Mira Mesa house went into pending, should I close?

[ltsddd]

[quote=AN][quote=ocrenter]Almost $200/sqft. Not bad. So you are the pending buyer? Yes, I would close.[/quote]
There are plenty of houses in MM that are much closer to $200/sqft than this one (those tend to be in better areas too). There are plenty at <$200/sqft in similar areas. Those houses tend to be bigger though. Here are some examples: http://www.sdlookup.com/MLS-100053982-8921_Centaurus_Way_San_Diego_CA_92126 closed at $156/sq-ft.

http://www.sdlookup.com/MLS-100066502-11016_Delphinus_Way_San_Diego_CA_92126 closed at $121/sq-ft

http://www.sdlookup.com/MLS-110066524-8008_Westbury_Ave_San_Diego_CA_92126 closed at $169/sq-ft[/quote]

AN - your examples are very misleading. You rarely see any SFR in MM that is less than 1500 sqf that sells for less than $200/sq-ft.

That house at $280k is a good deal. I don't see any downside to it as far as value and as a potential rental.

Regarding rents, I very much doubt you could get more than $1800/month for a 3/2 sfh in MM. Especially on houses south of MM and east of Camino Ruiz.

[an]

[quote=ltsdd][quote=AN][quote=ocrenter]Almost $200/sqft. Not bad. So you are the pending buyer? Yes, I would close.[/quote]
There are plenty of houses in MM that are much closer to $200/sqft than this one (those tend to be in better areas too). There are plenty at <$200/sqft in similar areas. Those houses tend to be bigger though. Here are some examples: http://www.sdlookup.com/MLS-100053982-8921_Centaurus_Way_San_Diego_CA_92126 closed at $156/sq-ft.

http://www.sdlookup.com/MLS-100066502-11016_Delphinus_Way_San_Diego_CA_92126 closed at $121/sq-ft

http://www.sdlookup.com/MLS-110066524-8008_Westbury_Ave_San_Diego_CA_92126 closed at $169/sq-ft[/quote]

AN - your examples are very misleading. You rarely see any SFR in MM that is less than 1500 sqf that sells for less than $200/sq-ft.

That house at $280k is a good deal. I don't see any downside to it as far as value and as a potential rental.

Regarding rents, I very much doubt you could get more than $1800/month for a 3/2 sfh in MM. Especially on houses south of MM and east of Camino Ruiz.[/quote]
How are my examples very misleading? I just pull up 3 examples in mid $300k. If you look at ALL closing for this model (2,138 sq-ft) on the east side of MM, you'll see the one that have not been upgraded sell for mid $300k and the one that have been remodeled sell for between $400k-440k. I was just trying to point out there are properties selling for < $200/sq-ft in MM. I assuming you're talking about the original property listing for $299k, not $280k? I never said the original property isn't a good deal. If you read my original response, I did say it's a pretty decent deal. I don't see much down side either. Especially when it's cash flowing. I agree that rent is more likely to be $1800/month, not $2k/month the OP was hoping for. However, craiglist currently doesn't have much <$1900/month for SFR in MM. Maybe rent is rising?

[sdrealtor]

I’m sure AN realized that. Of course there is a big difference between the price per sq ft on a 1500 sq ft home and 2500 sq ft home. The majority of the costs are fixed between homes of those sizes so you are amortizing them over a much bigger denominator.

OCR’s point was a good one though. About $200/sf for a decent 1500 sq ft home is a no brainer.

[an]

[quote=ocrenter]2 of the 3 examples were “handyman” special or needs lots of “TLC.” judging by the 3 pics from the Redfin link it didn’t seem like the op property is in that category. Is it?[/quote]
The 8921 Centaurus Way property has a remodeled kitchen and loft. I don’t know the rest of the condition. Yes, the other two are handyman special. But we don’t know the extent of TLC that’s needed. How much do you think it’ll take to remodel these places? After completely remodeling mine, I can say you can do it as cheaply as $20k-25k. But, if you’re looking for a remodeled ones, you can get this same floor plan for around $400-440k. Here’s one at $420k: http://www.sdlookup.com/MLS-110061003-11395_Osoyoos_Pl_San_Diego_CA_92126. At this price, it’s equates to $196/sq-ft.

[an]

[quote=sdrealtor]I’m sure AN realized that. Of course there is a big difference between the price per sq ft on a 1500 sq ft home and 2500 sq ft home. The majority of the costs are fixed between homes of those sizes so you are amortizing them over a much bigger denominator.

OCR’s point was a good one though. About $200/sf for a decent 1500 sq ft home is a no brainer.[/quote]
Oh, I’m aware that larger house tend to always have lower $/sq-ft. Which, I did state, that although there are properties at <$200/sq-ft, they all are larger. Yes, I agree with you both that this property is a no brainer.

[ocrenter]

[quote=sdrealtor]pokepud
If you arent going to buy it please private message me before cancelling. I have an all cash buyer who would likely jump on it in a second for his relatives to live there. If he buys it, dinner would be on me at the restaurant of your choosing.

I am completely serious[/quote]

That’s a nice bit of reverse psychiatry going on. Good work!

[ocrenter]

[quote=AN][quote=ocrenter]2 of the 3 examples were “handyman” special or needs lots of “TLC.” judging by the 3 pics from the Redfin link it didn’t seem like the op property is in that category. Is it?[/quote]
The 8921 Centaurus Way property has a remodeled kitchen and loft. I don’t know the rest of the condition. Yes, the other two are handyman special. But we don’t know the extent of TLC that’s needed. How much do you think it’ll take to remodel these places? After completely remodeling mine, I can say you can do it as cheaply as $20k-25k. But, if you’re looking for a remodeled ones, you can get this same floor plan for around $400-440k. Here’s one at $420k: http://www.sdlookup.com/MLS-110061003-11395_Osoyoos_Pl_San_Diego_CA_92126. At this price, it’s equates to $196/sq-ft.[/quote]

What is very interesting is 2 out of 3 did not have any interior pics. That’s a huge red flag. The one that was $120/sqft actually said lots of TLC. That’s code for the toilet is jammed with concrete, the whole house has water damage, and there are bodies that need removing. The handyman special on Westbury seem to have step out of a time warp. Hey at least it would have some nice canyon breeze! 🙂 I do agree on Centaurus, remodeled kitchen and loft is a plus. But again, lack of pics is a red flag hat something is up. Good example with Osoyoos.

[sdrealtor]

[quote=ocrenter][quote=sdrealtor]pokepud
If you arent going to buy it please private message me before cancelling. I have an all cash buyer who would likely jump on it in a second for his relatives to live there. If he buys it, dinner would be on me at the restaurant of your choosing.

I am completely serious[/quote]

That’s a nice bit of reverse psychiatry going on. Good work![/quote]

LOL, hardly…I’d rather he not buy it and I sell it to my client instead. Back to the weather

[an]

[quote=ocrenter]What is very interesting is 2 out of 3 did not have any interior pics. That’s a huge red flag. The one that was $120/sqft actually said lots of TLC. That’s code for the toilet is jammed with concrete, the whole house has water damage, and there are bodies that need removing. The handyman special on Westbury seem to have step out of a time warp. Hey at least it would have some nice canyon breeze! 🙂 I do agree on Centaurus, remodeled kitchen and loft is a plus. But again, lack of pics is a red flag hat something is up. Good example with Osoyoos.[/quote]
We don’t know the condition of those two that are contractor special. It can be as mild as 70s interior (i.e. 40 years with poor maintenance and no upgrade), to as bad as you stated.

Keep in mind, the Bennington house also said “Property needs TLC.”. So, it’s not as upgraded as the Osoyoos property either. If anything, it’s probably upgraded like the Centaurus place. There also no picture of anything other than the front and the kitchen for the Bennington house.

[pemeliza]

OP house relisted at 270k

[an]

[quote=pemeliza]OP house relisted at 270k[/quote]
I guess the OP cancelled his deal after all. sdr, here’s your chance. $270k is very tempting.

[Wah-Wah]

you guys jinx it now it’s gonna be on market for months and will lower the price again, maybe $240 sounds perfect.
🙂

ps: is it me or there are less number of listing in MM compare to a few months ago?

[sdrealtor]

Wish I had a day or two advance notice. Will try to get my client over there tomorrow. Anyone want to see the circus come to town? Park across the street from this house tomorrow and watch the steady stream of buyers going through. If they allow it, it will be crazy!

[an]

[quote=Wah-Wah]is it me or there are less number of listing in MM compare to a few months ago?[/quote]
It’s not you. I posted the inventory for MM for the last 6 months in another thread and for SFR, we have only 93 properties for sale right now. This is include those that are already in contingent state. Last September, we have 160 SFR for sale. Someone in that thread is saying MM is set up for a perfect storm though, so if he/she’s right, we’ll be seeing hundreds if not thousands of properties coming on the market when the storm hit.

[sdrealtor]

Ihave a client to take out this weekend to look at houses in MM and I dont know what to show them. Up to about 400K there is almost nothing worth seeing.

[Author]

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