Crown Point

[hammer]

I am curious, I saw this house while it was under construction, and it is now on the market. Don’t know much about Crown Point or this location.
Pricing seems steep for a 3 story 1795ft house.

Not looking to buy, just an education.
Has anyone been in this house? I know some street are better than other in Crown Point.

http://www.prudentialcal.com/Listing/ListingDetail.aspx?Search=ab668f0c-f3ec-4784-88c8-05d67625025d&Listing=20322083&IRPAgentID=9325003&Image=1&First=1&Last=1&pagesize=10&SearchType=&ListingDistrictTypeID=&FirstLetter=&Sort=1&Cookies=

[El Jefe]

You would really need to go back through the records and find out how much the original property sold for. Using round numbers…

avg new construction… nothing special is around +/- 200/sq-ft.

Arch/Eng ~50K
Permits ~25K +/-
Const. loan fees 10%

So 1800(200) + 50 + 25 + 10% = ~475K in const. costs

Now add in the property acquisition price to that figure.

If the guy bought it in 1999 for 225K he’s sittin pretty

If the guy bought it in 2005 for 650K he’s going to lose his ass.

[El Jefe]

You would really need to go back through the records and find out how much the original property sold for. Using round numbers…

avg new construction… nothing special is around +/- 200/sq-ft.

Arch/Eng ~50K
Permits ~25K +/-
Const. loan fees 10%

So 1800(200) + 50 + 25 + 10% = ~475K in const. costs

Now add in the property acquisition price to that figure.

If the guy bought it in 1999 for 225K he’s sittin pretty

If the guy bought it in 2005 for 650K he’s going to lose his ass.

[SD Realtor]

I know this street all to well as it is the cross street for where I bought my very first property and lived in for many years. Crown Point is definitely overpriced right now. I have not been in the home itself but saw it as they were building it. Crown Point itself is a pretty nice place to live. It is away from the usual noise of Mission Beach but it does have a share of college kids renting. The more desired portion of Crown Point is a couple blocks south and 2 blocks west of this area. I really like it there alot and will never sell the condo I have there. Anyways this area is close to Crown Point park where the bike path starts that winds around the bay and you can take it all the way down to South Mission beach if you like. Also beware of this property as there really is no yard.

SD Realtor

[SD Realtor]

I know this street all to well as it is the cross street for where I bought my very first property and lived in for many years. Crown Point is definitely overpriced right now. I have not been in the home itself but saw it as they were building it. Crown Point itself is a pretty nice place to live. It is away from the usual noise of Mission Beach but it does have a share of college kids renting. The more desired portion of Crown Point is a couple blocks south and 2 blocks west of this area. I really like it there alot and will never sell the condo I have there. Anyways this area is close to Crown Point park where the bike path starts that winds around the bay and you can take it all the way down to South Mission beach if you like. Also beware of this property as there really is no yard.

SD Realtor

[meadandale]

Yeah, almost 1 mill for a 2500 sq foot lot and a shotgun style three story house.

I love how the slide show on the listing shows all kinds of lifestyle shots of mission beach intermixed with shots of the property. I guess when you’re asking an unreasonable amount for a property you have to upsell ‘location, location, location’.

[meadandale]

Yeah, almost 1 mill for a 2500 sq foot lot and a shotgun style three story house.

I love how the slide show on the listing shows all kinds of lifestyle shots of mission beach intermixed with shots of the property. I guess when you’re asking an unreasonable amount for a property you have to upsell ‘location, location, location’.

[hammer]

SD,

I felt this is way overpriced. Feels like it should be $675,000. What is your feeling on a 3 story house of that size. Probably not that efficient a floorplan.

[hammer]

SD,

I felt this is way overpriced. Feels like it should be $675,000. What is your feeling on a 3 story house of that size. Probably not that efficient a floorplan.

[SD Realtor]

Yeah I agree Hammer… Crown Point is a lifestyle choice, and the value of the home itself is vastly inflated. For myself with kids and the need for space (home and lot size) it makes no sense. However for people that value proximity to the beach, and such, and who don’t need the big home or yard it may be more appropo…10 years ago it was just my wife and I and no kids and we were always hitting the beach and stuff so it worked out. Still, there is no value there and the price per sq ft is inflated.

SD Realtor

[SD Realtor]

Yeah I agree Hammer… Crown Point is a lifestyle choice, and the value of the home itself is vastly inflated. For myself with kids and the need for space (home and lot size) it makes no sense. However for people that value proximity to the beach, and such, and who don’t need the big home or yard it may be more appropo…10 years ago it was just my wife and I and no kids and we were always hitting the beach and stuff so it worked out. Still, there is no value there and the price per sq ft is inflated.

SD Realtor

[pczonie]

Hi! I’m new to this forum but have been lurking for a while. Would appreciate your thoughts on our situation. We are from Arizona and are looking for a vacation home in S.D. (Its 106 degrees in AZ). We looked at the above property and we actually like it alot- enough to have placed a bid in June. Negotiations stalled and we decided to wait as there were 4 houses of the same plan with only one “sold” in escrow but with a contingincy to sell their house. Incidentally, the buyer is a friend of the seller.
Suddenly, over the weekend two of the houses sold and are in escrow and the only one left is the one we like.
I know this is a terrible time to buy and am fully aware of the bubble. However, we haven’t found anything else that we like so much and also love the location and street. Financially, we would be able to put down 30% and the monthly payment would not strain our budget.
The question is should we bite the bullet and get what we want or should we wait for the market to fall further and risk losing the home? Also, how likely is it that two of these homes would sell so quickly in today’s market?
I have been reading alot of the discussions on this forum and respect your opinions. Thanks.

[pczonie]

Hi! I’m new to this forum but have been lurking for a while. Would appreciate your thoughts on our situation. We are from Arizona and are looking for a vacation home in S.D. (Its 106 degrees in AZ). We looked at the above property and we actually like it alot- enough to have placed a bid in June. Negotiations stalled and we decided to wait as there were 4 houses of the same plan with only one “sold” in escrow but with a contingincy to sell their house. Incidentally, the buyer is a friend of the seller.
Suddenly, over the weekend two of the houses sold and are in escrow and the only one left is the one we like.
I know this is a terrible time to buy and am fully aware of the bubble. However, we haven’t found anything else that we like so much and also love the location and street. Financially, we would be able to put down 30% and the monthly payment would not strain our budget.
The question is should we bite the bullet and get what we want or should we wait for the market to fall further and risk losing the home? Also, how likely is it that two of these homes would sell so quickly in today’s market?
I have been reading alot of the discussions on this forum and respect your opinions. Thanks.

[lendingbubblecontinues]

buy now or be priced out forever 😉

[lendingbubblecontinues]

buy now or be priced out forever 😉

[Author]

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