Can this possibly be accurate? (See attachment). I don’t know where Redfin gets these numbers from, but they kind of make me want to jump off my (rented) University Heights balcony. Or, in the alternative, it makes me want to never leave this apartment since it costs $1200 a month and has a lovely balcony.
We just got beat last week by a cash offer over in Normal Heights — we offered over asking on a tiny but adorable place listed at $690/Sq.Ft. It had already been flipped around 2010, so we were hoping we wouldn’t be up against investors. I assume, though, that whoever bought it wants to put another building on the excellent 5600 sq.ft. lot. Ironically, when we saw the NH place, we noticed the sellers appeared to be big Bernie Sanders supporters. Would Bernie take the briefcase full of cash rather than working with the excellently qualified people who happened to need financing to afford a home? I guess he *is* a politician…
I don’t know the source of your “capture,” Balboa, but Uni Heights has some of the smallest and most poorly-configured lots in the city. Many (most?) of them are “substandard” (meaning <5000 sf in size).
The rent in there must be high enough to command an avg $549K sold price cuz I just don't see that many "end-users" buying in there, especially those with minor children (who need space to play).
I can't fathom that a buy-and-hold cash investor can do well enough on a rental there unless it is a 2-4 unit dwelling (or had a granny flat off the alley taking up the whole (postage-stamp) "backyard" of the main house.
Yes, I DO believe the claim that the 33 recent sales were "all cash." This is typical all over the county where there is a proliferation of SFRs listed at <=$550K.
Looks like Uni Heights/Normal Heights have a "captive audience" of buyers due to their excellent close-in locations. Congrats on having $1200 month rent and I hope it continues for you!
[quote=Balboa]Can this possibly be accurate? (See attachment). I don’t know where Redfin gets these numbers from[/quote]
Balboa, how did you generate those stats on Redfin? I’d like to do the same, but I don’t see or know the right links to click, etc. Can you fill me in on how you got that?
Hi XBoxBoy — if you are looking at the page for a specific property on Redfin, that box appears just below the walk score. I looked at a few others near me — North Park seems more normal, as does South Park, Normal Heights is incomplete.
BG, I know what you mean about the odd and small lots in University Heights. Occasionally it’s an upside –“Well, no one can fit an apartment complex on the neighboring lot!” Plus, not much to take care of. I grew up in Queens and suburban Minnesota — my parents’ MN lot was perennially underused by us three kids.
We actually commute north (Carmel Valley and Carlsbad), but we just really like living along the Adams corridor. Maybe a lot of these sales are condos — there aren’t many SFRs for sale in this area and even fewer are under $550k. ..
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