[Wantoceanview]

I’ve read all the above posts and just wanted to comment. My husband and I sold our house in Tierrasanta and moved to Bay Park because we wanted to be closer to the coast (a bay view would be nice!). Unfortunately, we are having to rent because of low inventory. And, when something does pop up that we want, it is immediately snatched up by flippers who can offer cash. We are Gen Xers who want to put our own sweat equity into a house. We have no intentions of buying and flipping a fixer. We want a fixer to fix as our own. It is so very frustrating for us! Flippers will get the fixers before we even have a chance, then flip it for more than we are willing to spend because we STILL have to fix it to our liking.

Any advice? Or are we SOL…

[Wantoceanview]

It came down to $825K. We went ahead and put an offer in but they are stuck at wanting $800K. Still too much, IMO.

We are still looking…

[Wantoceanview]

[quote=sdrealtor]Back in town after latest road trip. One owner on title who inherited it June 2011 free and clear. Lives locally in her own house she has had for almost 20 years. Refied out about 200K on that one and doesnt have much equity there. A regular gal with a regular job and probably not much money. The obit indicated another daughter (likely out of area). This is likely their inheritance and they view it as a lottery ticket of sorts. Taxes are only $900/year. They could be arguing over the house based upon different financial needs/timing. It will get sold. Off whats its worth not that they are asking.[/quote]

Thank you for the info, sdrealtor. I guess we will just have to wait and see…

[Wantoceanview]

No offense taken but we are not first or even second time home buyers. 😉 Just a family looking to downsize and move closer to the bay. Looks like our only problem is we didn’t grow up here or have parents who bought here. Sold our house and due to low inventory, we are now renting. Something will come along.
Thanks for all the input.

[Wantoceanview]

[quote=bearishgurl]

Wantoceanview, many “heirs” of well-located property in CA are “well-heeled” in their own right. Even if they currently live out of state or out of the country, many of these heirs don’t “have” to sell unless they find the right buyer who appreciates the property for exactly what it is and is willing to pay for that. This is due to Prop 13 in CA preventing reassessment for owners who purchased prior to April 1978 and still own the property (dead or alive), causing their annual property tax to be artificially low by today’s valuations.

This “low-tax” benefit is “inheritable” to children via Prop 58 (1986) or grandchildren (Prop 193) if the decedent-owner’s children (their grandchildren’s parent) is deceased. If the heirs don’t get good enough offers for the property while it is listed, one of them can buy it from the other(s), excluding their portion of equity and assume the low tax basis of their deceased parent for as long as they own it and also pass the property to their own children, if they wish. This leaves less incentive to sell or sell in an inopportune market [/quote]

Thanks for the info. Looks like unless we offer the asking price, we’re pretty much SOL thanks to Prop 13 and Prop 58. Way to screw the next generation of buyers (me!). Bummer!

[Wantoceanview]

[quote=sdduuuude]

You might be able to make a joint project out of it – make some retaining walls in the canyon and take some dirt out to make terraces. Then use the dirt to fill the pool. [/quote]

That’s a great idea.

———

[quote=sdduuuude] It may, however, be unobtainable. If it has been on the market that long, I would guess the sellers aren’t interested in selling it at a price that makes sense to any buyer.[/quote]

Ok…so why would anyone in their right mind list a property in this area in that condition for an unreasonable price? That just seems stupid to me and a waste of time. But, you are probably right…

[Wantoceanview]

[quote=moneymaker]. I think I saw a house 2 blocks from the beach with a view just the other day in sunset cliffs for the same price.[/quote]

Really?? Do you have the link?
Thx!

[Wantoceanview]

Thank you for the feedback. I’ve thought about 92107 but hubby doesn’t want to live in OB b/c of the lack of easy ways in and out of the area.

Yeah…this lot is mostly slope with a small backyard. A lot would have to be done to make it usable space.

Like you mentioned earlier, its more about the land than the house, right? Guess we just have to decide if it’s worth it.

[Wantoceanview]

If I remember correctly, the pool equipment is in the garage. If, and that’s a big if, we went for this place we actually don’t want to keep the pool. So that’s another added expense to fill it in.

[Wantoceanview]

I don’t know about any NODs in the vicinity. How do I found out about those?

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