This youtube shows how varied the comps can be in this market. A large, one-story home with ocean view out the back can sell for a premium, and across the street a two-story short sale get dumped for almost a half-million less, all within a month of each other.
The short sale listed for $1,795,000 in December, 2009, and was down to $1,399,000 in August when the seller dropped the list price down to $1,000,000 – it closed for $1,061,000:
Ouch… Maybe low interest rates aren’t to only reason to buy.
Jim, if you ever make it to Sebastopol Ca 95472,walk the length of first street. There are some comparable homes,but the diversity is substantial.
I remember seeing that house and thinking something was wrong because it was priced so low. IIRC I even asked you if something was amiss. Crazy that it ended up closing for around a million. Seems like the buyer got a pretty good deal. I wonder if bringing cash to the table had anything to do with it.
Jim, I liked this video. I’ve always laughed at the difference which is similar to west of 5 Leucadia, where we are.
What’s the market south of Santa Fe like? I don’t think you’ve done a video there.
Someone got a deal, someone paid a premium.
There’s also the risk of those greenhouses being maxed-out at 26′ at the curb and losing then losing all or some of the view.
The eternal north county question, what’s a view worth?
By the way, anyone buying a house on a former greenhouse site should have the soil tested.