Upper MId to Lower High End Market in NCC

[CA renter]

[quote=pemeliza]I agree with your post CAR, although I would say that it will be harder to get to the 2001 price levels on the lower end of spectrum because those prices are more interest rate dependent and there is much more buyer competition.

As a good example of that look at North Park. Houses in that neighborhood are flying off the shelves because apparently they are priced in the sweet spot of the market which because of the ultra low interest rates of today is considerably above 2000-2001 price levels[/quote]

Absolutely agree with you on this. The low and mid-tier markets are heavily affected by interest rates. With rates at historic lows, it’s not at all surprising to see these markets up.

[quote=pemeliza]The other key to getting top dollar in this market is to be selling a turn-key property. People want to take advantage of the low interest rates and will pay a lot of $$$ for a move-in ready house but many are not at all interested in a fixer even if it is in a much better location.

Thus, I think in this market there is tremendous opportunity in the over 1M market and also I believe some opportunity in the middle price ranges if you want to take on a project.

As a good example of the “project” type of buy in your neck of the woods consider this sale:

http://www.sdlookup.com/MLS-100031038-440_Parkwood_Ln_Encinitas_CA_92024

IMHO, there is opportunity.[/quote]

You have no idea how much that one broke our hearts. We were out of town when it came on the market, and by the time we came back to take a look at it, it was pending already. We definitely would have bought that house for that price.

[CA renter]

[quote=UCGal]I’m pretty sure this is the house that Jim the Realtor featured on bubbleinfo.com… If I recall correctly CAR was out of town when it listed and it was already under contract when she got back to town a few days later.[/quote]

Good memory, UCGal. 🙂

[quote=pemeliza]Yes UCGal, I remember when JTR did that piece. It was interesting that many people thought that it would sell for way over list price but it didn’t. Even if CAR missed that one it is a comparable and so something like that house in that price range could easily come up again. The fact that a buyer didn’t step up and overpay for the place should be encouraging to a buyer looking for a similar property and location. Thus, I think there is some opportunity even in the best locations and most competitive price ranges if you don’t mind a project.[/quote]

To be honest, I think it sold to someone familiar with the owner or agent. There were multiple offers on that property, and I’m pretty sure some were all-cash. Maybe it had some serious structural problems or???? We drove by there multiple times while it was in escrow (hoping it would fall out), and they were doing a lot of work to it before escrow closed. It might have been the sellers doing requested work, but it might have been the buyers, too. It was hard to tell.

The houses in that area are almost all custom, so comps don’t really affect prices as much as in tract neighborhoods. You can easily have a $600K house sitting next to a $2,000,000 house — it all depends on the location, lot size, and layout/size/upgrades of the home. Still comps are comps, and if something similar to that were to come on the market at that price, you can bet we’ll put a bid on it (as will many other buyers, unfortunately).

[CA renter]

[quote=UCGal]I’m pretty sure this is the house that Jim the Realtor featured on bubbleinfo.com… If I recall correctly CAR was out of town when it listed and it was already under contract when she got back to town a few days later.[/quote]

Good memory, UCGal. 🙂

[quote=pemeliza]Yes UCGal, I remember when JTR did that piece. It was interesting that many people thought that it would sell for way over list price but it didn’t. Even if CAR missed that one it is a comparable and so something like that house in that price range could easily come up again. The fact that a buyer didn’t step up and overpay for the place should be encouraging to a buyer looking for a similar property and location. Thus, I think there is some opportunity even in the best locations and most competitive price ranges if you don’t mind a project.[/quote]

To be honest, I think it sold to someone familiar with the owner or agent. There were multiple offers on that property, and I’m pretty sure some were all-cash. Maybe it had some serious structural problems or???? We drove by there multiple times while it was in escrow (hoping it would fall out), and they were doing a lot of work to it before escrow closed. It might have been the sellers doing requested work, but it might have been the buyers, too. It was hard to tell.

The houses in that area are almost all custom, so comps don’t really affect prices as much as in tract neighborhoods. You can easily have a $600K house sitting next to a $2,000,000 house — it all depends on the location, lot size, and layout/size/upgrades of the home. Still comps are comps, and if something similar to that were to come on the market at that price, you can bet we’ll put a bid on it (as will many other buyers, unfortunately).

[CA renter]

[quote=UCGal]I’m pretty sure this is the house that Jim the Realtor featured on bubbleinfo.com… If I recall correctly CAR was out of town when it listed and it was already under contract when she got back to town a few days later.[/quote]

Good memory, UCGal. 🙂

[quote=pemeliza]Yes UCGal, I remember when JTR did that piece. It was interesting that many people thought that it would sell for way over list price but it didn’t. Even if CAR missed that one it is a comparable and so something like that house in that price range could easily come up again. The fact that a buyer didn’t step up and overpay for the place should be encouraging to a buyer looking for a similar property and location. Thus, I think there is some opportunity even in the best locations and most competitive price ranges if you don’t mind a project.[/quote]

To be honest, I think it sold to someone familiar with the owner or agent. There were multiple offers on that property, and I’m pretty sure some were all-cash. Maybe it had some serious structural problems or???? We drove by there multiple times while it was in escrow (hoping it would fall out), and they were doing a lot of work to it before escrow closed. It might have been the sellers doing requested work, but it might have been the buyers, too. It was hard to tell.

The houses in that area are almost all custom, so comps don’t really affect prices as much as in tract neighborhoods. You can easily have a $600K house sitting next to a $2,000,000 house — it all depends on the location, lot size, and layout/size/upgrades of the home. Still comps are comps, and if something similar to that were to come on the market at that price, you can bet we’ll put a bid on it (as will many other buyers, unfortunately).

[CA renter]

[quote=UCGal]I’m pretty sure this is the house that Jim the Realtor featured on bubbleinfo.com… If I recall correctly CAR was out of town when it listed and it was already under contract when she got back to town a few days later.[/quote]

Good memory, UCGal. 🙂

[quote=pemeliza]Yes UCGal, I remember when JTR did that piece. It was interesting that many people thought that it would sell for way over list price but it didn’t. Even if CAR missed that one it is a comparable and so something like that house in that price range could easily come up again. The fact that a buyer didn’t step up and overpay for the place should be encouraging to a buyer looking for a similar property and location. Thus, I think there is some opportunity even in the best locations and most competitive price ranges if you don’t mind a project.[/quote]

To be honest, I think it sold to someone familiar with the owner or agent. There were multiple offers on that property, and I’m pretty sure some were all-cash. Maybe it had some serious structural problems or???? We drove by there multiple times while it was in escrow (hoping it would fall out), and they were doing a lot of work to it before escrow closed. It might have been the sellers doing requested work, but it might have been the buyers, too. It was hard to tell.

The houses in that area are almost all custom, so comps don’t really affect prices as much as in tract neighborhoods. You can easily have a $600K house sitting next to a $2,000,000 house — it all depends on the location, lot size, and layout/size/upgrades of the home. Still comps are comps, and if something similar to that were to come on the market at that price, you can bet we’ll put a bid on it (as will many other buyers, unfortunately).

[CA renter]

[quote=UCGal]I’m pretty sure this is the house that Jim the Realtor featured on bubbleinfo.com… If I recall correctly CAR was out of town when it listed and it was already under contract when she got back to town a few days later.[/quote]

Good memory, UCGal. 🙂

[quote=pemeliza]Yes UCGal, I remember when JTR did that piece. It was interesting that many people thought that it would sell for way over list price but it didn’t. Even if CAR missed that one it is a comparable and so something like that house in that price range could easily come up again. The fact that a buyer didn’t step up and overpay for the place should be encouraging to a buyer looking for a similar property and location. Thus, I think there is some opportunity even in the best locations and most competitive price ranges if you don’t mind a project.[/quote]

To be honest, I think it sold to someone familiar with the owner or agent. There were multiple offers on that property, and I’m pretty sure some were all-cash. Maybe it had some serious structural problems or???? We drove by there multiple times while it was in escrow (hoping it would fall out), and they were doing a lot of work to it before escrow closed. It might have been the sellers doing requested work, but it might have been the buyers, too. It was hard to tell.

The houses in that area are almost all custom, so comps don’t really affect prices as much as in tract neighborhoods. You can easily have a $600K house sitting next to a $2,000,000 house — it all depends on the location, lot size, and layout/size/upgrades of the home. Still comps are comps, and if something similar to that were to come on the market at that price, you can bet we’ll put a bid on it (as will many other buyers, unfortunately).

[CA renter]

[quote=bearishgurl][quote=UCGal] . . . Just on the surface – it appears that $627k was probably a fair price in my non-qualified, non expert opinion… but I’m not sure why you singled me out on whether I was qualified to state whether it was a fair price.[/quote]

Lol, just playing with you, UCGal, because you responded. You could have been living in Dulzura and I would have asked you because you are the Pigg who first responded to my question. Since I “have never been off this freeway exit,” I just feel I am unqualified to state whether $627K was a fair price. H@ll, I don’t even know whether the beach within walking distance of that property is full of litter, rotting grunion or just had new sand trucked in . . . lol! And I don’t want to be accused of pulling sold comps out of a hat in the “wrong subdivision.”

I don’t think bubble prices are comparable to now, but regarding your first link (402 “Parkwood”), I think that may be a good sold comparable at $765K for last year. It is on a 13K+ sf lot (3K sf more) and also has 300 more sf inside, though and was already ready to occupy at the time of sale. So, because it would take about a total of a $690K investment to make pem’s link “as liveable” as the “Parkwood” sold of last year, I would say it was “fair” but not a “killer deal” reimbursement for all the DIY work it would take to get there. If the new buyer hired all the needed work done, they WOULD have $765K (or close) invested in a slightly inferior property to 402 Parkwood. So, IMO, it WAS a good deal for a handy buyer who NEEDED a property in that particular locale.[/quote]

BG,

402 Parkwood (the colonial at the end of the cul-de-sac) had a less useable yard and was not in move-in condition at all. It just benefitted from better photography. Notice the green shag carpeting? Nothing had been done to it in decades. It took a long time to sell that one, too. It also had what even I would call a “functionally obsolete” floorplan without a full bathroom on the bottom floor (IIRC). Around here, at least, the single-story homes carry a premium over two-story homes.

[CA renter]

[quote=bearishgurl][quote=UCGal] . . . Just on the surface – it appears that $627k was probably a fair price in my non-qualified, non expert opinion… but I’m not sure why you singled me out on whether I was qualified to state whether it was a fair price.[/quote]

Lol, just playing with you, UCGal, because you responded. You could have been living in Dulzura and I would have asked you because you are the Pigg who first responded to my question. Since I “have never been off this freeway exit,” I just feel I am unqualified to state whether $627K was a fair price. H@ll, I don’t even know whether the beach within walking distance of that property is full of litter, rotting grunion or just had new sand trucked in . . . lol! And I don’t want to be accused of pulling sold comps out of a hat in the “wrong subdivision.”

I don’t think bubble prices are comparable to now, but regarding your first link (402 “Parkwood”), I think that may be a good sold comparable at $765K for last year. It is on a 13K+ sf lot (3K sf more) and also has 300 more sf inside, though and was already ready to occupy at the time of sale. So, because it would take about a total of a $690K investment to make pem’s link “as liveable” as the “Parkwood” sold of last year, I would say it was “fair” but not a “killer deal” reimbursement for all the DIY work it would take to get there. If the new buyer hired all the needed work done, they WOULD have $765K (or close) invested in a slightly inferior property to 402 Parkwood. So, IMO, it WAS a good deal for a handy buyer who NEEDED a property in that particular locale.[/quote]

BG,

402 Parkwood (the colonial at the end of the cul-de-sac) had a less useable yard and was not in move-in condition at all. It just benefitted from better photography. Notice the green shag carpeting? Nothing had been done to it in decades. It took a long time to sell that one, too. It also had what even I would call a “functionally obsolete” floorplan without a full bathroom on the bottom floor (IIRC). Around here, at least, the single-story homes carry a premium over two-story homes.

[CA renter]

[quote=bearishgurl][quote=UCGal] . . . Just on the surface – it appears that $627k was probably a fair price in my non-qualified, non expert opinion… but I’m not sure why you singled me out on whether I was qualified to state whether it was a fair price.[/quote]

Lol, just playing with you, UCGal, because you responded. You could have been living in Dulzura and I would have asked you because you are the Pigg who first responded to my question. Since I “have never been off this freeway exit,” I just feel I am unqualified to state whether $627K was a fair price. H@ll, I don’t even know whether the beach within walking distance of that property is full of litter, rotting grunion or just had new sand trucked in . . . lol! And I don’t want to be accused of pulling sold comps out of a hat in the “wrong subdivision.”

I don’t think bubble prices are comparable to now, but regarding your first link (402 “Parkwood”), I think that may be a good sold comparable at $765K for last year. It is on a 13K+ sf lot (3K sf more) and also has 300 more sf inside, though and was already ready to occupy at the time of sale. So, because it would take about a total of a $690K investment to make pem’s link “as liveable” as the “Parkwood” sold of last year, I would say it was “fair” but not a “killer deal” reimbursement for all the DIY work it would take to get there. If the new buyer hired all the needed work done, they WOULD have $765K (or close) invested in a slightly inferior property to 402 Parkwood. So, IMO, it WAS a good deal for a handy buyer who NEEDED a property in that particular locale.[/quote]

BG,

402 Parkwood (the colonial at the end of the cul-de-sac) had a less useable yard and was not in move-in condition at all. It just benefitted from better photography. Notice the green shag carpeting? Nothing had been done to it in decades. It took a long time to sell that one, too. It also had what even I would call a “functionally obsolete” floorplan without a full bathroom on the bottom floor (IIRC). Around here, at least, the single-story homes carry a premium over two-story homes.

[CA renter]

[quote=bearishgurl][quote=UCGal] . . . Just on the surface – it appears that $627k was probably a fair price in my non-qualified, non expert opinion… but I’m not sure why you singled me out on whether I was qualified to state whether it was a fair price.[/quote]

Lol, just playing with you, UCGal, because you responded. You could have been living in Dulzura and I would have asked you because you are the Pigg who first responded to my question. Since I “have never been off this freeway exit,” I just feel I am unqualified to state whether $627K was a fair price. H@ll, I don’t even know whether the beach within walking distance of that property is full of litter, rotting grunion or just had new sand trucked in . . . lol! And I don’t want to be accused of pulling sold comps out of a hat in the “wrong subdivision.”

I don’t think bubble prices are comparable to now, but regarding your first link (402 “Parkwood”), I think that may be a good sold comparable at $765K for last year. It is on a 13K+ sf lot (3K sf more) and also has 300 more sf inside, though and was already ready to occupy at the time of sale. So, because it would take about a total of a $690K investment to make pem’s link “as liveable” as the “Parkwood” sold of last year, I would say it was “fair” but not a “killer deal” reimbursement for all the DIY work it would take to get there. If the new buyer hired all the needed work done, they WOULD have $765K (or close) invested in a slightly inferior property to 402 Parkwood. So, IMO, it WAS a good deal for a handy buyer who NEEDED a property in that particular locale.[/quote]

BG,

402 Parkwood (the colonial at the end of the cul-de-sac) had a less useable yard and was not in move-in condition at all. It just benefitted from better photography. Notice the green shag carpeting? Nothing had been done to it in decades. It took a long time to sell that one, too. It also had what even I would call a “functionally obsolete” floorplan without a full bathroom on the bottom floor (IIRC). Around here, at least, the single-story homes carry a premium over two-story homes.

[CA renter]

[quote=bearishgurl][quote=UCGal] . . . Just on the surface – it appears that $627k was probably a fair price in my non-qualified, non expert opinion… but I’m not sure why you singled me out on whether I was qualified to state whether it was a fair price.[/quote]

Lol, just playing with you, UCGal, because you responded. You could have been living in Dulzura and I would have asked you because you are the Pigg who first responded to my question. Since I “have never been off this freeway exit,” I just feel I am unqualified to state whether $627K was a fair price. H@ll, I don’t even know whether the beach within walking distance of that property is full of litter, rotting grunion or just had new sand trucked in . . . lol! And I don’t want to be accused of pulling sold comps out of a hat in the “wrong subdivision.”

I don’t think bubble prices are comparable to now, but regarding your first link (402 “Parkwood”), I think that may be a good sold comparable at $765K for last year. It is on a 13K+ sf lot (3K sf more) and also has 300 more sf inside, though and was already ready to occupy at the time of sale. So, because it would take about a total of a $690K investment to make pem’s link “as liveable” as the “Parkwood” sold of last year, I would say it was “fair” but not a “killer deal” reimbursement for all the DIY work it would take to get there. If the new buyer hired all the needed work done, they WOULD have $765K (or close) invested in a slightly inferior property to 402 Parkwood. So, IMO, it WAS a good deal for a handy buyer who NEEDED a property in that particular locale.[/quote]

BG,

402 Parkwood (the colonial at the end of the cul-de-sac) had a less useable yard and was not in move-in condition at all. It just benefitted from better photography. Notice the green shag carpeting? Nothing had been done to it in decades. It took a long time to sell that one, too. It also had what even I would call a “functionally obsolete” floorplan without a full bathroom on the bottom floor (IIRC). Around here, at least, the single-story homes carry a premium over two-story homes.

[bearishgurl]

[quote=CA renter]402 Parkwood (the colonial at the end of the cul-de-sac) had a less useable yard and was not in move-in condition at all. It just benefitted from better photography. Notice the green shag carpeting? Nothing had been done to it in decades. It took a long time to sell that one, too. It also had what even I would call a “functionally obsolete” floorplan without a full bathroom on the bottom floor (IIRC). Around here, at least, the single-story homes carry a premium over two-story homes.[/quote]

Yes CAR, I did notice part of the lot going uphill in back of the two story but doesn’t that offer privacy, even if it was the 3K sf portion in excess of the one-story tenant occupied property’s lot?

I, too, feel a one-story is a preferable fixer to buy, esp. if you are planning on adding on later.

I understand the inside of the two story wasn’t perfect but was at least clean and liveable, unlike the tenant occupied property. I took issue with the crummy asphalt driveway on the one-story. Having poured a lot of concrete in my day, I would surmise that concreting that driveway property (perhaps with a drain or two and properly attaching it to the RV drive) would cost at least 20K + backyard patio and sidewalks/repair. And from what I could see of the floors, they were all dirty vinyl. A few trips to the yard-waste dump for sure. Kitchen cabinets needed replacing or at the bare minimum refacing. Fireplace needed A LOT of attention, drywalling, texturizing . . . and the list goes on . . . and on.

Guess other Piggs trolling around on this link (one typically habitually trolls in and “echos” after the other – lol) talking about how much it would cost to “fix up” are extremely handy themselves and buy everything “south of the border” and carry it all up themselves on flatbed trucks, lol.

For whatever reason, CAR, the two story on the “less-usable lot” sold for approx. $138K more than this tenant-occupied fixer. The market has spoken.

CAR, it looks like you DO have A FEW opportunities to take advantage of “here and there” in NCC to purchase fixers or cosmetic fixers.

[bearishgurl]

[quote=CA renter]402 Parkwood (the colonial at the end of the cul-de-sac) had a less useable yard and was not in move-in condition at all. It just benefitted from better photography. Notice the green shag carpeting? Nothing had been done to it in decades. It took a long time to sell that one, too. It also had what even I would call a “functionally obsolete” floorplan without a full bathroom on the bottom floor (IIRC). Around here, at least, the single-story homes carry a premium over two-story homes.[/quote]

Yes CAR, I did notice part of the lot going uphill in back of the two story but doesn’t that offer privacy, even if it was the 3K sf portion in excess of the one-story tenant occupied property’s lot?

I, too, feel a one-story is a preferable fixer to buy, esp. if you are planning on adding on later.

I understand the inside of the two story wasn’t perfect but was at least clean and liveable, unlike the tenant occupied property. I took issue with the crummy asphalt driveway on the one-story. Having poured a lot of concrete in my day, I would surmise that concreting that driveway property (perhaps with a drain or two and properly attaching it to the RV drive) would cost at least 20K + backyard patio and sidewalks/repair. And from what I could see of the floors, they were all dirty vinyl. A few trips to the yard-waste dump for sure. Kitchen cabinets needed replacing or at the bare minimum refacing. Fireplace needed A LOT of attention, drywalling, texturizing . . . and the list goes on . . . and on.

Guess other Piggs trolling around on this link (one typically habitually trolls in and “echos” after the other – lol) talking about how much it would cost to “fix up” are extremely handy themselves and buy everything “south of the border” and carry it all up themselves on flatbed trucks, lol.

For whatever reason, CAR, the two story on the “less-usable lot” sold for approx. $138K more than this tenant-occupied fixer. The market has spoken.

CAR, it looks like you DO have A FEW opportunities to take advantage of “here and there” in NCC to purchase fixers or cosmetic fixers.

[bearishgurl]

[quote=CA renter]402 Parkwood (the colonial at the end of the cul-de-sac) had a less useable yard and was not in move-in condition at all. It just benefitted from better photography. Notice the green shag carpeting? Nothing had been done to it in decades. It took a long time to sell that one, too. It also had what even I would call a “functionally obsolete” floorplan without a full bathroom on the bottom floor (IIRC). Around here, at least, the single-story homes carry a premium over two-story homes.[/quote]

Yes CAR, I did notice part of the lot going uphill in back of the two story but doesn’t that offer privacy, even if it was the 3K sf portion in excess of the one-story tenant occupied property’s lot?

I, too, feel a one-story is a preferable fixer to buy, esp. if you are planning on adding on later.

I understand the inside of the two story wasn’t perfect but was at least clean and liveable, unlike the tenant occupied property. I took issue with the crummy asphalt driveway on the one-story. Having poured a lot of concrete in my day, I would surmise that concreting that driveway property (perhaps with a drain or two and properly attaching it to the RV drive) would cost at least 20K + backyard patio and sidewalks/repair. And from what I could see of the floors, they were all dirty vinyl. A few trips to the yard-waste dump for sure. Kitchen cabinets needed replacing or at the bare minimum refacing. Fireplace needed A LOT of attention, drywalling, texturizing . . . and the list goes on . . . and on.

Guess other Piggs trolling around on this link (one typically habitually trolls in and “echos” after the other – lol) talking about how much it would cost to “fix up” are extremely handy themselves and buy everything “south of the border” and carry it all up themselves on flatbed trucks, lol.

For whatever reason, CAR, the two story on the “less-usable lot” sold for approx. $138K more than this tenant-occupied fixer. The market has spoken.

CAR, it looks like you DO have A FEW opportunities to take advantage of “here and there” in NCC to purchase fixers or cosmetic fixers.

[bearishgurl]

[quote=CA renter]402 Parkwood (the colonial at the end of the cul-de-sac) had a less useable yard and was not in move-in condition at all. It just benefitted from better photography. Notice the green shag carpeting? Nothing had been done to it in decades. It took a long time to sell that one, too. It also had what even I would call a “functionally obsolete” floorplan without a full bathroom on the bottom floor (IIRC). Around here, at least, the single-story homes carry a premium over two-story homes.[/quote]

Yes CAR, I did notice part of the lot going uphill in back of the two story but doesn’t that offer privacy, even if it was the 3K sf portion in excess of the one-story tenant occupied property’s lot?

I, too, feel a one-story is a preferable fixer to buy, esp. if you are planning on adding on later.

I understand the inside of the two story wasn’t perfect but was at least clean and liveable, unlike the tenant occupied property. I took issue with the crummy asphalt driveway on the one-story. Having poured a lot of concrete in my day, I would surmise that concreting that driveway property (perhaps with a drain or two and properly attaching it to the RV drive) would cost at least 20K + backyard patio and sidewalks/repair. And from what I could see of the floors, they were all dirty vinyl. A few trips to the yard-waste dump for sure. Kitchen cabinets needed replacing or at the bare minimum refacing. Fireplace needed A LOT of attention, drywalling, texturizing . . . and the list goes on . . . and on.

Guess other Piggs trolling around on this link (one typically habitually trolls in and “echos” after the other – lol) talking about how much it would cost to “fix up” are extremely handy themselves and buy everything “south of the border” and carry it all up themselves on flatbed trucks, lol.

For whatever reason, CAR, the two story on the “less-usable lot” sold for approx. $138K more than this tenant-occupied fixer. The market has spoken.

CAR, it looks like you DO have A FEW opportunities to take advantage of “here and there” in NCC to purchase fixers or cosmetic fixers.

[Author]

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