“Flip this House” in Pacific Beach

[JustLurking]

Well JP, the pink house on La Jolla Shores Dr that I posted about several months ago sold for $2.25M. It is now for rent for $6500 a month. Talk about WTF!

[Anonymous]

I notice that no one on this site seems to know anything about real estate. There is a lot of guessing based on a price of $1m or $2m or whatever that the property must be overpriced. I am in the real estate business in Pacific Beach. About 1076 Diamond: Nancy Wiggley paid too much for this property. That says not so much about the market, but about the buyer. You cannot infer the entire market from one purchase. jpinpb: A standard 50 x 125 lot was zoned at one time in PB for 16 units, then downzoned to 8 units and then 4 and then in many parts of pb is currently zoned RM-1-1 which is one unit per 3000 square feet of lot. The last downzoning occurred in 1991. Perhaps before you get distraught you should try and learn a bit about what you speak of. I cannot comment on “Flip this house”, other than anyone who watches reality tv and attempts to assimilate that into reality gets what they deserve. Looking further: The price of the property per square foot of building is very important. I have never seen a single post on this website ever discuss price per square foot yet this is a critical component of every piece of real estate. Not that house was “pink”. BTW pink houses sell for less than other houses. IE buy the pink house paint it and you can profit. So, $655,000 divided by 2128 sq ft is $307 per square foot. Is this a good deal? Any of you geniuses know how to figure it out? How much is the underlying land worth? Wow, this is getting complicated. $152 per square foot of land? Does the price vary based on the size of the lot? What would the finished product sell for per square foot? 300?, 400, 500, 600? Do you get the drift? None of you are talking about real estate. Your talking about your own mental state vis a vis money. Are you going to sell it as two units or condo the building and sell two separate units? Your confused because your trying to guess the value based on what some other propety sold for that may or not be good comparable. Properties have so many features only the true pros can drive by and immediately infer value. Guessing is what helped cause the bubble. What does it rent for? What is the cash flow? What is the gross rent multiple in PB? These items need to be in any discussion for the discussion to be relevant. To stop the hysteria learn about that which you are interested. How does this work, do go on a date now?

[Anonymous]

I notice that no one on this site seems to know anything about real estate. There is a lot of guessing based on a price of $1m or $2m or whatever that the property must be overpriced. I am in the real estate business in Pacific Beach. About 1076 Diamond: Nancy Wiggley paid too much for this property. That says not so much about the market, but about the buyer. You cannot infer the entire market from one purchase. jpinpb: A standard 50 x 125 lot was zoned at one time in PB for 16 units, then downzoned to 8 units and then 4 and then in many parts of pb is currently zoned RM-1-1 which is one unit per 3000 square feet of lot. The last downzoning occurred in 1991. Perhaps before you get distraught you should try and learn a bit about what you speak of. I cannot comment on “Flip this house”, other than anyone who watches reality tv and attempts to assimilate that into reality gets what they deserve. Looking further: The price of the property per square foot of building is very important. I have never seen a single post on this website ever discuss price per square foot yet this is a critical component of every piece of real estate. Not that house was “pink”. BTW pink houses sell for less than other houses. IE buy the pink house paint it and you can profit. So, $655,000 divided by 2128 sq ft is $307 per square foot. Is this a good deal? Any of you geniuses know how to figure it out? How much is the underlying land worth? Wow, this is getting complicated. $152 per square foot of land? Does the price vary based on the size of the lot? What would the finished product sell for per square foot? 300?, 400, 500, 600? Do you get the drift? None of you are talking about real estate. Your talking about your own mental state vis a vis money. Are you going to sell it as two units or condo the building and sell two separate units? Your confused because your trying to guess the value based on what some other propety sold for that may or not be good comparable. Properties have so many features only the true pros can drive by and immediately infer value. Guessing is what helped cause the bubble. What does it rent for? What is the cash flow? What is the gross rent multiple in PB? These items need to be in any discussion for the discussion to be relevant. To stop the hysteria learn about that which you are interested. How does this work, do go on a date now?

[Anonymous]

I notice that no one on this site seems to know anything about real estate. There is a lot of guessing based on a price of $1m or $2m or whatever that the property must be overpriced. I am in the real estate business in Pacific Beach. About 1076 Diamond: Nancy Wiggley paid too much for this property. That says not so much about the market, but about the buyer. You cannot infer the entire market from one purchase. jpinpb: A standard 50 x 125 lot was zoned at one time in PB for 16 units, then downzoned to 8 units and then 4 and then in many parts of pb is currently zoned RM-1-1 which is one unit per 3000 square feet of lot. The last downzoning occurred in 1991. Perhaps before you get distraught you should try and learn a bit about what you speak of. I cannot comment on “Flip this house”, other than anyone who watches reality tv and attempts to assimilate that into reality gets what they deserve. Looking further: The price of the property per square foot of building is very important. I have never seen a single post on this website ever discuss price per square foot yet this is a critical component of every piece of real estate. Not that house was “pink”. BTW pink houses sell for less than other houses. IE buy the pink house paint it and you can profit. So, $655,000 divided by 2128 sq ft is $307 per square foot. Is this a good deal? Any of you geniuses know how to figure it out? How much is the underlying land worth? Wow, this is getting complicated. $152 per square foot of land? Does the price vary based on the size of the lot? What would the finished product sell for per square foot? 300?, 400, 500, 600? Do you get the drift? None of you are talking about real estate. Your talking about your own mental state vis a vis money. Are you going to sell it as two units or condo the building and sell two separate units? Your confused because your trying to guess the value based on what some other propety sold for that may or not be good comparable. Properties have so many features only the true pros can drive by and immediately infer value. Guessing is what helped cause the bubble. What does it rent for? What is the cash flow? What is the gross rent multiple in PB? These items need to be in any discussion for the discussion to be relevant. To stop the hysteria learn about that which you are interested. How does this work, do go on a date now?

[Anonymous]

I notice that no one on this site seems to know anything about real estate. There is a lot of guessing based on a price of $1m or $2m or whatever that the property must be overpriced. I am in the real estate business in Pacific Beach. About 1076 Diamond: Nancy Wiggley paid too much for this property. That says not so much about the market, but about the buyer. You cannot infer the entire market from one purchase. jpinpb: A standard 50 x 125 lot was zoned at one time in PB for 16 units, then downzoned to 8 units and then 4 and then in many parts of pb is currently zoned RM-1-1 which is one unit per 3000 square feet of lot. The last downzoning occurred in 1991. Perhaps before you get distraught you should try and learn a bit about what you speak of. I cannot comment on “Flip this house”, other than anyone who watches reality tv and attempts to assimilate that into reality gets what they deserve. Looking further: The price of the property per square foot of building is very important. I have never seen a single post on this website ever discuss price per square foot yet this is a critical component of every piece of real estate. Not that house was “pink”. BTW pink houses sell for less than other houses. IE buy the pink house paint it and you can profit. So, $655,000 divided by 2128 sq ft is $307 per square foot. Is this a good deal? Any of you geniuses know how to figure it out? How much is the underlying land worth? Wow, this is getting complicated. $152 per square foot of land? Does the price vary based on the size of the lot? What would the finished product sell for per square foot? 300?, 400, 500, 600? Do you get the drift? None of you are talking about real estate. Your talking about your own mental state vis a vis money. Are you going to sell it as two units or condo the building and sell two separate units? Your confused because your trying to guess the value based on what some other propety sold for that may or not be good comparable. Properties have so many features only the true pros can drive by and immediately infer value. Guessing is what helped cause the bubble. What does it rent for? What is the cash flow? What is the gross rent multiple in PB? These items need to be in any discussion for the discussion to be relevant. To stop the hysteria learn about that which you are interested. How does this work, do go on a date now?

[Anonymous]

I notice that no one on this site seems to know anything about real estate. There is a lot of guessing based on a price of $1m or $2m or whatever that the property must be overpriced. I am in the real estate business in Pacific Beach. About 1076 Diamond: Nancy Wiggley paid too much for this property. That says not so much about the market, but about the buyer. You cannot infer the entire market from one purchase. jpinpb: A standard 50 x 125 lot was zoned at one time in PB for 16 units, then downzoned to 8 units and then 4 and then in many parts of pb is currently zoned RM-1-1 which is one unit per 3000 square feet of lot. The last downzoning occurred in 1991. Perhaps before you get distraught you should try and learn a bit about what you speak of. I cannot comment on “Flip this house”, other than anyone who watches reality tv and attempts to assimilate that into reality gets what they deserve. Looking further: The price of the property per square foot of building is very important. I have never seen a single post on this website ever discuss price per square foot yet this is a critical component of every piece of real estate. Not that house was “pink”. BTW pink houses sell for less than other houses. IE buy the pink house paint it and you can profit. So, $655,000 divided by 2128 sq ft is $307 per square foot. Is this a good deal? Any of you geniuses know how to figure it out? How much is the underlying land worth? Wow, this is getting complicated. $152 per square foot of land? Does the price vary based on the size of the lot? What would the finished product sell for per square foot? 300?, 400, 500, 600? Do you get the drift? None of you are talking about real estate. Your talking about your own mental state vis a vis money. Are you going to sell it as two units or condo the building and sell two separate units? Your confused because your trying to guess the value based on what some other propety sold for that may or not be good comparable. Properties have so many features only the true pros can drive by and immediately infer value. Guessing is what helped cause the bubble. What does it rent for? What is the cash flow? What is the gross rent multiple in PB? These items need to be in any discussion for the discussion to be relevant. To stop the hysteria learn about that which you are interested. How does this work, do go on a date now?

[PadreBrian]

jpinpb, I would keep an eye on the NOD’s this winter. February will the best time to buy. Feel free to lowball anything that interests you.

But really, 715k for a PB triplex, and you thought that was over priced? Really? If you are waiting for 1973 prices, forget it. Look for the pre-bubble 2001 price and you’ll be good.

[PadreBrian]

jpinpb, I would keep an eye on the NOD’s this winter. February will the best time to buy. Feel free to lowball anything that interests you.

But really, 715k for a PB triplex, and you thought that was over priced? Really? If you are waiting for 1973 prices, forget it. Look for the pre-bubble 2001 price and you’ll be good.

[PadreBrian]

jpinpb, I would keep an eye on the NOD’s this winter. February will the best time to buy. Feel free to lowball anything that interests you.

But really, 715k for a PB triplex, and you thought that was over priced? Really? If you are waiting for 1973 prices, forget it. Look for the pre-bubble 2001 price and you’ll be good.

[PadreBrian]

jpinpb, I would keep an eye on the NOD’s this winter. February will the best time to buy. Feel free to lowball anything that interests you.

But really, 715k for a PB triplex, and you thought that was over priced? Really? If you are waiting for 1973 prices, forget it. Look for the pre-bubble 2001 price and you’ll be good.

[PadreBrian]

jpinpb, I would keep an eye on the NOD’s this winter. February will the best time to buy. Feel free to lowball anything that interests you.

But really, 715k for a PB triplex, and you thought that was over priced? Really? If you are waiting for 1973 prices, forget it. Look for the pre-bubble 2001 price and you’ll be good.

[jpinpb]

I NEVER said 715 for a triplex was overpriced. However, some people say we will go back to 2001 pricing. Nevertheless, I made an offer of 850k on 1076 Diamond back in the peak and I thought that was fair and relative to subsequent sales which I listed, I do believe Nancy overpaid.

That said, I did indicated it was zoned multiple, which will add value to property. I did indicate it is a smaller than usual lot for multiple, so those are considerations I took into account. Having said that, I indicated the place was gutted.

Was it unreasonable for me to think I could purchase a gutted property in Pacific Beach for 500k taking into consideration our economy, unemployment, tightening of credit, falling markets worldwide?

Perhaps I wasn’t being realistic.

I did hear Yun w/the NAR declare that sales are up, inventory is down and we have hit bottom. Perhaps that explains everything.

[jpinpb]

I NEVER said 715 for a triplex was overpriced. However, some people say we will go back to 2001 pricing. Nevertheless, I made an offer of 850k on 1076 Diamond back in the peak and I thought that was fair and relative to subsequent sales which I listed, I do believe Nancy overpaid.

That said, I did indicated it was zoned multiple, which will add value to property. I did indicate it is a smaller than usual lot for multiple, so those are considerations I took into account. Having said that, I indicated the place was gutted.

Was it unreasonable for me to think I could purchase a gutted property in Pacific Beach for 500k taking into consideration our economy, unemployment, tightening of credit, falling markets worldwide?

Perhaps I wasn’t being realistic.

I did hear Yun w/the NAR declare that sales are up, inventory is down and we have hit bottom. Perhaps that explains everything.

[jpinpb]

I NEVER said 715 for a triplex was overpriced. However, some people say we will go back to 2001 pricing. Nevertheless, I made an offer of 850k on 1076 Diamond back in the peak and I thought that was fair and relative to subsequent sales which I listed, I do believe Nancy overpaid.

That said, I did indicated it was zoned multiple, which will add value to property. I did indicate it is a smaller than usual lot for multiple, so those are considerations I took into account. Having said that, I indicated the place was gutted.

Was it unreasonable for me to think I could purchase a gutted property in Pacific Beach for 500k taking into consideration our economy, unemployment, tightening of credit, falling markets worldwide?

Perhaps I wasn’t being realistic.

I did hear Yun w/the NAR declare that sales are up, inventory is down and we have hit bottom. Perhaps that explains everything.

[jpinpb]

I NEVER said 715 for a triplex was overpriced. However, some people say we will go back to 2001 pricing. Nevertheless, I made an offer of 850k on 1076 Diamond back in the peak and I thought that was fair and relative to subsequent sales which I listed, I do believe Nancy overpaid.

That said, I did indicated it was zoned multiple, which will add value to property. I did indicate it is a smaller than usual lot for multiple, so those are considerations I took into account. Having said that, I indicated the place was gutted.

Was it unreasonable for me to think I could purchase a gutted property in Pacific Beach for 500k taking into consideration our economy, unemployment, tightening of credit, falling markets worldwide?

Perhaps I wasn’t being realistic.

I did hear Yun w/the NAR declare that sales are up, inventory is down and we have hit bottom. Perhaps that explains everything.

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