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October 4, 2011 at 10:28 PM in reply to: OT: Reliable installer of bullet resistant auto glass #730061
bearishgurl
Participant[quote=sdrealtor]And everyone wants to live there!!![/quote]
Uhhh … are we talking about the same place here??
Participant[quote=sdrealtor]My inventory has been doing nothing but growing in size and value. It doubled last year and doubled again his year.
Why?? Because I am buying wine at year 2000 prices just like my clients are buying RE at:)
Cheers
sdr[/quote]
Does a bottle have double the taste and last twice as long as it did in 2000??
Just wondering…
Participant[quote=briansd1]…Bearishgurl seems overly focused on the improvements that may or may not have any value to a potential buyer. This focus adds emotional elements that don’t have much place in rational decision making.
I don’t think that cosmetic improvement such as a kitchen remodel “deserve” to be recouped. Adding square footage or adding a new bath, yes. But, after a decade, a cosmetic remodel is worthless anyway, IMO…[/quote]
I never stated anywhere that sellers should recoup ALL of their improvements. The “cosmetic improvements” on the subject we’re discussion here claimed in the listing detail to have been completed in the last 3 years. It is obvious that these particular sellers recouped little to NOTHING from any “cosmetic” and other investments they made.
Participant[quote=sdrealtor]Who cares what it is encumbered by? It was encumbered by those same things in 1996 and 2000. The only thing less encumbered is your mental state of being.[/quote]
Obviously, the most recent sellers overpaid for it. Why don’t you go back to doing what you do best at this hour . . . that is, taking another inventory of your (rapidly diminishing) wine collection. I think its time to put your glass down for a few moments and reorder ;=}
October 4, 2011 at 10:05 PM in reply to: OT: Reliable installer of bullet resistant auto glass #730052Participant[quote=CDMA ENG]So is it just me or does that piece of highway seem like it’s cursed.
Correct me if I am wrong.
1. Looney steals tank and high centers it
2. Knuckleheads running from DEA dumps cash all over it
3. Gangster shoots 26 year old manThis is all along the same stretch isn’t?
Regards,
CE[/quote]
Yes, IIRC, this all happened on a “stretch of hwy” situated just 2-3 miles south of, none other than . . . YOU!!
Participant[quote=AN] . . . Good darn deals are houses that you can get at 2000 price, like the many houses in Temecula/Murrieta/Chula Vista/etc. The high end $1M+ have some good darn deals as well, like this one: http://www.sdlookup.com/MLS-110000157-14710_Caminito_Porta_Delgada_Del_Mar_CA_92014 . . .[/quote]
Again, the reason the above (newer zip codes) areas you mentioned are currently a “good darn deal” is because these areas were (and still are, to varying degrees) depressed due to developer-pricing-inflated-into-the-stratosphere (as a consequence of “easy mtg $$” and no surrounding “comparable sold comps” at the time). The majority of their asking prices reflect that they are currently REOs and “short sales” (some “approved” and some “wishful”).
Why don’t you study the plat map(s) surrounding 2210 Plum 92106 along with those lots’ corresponding public records and tell us how many distressed properties there currently are in that immediate area? Then come back to this thread and tell us in a few days??
As to your Del Mar recent sold “PUD” for $1.1M, it is very heavily encumbered by an HOA. An owner there cannot even paint or plant ANYTHING in front without first obtaining permission from the HOA. I don’t know the current sold comps up there, but am aware that the presence of a full-service HOA (such as in this listing) diminishes the value of properties within them as even though detached, they are akin to a “detached condo.” Their value is diminished due to the individual owners’ rights being diminished (over and above SFR ownership). I would surmise it would be very difficult to find a nearby (unencumbered) SFR of comparable size in liveable condition in this particular micro-area for this price.
Participant[quote=AN][quote=bearishgurl]It IS, for a fully “rehabbed” property in the prime areas of PL.[/quote]I guess that’s where we disagree. It’s a darn good deal at 2000-2001 price. At 2003 price, it’s OK.[/quote]
AN, you’ve still got in your mind that today’s listings should sell for “2000-2001 price” and “2003 price,” irrespective of how much $$ (and owner labor) was spent on improvements since then. Do you think EVERY property in EVERY area in ANY condition should adhere to [certain year] pricing?? Do you think EVERY area fell victim to “don’t-ask, don’t-tell financing?” Don’t you realize that sold prices are all subjective depending on seller investment, possible seller financing or concessions and most importantly, location of property???
[quote=AN][quote=bearishgurl]Yes, there IS a point in discussing the two areas (as it applies to how much to invest in them), AN, because YOU (in essence) stated these sellers overspent in PL. YOU stated that YOU were able to do the job(s) for less in MM but (1) they are not, in actuality, the SAME JOBS, and (2) comparing MM to PL is comparing apples to oranges.[/quote]No, there isn’t a point in discussing the two area, since you just stated, they’re apples to oranges. It doesn’t matter whether the rehab was done in MM or PL, the labor cost is the same and the material cost is the same. So, again, there’s no point in bring up MM further. What I disagree with is this statement from you:I wouldn’t be surprised if the 2003 owners sunk 100K+ into the property in materials alone in ADDITION to labor costs and sales costs.
Do you still think the upgrades cost over $100k in just materials? . . . I never stated that the sellers overspent, since I don’t know how much they spent on upgrades. I was just disputting your $100k+ in materials statement.[/quote]
Yes, and regarding labor costs, I think my estimates are LOW, because I mostly have experience with (very talented) DIYer’s and “handymen” who often tell me that contractor labor is typically 3x the cost of mat’ls and they never know what they are “getting into” (i.e. termite damage around potential window replacements, etc, etc) until they have already torn out the old item. The mat’ls alone in this property cost +/- $100K (+$40K/-$15K) due to unknown factors and parts of the property not shown in the photos. Labor costs are only partly known due to possible seller labor on jobs not requiring specialized equipment or knowledge. Properties of this era also had a “wall heater” or “hot water heat.” We do not know if it has been recently replaced with “central heat” and/or upgraded plumbing and electrical work, mostly requiring permits (read: professional licenses). Without invoices from the seller and knowing what they may have tackled (successfully) themselves, we don’t really know how much money in labor they have sunk into it.
Participant[quote=urbanrealtor]I concur with other opinions.
Its legal…[/quote]Concur with UR on this. But it DOES portray the offending “Realtor” as a “kick-the-tire (used-car) salesman.” This “capture-a-listing” direct-mail method didn’t enhance his “image” one iota. To each his own…
ParticipantGood L@rd!!
When I see a “quality rehab” sold comp, such as the one jp mentioned, http://www.redfin.com/CA/San-Diego/2210-Plum-St-92106/home/5353603?utm_source=myredfin&utm_medium=email&utm_campaign=listings_update going for $750K on one of the best streets in SD, I am VERY envious that I am unable to be a “buyer” in today’s market!!
Participant[quote=AN]Even at $125k improvement cost plus 2003 price and 100% return on improvement investment. It would bring this house back to 2003 price. Are you saying getting 2003 price is a good deal? I don’t…[/quote]
It IS, for a fully “rehabbed” property in the prime areas of PL.
[quote]We got side track with the remodeling cost details. So ignore that and tell me who thinks 2003 price is a good deal?
There no point in discussing about Mira Mesa in a Point Loma thread.[/quote]
Yes, there IS a point in discussing the two areas (as it applies to how much to invest in them), AN, because YOU (in essence) stated these sellers overspent in PL. YOU stated that YOU were able to do the job(s) for less in MM but (1) they are not, in actuality, the SAME JOBS, and (2) comparing MM to PL is comparing apples to oranges.
You were RIGHT that these sellers overspent but it is NOT because it was in the “wrong area.” It was because they HAD to sell the property at the “WRONG TIME,” for whatever reason . . . a very unfortunate situation for them but very fortunate for the buyers :=]
[quote=AN]To me upgrading a house is like buying a luxury car. I expected to lose money but I do it for my own enjoyment.[/quote]
I understand your mindset now. Thank you for your honesty.
Participant[quote=AN] . . . You seem you have a very narrow perception of why people do things. Why wouldn’t I want to invest in my home to make it more comfortable/enjoyable to live? Do you think only rich people and expensive houses should make their home enjoyable and customized to their own liking?[/quote]
Actually, AN, my perception isn’t “narrow” at all. Above all, I am a “realist.” I plan to sell it (or rent it out) in a little over 2.5 years and will NOT be able to recover any monies over and above that which I have already put into my home. I have owned it over 10 years.
If you will own your home for at least 20 years, perhaps you will be able to recoup the cost of your improvements. Even if you do not, you may likely have enough time to recoup “enjoyment” from what you spent on it. Only YOU can put a price on that, whether or not you will be able to recoup the costs of improvements upon sale.
Participant[quote=jpinpb]BG – yeah, that cooktop/range is not cheap. I just got a Frigidaire stove/oven and that ran me 2k. I was considering not getting a slide-in range and just get a countertop stove until I saw how much that was going to cost me. A little shocking.[/quote]
jp, my own Jenn Air 30″ convection “wall oven” (to replace my “dead” standard 1993 model) cost me nearly $1100 4 years ago (and that was less than half-price) for a “Lowes out-of-box display model.” My (circa 1993) Maytag 30″ glass gas cooktop (which cost my former owners $430 at the time) currently has a broken “automatic ignition” on 3 burners. Therefore, it simply leaks gas into the house when you turn them on to ignite them (very dangerous). Its gas is currently turned off. Two weeks ago, I ordered a $215 (incl tax) replacement from Best Buy but is on backorder and will not be delivered until after 10/23. It is a black enameled steel gas cooktop (MUCH cheaper).
I would love an “induction cooktop” but my neighborhood has fabulous well-built homes (over 60 years old) that are not worth sh!t in this “current RE climate.” There is no way I would invest in what “I really want.”
In the current “RE climate,” it’s not about what the homeowner “really wants” in their home and totally about “if it’s really worth it to invest this amt of money.” :={
Participant[quote=AN]Wow, low end estimate for those appliance = $20k? I did a quick search and a similar Jenn-Air fridge seems to be going for ~$2k, the cook top is $1k, the dish washer is $1k, microwave is ~$500. Add that up and I expect those appliances to be around $5k. Am I missing something or is the local stores are marking things up by 3-4x?[/quote]
AN, You forgot (or don’t realize) that the cooktop/range (I would estimate) is $3000 +/-, even on clearance.
[quote=AN]I didn’t do any of my kitchen remodel (contractor did 100% of the job), yet I think $39k is too high for that size kitchen. My kitchen have probably 2x the cabinets as this PL home(solid maple), granite counter, marble floors, and it cost me around $25-30k. We all know the cabinets are the most expensive part of the kitchen (mine cost 2/3 of the total cost).[/quote]
AN, can I ask you if you ordered custom “Thomasville” cabinets for your kitchen? And why did you put “$30-$35K” in a “MM tract home” kitchen? I don’t understand why someone would do that in that area.
[quote=AN]Regarding bath, I just redid mine (retile (travertine shower floor to ceiling: ~$1.5k, 5 feet vanity (solid maple) + granite counter + Kohler sink and faucet; ~$2500, marble flooring: ~$500) add to total of ~$4.5k. If you add in $500 for wainscoting (which I think is quite generous) and it’ll be ~$5k. What are you doing JP to your bathroom that would make $5k be conservative?[/quote]
AN, how much of your bath remodel work did you do yourself?
Not trying to diss MM here. I understand everything and have lived in “working-class” areas myself in the past and still do. But why would you invest this kind of money in MM? Do you think you will be able to recoup the cost upon sale??
October 4, 2011 at 4:27 PM in reply to: OT: Reliable installer of bullet resistant auto glass #730019ParticipantI was driving back from the redwoods yesterday and a fantastic 4-day weekend incl an incredible drive thru CA SR-128 and a ride on the Skunk Train (total 1469 mi).
[img_assist|nid=15415|title=Wine in the Redwoods|desc=|link=node|align=left|width=75|height=100]
Also toured more wineries along the Russian River and the “17 Mile Drive” in Monterey County and below, seeing hundreds of seals sunbathing on their backs (some with babies) :=)
Beautiful weather throughout and sailed through LA and Orange Counties at rush hour in the AOV lanes with a CALTRANS marquee reading “Wanted: White Chev Malibu CA Lic ******. If you see, call 911” every 15 miles or so.
http://www.cbs8.com/story/15615122/suspect-in-freeway-shootings-arrested-in-la-county
Came home last night to find out the suspect driving the “wanted” vehicle shot into another vehicle on the fwy just one mile from my home :=(
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