same street, same floor plan, $210k difference

[chrisM]

Two Cassero twinhomes happened to close in Del Sur today. Same street (not even a block apart!), same floor plan, similar level of finishes… but price tags of $443k and $655k.

http://www.sdlookup.com/MLS-120051105-15816_Paseo_Del_Sur_San_Diego_CA_92127

http://www.sdlookup.com/MLS-120038057-15772_Paseo_Del_Sur_St_San_Diego_CA_92127

Would anyone happen to know what’s going on there?

[CA renter]

I have no idea what happened with these particular properties, but this is what I was saying in the other thread about prices being all over the place. Because of the insanely low inventory levels, people are able to pretty much ask whatever they want, and all too often, they seem to get it. IMHO, it might just be a matter of that one clueless buyer being led by a greedy realtor who’s telling him/her to overbid on everything.

In many cases, these price differences can be seen on the SAME house, with sales just a couple of months apart. The flippers put $30K of cosmetic upgrades in and manage to gross $150K-$200K upon flipping it. It’s very disconcerting.

[Essbee]

Thanks for sharing.

The one that sold for the higher price seems to have a higher level of upgrades (wood floors in much of the downstairs rather than ceramic tile/carpet; granite blacksplash in kitchen rather than tile; granite in master bath; etc).

The write up is a little unclear, but it sounds like it *may* have been a model home at one point.

I doubt it was worth $210K more, though!!

[Essbee]

Thanks for sharing.

The one that sold for the higher price seems to have a higher level of upgrades (wood floors in much of the downstairs rather than ceramic tile/carpet; granite blacksplash in kitchen rather than tile; granite in master bath; etc).

The write up is a little unclear, but it sounds like it *may* have been a model home at one point.

I doubt it was worth $210K more, though!!

[DataAgent]

A good realtor can add a lot of value.

[recordsclerk]

Looks like the cheaper one is a short sale. Originally purchased in the mid 600’s. Listing was lowered from mid 500’s to mid 400’s. Obviously some short sale shenanigans. Almost all low comps are short sale shenanigans. Almost all high comps are VA/FHA flip buyers. These are very consistent trends. The data is not all over the place. Until we clear out all the short sales, we will continue to see large variances in high/low comps.

[ctr70]

Yes and a lot of short sale comps may have went into contract a year ago, or more, and are just closing now. So the lower priced short sale comps can be based upon the lower end of the price scale a year or more ago, and are not reflective of today’s pricing on a standard sale.

[Upvote_Anything]

Wow , low inventory + ‘good’ buyer agent . We are going to see more del sur ~2000 sqft homes on the market in the following 4 months, standard pacific is opening up 4 new products on July, one townhouse community (~1700 sqft) and three single home communities from 2000 to 4000 sqft. If you are planning to sell this year, right now is the best time! Also the first phases of del sur were sold on 2007-2008 and many of the already underwater homes are about to get reset.

[Author]

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