This 4,985sf single level was on the market for $1,840,000 until October, 2008, but you’d have to include a truckload of Laker memorabilia to get that much now:
Jim Klinge
Klinge Realty Group
Broker-Associate, Compass
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- 682 S. Coast Hwy 101, Suite #110
Encinitas, CA 92024 - (858) 997-3801 call or text
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CA DRE #01527365, CA DRE #00873197
Nice out of my price range though wherever it lands.
Insurance companies are now in the mix of screwing people.Called to get a quote and they ask me about home replacement value.I told them a number and all of them say our computer system will predict a value.With commodities crashing and labor down I know they are way off.So I have to pay more for a place they say would cost 150k to rebuild when a new builder is selling the same sq footage across the street for the same price.If you take out land costs it should be valued at 100k.this is the latest scam.
Jim, I hope you watched that padres game from the comfort of your home. Now I can see why you want to give your tickets away. They can’t even muster up a run for Peavy. Sad.
I say $1.15 mil
–5,000 sqft at $170/sqft, $833,000
–add all the upgrades, bump to $950,000
–single story premium, bump to $1.05 million
–view premium, bump to $1.15 million
I think I’ve been living on the East Coast too long. I can’t imagine wanting a house that big on one story. Give me my private upstairs, please.
OCR, not disagreeing with your logic or numbers there at all – you’re probably right.
What I disagree with is that the upgrades are worth over $100k. Same for single story and view premiums. You’re throwing around $100k’s like it’s chump change. This mentality’s got to stop. People aren’t associating home prices with their own finances; how different would most people’s bank accounts look with $100k less? Is this not just another McMansion? And with 6 of these babies on the market, the first buyer will have the pleasure of watching their comps fall five times.
Again, you’re probably accurate. But at those numbers, I think people are still overpaying.
Hey, I’m going to the Padres game today, thank you JIm! If the D backs are close to the worst team in the league, then what are the Padres??!! At least I’ll get some sun and fresh air on a killer day in San Diego. These would be a great buy at 1M. But then landscape would set you back 100-200k depending on how crazy you get. Window coverings…to keep the direct view of El Cam Real from creeping in. 1M should include payoff of the mello roos.
Are they passing out steroids at the game today?Haven’t been to a baseball game in over 20 years.They ruined the game in my opinion.I wouldn’t go if the tickets were free.Get drugs out of the game.
Former RB – I used to feel the same way as you about 2 stories vs 1 stories… Looking at older relatives having to move because they can’t handle the stairs has changed my perception. That and the issue of usable square footage. It’s not like you can call the stairway “living space”.
I’m happy in my current house (2 story)… but if I were looking to move, I’d be looking at 1 stories.
What do these faux “estates” have going for them that the Newland Seven don’t, other than an additional thousand square feet of random wasted space?
“What I disagree with is that the upgrades are worth over $100k. Same for single story and view premiums. You’re throwing around $100k’s like it’s chump change. This mentality’s got to stop. People aren’t associating home prices with their own finances; how different would most people’s bank accounts look with $100k less? Is this not just another McMansion? And with 6 of these babies on the market, the first buyer will have the pleasure of watching their comps fall five times. Again, you’re probably accurate. But at those numbers, I think people are still overpaying.”
Blur…
You’re confusing what stuff actually costs vs how you personally value it. Upgrades are really expensive — nice fixtures and finishes, etc., cost a lot more than you think. Hell, some French doors are easily $8K EACH.
Yeah, but will a buyer pay $100k premimum for said upgrades? It’s quite possible the value to a buyer is less than the cost to purchase them.
It’s not just old people, it’s old dogs.
I’ve always like two stories, but once you’ve had an old dog you look at these things differently.
The Blur, but a potential buyer will also look at the upgrades and think if it is possible to get all that upgrade for that price. I think most folks will look at all of the upgrades and think $120k is well worth saving all the headaches of getting a contractor out there and doing all of that upgrades themselves.
I’ll tell you right now I can probably find someone to do all of the said upgrades seen in this home for $85k in the current market. but if someone is in the over $1 million market, they’ll look at the $120k mark up for upgrades as a huge bargain.
as for the view premium, I think it use to be a whole lot more. During the peak I would submit that view lots may well command $200k above a similar home with same type lot without the view.
Regarding “upgrades”. Yes, certain things (high end appliances, higher grade windows and doors, etc.) can be really expensive and that value is demonstrable. But, if I don’t cook, a $10,000 stove will be lost on me. The entry level stove at $500 is fine. So, the value of the $10,000 stove is, to me, $500. Obviously, the market will dtermine what the value is overall. But thinking through, unless you find a buyer that values every “upgrade” at the full value of the upgrade, then you’re not going to get 100% of the value back.
For things like “view” and “single story” which some people value, you can’t really determine the exact value. You can look at comps and m a good guess, but with an actual upgrade you can say “I’ll put in an X that costs Y, now how much will you pay?” But, eve then an inidvidual buyer may put no value on them. As noted above, a snigle story is a negative for, possibly a big negative bordering on deal killer. So, I probably wouldn’t pay what the “market” would for this house and wouldn’t be the buyer.
Now, if the whole backyard was a putting green, I might pay way more than the market would.
A kitchen upgrade can cost 15K – 25K in an 1800 sq/ft house. In a house this big, I would think 100K is about right for all upgrades. I don’t think anyone would want to put a $500 stove in that kitchen. But then again, I would think 2K sqft, single story, is as big a house we will ever need.
The point is, to some buyers, the value of an upgrade (of any sort) is zero or near zero (possibly even negative), even if it cost tens of thousands of dollars to install.
I’ll give you an example of an upgrade that could be considered a negative to some buyers-a pool. Some people don’t want the hassle and expense of keeping up a pool, and therefore would pay more for a house without a pool than one with one.
Without paid help, how does one take care of a @4,000 sq.ft. home?
Right, right. Jim has answered that in many of his other videos.
I’ve been unable to climb stairs due to old knee injuries since I was in my 30’s, and my wife hasn’t been able to do for the past five years or so; a single-story home isn’t just preferable, it’s mandatory.
We are also no-pool people, but we wouldn’t pay more for a house without a pool than one with a pool; we won’t even look at any house that has a pool.
Jim, what’s your take on view premium?
Today’s take? A lot less than it used to be.
We have a case study underway on Steinbeck. I sold a virtually identical house for $940,000 around the corner with no view in March.
Current listing has 180-degree full ocean view from both levels, and the builder (in 2004) called it a $150,000 premium.
So far it looks like it’s more like $100,000 tops, which squishs down all other inferior views.
Magnolia Mistakes view? $50,000 tops, and only if due-west without street noise – otherwise close to zero. Plus the yards are way too big, they are a -$50,000 at least.
Pools are neutral value at best, unless they are really top-notch, then maybe +$50,000. Even the ones that cost $100,000.
Have you noticed that every seller has the BBQ/Bar/Entertainment area now? Zero value for those too, because they are expected. Negative value if your BBQ is all burned out like a Baghdad bunker.
Nice place in sort of a cerebral, “I wouldn’t want to live there” way. I’ll be interested to see how this all pans out in the end. Will we really be valuing huge houses so much just because they are huge? It seems like a pointlessly large house has become an end in and of itself.
“Oh, The old jacuzzi tub in the closet routine.”
Jim,
I still like it. Just can’t afford it.
I’m a poor dentist.
In this neighborhood, I don’t think there’s much “view” premium. It’s pleasant from most lots, but not a water view on any day I’ve ever been there.
As for upgrades, I didn’t see any appliances in those high-end kitchens; and that’s a big gaping hole to fill up with a refridgerator, a double oven gap, 48″ range and don’t the microwave.
So do you really need a fireplace in SD county? Doesn’t get all the way down to 60 degrees at night?
That closet is bigger than my bedroom. Nice places, but holy crap they’re big.
Sorry–should have been “don’t FORGET the microwave.” (I just forgot the “forget.”)
And love the “like a Baghdad bunker” comment. Hysterical.
“Have you noticed that every seller has the BBQ/Bar/Entertainment area now? Zero value for those too, because they are expected.”
Let’s agree to call that the “Frontgate Effect”
a quote from a 2005 potential buyer, “too small and not enough upgrades”
So do you really need a fireplace in SD county? Doesn’t get all the way down to 60 degrees at night?
Well if you’re from Boston you won’t be sympathetic to our plight, but yes, it actually does get chilly in the evenings. Chilly enough to appreciate a fire, yes. Cold enough to get out the parka, no.
I think that bathroom with ceramic (horrors!) tile is for the live-in domestic/au-pair not a family member.
Maybe I’m an outlier but to me the yard size is a huge premium. Kids being able to really play ball in the backyard is a rarity in tract areas. I also like that the yard is a nice blank slate.
Also, I frequently hear that comment about big houses going extinct someday because of carbon footprint/delta smelt/you name it. Big houses will always be around and a lot of people like them, just can’t afford them.
I think that’s the point though, isn’t it? Big houses cost more to maintain than smaller houses. So if 20% of your population can afford a big house, then 20% of your houses should be big ones. If the builders make it so 40% of the houses are big, then there’s twice as many as needed.