The higher the price, the tougher the scrutiny.
Today’s buyers are already looking for any reason not to buy – once you get into the upper echelons you need serious “wow” factor to make a good impression. Mentioned is this 8,500sf RSF house we saw two weeks ago, which is still unsold, down to $3,299,900.
JTR – I would agree that the product if very ‘average’ and getting dated for product at that price point. Add in the lower level of the neighboring homes really makes their price especially high.
My take is that a turn key home all redone will take apx $300k+/- and as is would be in the $2.4mm+/- range. All in, showcase ready for sub $3mm is needed when compared to the options I see.
No major deal breakers in the home, just not as current given its semi-budget construction/finish job back in 2001 compared to a juiced up budget in 2005…not close to the same end product.
Great video Jim. Thanks.
I was asking myself at the end “Why the heck have they walled off the front yard like that?”. Then I remembered the played the beginning again to verify that the front yard is the really the back yard. Not really, I know but since there’s no view back there and just a pool that’s what it seems like to me.
I definately didn’t see a wow factor. I only saw the one story premium.
La Jolla, >6000 squares, good overall style (exterior and interior), some ocean view. Sounds like over $3 mil to me.
JTR: the micro is missing the trim kit. That’s why it looks so bad.
Now, WTH is up with the EIGHT dishes on the roof????
Jtr – where would you take me these days for some mega distressed/discounted dirt/teardown in a strong demographic area????
Vista – the city has been buying up more and more commercial for redevelopment, and it’s close enough to Carlsbad to get spillover.
The weather is perfect, it has a decent commercial/industrial/retail base, and there is a lot of old money in the hills.
Not many mega-distressed laying around anywhere though – but Vista is the right kind of area.
Shoot me some specific or general thoughts at your convenience…does spillover happen when the Carlsbad office/industrialmarket is39% vacant?????
…meant 30%+ vacant not 39%
Mapped lots have to be the most distressed of all one would think….
With the rates they charge, I would think there is great potential for spillover to Vista.
It’s those ridiculous asking prices in Carlsbad that’s causing the 30% vacancy – who can run a regular business paying $2.50/sf or more?
Do we have a clearfund imposter?
yep, he got me – an imposter. The stalkers/imposters are running heavy these days, not sure how much more I can take.
JTR – #1 was me….and I wish there were smart commercial investments in SD County (even Vista) but it is all priced too high…still!
You can fake the name, but you can’t fake the intelligence. 🙂
thanks Jeeman….