Input requested: What Would You Offer for this Home

[JC]

There are a lot of smart people on this forum, so I’d love to get input on what you would offer for this particular home.

3216 Landis, 92104
2/1 600 sq ft. / lot is under 2,000 sq feet (READ: Super tiny home).
List price: 329k

I realize that this listing is at the low-end and not the kind of property most of you are looking at, but I would still love your input.

[NotCranky]

JC,
I am a real estate agent and I am familiar with this area. In order to give you info to support my suggested offer or strategy for a specific house , I would have to publish data that in my opinion is sensitive to the seller and other pertinent third parties,on a public forum. I am not comfortable with that. If you would like my input on a specific property I will respond to an email at [email protected].
You would not create the slightest obligations for yourself by doing so.

[NotCranky]

JC,
I am a real estate agent and I am familiar with this area. In order to give you info to support my suggested offer or strategy for a specific house , I would have to publish data that in my opinion is sensitive to the seller and other pertinent third parties,on a public forum. I am not comfortable with that. If you would like my input on a specific property I will respond to an email at [email protected].
You would not create the slightest obligations for yourself by doing so.

[JC]

I apologize. I thought I had seen similar forums here in the past and thought that this might be an ok question to ask. I absolutely appreciate your offer of assistance, but I’m not serious about making offers right now, so I don’t want to wast your time. Like most on this forum, I believe that prices will come down, so I’m sitting on the sidelines for now. The reason I asked the question was because I do like that area of North Park (prefer a few blocks south of that house) and I’m curious about what others think the value of those homes in that area are. Thanks again.

[JC]

I apologize. I thought I had seen similar forums here in the past and thought that this might be an ok question to ask. I absolutely appreciate your offer of assistance, but I’m not serious about making offers right now, so I don’t want to wast your time. Like most on this forum, I believe that prices will come down, so I’m sitting on the sidelines for now. The reason I asked the question was because I do like that area of North Park (prefer a few blocks south of that house) and I’m curious about what others think the value of those homes in that area are. Thanks again.

[SD Realtor]

I would pass on this property. Not the greatest part of North Park.

3544 Landis is a marginally larger home on a lot that is twice as large. 3544 is already bank owned. There is already a NOD filed on 3216, that is a Notice of Default that has already been recorded for the public so it is is a short sale. REO transactions are much less time consuming and easier then short sales.

Both 3544 and 3216 have been on the market since early June. The nice thing about 3216 is it is west of 805 (by only a few blocks) while 3544 is east of 805 by a few blocks.

Rustico can give you the details such as how much they owe on it and such.

[SD Realtor]

I would pass on this property. Not the greatest part of North Park.

3544 Landis is a marginally larger home on a lot that is twice as large. 3544 is already bank owned. There is already a NOD filed on 3216, that is a Notice of Default that has already been recorded for the public so it is is a short sale. REO transactions are much less time consuming and easier then short sales.

Both 3544 and 3216 have been on the market since early June. The nice thing about 3216 is it is west of 805 (by only a few blocks) while 3544 is east of 805 by a few blocks.

Rustico can give you the details such as how much they owe on it and such.

[Allan from Fallbrook]

SDR and Rustico: Is my math faulty or does this calc out to over $500/sf? I am reading a 600sf home for $329k, right? And it is a short sale? Is it just me or is that pretty pricey?

[Allan from Fallbrook]

SDR and Rustico: Is my math faulty or does this calc out to over $500/sf? I am reading a 600sf home for $329k, right? And it is a short sale? Is it just me or is that pretty pricey?

[NotCranky]

It is all very pricey now. Unbelieveably so. Still there are obviously houses at less price per square foot. This is the mystery Allan, prices came up in these central neighborhoods like this,even the ones that are not experiencing gentrification, to a point where a small and very old house was close to the price of a decent newer and larger tract home in Poway. People often buy very close to where they have rented. When the easy money came along these densely populated older regions sky rocketed too. I tend to think these neighborhoods will continue cracking at an accelerated pace. The foreclosure and short sale inventory is really piling up.

[NotCranky]

It is all very pricey now. Unbelieveably so. Still there are obviously houses at less price per square foot. This is the mystery Allan, prices came up in these central neighborhoods like this,even the ones that are not experiencing gentrification, to a point where a small and very old house was close to the price of a decent newer and larger tract home in Poway. People often buy very close to where they have rented. When the easy money came along these densely populated older regions sky rocketed too. I tend to think these neighborhoods will continue cracking at an accelerated pace. The foreclosure and short sale inventory is really piling up.

[NotCranky]

“I apologize. I thought I had seen similar forums here in the past and thought that this might be an ok question to ask. I absolutely appreciate your offer of assistance, but I’m not serious about making offers right now, so I don’t want to wast your time. Like most on this forum, I believe that prices will come down, so I’m sitting on the sidelines for now”

JC
No apologies necessary at all. Your casual interest is exactly why I am not willing to drag the information from the mls and other sources over here. It seems like I would be telling the story of the people actually going through these hard times. No one who contacts me at my offer could possibly “waste my time”. I am just trying to find a way to participate like the other Realtors do without doing something I am uncomfortable with so I offered the e-mail address.

In general I would be shocked if prices in 92104,92105,92116,92115 don’t come down soon and hard. That said this is taking longer than I thought it would. I sold my last house in 92116 in 2005. It is likely I will be buying SFR rentals in those areas with a business partner when we can apply some cash and labor and get them renting break even or close to it.

SDR I agree with your entire post. The short sale is likely nothing but an obstacle now. Not enough desperation to deal with agressive offers and just as much or more problems than REO’s. This is not to say I would avoid short sales completely.

[NotCranky]

“I apologize. I thought I had seen similar forums here in the past and thought that this might be an ok question to ask. I absolutely appreciate your offer of assistance, but I’m not serious about making offers right now, so I don’t want to wast your time. Like most on this forum, I believe that prices will come down, so I’m sitting on the sidelines for now”

JC
No apologies necessary at all. Your casual interest is exactly why I am not willing to drag the information from the mls and other sources over here. It seems like I would be telling the story of the people actually going through these hard times. No one who contacts me at my offer could possibly “waste my time”. I am just trying to find a way to participate like the other Realtors do without doing something I am uncomfortable with so I offered the e-mail address.

In general I would be shocked if prices in 92104,92105,92116,92115 don’t come down soon and hard. That said this is taking longer than I thought it would. I sold my last house in 92116 in 2005. It is likely I will be buying SFR rentals in those areas with a business partner when we can apply some cash and labor and get them renting break even or close to it.

SDR I agree with your entire post. The short sale is likely nothing but an obstacle now. Not enough desperation to deal with agressive offers and just as much or more problems than REO’s. This is not to say I would avoid short sales completely.

[Allan from Fallbrook]

Rustico: I live in Fallbrook, and it appears that the metrics for North SD County are clearly different from Central SD. Still, at $500/sf in a declining market, something has to give at some point.

I agree that prices must come down, it’s simple Econ 101 in the end.

Up here, there are now sign toppers appearing that say “Short Sale” or “Foreclosure” (I have one of the latter in my neighborhood and it is weird seeing that, to say the least) on quite a few signs. The signs that have been on the market longest nearly all sport “Reduced Price” toppers now.

All that being said, prices remain stickier than I would have thought. In your opinion, is there going to be some point where it just blows and pricing plummets, or will it be more gradual? Just curious.

[Allan from Fallbrook]

Rustico: I live in Fallbrook, and it appears that the metrics for North SD County are clearly different from Central SD. Still, at $500/sf in a declining market, something has to give at some point.

I agree that prices must come down, it’s simple Econ 101 in the end.

Up here, there are now sign toppers appearing that say “Short Sale” or “Foreclosure” (I have one of the latter in my neighborhood and it is weird seeing that, to say the least) on quite a few signs. The signs that have been on the market longest nearly all sport “Reduced Price” toppers now.

All that being said, prices remain stickier than I would have thought. In your opinion, is there going to be some point where it just blows and pricing plummets, or will it be more gradual? Just curious.

[Author]

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