8 Comments

1. 

   arizonadude on October 3, 2009 at 7:11 am

   Will anyone do stated income loan on this house?

   Off to the biggest little city in the world today.going to go win back some of the money that golman sachs stold from me.Have any of you seen capitalism, a love story?Saw it yesterday and still amazed that wall street runs this country, specifically goldman.Hope you like paying taxes so these crooks can have million dollar bonuses and create some more cdo’s.

2. 

   JAP on October 3, 2009 at 8:00 am

   Don’t sweat it Arizona, GS will eventually implode as they deserve to.

   Phoney, fiat money systems have ALL collapsed, and that collapse is inevitable at this point. The jackpot question is… when?

3. 

   The Blur on October 3, 2009 at 8:20 am

   “6,000 ft. of fixer”

   Yikes! Any estimate on how much you’d have to put into that place after you bought it?

4. 

   BAM on October 3, 2009 at 8:43 am

   Jim, how about a contest on this one? Whoever guesses closest to SP wins. Or whoever guesses the close date (once we see the LP)?

   And I’ve said it before, but fascinating blog. You always keep me thinking (and laughing) — thank you!

5. 

   FirstTimeRenter on October 3, 2009 at 10:11 am

   As someone looking in that area Jim, I have to say that I hate that house. You can’t really compare comps since it’s just so ugly inside and out. Just my opinion. I would take the land I guess, but it would be a total demolition job.

6. 

   clearfund on October 3, 2009 at 11:21 am

   Fixer for sure: My guess is an easy $500k+ to get the house to a customized, FINISHED, condition comparable to higher end spec homes in the region.

   Given its size, the $/sf should be heading towards apx $300/sf given no yard (larger house = lower psf). Thus, I would pay $1.9mm – $600k closing/repairs for $1.3 to ensure a safe investment.

   Been watching the glut of homes in CV/West RB (santaluz/crosby/etc) and there are tons of 5k-7ksf homes in the $2mm-$3mm range and NOTHING is selling. Once it cracks it will settle in the $300/sf range which is replacement value of a nicely appointed spec home with landscaping/pool (thus dirt=$0 in todays market).

   not there today, but headed there once the seller’s break the dam.

   buy below replacement value to get a good long term investment!

7. 

   doug r on October 3, 2009 at 4:08 pm

   Waste of space AND cramped. Sinks but no faucets. Try $100 a square foot.

8. 

   Crazy38 on October 22, 2009 at 7:08 pm

   Price did a good job considering the Ed Wood budget he had to work with. ,