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bearishgurl.
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December 31, 2010 at 9:51 AM #647706December 31, 2010 at 9:57 AM #646590
Tillers
Participant[quote=CA renter]
The price the house sold for before the flippers sucked up the inventory is the “fair market value” as far as I’m concerned. Putting in $20K worth of “improvements” and asking for $150K more than the purchase price a few months before is highly offensive to intelligent buyers who are perfectly capable of making their own improvements (that will be of the style and quality desired by the real buyer).
How these things ever appraise is beyond me. We’re right back to all the games that caused the “crisis” in the first place.[/quote]
I agree. One on of the places I made an offer (not in North Park) the house sold for 175K in August. Goes on the market in December for 295 – 315K. The listing was just started at the 295 to entice buyers who enter 300K as their search ceiling, as they had no intention on selling for that. Now the house was nice mind you, very well done, large corner lot, no house behind, etc. It was still by far the highest priced house in the neighborhood, by about 30K. I came in at 285 plus seller pay CC. They countered at 315. I was going to counter at 275, but decided to not waste any more of my time.
Point of my story, even with 50K in upgrades this seller is looking for nearly 100K for 4 months work. Plus out pricing the neighborhood. Comps were going for 215-265K Good for them if they can get it. But they’re not getting it from me.
Maybe I shouldn’t take things so personal but when they try sales tactics like that (lower listing than what they are willing to accept) it makes me run.
December 31, 2010 at 9:57 AM #646661Participant[quote=CA renter]
The price the house sold for before the flippers sucked up the inventory is the “fair market value” as far as I’m concerned. Putting in $20K worth of “improvements” and asking for $150K more than the purchase price a few months before is highly offensive to intelligent buyers who are perfectly capable of making their own improvements (that will be of the style and quality desired by the real buyer).
How these things ever appraise is beyond me. We’re right back to all the games that caused the “crisis” in the first place.[/quote]
I agree. One on of the places I made an offer (not in North Park) the house sold for 175K in August. Goes on the market in December for 295 – 315K. The listing was just started at the 295 to entice buyers who enter 300K as their search ceiling, as they had no intention on selling for that. Now the house was nice mind you, very well done, large corner lot, no house behind, etc. It was still by far the highest priced house in the neighborhood, by about 30K. I came in at 285 plus seller pay CC. They countered at 315. I was going to counter at 275, but decided to not waste any more of my time.
Point of my story, even with 50K in upgrades this seller is looking for nearly 100K for 4 months work. Plus out pricing the neighborhood. Comps were going for 215-265K Good for them if they can get it. But they’re not getting it from me.
Maybe I shouldn’t take things so personal but when they try sales tactics like that (lower listing than what they are willing to accept) it makes me run.
December 31, 2010 at 9:57 AM #647248Participant[quote=CA renter]
The price the house sold for before the flippers sucked up the inventory is the “fair market value” as far as I’m concerned. Putting in $20K worth of “improvements” and asking for $150K more than the purchase price a few months before is highly offensive to intelligent buyers who are perfectly capable of making their own improvements (that will be of the style and quality desired by the real buyer).
How these things ever appraise is beyond me. We’re right back to all the games that caused the “crisis” in the first place.[/quote]
I agree. One on of the places I made an offer (not in North Park) the house sold for 175K in August. Goes on the market in December for 295 – 315K. The listing was just started at the 295 to entice buyers who enter 300K as their search ceiling, as they had no intention on selling for that. Now the house was nice mind you, very well done, large corner lot, no house behind, etc. It was still by far the highest priced house in the neighborhood, by about 30K. I came in at 285 plus seller pay CC. They countered at 315. I was going to counter at 275, but decided to not waste any more of my time.
Point of my story, even with 50K in upgrades this seller is looking for nearly 100K for 4 months work. Plus out pricing the neighborhood. Comps were going for 215-265K Good for them if they can get it. But they’re not getting it from me.
Maybe I shouldn’t take things so personal but when they try sales tactics like that (lower listing than what they are willing to accept) it makes me run.
December 31, 2010 at 9:57 AM #647385Participant[quote=CA renter]
The price the house sold for before the flippers sucked up the inventory is the “fair market value” as far as I’m concerned. Putting in $20K worth of “improvements” and asking for $150K more than the purchase price a few months before is highly offensive to intelligent buyers who are perfectly capable of making their own improvements (that will be of the style and quality desired by the real buyer).
How these things ever appraise is beyond me. We’re right back to all the games that caused the “crisis” in the first place.[/quote]
I agree. One on of the places I made an offer (not in North Park) the house sold for 175K in August. Goes on the market in December for 295 – 315K. The listing was just started at the 295 to entice buyers who enter 300K as their search ceiling, as they had no intention on selling for that. Now the house was nice mind you, very well done, large corner lot, no house behind, etc. It was still by far the highest priced house in the neighborhood, by about 30K. I came in at 285 plus seller pay CC. They countered at 315. I was going to counter at 275, but decided to not waste any more of my time.
Point of my story, even with 50K in upgrades this seller is looking for nearly 100K for 4 months work. Plus out pricing the neighborhood. Comps were going for 215-265K Good for them if they can get it. But they’re not getting it from me.
Maybe I shouldn’t take things so personal but when they try sales tactics like that (lower listing than what they are willing to accept) it makes me run.
December 31, 2010 at 9:57 AM #647711Participant[quote=CA renter]
The price the house sold for before the flippers sucked up the inventory is the “fair market value” as far as I’m concerned. Putting in $20K worth of “improvements” and asking for $150K more than the purchase price a few months before is highly offensive to intelligent buyers who are perfectly capable of making their own improvements (that will be of the style and quality desired by the real buyer).
How these things ever appraise is beyond me. We’re right back to all the games that caused the “crisis” in the first place.[/quote]
I agree. One on of the places I made an offer (not in North Park) the house sold for 175K in August. Goes on the market in December for 295 – 315K. The listing was just started at the 295 to entice buyers who enter 300K as their search ceiling, as they had no intention on selling for that. Now the house was nice mind you, very well done, large corner lot, no house behind, etc. It was still by far the highest priced house in the neighborhood, by about 30K. I came in at 285 plus seller pay CC. They countered at 315. I was going to counter at 275, but decided to not waste any more of my time.
Point of my story, even with 50K in upgrades this seller is looking for nearly 100K for 4 months work. Plus out pricing the neighborhood. Comps were going for 215-265K Good for them if they can get it. But they’re not getting it from me.
Maybe I shouldn’t take things so personal but when they try sales tactics like that (lower listing than what they are willing to accept) it makes me run.
December 31, 2010 at 12:12 PM #646680bearishgurl
Participant[quote=sdrealtor]I’m in the middle. I tend to beleive there are special opportunities that present themselves once in a lifetime out there. I’m just not confident in BG’s ability to pick them out.[/quote]
Once again, against my better judgment, I’ll take your bait, sdr. What I consider to be a “once in a lifetime special opportunity” may or may not be what you consider same. I look at many things, including: location; zoning; lot size; configuration and usability of lot; view or potential view (not necessarily ocean view); possible Mills Act candidacy; and proximity to public transportation. These are not necessarily listed by order of importance. I realize there are trade-offs to be made to get a more important amenity over another.
Age of property and size of dwelling are of much less importance to me. School attendance area means nothing to me as I’ve already been there and done that. There are many, many persons well-versed in CA land use, such as myself, who view RE purchases exactly as I do. Land and its potential uses and rights and privileges attached thereto or removed from that land (thru easements and CC&R’s) make the world go ’round!
Nothing else matters.
December 31, 2010 at 12:12 PM #646752Participant[quote=sdrealtor]I’m in the middle. I tend to beleive there are special opportunities that present themselves once in a lifetime out there. I’m just not confident in BG’s ability to pick them out.[/quote]
Once again, against my better judgment, I’ll take your bait, sdr. What I consider to be a “once in a lifetime special opportunity” may or may not be what you consider same. I look at many things, including: location; zoning; lot size; configuration and usability of lot; view or potential view (not necessarily ocean view); possible Mills Act candidacy; and proximity to public transportation. These are not necessarily listed by order of importance. I realize there are trade-offs to be made to get a more important amenity over another.
Age of property and size of dwelling are of much less importance to me. School attendance area means nothing to me as I’ve already been there and done that. There are many, many persons well-versed in CA land use, such as myself, who view RE purchases exactly as I do. Land and its potential uses and rights and privileges attached thereto or removed from that land (thru easements and CC&R’s) make the world go ’round!
Nothing else matters.
December 31, 2010 at 12:12 PM #647338Participant[quote=sdrealtor]I’m in the middle. I tend to beleive there are special opportunities that present themselves once in a lifetime out there. I’m just not confident in BG’s ability to pick them out.[/quote]
Once again, against my better judgment, I’ll take your bait, sdr. What I consider to be a “once in a lifetime special opportunity” may or may not be what you consider same. I look at many things, including: location; zoning; lot size; configuration and usability of lot; view or potential view (not necessarily ocean view); possible Mills Act candidacy; and proximity to public transportation. These are not necessarily listed by order of importance. I realize there are trade-offs to be made to get a more important amenity over another.
Age of property and size of dwelling are of much less importance to me. School attendance area means nothing to me as I’ve already been there and done that. There are many, many persons well-versed in CA land use, such as myself, who view RE purchases exactly as I do. Land and its potential uses and rights and privileges attached thereto or removed from that land (thru easements and CC&R’s) make the world go ’round!
Nothing else matters.
December 31, 2010 at 12:12 PM #647475Participant[quote=sdrealtor]I’m in the middle. I tend to beleive there are special opportunities that present themselves once in a lifetime out there. I’m just not confident in BG’s ability to pick them out.[/quote]
Once again, against my better judgment, I’ll take your bait, sdr. What I consider to be a “once in a lifetime special opportunity” may or may not be what you consider same. I look at many things, including: location; zoning; lot size; configuration and usability of lot; view or potential view (not necessarily ocean view); possible Mills Act candidacy; and proximity to public transportation. These are not necessarily listed by order of importance. I realize there are trade-offs to be made to get a more important amenity over another.
Age of property and size of dwelling are of much less importance to me. School attendance area means nothing to me as I’ve already been there and done that. There are many, many persons well-versed in CA land use, such as myself, who view RE purchases exactly as I do. Land and its potential uses and rights and privileges attached thereto or removed from that land (thru easements and CC&R’s) make the world go ’round!
Nothing else matters.
December 31, 2010 at 12:12 PM #647800Participant[quote=sdrealtor]I’m in the middle. I tend to beleive there are special opportunities that present themselves once in a lifetime out there. I’m just not confident in BG’s ability to pick them out.[/quote]
Once again, against my better judgment, I’ll take your bait, sdr. What I consider to be a “once in a lifetime special opportunity” may or may not be what you consider same. I look at many things, including: location; zoning; lot size; configuration and usability of lot; view or potential view (not necessarily ocean view); possible Mills Act candidacy; and proximity to public transportation. These are not necessarily listed by order of importance. I realize there are trade-offs to be made to get a more important amenity over another.
Age of property and size of dwelling are of much less importance to me. School attendance area means nothing to me as I’ve already been there and done that. There are many, many persons well-versed in CA land use, such as myself, who view RE purchases exactly as I do. Land and its potential uses and rights and privileges attached thereto or removed from that land (thru easements and CC&R’s) make the world go ’round!
Nothing else matters.
December 31, 2010 at 12:31 PM #646685Participant[quote=jpinpb]Yes, BG repeated similar sentiments on the Point Loma thread. I tend to agree w/you pemeliza. I think prices are returning to what they are worth w/out the tricks and manipulations involved.[/quote]
jp, several active and sold listings in Pt Loma that I perused yesterday had not been on the market in more than 50 years. Two or three of them were over 65 years old and NEVER SOLD! I also saw at least a half-dozen well-located “probate sales.” I don’t keep my pulse on this market on a regular basis but I haven’t seen the “pickings” for well-located fixers THIS GOOD since the mid-nineties! 90% of the fixers sold in VERY SHORT ORDER, most likely in all-cash transactions. These buyers obviously understand the concept I am trying to get across here.
I think the inventory in 92106/92107 is very good right now, and may get even better in the coming months.
Once the “fixers” on a particular street you may have been tracking for many, many years all get sold and rehabbed, the party is over for a mid-range homebuyer ($500K to $850K). Those quickly snapped-up (view) properties very often get permitted room addition(s) and as future listings, become too cost prohibitive except to very deep-pocketed buyers.
You only go ’round once in this life and it is always beneficial to be in a position to take advantage of lifetime dreams when they present themselves. Due to many factors, you may never get the chance again.
December 31, 2010 at 12:31 PM #646757Participant[quote=jpinpb]Yes, BG repeated similar sentiments on the Point Loma thread. I tend to agree w/you pemeliza. I think prices are returning to what they are worth w/out the tricks and manipulations involved.[/quote]
jp, several active and sold listings in Pt Loma that I perused yesterday had not been on the market in more than 50 years. Two or three of them were over 65 years old and NEVER SOLD! I also saw at least a half-dozen well-located “probate sales.” I don’t keep my pulse on this market on a regular basis but I haven’t seen the “pickings” for well-located fixers THIS GOOD since the mid-nineties! 90% of the fixers sold in VERY SHORT ORDER, most likely in all-cash transactions. These buyers obviously understand the concept I am trying to get across here.
I think the inventory in 92106/92107 is very good right now, and may get even better in the coming months.
Once the “fixers” on a particular street you may have been tracking for many, many years all get sold and rehabbed, the party is over for a mid-range homebuyer ($500K to $850K). Those quickly snapped-up (view) properties very often get permitted room addition(s) and as future listings, become too cost prohibitive except to very deep-pocketed buyers.
You only go ’round once in this life and it is always beneficial to be in a position to take advantage of lifetime dreams when they present themselves. Due to many factors, you may never get the chance again.
December 31, 2010 at 12:31 PM #647343Participant[quote=jpinpb]Yes, BG repeated similar sentiments on the Point Loma thread. I tend to agree w/you pemeliza. I think prices are returning to what they are worth w/out the tricks and manipulations involved.[/quote]
jp, several active and sold listings in Pt Loma that I perused yesterday had not been on the market in more than 50 years. Two or three of them were over 65 years old and NEVER SOLD! I also saw at least a half-dozen well-located “probate sales.” I don’t keep my pulse on this market on a regular basis but I haven’t seen the “pickings” for well-located fixers THIS GOOD since the mid-nineties! 90% of the fixers sold in VERY SHORT ORDER, most likely in all-cash transactions. These buyers obviously understand the concept I am trying to get across here.
I think the inventory in 92106/92107 is very good right now, and may get even better in the coming months.
Once the “fixers” on a particular street you may have been tracking for many, many years all get sold and rehabbed, the party is over for a mid-range homebuyer ($500K to $850K). Those quickly snapped-up (view) properties very often get permitted room addition(s) and as future listings, become too cost prohibitive except to very deep-pocketed buyers.
You only go ’round once in this life and it is always beneficial to be in a position to take advantage of lifetime dreams when they present themselves. Due to many factors, you may never get the chance again.
December 31, 2010 at 12:31 PM #647480Participant[quote=jpinpb]Yes, BG repeated similar sentiments on the Point Loma thread. I tend to agree w/you pemeliza. I think prices are returning to what they are worth w/out the tricks and manipulations involved.[/quote]
jp, several active and sold listings in Pt Loma that I perused yesterday had not been on the market in more than 50 years. Two or three of them were over 65 years old and NEVER SOLD! I also saw at least a half-dozen well-located “probate sales.” I don’t keep my pulse on this market on a regular basis but I haven’t seen the “pickings” for well-located fixers THIS GOOD since the mid-nineties! 90% of the fixers sold in VERY SHORT ORDER, most likely in all-cash transactions. These buyers obviously understand the concept I am trying to get across here.
I think the inventory in 92106/92107 is very good right now, and may get even better in the coming months.
Once the “fixers” on a particular street you may have been tracking for many, many years all get sold and rehabbed, the party is over for a mid-range homebuyer ($500K to $850K). Those quickly snapped-up (view) properties very often get permitted room addition(s) and as future listings, become too cost prohibitive except to very deep-pocketed buyers.
You only go ’round once in this life and it is always beneficial to be in a position to take advantage of lifetime dreams when they present themselves. Due to many factors, you may never get the chance again.
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