Wild pricing thread

[urbanrealtor]

[quote=jpinpb]I think this flip qualifies as out of the ballpark. 3829 Texas. Not the best area. Overpaid for the fixer in May for 385k. After a little sprucing lipstick-on-a-pig, asking 590k, $599 psf. Median ppsf in 92104 is about $400. How it’s even going to appraise is a mystery to me. 200k more and it’s near the gas station.

The other one in 9104 that I think is quite optimistic is 3806 Villa Terrace was a fixer listed for 275k. Someone overpaid in March and bought it for 320k. Now trying to sell for 599k. PPSF: $586

I feel like I fell in some 2005 time machine.[/quote]

Uhhh no.

Both of these might qualify as overly optimistic.
However they are well within the range of possibility.
For those that do not know, this is an area of North Park that is often more coveted than Hillcrest.
Finding anything with 2 bathrooms for less than 600 is rare.
If you go 5 blocks south, the properties jump to over a million (maybe 750 for a fixer).

Attached is a CMA for that pocket.
http://tempo5.sandicor.com/Pub/EmailView.asp?r=1306735059&s=SND&t=SND&g=1

The criteria are:
East boundary: 28th St
West boundary: Florida St
North boundary: University
South boundary: Upas
Room count: min 2 bath
Min sqft: 1000
Max sqft: 1500

The only property sold low is the property on Villa Terrace you mentioned. It was missing part of the floor. That means it probably could not get financing. That is probably why it sold for all cash.

You took the 2 cheapest sales in Morley Field (both of which were serious fixers) and said that the resale was unrealistic.
I disagree.
They may not get what they are asking but I doubt they are more than 10% off.

[jpinpb]

I guess we’ll just have to disagree on that. I look at 3721 Mississippi that just sold on 05/07/2010 for 450k, PPSF: $409 and it’s units, so you get rental income to pay for the mortgage and they’re squared away in good condition and it’s not sitting on the corner of a BUSY street near a gas station.

Call me crazy, but 600k for Texas is something I would not consider for a second. But I’m no expert. Maybe living on University in 92104 is coveted and just not by me.

Edit: And I can see paying 495k, PPSF: $476 for 3727 Granada b/c, well, it’s Granada, a good street closer to the park, not University near a gas station

[jpinpb]

I guess we’ll just have to disagree on that. I look at 3721 Mississippi that just sold on 05/07/2010 for 450k, PPSF: $409 and it’s units, so you get rental income to pay for the mortgage and they’re squared away in good condition and it’s not sitting on the corner of a BUSY street near a gas station.

Call me crazy, but 600k for Texas is something I would not consider for a second. But I’m no expert. Maybe living on University in 92104 is coveted and just not by me.

Edit: And I can see paying 495k, PPSF: $476 for 3727 Granada b/c, well, it’s Granada, a good street closer to the park, not University near a gas station

[jpinpb]

I guess we’ll just have to disagree on that. I look at 3721 Mississippi that just sold on 05/07/2010 for 450k, PPSF: $409 and it’s units, so you get rental income to pay for the mortgage and they’re squared away in good condition and it’s not sitting on the corner of a BUSY street near a gas station.

Call me crazy, but 600k for Texas is something I would not consider for a second. But I’m no expert. Maybe living on University in 92104 is coveted and just not by me.

Edit: And I can see paying 495k, PPSF: $476 for 3727 Granada b/c, well, it’s Granada, a good street closer to the park, not University near a gas station

[jpinpb]

I guess we’ll just have to disagree on that. I look at 3721 Mississippi that just sold on 05/07/2010 for 450k, PPSF: $409 and it’s units, so you get rental income to pay for the mortgage and they’re squared away in good condition and it’s not sitting on the corner of a BUSY street near a gas station.

Call me crazy, but 600k for Texas is something I would not consider for a second. But I’m no expert. Maybe living on University in 92104 is coveted and just not by me.

Edit: And I can see paying 495k, PPSF: $476 for 3727 Granada b/c, well, it’s Granada, a good street closer to the park, not University near a gas station

[jpinpb]

I guess we’ll just have to disagree on that. I look at 3721 Mississippi that just sold on 05/07/2010 for 450k, PPSF: $409 and it’s units, so you get rental income to pay for the mortgage and they’re squared away in good condition and it’s not sitting on the corner of a BUSY street near a gas station.

Call me crazy, but 600k for Texas is something I would not consider for a second. But I’m no expert. Maybe living on University in 92104 is coveted and just not by me.

Edit: And I can see paying 495k, PPSF: $476 for 3727 Granada b/c, well, it’s Granada, a good street closer to the park, not University near a gas station

[jpinpb]

I’ll give another example of something at least I can wrap my head around. 2602 Upas sold for 557k, PPSF: $539. Basically sitting on Balboa Park, not University.

600k for University? Come on, UR.

If that’s FMV, then I just need some crazy pills. It must just be me.

[jpinpb]

I’ll give another example of something at least I can wrap my head around. 2602 Upas sold for 557k, PPSF: $539. Basically sitting on Balboa Park, not University.

600k for University? Come on, UR.

If that’s FMV, then I just need some crazy pills. It must just be me.

[jpinpb]

I’ll give another example of something at least I can wrap my head around. 2602 Upas sold for 557k, PPSF: $539. Basically sitting on Balboa Park, not University.

600k for University? Come on, UR.

If that’s FMV, then I just need some crazy pills. It must just be me.

[jpinpb]

I’ll give another example of something at least I can wrap my head around. 2602 Upas sold for 557k, PPSF: $539. Basically sitting on Balboa Park, not University.

600k for University? Come on, UR.

If that’s FMV, then I just need some crazy pills. It must just be me.

[jpinpb]

I’ll give another example of something at least I can wrap my head around. 2602 Upas sold for 557k, PPSF: $539. Basically sitting on Balboa Park, not University.

600k for University? Come on, UR.

If that’s FMV, then I just need some crazy pills. It must just be me.

[Ricechex]

The house on Villa Terrace is almost to University. Lots of traffic. The house on Texas, busy intersection, I cannot see how that is more desirable. The one on Upas, very nice, however, Upas is also a busy street, and the houses on Upas flush right up to the street. Very minimal front lawns. The one on Granada, that is pretty nice. I don’t think any of them are worth their selling prices though.

[Ricechex]

The house on Villa Terrace is almost to University. Lots of traffic. The house on Texas, busy intersection, I cannot see how that is more desirable. The one on Upas, very nice, however, Upas is also a busy street, and the houses on Upas flush right up to the street. Very minimal front lawns. The one on Granada, that is pretty nice. I don’t think any of them are worth their selling prices though.

[Ricechex]

The house on Villa Terrace is almost to University. Lots of traffic. The house on Texas, busy intersection, I cannot see how that is more desirable. The one on Upas, very nice, however, Upas is also a busy street, and the houses on Upas flush right up to the street. Very minimal front lawns. The one on Granada, that is pretty nice. I don’t think any of them are worth their selling prices though.

[Ricechex]

The house on Villa Terrace is almost to University. Lots of traffic. The house on Texas, busy intersection, I cannot see how that is more desirable. The one on Upas, very nice, however, Upas is also a busy street, and the houses on Upas flush right up to the street. Very minimal front lawns. The one on Granada, that is pretty nice. I don’t think any of them are worth their selling prices though.

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