The final price could swing $100,000 to $200,000 in either direction on this one – take a guess!
The closest guesser with receive a set of four tickets to the Padres game on September 2nd vs. the World Champion San Francisco Giants!
Jim Klinge
Klinge Realty Group
Broker-Associate, Compass
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I’ll start the speculation at $1,214,500
1,295,000.00
Those cracks in stucco on deck could be from poor workmanship. I didn’t see anything that would deter me from throwing money at it.
$950,000
Cash only, ‘as is’ deal, high-risk insurance requirement, visible cracks on a house in a recent landslide area. Would you want your family living in that place?
$1,300,000.00.
People will look past the cracks, justify it in their heads.
Two years ago nobody would touch it, but yes, now buyers will live with stuff.
They may not even notice the cracks, or their implications?
the stucco cracks appear to be from shoddy construction work.
Do you know how difficult it can be to keep stucco from cracking on a good day?
I see stucco cracks all over the exterior of new homes around here. seems like they use calking to fill them up and then paint over.
And then if someone did not prep the foundation of those exterior structures properly you will get settling cracks guaranteed.
Get a professional over there and inspect the structure.
The biggest problem I see is the steepness of the ground below the house. I notice the neighbor has a tarp over the ground so water does not infiltrate and make the ground more susceptible to sliding. I’m sure the people below him are happy to get a bunch of water running onto there property.
$1,200,000
You profiled another house here a year or more ago. How did that one do?
From July, 2012:
https://www.bubbleinfo.com/2012/07/25/willing-to-take-a-risk/
5748 Desert View (the street below Soledad Mountain) is 100 yards away – it listed for $774,900, dropped to $699,900, and sold for $665,000 after 62 days on market. But at that price point, and on a quieter street, it is worth the gamble.
Mark added this in that comment section:
Check out the 45-degree view from Google of the house next door:
http://goo.gl/maps/HGE0
(It’s been demoed since the 45-degree images were taken.)
The property in question in today’s video sold for $1,800,000 in February, 2007, and was 90% financed.
The landslide happened in October, 2007.
The initial description of the landslide in the LAT:
http://articles.latimes.com/2007/oct/04/local/me-slide4
$1.35 million. The market is crazy.
$700,000
At what price point would you purchase it?
The $700,000 number sounds good! 😆
It’s a big view, but the busy street is a bigger problem than it appears – resale in that stretch is tough.
I’d tear off the existing deck and wall and put some reinforcement in the ground, then rebuild it. If I was all-in for a million I’d be satisfied, and maybe higher.
The landslide threat may not be 100% curable, but you can do stuff to mitigate.
838000, factored in the craziness.
$1,115,000.00.
I wouldn’t touch it with YOUR 10-foot pole, but this market is crazy.
Vertical crack scared me, the others are ok. $200k would fix the landslide situation if there is one. But you fix your situation, and your neighbors plot still may pull you down.
There are always deals in the market in every market, I would walk away from this one, as the slide situation would always fester in the back of the owners mind.
Having said that, it takes one idiot in this crazy market to say yes, and I think it will hapeen. House is worth 1.8-2.2 without slid situation, think it will sell for 60% discount from that, 720k-880k.
I wouldn’t live in it but someone will.
$1,055,000
$899k cash, my kids are SF Giants fan
Vertical crack scared me, the others are ok. $200k would fix the landslide situation if there is one. But you fix your situation, and your neighbors plot still may pull you down.
There are always deals in the market in every market, I would walk away from this one, as the slide situation would always fester in the back of the owners mind.
Having said that, it takes one idiot in this crazy market to say yes, and I think it will hapeen. House is worth 1.8-2.2 without slid situation, think it will sell for 60% discount from that, 720k-880k.
My guess is $1,169,000.00
It will sell and close right where it is listed. $995k. Nice house, Risky location overlooked by new owner
I’ll say $995K.
If the view impresses the Joneses, make it $1,199,000
My guess is $989,000
1.09 million. My parents have a house in a similar situation and fixed it for 100k. I think flippers could drop giant caissons and put buyers minds at ease as the house is already perfect. As Jim points out almost daily the market is on fire so I based my guess on that.
Agreed, the hot market will propel the sale here – without the landslide they’d fetch closer to $1.5.
$1,225,000 – though I’m not sure I want to win — have to deal with Petco full of bandwagon Giants fans.
Is the landslide considered an act of god?
Landslides occur all the time after fires when vegetation is removed.
Ive seen areas that after trees are removed, the soil absorbs a lot more water and thus a lot more susceptible to slides or mass wasting. slope steepness and other variables come into play.
Believe it or not vegetation transpires a lot of water out of the soil. Evapotranspiration is the sum or evaporation and transpiration from plants or trees. Anytime a tree or plant opens the stomatas for photosyntheseis it loses water.
I think you all are getting a little paranoid about this slide.
905k come on baby
I agree with Livinincali. What does insurance cost on a home in a “slide zone”?
The only reason you’d buy it is if you planned on living there for a while. Given the structural history of the area. $500,000. Because you’d need the extra money to finance mitigation efforts. Whatever the comps are in the area, that would get you their ballpark.
I bid $1,148,000.
If you had to rent a comparable place you would pay in excess of 5000 a month with 0 write off. If you go up the road to Ridgegate you have settling problems and $350 a month HOA on places that are not as nice. So now lets look at 995000. IO mortgage puts you at 3K a month that is fully deductible. If house Falls off the cliff you walk and give it back to the bank. If on the other hand the house avoids issues and equity returns to the area than you win. If I were the buyer I would always carry a sizable mortgage on the place and look at it a hybrid ownership rental situation. The other consideration that is not talked about. 2 or 3 kids in private school is going to run 2 to 3 grand a month. Add that to 2K a month rent and this still comes out as a relative bargain if you elect to use the school systems. My guess is that the homes sells for the asking price of 995K
I wouldn’t take the risk, but in this market someone will! 1,005,000
Guess – $1,005,000.
Jim, love the title. Nothing like a good contest to bring out the readers.
$1,095,000.
Why didn’t the city reinforce the slope?
$1,175,000.
Personally, I would never buy it because of the traffic noise, the vertical cracks and slide risk. The slide risk alone would keep me awake at night–like all night!
But if I was interested in the property I would talk to the neighbors first. When I’ve looked at a foreclosed property, the neighbors shared valuable information. In this situation, they may still be in contact with the former owners and know why they gave it back to the bank…
$1.15 milly
Market is smokin these days…
I’m guessing 1.73M.
Although as soon as I saw that crack out on the deck, I thought that people had to be insane to buy that.
It’s a safety hazard! To me, it seems worse than some of the homes on Neptune!