Pretty impressive price in Bay Ho

[GoUSC]

WOW. $445k for 1200sf on Chicago.

http://www.sdlookup.com/MLS-076069030-3368_Chicago_St_San_Diego_CA_92117

Best price I have seen in a long long time.

[CMcG]

As someone who really, really wants to own in Bay Park, I’m confused. I thought Bay Park was south of Clairemont Drive, close to the bay, Morena and up, and that Bay Ho was north of Clairemont Drive, Morena and up. This property is listed as being in Clairemont, and has a zip of 92117. Bay Park is 92110. Radelow, am I right? You’d think I’d know this stuff by now.

[waiting hawk]

Maybe he was the only one that got the housing crash memo lol.

[4plexowner]

rental value –

$1800/mo rent x 12 mo = $21,600/year

GRM of 10 => house worth $216,000

GRM of 12 => house worth $259,200

GRM at $445K => 20

IMO this house and others like it in Clairemont/BayHo/Bay Park will be selling for $275-325K before the market bottoms in 2011 / 2012

[GoUSC]

4plex I think your analysis, while a good exercise, is not indicative. Homes historically have not sold at prices necessarily reflective of their GRM. Close but not precisely.

For example this house at $445k less a 20% down payment. This results in an approximately mortgage of $2134. Take out your deduction for interest and property taxes and you are paying close to what you would rent this place for. That’s how buyers look at it and why it might be a good deal.

To answer the other question this is indeed “Bay Ho”. But Bay Ho isn’t really recognized so in MLS it is listed as Clairemont.

[DaCounselor]

I thought Bay Ho was north of Balboa and Bay Park was south of Balboa. That’s how we’ve always referred to it, anyway.
There are some great streets in both areas, but I personally prefer certain neighborhoods north of Balboa.

[PorkmanDelardo]

Price Club Heights is the area north of Balboa. Ask any local. Porkman

[cantab]

What’s so great about this house? The listing doesn’t say it has a view and judging from the exact location, my guess is that it doesn’t.

It sold for 665,000 in 2005 but even by San Diego bubble standards that was excessive. It’s small (1248 sqft), low-quality 1950s construction, small lot (5800 sqft), not good for a family (only 2br), in a bad school district, and it has weeds in the driveway.

Even now there are better buys for 445,000 in San Diego.

[Author]

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