“Flip this House” in Pacific Beach

[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.

[PadreBrian]

This winter it will be a little worse. Then it will pick back up in the summer.

[PadreBrian]

This winter it will be a little worse. Then it will pick back up in the summer.

[PadreBrian]

This winter it will be a little worse. Then it will pick back up in the summer.

[PadreBrian]

This winter it will be a little worse. Then it will pick back up in the summer.

[PadreBrian]

This winter it will be a little worse. Then it will pick back up in the summer.

[jpinpb]

Also, I did not fall in love w/the property. Just trying to understand b/c it doesn’t make sense.

rickt agreed that Nancy overpaid and I concur in view of the triplex next-door that sold later for 815k, which made sense. That is the comp right there, or close to it. That was still near peak.

In light of other sales on that street, I am hard-pressed at understanding 655k for a gutted duplex, especially now in these economic times. They were pushing selling it for 940k at peak bubble.

1211 Diamond that sold for 715 was a turnkey SFH, allbeit zoned multiple. The backyard was HUGE and they can build behind while they live in the front house. The 1211 was 6300 sf, maybe more (1076 is at most 5000sf). Can’t remember for sure right now.

I just try to analyze this w/out emotions and it makes no sense. Spock, I’m not. When I don’t understand something, I get frustrated (emotional) even angry.

How can they purchase it at 655k and even fixing it up, expect to get 1.2 million in these economic times? That’s what I’m having trouble with.

[jpinpb]

Also, I did not fall in love w/the property. Just trying to understand b/c it doesn’t make sense.

rickt agreed that Nancy overpaid and I concur in view of the triplex next-door that sold later for 815k, which made sense. That is the comp right there, or close to it. That was still near peak.

In light of other sales on that street, I am hard-pressed at understanding 655k for a gutted duplex, especially now in these economic times. They were pushing selling it for 940k at peak bubble.

1211 Diamond that sold for 715 was a turnkey SFH, allbeit zoned multiple. The backyard was HUGE and they can build behind while they live in the front house. The 1211 was 6300 sf, maybe more (1076 is at most 5000sf). Can’t remember for sure right now.

I just try to analyze this w/out emotions and it makes no sense. Spock, I’m not. When I don’t understand something, I get frustrated (emotional) even angry.

How can they purchase it at 655k and even fixing it up, expect to get 1.2 million in these economic times? That’s what I’m having trouble with.

[jpinpb]

Also, I did not fall in love w/the property. Just trying to understand b/c it doesn’t make sense.

rickt agreed that Nancy overpaid and I concur in view of the triplex next-door that sold later for 815k, which made sense. That is the comp right there, or close to it. That was still near peak.

In light of other sales on that street, I am hard-pressed at understanding 655k for a gutted duplex, especially now in these economic times. They were pushing selling it for 940k at peak bubble.

1211 Diamond that sold for 715 was a turnkey SFH, allbeit zoned multiple. The backyard was HUGE and they can build behind while they live in the front house. The 1211 was 6300 sf, maybe more (1076 is at most 5000sf). Can’t remember for sure right now.

I just try to analyze this w/out emotions and it makes no sense. Spock, I’m not. When I don’t understand something, I get frustrated (emotional) even angry.

How can they purchase it at 655k and even fixing it up, expect to get 1.2 million in these economic times? That’s what I’m having trouble with.

[jpinpb]

Also, I did not fall in love w/the property. Just trying to understand b/c it doesn’t make sense.

rickt agreed that Nancy overpaid and I concur in view of the triplex next-door that sold later for 815k, which made sense. That is the comp right there, or close to it. That was still near peak.

In light of other sales on that street, I am hard-pressed at understanding 655k for a gutted duplex, especially now in these economic times. They were pushing selling it for 940k at peak bubble.

1211 Diamond that sold for 715 was a turnkey SFH, allbeit zoned multiple. The backyard was HUGE and they can build behind while they live in the front house. The 1211 was 6300 sf, maybe more (1076 is at most 5000sf). Can’t remember for sure right now.

I just try to analyze this w/out emotions and it makes no sense. Spock, I’m not. When I don’t understand something, I get frustrated (emotional) even angry.

How can they purchase it at 655k and even fixing it up, expect to get 1.2 million in these economic times? That’s what I’m having trouble with.

[jpinpb]

Also, I did not fall in love w/the property. Just trying to understand b/c it doesn’t make sense.

rickt agreed that Nancy overpaid and I concur in view of the triplex next-door that sold later for 815k, which made sense. That is the comp right there, or close to it. That was still near peak.

In light of other sales on that street, I am hard-pressed at understanding 655k for a gutted duplex, especially now in these economic times. They were pushing selling it for 940k at peak bubble.

1211 Diamond that sold for 715 was a turnkey SFH, allbeit zoned multiple. The backyard was HUGE and they can build behind while they live in the front house. The 1211 was 6300 sf, maybe more (1076 is at most 5000sf). Can’t remember for sure right now.

I just try to analyze this w/out emotions and it makes no sense. Spock, I’m not. When I don’t understand something, I get frustrated (emotional) even angry.

How can they purchase it at 655k and even fixing it up, expect to get 1.2 million in these economic times? That’s what I’m having trouble with.

[FoamFinger1]

jpinpb,

The S/O and I checked out the 1076 property. Our immediate conclusion was:

As is, it’s perfect for PB. Just slap a “For Rent” sign on it. A mini dorm or frat house with a bed sheet with some greek letters hanging out of the window (or, where the windows used to be) and you are all set!

Lot size? seriously. If the SO wants the yard for a small garden and (blah, blah…) My take is, unless I’m sitting on the couch watching TV with a bowl of pop corn with a cold one while she’s out mowing that lawn, (hey, she want’s the lawn and garden!)I’d keep looking for a more appropriate PB POS to swoop up.

[FoamFinger1]

jpinpb,

The S/O and I checked out the 1076 property. Our immediate conclusion was:

As is, it’s perfect for PB. Just slap a “For Rent” sign on it. A mini dorm or frat house with a bed sheet with some greek letters hanging out of the window (or, where the windows used to be) and you are all set!

Lot size? seriously. If the SO wants the yard for a small garden and (blah, blah…) My take is, unless I’m sitting on the couch watching TV with a bowl of pop corn with a cold one while she’s out mowing that lawn, (hey, she want’s the lawn and garden!)I’d keep looking for a more appropriate PB POS to swoop up.

[FoamFinger1]

jpinpb,

The S/O and I checked out the 1076 property. Our immediate conclusion was:

As is, it’s perfect for PB. Just slap a “For Rent” sign on it. A mini dorm or frat house with a bed sheet with some greek letters hanging out of the window (or, where the windows used to be) and you are all set!

Lot size? seriously. If the SO wants the yard for a small garden and (blah, blah…) My take is, unless I’m sitting on the couch watching TV with a bowl of pop corn with a cold one while she’s out mowing that lawn, (hey, she want’s the lawn and garden!)I’d keep looking for a more appropriate PB POS to swoop up.

[FoamFinger1]

jpinpb,

The S/O and I checked out the 1076 property. Our immediate conclusion was:

As is, it’s perfect for PB. Just slap a “For Rent” sign on it. A mini dorm or frat house with a bed sheet with some greek letters hanging out of the window (or, where the windows used to be) and you are all set!

Lot size? seriously. If the SO wants the yard for a small garden and (blah, blah…) My take is, unless I’m sitting on the couch watching TV with a bowl of pop corn with a cold one while she’s out mowing that lawn, (hey, she want’s the lawn and garden!)I’d keep looking for a more appropriate PB POS to swoop up.

[Author]

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