Every journey back starts with the first step….
Has Potential
by Jim the Realtor | Oct 1, 2009 | Foreclosures/REOs, Jim TV, Thinking of Buying? | 19 comments
by Jim the Realtor | Oct 1, 2009 | Foreclosures/REOs, Jim TV, Thinking of Buying? | 19 comments
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CA DRE #01527365, CA DRE #00873197
Hazy shade of winter today in San Diego.
Home from the International Builders Show. Here are my three takeaways: 1. The new home cancellation rate has largely normalized; 2. Sales in January crushed expectations; 3. Builders had cautious optimism with many mentions of a head fake
Vista! Gotta love it!! Value around every corner!!!
Yikes!
LAMO. Then cry.
JtR, just curious, do you know the original sale price the ATM balance?
“This ain’t that bad.”
Yes it is! Hope you’ve had all your shots; maybe those retired marines can get you some MOPP 4 gear for future visits to gems like these.
You’re right, though; it’s practically a large duplex. A contractor could whip that place up and start collecting decent rent in no time. I’ll pass, though. 😉
Thanks for the compliment yesterday tj, I think a difference here is the lack of ads everywhere you look.
I went to the Padres vs Dodgers last night, and was reminded of how the constant barrage of ads is so depressing.
Padres are looking tough next year!
Sales price was $470,000, financed 100% in 10/04. Pulled out another $50,000 before going down.
You aren’t a fatty until you jump for joy and get stuck.
You? Doughy? You’re as skinny as a European! 🙂
The place reminds me of an apartment I once had. Moldy and a complete wreck. I now see those places as potential tear-downs.
“Illegal unit.” Whereinthehell did you learn to speak Realtorese® Jim? That buyer will verify bonus construction has income opportunity written all over it.
love it! franky went to town on this one!
Can you say “Bootleg”
With a major remodel, an ambitious homeowner could turn that downstairs into a great home office/storage space (and be able to use the garage as a garage) while making the upstairs a private family space. At least that’s what I saw when I watched the video. Storage space in the former “kitchen” and office space in the other “bedrooms.”
I’d love to see a video of this after it’s ready for resale………..dump to dream??? Oh the potential!
Reminds me of the old appraiser’s joke:
“You know Frank Lloyd Wright?”
“Yeah”
“Well this is Frank Lloyd WRONG.”
Ultimate man cave downstairs.
I like the arrows drawn on the walls. very considerate to point out the problems to potential buyers.
WOW. $520K borrowed on that? Seems to me this is the biggest off-peak decline we’ve seen, percentage wise.
Oh and I loved the Frank Lloyd Wright comments, I was laughing several times.
osidebuyer-Not even close. The world record for decline from peak is 92.8%, found in this Palm Springs house:
http://www.redfin.com/CA/Palm-Springs/398-W-Palm-Vista-Dr-92262/home/6044258
Look at this crazy shit:
Property History
Date Event Price Appreciation Source
Apr 30, 2009 Sold $32,500 -87.1%/yr Public Records
Feb 08, 2008 Sold $399,479 -8.3%/yr Public Records
Sep 22, 2006 Sold $450,000 28.4%/yr Public Records
Sep 20, 2005 Sold $350,000 63.3%/yr Public Records
Jul 30, 2004 Sold $200,000 89.0%/yr Public Records
Oct 06, 2003 Sold $119,000 24.3%/yr Public Records
Oct 11, 2002 Sold $96,000 114.3%/yr Public Records
Jun 28, 2001 Sold $36,000 -26.2%/yr Public Records
Apr 16, 2001 Sold $38,250 — Public Records