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SD,

I felt this is way overpriced. Feels like it should be $675,000. What is your feeling on a 3 story house of that size. Probably not that efficient a floorplan.

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SD,

I felt this is way overpriced. Feels like it should be $675,000. What is your feeling on a 3 story house of that size. Probably not that efficient a floorplan.

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SD,

I agree. When I was looking at the house in Sunset Cliffs a month ago the 10 yr was at 4.62%. This morning it touched 5.23%. That is a substantial increase in a months time. I feel some sellers who have some equity will start to get nervous in the coming months, and pull their chips off the table. This fall should be interesting. The struggle between sellers and buyers will turn in the buyers favor if rates continue to inch upward, and the momentum could accelerate this bear market faster than anticipated.
Everyone can afford a certain payment, and rates always affect price.

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SD,

I agree. When I was looking at the house in Sunset Cliffs a month ago the 10 yr was at 4.62%. This morning it touched 5.23%. That is a substantial increase in a months time. I feel some sellers who have some equity will start to get nervous in the coming months, and pull their chips off the table. This fall should be interesting. The struggle between sellers and buyers will turn in the buyers favor if rates continue to inch upward, and the momentum could accelerate this bear market faster than anticipated.
Everyone can afford a certain payment, and rates always affect price.

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El Jefe,

I want to be in the Azure Vista subdivision of Point Loma, but there are just not that many houses on the market. 8 sales in the last 3 years. I do agree that all of PL has one foot in the grave. Often times these homes have deed restrictions on them. This particular lot although about a block and a half from Sunset Cliffs, had views you can’t obstruct in the future. The slope went toward the college, and the Cliffs. All the homes in direct view were already maxed on height restriction. Really a jewel of a lot. If you went across the street, the properties sit totally different as far as view corridors are concerned.

Thanks again for all the support and education. This board has been great. Now I can become an even bigger bear than I was, because I will still be on the sidelines.

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El Jefe,

I want to be in the Azure Vista subdivision of Point Loma, but there are just not that many houses on the market. 8 sales in the last 3 years. I do agree that all of PL has one foot in the grave. Often times these homes have deed restrictions on them. This particular lot although about a block and a half from Sunset Cliffs, had views you can’t obstruct in the future. The slope went toward the college, and the Cliffs. All the homes in direct view were already maxed on height restriction. Really a jewel of a lot. If you went across the street, the properties sit totally different as far as view corridors are concerned.

Thanks again for all the support and education. This board has been great. Now I can become an even bigger bear than I was, because I will still be on the sidelines.

[hammer]

Update.
Deal is off the table.
An unsolicited offer has been made at 1.5 mill.
Rumor got around the neighborhood that the family was looking to sell. Even though they are family friends, $400,000 is a big difference.
We will see if it closes.

If it doesn’t close, any advice on trying to attain that 1.1 mill purchase price.
As previously stated I thought the house would sell at 1.4.

I guess letting them know my offer stands is the only option.

Thanks

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Update.
Deal is off the table.
An unsolicited offer has been made at 1.5 mill.
Rumor got around the neighborhood that the family was looking to sell. Even though they are family friends, $400,000 is a big difference.
We will see if it closes.

If it doesn’t close, any advice on trying to attain that 1.1 mill purchase price.
As previously stated I thought the house would sell at 1.4.

I guess letting them know my offer stands is the only option.

Thanks

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Actually I think the 1 year Libor is a better indicator for short term interest only loans.
With no pts, my friend at NIFCU said rates are at 6% for a 5/1 arm. You will pay about 20 BPS in rate to extend out to a 7/1

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Actually I think the 1 year Libor is a better indicator for short term interest only loans.
With no pts, my friend at NIFCU said rates are at 6% for a 5/1 arm. You will pay about 20 BPS in rate to extend out to a 7/1

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Bugs,

Being a bear who has been eating crow until the last 18 months, this decision hasn’t been easy.
I agree with your assesment. Supply restraint market in the AZURE VISTA subdivision.
Still wrestling my bear demons, but am starting to come around.
The 1.4 is just my own appraisal. I could be way off. The house is large and open, but is antiquated as far as bedroom, bathroom and closet size. I think a bunch of people would be turned off, but I am in the commercial real estate world, and have always been intrigued by the dirt
Now we will see if it is actually deliverable.

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Bugs,

Being a bear who has been eating crow until the last 18 months, this decision hasn’t been easy.
I agree with your assesment. Supply restraint market in the AZURE VISTA subdivision.
Still wrestling my bear demons, but am starting to come around.
The 1.4 is just my own appraisal. I could be way off. The house is large and open, but is antiquated as far as bedroom, bathroom and closet size. I think a bunch of people would be turned off, but I am in the commercial real estate world, and have always been intrigued by the dirt
Now we will see if it is actually deliverable.

[hammer]

Update guys!
I haven’t written the offer yet. Been having architects etc run thru the house to make sure we will be able to take advantage of the views, and have a creative floorplan.
I am still on the fence, but I do believe I am going forward. My wife and I will grow old in this house, and it is tough to find unobstructable views 1 block from the ocean. If the house is worth less in a few years, I don’t care. I would rather have that, than buying a less desireable piece of dirt.
I believe if this lot went to market, it would fetch 1.4 mill. Tough area to comp with only 6 sales in the last 3 years. 3,000 ft house on a 7,000 ft lot.
I just feel lucky to have this conversation. Who knew I would ever be in position to be talking about this kind of property.
Thanks again everyone.

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Update guys!
I haven’t written the offer yet. Been having architects etc run thru the house to make sure we will be able to take advantage of the views, and have a creative floorplan.
I am still on the fence, but I do believe I am going forward. My wife and I will grow old in this house, and it is tough to find unobstructable views 1 block from the ocean. If the house is worth less in a few years, I don’t care. I would rather have that, than buying a less desireable piece of dirt.
I believe if this lot went to market, it would fetch 1.4 mill. Tough area to comp with only 6 sales in the last 3 years. 3,000 ft house on a 7,000 ft lot.
I just feel lucky to have this conversation. Who knew I would ever be in position to be talking about this kind of property.
Thanks again everyone.

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Sales exam is much easier than brokers exam. I have taken both. It will still take approx 5 months to get because they will space out your 3 requisite classes, and your exam date will be 6 weeks out from application.
Classes are online and open book. Very simple.
Good luck if you decide to get your sales license. As an agent, you will still have to hang it underneath a broker.

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