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an
Participant[quote=sdrealtor]Ihave a client to take out this weekend to look at houses in MM and I dont know what to show them. Up to about 400K there is almost nothing worth seeing.[/quote]
It’s interesting how tight the supply is for MM, yet the price is not moving up.Participant[quote=Wah-Wah]is it me or there are less number of listing in MM compare to a few months ago?[/quote]
It’s not you. I posted the inventory for MM for the last 6 months in another thread and for SFR, we have only 93 properties for sale right now. This is include those that are already in contingent state. Last September, we have 160 SFR for sale. Someone in that thread is saying MM is set up for a perfect storm though, so if he/she’s right, we’ll be seeing hundreds if not thousands of properties coming on the market when the storm hit.Participant[quote=pemeliza]OP house relisted at 270k[/quote]
I guess the OP cancelled his deal after all. sdr, here’s your chance. $270k is very tempting.Participant[quote=ocrenter]What is very interesting is 2 out of 3 did not have any interior pics. That’s a huge red flag. The one that was $120/sqft actually said lots of TLC. That’s code for the toilet is jammed with concrete, the whole house has water damage, and there are bodies that need removing. The handyman special on Westbury seem to have step out of a time warp. Hey at least it would have some nice canyon breeze! 🙂 I do agree on Centaurus, remodeled kitchen and loft is a plus. But again, lack of pics is a red flag hat something is up. Good example with Osoyoos.[/quote]
We don’t know the condition of those two that are contractor special. It can be as mild as 70s interior (i.e. 40 years with poor maintenance and no upgrade), to as bad as you stated.Keep in mind, the Bennington house also said “Property needs TLC.”. So, it’s not as upgraded as the Osoyoos property either. If anything, it’s probably upgraded like the Centaurus place. There also no picture of anything other than the front and the kitchen for the Bennington house.
March 8, 2012 at 11:28 PM in reply to: Serenity Stonebridge Estate Scripps Ranch Home Pricing #739612Participant[quote=ocrenter]As for humidity, I don’t think there would be too much variations in SD. Don’t get me wrong, I’m sure you were quite hot (x3) that day. Just that you would prob be hot (x4) if you were in Poway or MM that day.[/quote]
It really depend on where you are in MM. MM is quite large to be lump together. If you’re on the west side and along the canyon, there are plenty of canyon breeze that will bring down the temp. I live near a canyon and got plenty of canyon breeze if I just open my window. If you bike along the Los Penasquitos Canyon, you see you’ll have plenty of ocean breeze blowing through the canyon. However, when you get pas Camino Ruiz, you’ll notice the breeze get warmer. So, it really comes down to exactly where your house is (is it close to a canyon that will give you canyon breeze).Participant[quote=sdrealtor]I’m sure AN realized that. Of course there is a big difference between the price per sq ft on a 1500 sq ft home and 2500 sq ft home. The majority of the costs are fixed between homes of those sizes so you are amortizing them over a much bigger denominator.
OCR’s point was a good one though. About $200/sf for a decent 1500 sq ft home is a no brainer.[/quote]
Oh, I’m aware that larger house tend to always have lower $/sq-ft. Which, I did state, that although there are properties at <$200/sq-ft, they all are larger. Yes, I agree with you both that this property is a no brainer.Participant[quote=ocrenter]2 of the 3 examples were “handyman” special or needs lots of “TLC.” judging by the 3 pics from the Redfin link it didn’t seem like the op property is in that category. Is it?[/quote]
The 8921 Centaurus Way property has a remodeled kitchen and loft. I don’t know the rest of the condition. Yes, the other two are handyman special. But we don’t know the extent of TLC that’s needed. How much do you think it’ll take to remodel these places? After completely remodeling mine, I can say you can do it as cheaply as $20k-25k. But, if you’re looking for a remodeled ones, you can get this same floor plan for around $400-440k. Here’s one at $420k: http://www.sdlookup.com/MLS-110061003-11395_Osoyoos_Pl_San_Diego_CA_92126. At this price, it’s equates to $196/sq-ft.Participant[quote=ltsdd][quote=AN][quote=ocrenter]Almost $200/sqft. Not bad. So you are the pending buyer? Yes, I would close.[/quote]
There are plenty of houses in MM that are much closer to $200/sqft than this one (those tend to be in better areas too). There are plenty at <$200/sqft in similar areas. Those houses tend to be bigger though. Here are some examples: http://www.sdlookup.com/MLS-100053982-8921_Centaurus_Way_San_Diego_CA_92126 closed at $156/sq-ft.http://www.sdlookup.com/MLS-100066502-11016_Delphinus_Way_San_Diego_CA_92126 closed at $121/sq-ft
http://www.sdlookup.com/MLS-110066524-8008_Westbury_Ave_San_Diego_CA_92126 closed at $169/sq-ft[/quote]
AN - your examples are very misleading. You rarely see any SFR in MM that is less than 1500 sqf that sells for less than $200/sq-ft.
That house at $280k is a good deal. I don't see any downside to it as far as value and as a potential rental.
Regarding rents, I very much doubt you could get more than $1800/month for a 3/2 sfh in MM. Especially on houses south of MM and east of Camino Ruiz.[/quote]
How are my examples very misleading? I just pull up 3 examples in mid $300k. If you look at ALL closing for this model (2,138 sq-ft) on the east side of MM, you'll see the one that have not been upgraded sell for mid $300k and the one that have been remodeled sell for between $400k-440k. I was just trying to point out there are properties selling for < $200/sq-ft in MM. I assuming you're talking about the original property listing for $299k, not $280k? I never said the original property isn't a good deal. If you read my original response, I did say it's a pretty decent deal. I don't see much down side either. Especially when it's cash flowing. I agree that rent is more likely to be $1800/month, not $2k/month the OP was hoping for. However, craiglist currently doesn't have much <$1900/month for SFR in MM. Maybe rent is rising?Participant[quote=pokepud3]The issue here is quite simply I’m looking for rent income not appreciation. Rent for this house in this area is actually 2000/m or so. The market is still in decline so it’s a hard call. I’m looking for something which with 60k down will net me 500/m in cash flow.[/quote]
I’m quite surprised how much rent has gone up on these small 3/2 and 4/2 houses. Rent have been holding steady for the bigger 4/3 and 5/3 in better area ($2400ish). These smaller houses used to go for $1700ish only 3-4 years ago. However, $2k seems still high for a 3/2. Even if you get $2k rent for it, we’re looking at PITI of ~$1600. So, realistically, it’s probably $400/month profit. That’s not considering of things break (which for old houses, it’s likely).Participant[quote=ocrenter]Almost $200/sqft. Not bad. So you are the pending buyer? Yes, I would close.[/quote]
There are plenty of houses in MM that are much closer to $200/sqft than this one (those tend to be in better areas too). There are plenty at <$200/sqft in similar areas. Those houses tend to be bigger though. Here are some examples: http://www.sdlookup.com/MLS-100053982-8921_Centaurus_Way_San_Diego_CA_92126 closed at $156/sq-ft.http://www.sdlookup.com/MLS-100066502-11016_Delphinus_Way_San_Diego_CA_92126 closed at $121/sq-ft
http://www.sdlookup.com/MLS-110066524-8008_Westbury_Ave_San_Diego_CA_92126 closed at $169/sq-ft
Participant[quote=Ren]Oh I’ve thought about it! I think there’s a complete kit for my car at around $1,700. The problem is, guys with big turbos on this platform have serious traction issues (as in standing on it in 5th at normal freeway speeds will just smoke the tires), and running bolt-ons/ethanol with the appropriate tune will make you nearly as fast anyway.
Nothing like a factory turbo. I’m bummed the “baby Boxster” was pushed out. A 2.5 liter turbo flat-4 (behind the seats, of course) in a 2,500-2,700lb car would have been legendary the moment it was released.[/quote]
Do you mind saying what car you’re driving? $1700 sounds cheap for a complete kit. What’s included in the kit? I’m assume it has to be an I-4 inorder for a complete kit to be that cheap.WRT to traction, is it because your car is a FWD? If it’s RWD, traction can easily be solved by wider and stickier tires.
A baby Boxter would be freakin’ sweet. 2500lb and a 2.5L I-4 turbo would be my ideal weekend/track car. Now, if only BMW can slim down the M3 to be around 3000lb with a I-6 turbo from the 335i and I’d be a happy man.
Participant[quote=Ren]Oh I’ve thought about it! I think there’s a complete kit for my car at around $1,700. The problem is, guys with big turbos on this platform have serious traction issues (as in standing on it in 5th at normal freeway speeds will just smoke the tires), and running bolt-ons/ethanol with the appropriate tune will make you nearly as fast anyway.
Nothing like a factory turbo. I’m bummed the “baby Boxster” was pushed out. A 2.5 liter turbo flat-4 (behind the seats, of course) in a 2,500-2,700lb car would have been legendary the moment it was released.[/quote]
Do you mind saying what car you’re driving? $1700 sounds cheap for a complete kit. What’s included in the kit? I’m assume it has to be an I-4 inorder for a complete kit to be that cheap.WRT to traction, is it because your car is a FWD? If it’s RWD, traction can easily be solved by wider and stickier tires.
A baby Boxter would be freakin’ sweet. 2500lb and a 2.5L I-4 turbo would be my ideal weekend/track car. Now, if only BMW can slim down the M3 to be around 3000lb with a I-6 turbo from the 335i and I’d be a happy man.
Participant[Quote=flu]
…That and I’m in on sds, shorting PM at 84.50 and shorting Qcom at $63.[/quote]
Hope you covered your qcom shorts at 61.Participant[quote=Ren]If my turbo goes before I trade, I’ll just use that as an excuse to get a bigger one.[/quote]
Do you really need an excuse? 🙂I can’t wait till more car maker jump on the turbo wagon. Next miata will have 1.3l turbo and weigh 2200lb. Sounds exciting to me.
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