Pacific Beach market question

[boomer]

Don’t forget $700 per month in property taxes. That house is crap. I think it was a couple of agents that bought it last June. They have to be thrilled they dumped it. It was an out of town agent that sold it, probably an out of town buyer as well. I wouldn’t be surprised if they are planning to scrape it and build. There is a giant house next door.

[jpinpb]

I thought the prop tax was 525. I think it’s 591. I already admit that my math sucks.

From what I understand, this guy that owns some surf shop in OC bought it last year and just sold (flipped) it.
I don’t know how accurate the info I have is. I’m just surprised it sold for 710k. It’s not zoned for multi, unless they change zoning, so unlikely a developer is going to mow it down and throw up condos for 600k a piece.

Maybe I’m just underestimating the coastal market. It must be immune and prices will just keep going up there.

[jpinpb]

I thought the prop tax was 525. I think it’s 591. I already admit that my math sucks.

From what I understand, this guy that owns some surf shop in OC bought it last year and just sold (flipped) it.
I don’t know how accurate the info I have is. I’m just surprised it sold for 710k. It’s not zoned for multi, unless they change zoning, so unlikely a developer is going to mow it down and throw up condos for 600k a piece.

Maybe I’m just underestimating the coastal market. It must be immune and prices will just keep going up there.

[jpinpb]

I thought the prop tax was 525. I think it’s 591. I already admit that my math sucks.

From what I understand, this guy that owns some surf shop in OC bought it last year and just sold (flipped) it.
I don’t know how accurate the info I have is. I’m just surprised it sold for 710k. It’s not zoned for multi, unless they change zoning, so unlikely a developer is going to mow it down and throw up condos for 600k a piece.

Maybe I’m just underestimating the coastal market. It must be immune and prices will just keep going up there.

[jpinpb]

I thought the prop tax was 525. I think it’s 591. I already admit that my math sucks.

From what I understand, this guy that owns some surf shop in OC bought it last year and just sold (flipped) it.
I don’t know how accurate the info I have is. I’m just surprised it sold for 710k. It’s not zoned for multi, unless they change zoning, so unlikely a developer is going to mow it down and throw up condos for 600k a piece.

Maybe I’m just underestimating the coastal market. It must be immune and prices will just keep going up there.

[jpinpb]

I thought the prop tax was 525. I think it’s 591. I already admit that my math sucks.

From what I understand, this guy that owns some surf shop in OC bought it last year and just sold (flipped) it.
I don’t know how accurate the info I have is. I’m just surprised it sold for 710k. It’s not zoned for multi, unless they change zoning, so unlikely a developer is going to mow it down and throw up condos for 600k a piece.

Maybe I’m just underestimating the coastal market. It must be immune and prices will just keep going up there.

[Doofrat]

Oh man, come on, don’t burst my bubble, I’m sure if there are any other expenses outside of my calculations like insurance or stuff, I can just write it off or something.

Seriously, I know people who have done this, so it must be pretty common. Without being too specific, they buy a place without really knowing the true cost or the future expenses and risks and end up with an “investment” that would require all the stars to line up in perfect unison to possibly break even. Why would they do this? Because they expect future price gains.

I know my math makes no sense above, I was just demonstrating the way people actually figure these things out.

[Doofrat]

Oh man, come on, don’t burst my bubble, I’m sure if there are any other expenses outside of my calculations like insurance or stuff, I can just write it off or something.

Seriously, I know people who have done this, so it must be pretty common. Without being too specific, they buy a place without really knowing the true cost or the future expenses and risks and end up with an “investment” that would require all the stars to line up in perfect unison to possibly break even. Why would they do this? Because they expect future price gains.

I know my math makes no sense above, I was just demonstrating the way people actually figure these things out.

[Doofrat]

Oh man, come on, don’t burst my bubble, I’m sure if there are any other expenses outside of my calculations like insurance or stuff, I can just write it off or something.

Seriously, I know people who have done this, so it must be pretty common. Without being too specific, they buy a place without really knowing the true cost or the future expenses and risks and end up with an “investment” that would require all the stars to line up in perfect unison to possibly break even. Why would they do this? Because they expect future price gains.

I know my math makes no sense above, I was just demonstrating the way people actually figure these things out.

[Doofrat]

Oh man, come on, don’t burst my bubble, I’m sure if there are any other expenses outside of my calculations like insurance or stuff, I can just write it off or something.

Seriously, I know people who have done this, so it must be pretty common. Without being too specific, they buy a place without really knowing the true cost or the future expenses and risks and end up with an “investment” that would require all the stars to line up in perfect unison to possibly break even. Why would they do this? Because they expect future price gains.

I know my math makes no sense above, I was just demonstrating the way people actually figure these things out.

[Doofrat]

Oh man, come on, don’t burst my bubble, I’m sure if there are any other expenses outside of my calculations like insurance or stuff, I can just write it off or something.

Seriously, I know people who have done this, so it must be pretty common. Without being too specific, they buy a place without really knowing the true cost or the future expenses and risks and end up with an “investment” that would require all the stars to line up in perfect unison to possibly break even. Why would they do this? Because they expect future price gains.

I know my math makes no sense above, I was just demonstrating the way people actually figure these things out.

[boomer]

I stand corrected jpinpb, it was some surfer dude that bought it. I think it is great that he was able to make some $ with this deal. Although I doubt that he made a ton after holding/closing costs.

I agree you probably can’t build condo’s on this lot, although some areas allow 2 units on a lot like this. But they could build a giant house like the one next door.

Property taxes = purchase price * %1.25?

[boomer]

I stand corrected jpinpb, it was some surfer dude that bought it. I think it is great that he was able to make some $ with this deal. Although I doubt that he made a ton after holding/closing costs.

I agree you probably can’t build condo’s on this lot, although some areas allow 2 units on a lot like this. But they could build a giant house like the one next door.

Property taxes = purchase price * %1.25?

[boomer]

I stand corrected jpinpb, it was some surfer dude that bought it. I think it is great that he was able to make some $ with this deal. Although I doubt that he made a ton after holding/closing costs.

I agree you probably can’t build condo’s on this lot, although some areas allow 2 units on a lot like this. But they could build a giant house like the one next door.

Property taxes = purchase price * %1.25?

[boomer]

I stand corrected jpinpb, it was some surfer dude that bought it. I think it is great that he was able to make some $ with this deal. Although I doubt that he made a ton after holding/closing costs.

I agree you probably can’t build condo’s on this lot, although some areas allow 2 units on a lot like this. But they could build a giant house like the one next door.

Property taxes = purchase price * %1.25?

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