Buying opportunity

[hammer]

Bugs,

Being a bear who has been eating crow until the last 18 months, this decision hasn’t been easy.
I agree with your assesment. Supply restraint market in the AZURE VISTA subdivision.
Still wrestling my bear demons, but am starting to come around.
The 1.4 is just my own appraisal. I could be way off. The house is large and open, but is antiquated as far as bedroom, bathroom and closet size. I think a bunch of people would be turned off, but I am in the commercial real estate world, and have always been intrigued by the dirt
Now we will see if it is actually deliverable.

[hammer]

Update.
Deal is off the table.
An unsolicited offer has been made at 1.5 mill.
Rumor got around the neighborhood that the family was looking to sell. Even though they are family friends, $400,000 is a big difference.
We will see if it closes.

If it doesn’t close, any advice on trying to attain that 1.1 mill purchase price.
As previously stated I thought the house would sell at 1.4.

I guess letting them know my offer stands is the only option.

Thanks

[hammer]

Update.
Deal is off the table.
An unsolicited offer has been made at 1.5 mill.
Rumor got around the neighborhood that the family was looking to sell. Even though they are family friends, $400,000 is a big difference.
We will see if it closes.

If it doesn’t close, any advice on trying to attain that 1.1 mill purchase price.
As previously stated I thought the house would sell at 1.4.

I guess letting them know my offer stands is the only option.

Thanks

[(former)FormerSanDiegan]

Bummer. Maybe you can buy it from the new owners in 3-5 years for 1.1 Mil, assuming they don’t improve the property.

[(former)FormerSanDiegan]

Bummer. Maybe you can buy it from the new owners in 3-5 years for 1.1 Mil, assuming they don’t improve the property.

[SD Realtor]

Try to get your offer submitted (and accepted) as a backup offer. That way, if they accept your backup offer, then have an ACCEPTED offer.

Unfortunately I doubt that this will happen. You found an opportunity that was more or less secret and when it became exposed, contrary to what many people think here, there was a strong demand for it.

I am sorry to hear that another offer came in Hammer. One thing that is true in real estate, another one will come along you will just need to wait.

SD Realtor

[SD Realtor]

Try to get your offer submitted (and accepted) as a backup offer. That way, if they accept your backup offer, then have an ACCEPTED offer.

Unfortunately I doubt that this will happen. You found an opportunity that was more or less secret and when it became exposed, contrary to what many people think here, there was a strong demand for it.

I am sorry to hear that another offer came in Hammer. One thing that is true in real estate, another one will come along you will just need to wait.

SD Realtor

[El Jefe]

Update.
Deal is off the table.
An unsolicited offer has been made at 1.5 mill.
Rumor got around the neighborhood that the family was looking to sell. Even though they are family friends, $400,000 is a big difference.
We will see if it closes.

If it doesn’t close, any advice on trying to attain that 1.1 mill purchase price.
As previously stated I thought the house would sell at 1.4.

I guess letting them know my offer stands is the only option.

My advice is to keep in contact. I see deals like this fall through all the time for many reasons.

If it truly is an unsolicited, site-unseen peek over the fence offer, the buyer will likely have 3-400K worth of adjustments to the offer before all the i’s are dotted and the t’s crossed. 1.1-1.2 may actually be a realistic offer for an older unimproved sunset cliffs house in this market. Cindy Wing had an REO listing 1 block of Sunset Cliffs Drive about 2 blocks from the end for ~1.25(IIRC) last time I talked to her… and she said it’s not generating much traffic.

If you really like the area keep looking. I do not agree that these houses do not come up for sale. I live in Point Loma and have bought/sold several houses here at great bargains. PL is an older community and the probate/trustee sale is your friend. At least half of this peninsula has one foot in the grave right now.

Oh yeah… with regard to your original post about unobstructed views, the only onobstructed view is one that you own. So if your property does not back right up to Sunset Cliffs Blvd, earmark some $$ and try like hell to get the max height deed restrictions necessary to maintain you view corridor if you buy at the bottom of the hill on the flatlands.

[El Jefe]

Update.
Deal is off the table.
An unsolicited offer has been made at 1.5 mill.
Rumor got around the neighborhood that the family was looking to sell. Even though they are family friends, $400,000 is a big difference.
We will see if it closes.

If it doesn’t close, any advice on trying to attain that 1.1 mill purchase price.
As previously stated I thought the house would sell at 1.4.

I guess letting them know my offer stands is the only option.

My advice is to keep in contact. I see deals like this fall through all the time for many reasons.

If it truly is an unsolicited, site-unseen peek over the fence offer, the buyer will likely have 3-400K worth of adjustments to the offer before all the i’s are dotted and the t’s crossed. 1.1-1.2 may actually be a realistic offer for an older unimproved sunset cliffs house in this market. Cindy Wing had an REO listing 1 block of Sunset Cliffs Drive about 2 blocks from the end for ~1.25(IIRC) last time I talked to her… and she said it’s not generating much traffic.

If you really like the area keep looking. I do not agree that these houses do not come up for sale. I live in Point Loma and have bought/sold several houses here at great bargains. PL is an older community and the probate/trustee sale is your friend. At least half of this peninsula has one foot in the grave right now.

Oh yeah… with regard to your original post about unobstructed views, the only onobstructed view is one that you own. So if your property does not back right up to Sunset Cliffs Blvd, earmark some $$ and try like hell to get the max height deed restrictions necessary to maintain you view corridor if you buy at the bottom of the hill on the flatlands.

[sdrealtor]

Happens all the time. If you walked into the mall and saw a big pile of cash sitting on a table in the food court you could grab it. If you hesitate someone else will. If it was the deal you said it was, I’m not surprised someone else came along during your indecision. Unfortunately in RE matters time is of the essence. If the rumopr is true there is no way they will sell for $1.1M even if it doesnt materialize. Hopefully another such opportunity will come along at some point in the future.

[sdrealtor]

Happens all the time. If you walked into the mall and saw a big pile of cash sitting on a table in the food court you could grab it. If you hesitate someone else will. If it was the deal you said it was, I’m not surprised someone else came along during your indecision. Unfortunately in RE matters time is of the essence. If the rumopr is true there is no way they will sell for $1.1M even if it doesnt materialize. Hopefully another such opportunity will come along at some point in the future.

[(former)FormerSanDiegan]

El Jefe – Do you own that Tatoo parlor in OB ?
🙂 Or is that Dr. Jefe ?

[(former)FormerSanDiegan]

El Jefe – Do you own that Tatoo parlor in OB ?
🙂 Or is that Dr. Jefe ?

[hammer]

El Jefe,

I want to be in the Azure Vista subdivision of Point Loma, but there are just not that many houses on the market. 8 sales in the last 3 years. I do agree that all of PL has one foot in the grave. Often times these homes have deed restrictions on them. This particular lot although about a block and a half from Sunset Cliffs, had views you can’t obstruct in the future. The slope went toward the college, and the Cliffs. All the homes in direct view were already maxed on height restriction. Really a jewel of a lot. If you went across the street, the properties sit totally different as far as view corridors are concerned.

Thanks again for all the support and education. This board has been great. Now I can become an even bigger bear than I was, because I will still be on the sidelines.

[hammer]

El Jefe,

I want to be in the Azure Vista subdivision of Point Loma, but there are just not that many houses on the market. 8 sales in the last 3 years. I do agree that all of PL has one foot in the grave. Often times these homes have deed restrictions on them. This particular lot although about a block and a half from Sunset Cliffs, had views you can’t obstruct in the future. The slope went toward the college, and the Cliffs. All the homes in direct view were already maxed on height restriction. Really a jewel of a lot. If you went across the street, the properties sit totally different as far as view corridors are concerned.

Thanks again for all the support and education. This board has been great. Now I can become an even bigger bear than I was, because I will still be on the sidelines.

[Author]

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