Someone is going to throw carpet over this and forget all about it…..
Jim Klinge
Klinge Realty Group
Broker-Associate, Compass
Are you looking for an experienced agent to help you buy or sell a home?
Contact Jim the Realtor!
- 682 S. Coast Hwy 101, Suite #110
Encinitas, CA 92024 - (858) 997-3801 call or text
- klingerealty@gmail.com
CA DRE #01527365, CA DRE #00873197
I’m sayin’ those concrete cracks are not a problem and 75k max shines that place up to top shelf.
Listing agent describes it as “Corporate Owned” and the Taxman shows the Owner is “STRUCTURED ASSET INVESTMENT LOAN TRUST 20” which appears to be a consortium of loans pooled by Lehman Brothers, so is this in BofA’s realm? I see many expired MLS’s from 2006 through 2010 but prices are blocked. Was the Owner in ‘lottery mode’ before foreclosure because they thought they would be just fine? If they had a Buyer, I guess they would not pass inspections with the slab cracks and maybe the bank would not approve a short sale, thinking FC was the better route?
Someone will consider covering the cracks with carpet, maybe put some epoxy in their first. A nice laminate floating floor could also bridge the divide. Reminds me of the college days when some people would fill nail holes after removing pictures from apartment walls with Colgate because it matched the white walls (don’t use Crest) to get security deposits back. Minty Fresh!
Another one that screams “Paging Tom Tarrant!”.
He could dress this place up sweet and double his money.
Reminds me very much of the type of house I bought: A trashed out forclosure on a really nice house where the bank left a ton of money on the table by being unwilling to fix things up before listing.
I’d agree with the $75K to fix it up right for residential use but still. Heck, my fixup was $75K and that included bling stove, new roof, new electrical, paint, installing a wine room, etc… So this might actually be cheaper.
Drywall is cheap really, and you want to paint your new house anyway. New flooring is no big deal.
If I was in San Diego looking for a nice place, at that price I’d have a pre-offer inspection done today and the offer in tonight…
On top of a hill like that I wonder if the cement was just poured incorrectly or if the pool is pulling the house down the slope.
That much water damage is really unnerving. Did the owners leave doors open 24/7 or is something else going on.
Why not just tear it down and start over? The funky smell, the big cracks – they seem like a cause for concern.
It’s $561k for an ocean view lot and then you can put one of those cool modular homes.
How much of a deal are those cracks, really? I always wonder if they’d seem routine if everyone lacked flooring on top of their slab so that you could actually see what was there.
We’ve been waiting to see the price and interior of that one for a while now. Prior to seeing the price it was intriguing as a flip property but it will definitely prove to be a challenge now. One issue on the back end resale may be the fact that the 3400 sqft home next door just sold for $672K; albeit with no renovations worthy of noting. Let’s ~75K is enough to renovate and you end up with a total of ~$650K in this. Even if you settle for a minimum of 10% cash on cash return the property would have to fetch ~$765K on the resale after renovations. Given the fact that you are going to have foundation, pool, drainage and patio / driveway re-surfacing costs on top of your typical rehab (kitchen / baths / flooring / paint / etc…), and given that this property is also crying out for new windows and doors, and possibly a new roof I think all but the absolute bravest of rehabbers will be making offers on it at the current list price. There are 2 – 3 comparable properties that indicate the after repaired value will be around $675K – $700K max. Good property for an end user buying with all cash.
weary flipper is spot on…
This is the difference between “fix for self” and “fix for flip”: It pencils for fix-for-self but not fix-for-flip, as a flipper has to sell for >6% more than he bought it for before he hammers a single nail to just cover the transaction costs on sales.
So with NO profit, and $75K fix-up cost, it would have to sell for $670K with NO profit. With a $50K profit, it would be $720K. Which doesn’t work.
I’m not a flipper just saying that if buyers are looking to buy, own and live in a very nice property for a ~ 10% discount to market, there it is. If your looking for a discount on a nice move-in ready view property in a decent location, good luck.