make some reasonable return. If they can get $600K, then it might be some good bet.
Would someone spend $600K for that house after August (not the best time to sell a house) ?
Keep in mind that the next buyer would need about $200K to qualify for confirming loanThe most recent sales are:
10234 Prairie Springs Rd
San Diego, CA 92127
LAST SALE: $560,000 (01/23/2009)and
10274 Prairie Springs Rd
San Diego, CA 92127
LAST SALE: $527,818 (12/05/2008)
BEDS: 3
BATHS: 2.5
SQ.FT.: 2,166
YEAR BUILT: 2002So, $499,999 is not super sweet deal, because you have to pay cash.
July 21, 2009 at 7:55 AM #435074LAAFTERHOURS
Participant[quote=BGinRB]Banks have to give tenants 90 days to vacate. I don’t know how cooperative the tenant has to be, probably not much.
$499K is unrealistic there and now. Condos north of Del Norte (higher MR, higher HOA, higher downpayment if you want to avoid PMI) are selling for more. Either something is seriously wrong with that house or they intend to start a bidding war.[/quote]
That price is not unrealistic. Those condos you are referring to (those sexy shared driveway homes) are pushing into the mid 400s and some of them have 2100 sq ft. This house is small, has only 3 beds. If they were accepting other types of offers, this would probably push 525-550. Garden gate right near by are single families of the same size and they have broken sub 500 already.
Its time for 4s sellers to realize their listings are overpriced.
July 21, 2009 at 7:55 AM #434481Participant[quote=BGinRB]Banks have to give tenants 90 days to vacate. I don’t know how cooperative the tenant has to be, probably not much.
$499K is unrealistic there and now. Condos north of Del Norte (higher MR, higher HOA, higher downpayment if you want to avoid PMI) are selling for more. Either something is seriously wrong with that house or they intend to start a bidding war.[/quote]
That price is not unrealistic. Those condos you are referring to (those sexy shared driveway homes) are pushing into the mid 400s and some of them have 2100 sq ft. This house is small, has only 3 beds. If they were accepting other types of offers, this would probably push 525-550. Garden gate right near by are single families of the same size and they have broken sub 500 already.
Its time for 4s sellers to realize their listings are overpriced.
July 21, 2009 at 7:55 AM #435000Participant[quote=BGinRB]Banks have to give tenants 90 days to vacate. I don’t know how cooperative the tenant has to be, probably not much.
$499K is unrealistic there and now. Condos north of Del Norte (higher MR, higher HOA, higher downpayment if you want to avoid PMI) are selling for more. Either something is seriously wrong with that house or they intend to start a bidding war.[/quote]
That price is not unrealistic. Those condos you are referring to (those sexy shared driveway homes) are pushing into the mid 400s and some of them have 2100 sq ft. This house is small, has only 3 beds. If they were accepting other types of offers, this would probably push 525-550. Garden gate right near by are single families of the same size and they have broken sub 500 already.
Its time for 4s sellers to realize their listings are overpriced.
July 21, 2009 at 7:55 AM #434685Participant[quote=BGinRB]Banks have to give tenants 90 days to vacate. I don’t know how cooperative the tenant has to be, probably not much.
$499K is unrealistic there and now. Condos north of Del Norte (higher MR, higher HOA, higher downpayment if you want to avoid PMI) are selling for more. Either something is seriously wrong with that house or they intend to start a bidding war.[/quote]
That price is not unrealistic. Those condos you are referring to (those sexy shared driveway homes) are pushing into the mid 400s and some of them have 2100 sq ft. This house is small, has only 3 beds. If they were accepting other types of offers, this would probably push 525-550. Garden gate right near by are single families of the same size and they have broken sub 500 already.
Its time for 4s sellers to realize their listings are overpriced.
July 21, 2009 at 7:55 AM #435241Participant[quote=BGinRB]Banks have to give tenants 90 days to vacate. I don’t know how cooperative the tenant has to be, probably not much.
$499K is unrealistic there and now. Condos north of Del Norte (higher MR, higher HOA, higher downpayment if you want to avoid PMI) are selling for more. Either something is seriously wrong with that house or they intend to start a bidding war.[/quote]
That price is not unrealistic. Those condos you are referring to (those sexy shared driveway homes) are pushing into the mid 400s and some of them have 2100 sq ft. This house is small, has only 3 beds. If they were accepting other types of offers, this would probably push 525-550. Garden gate right near by are single families of the same size and they have broken sub 500 already.
Its time for 4s sellers to realize their listings are overpriced.
July 21, 2009 at 9:05 AM #435271SD Realtor
ParticipantCash for keys… The new owners of the home, whether it is a bank or investors need to get the occupants out. Thus they offer them cash to get out. That is what I meant.
Common reasons for cash deals range from condition of the property to seasoning issues right? The 90 day seasoning is something that may be putting this on hold for financing for now.
July 21, 2009 at 9:05 AM #435104ParticipantCash for keys… The new owners of the home, whether it is a bank or investors need to get the occupants out. Thus they offer them cash to get out. That is what I meant.
Common reasons for cash deals range from condition of the property to seasoning issues right? The 90 day seasoning is something that may be putting this on hold for financing for now.
July 21, 2009 at 9:05 AM #435030ParticipantCash for keys… The new owners of the home, whether it is a bank or investors need to get the occupants out. Thus they offer them cash to get out. That is what I meant.
Common reasons for cash deals range from condition of the property to seasoning issues right? The 90 day seasoning is something that may be putting this on hold for financing for now.
July 21, 2009 at 9:05 AM #434511ParticipantCash for keys… The new owners of the home, whether it is a bank or investors need to get the occupants out. Thus they offer them cash to get out. That is what I meant.
Common reasons for cash deals range from condition of the property to seasoning issues right? The 90 day seasoning is something that may be putting this on hold for financing for now.
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