Reasons houses don’t sell in a hot market:
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List price is too optimistic (more than +10%).
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Something is really wrong with the location, condition, look, etc.
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The sellers aren’t motivated enough.
It’s why you hear people say there is no inventory.
The properties with the right price sell quickly, and the rest don’t.
Just looking at other 92009 listings in the 3000 sqft range, there are 2 Bressi Ranch homes (backloading with small yards but clean) going for $640k.
The main issue here is ultimately competition. why in the world would anyone want to pay more for SMUSD and additional cost (that yard is ~$30k to fix) when there are clean, ready to move in, newer, and cheaper alternatives in CUSD?
Meanwhile, there’s about 10 listings in nearby SEH/adjacent areas at 3000 sqft asking from $500k to $599k. There’s a SEH home without defects (and low MR) with a big yard that sold for $599k recently.
If I was the listing agent, I would have listed it at $589k. This way it would perhaps pull in either SEH buyers thinking it is worth paying slightly more to have the Carlsbad address. Or Carlsbad buyers willing to settle for the up-and-coming SMUSD for a little saving.
I have a question – a little off topic. All school districts are going to face major budget cuts for the next several years. Which districts will “weather the storm” better? Will “basic aid” districts like Carlsbad and Encinitas be better insulated because their funding comes from property taxes than San Marcos, Vista and Oceanside, which get their money from the state?
Jinx-Brown promises no cuts for K-12-if he can get his tax extension on the ballot. Right now, the Republicans in the legislature are holding that up (preventing it from even going to the voters in the form of one or more propositions).
OCRenter –
The main issue here is ultimately competition. why in the world would anyone want to pay more for SMUSD and additional cost (that yard is ~$30k to fix) when there are clean, ready to move in, newer, and cheaper alternatives in CUSD?
Just checked the CUSD website and Bressi Ranch is within their coverage.
One of the absolute worst floor plans I’ve ever seen.
just some guy,
that’s my point. the house in question is in SMUSD. there are cheaper homes in Bressi that are in CUSD.
Ah, my bad. I completely missed the point. I don’t know why, but I interpreted your claim that Bressi Ranch was in SMUSD.
How much is the lot worth? The only hope for this Winchester Mystery House is Blazenheimer and Burnupski… or Maybe, (better yet) issue a remod challenge to Tom Tarrant. I’ll bet he could make something useful out of this Studebaker with bald tires…
I espescially enjoyed the second floor ‘railing to nowhere’. Looks like Federal Government work. Cash for Stairwells…
JTR, you have a bucket-of-rocks on your hands with this one.
If I had but a few months to live or I won the lottery (or both?) I’d throw an outrageous party at an assisted living place. That would give them something to remember…or maybe not. But they would be happy in-the-moment!
The sound of crickets? *Chuckle* I’m guessing that’s what the LA is hearing with no offers coming in…
Do they really think people will use the formal part of the house?! Look at how much space is taken up for…I’m not sure what: It’ll never get used.
The family room appears to be the size of a bedroom and the master bedroom is horribly designed…a reading room?
I’ll take a reading room in a well-designed 5,000+ sqft where it’s actually nice & big….maybe use it as an exercise area. But that? What do you do?
Who designs these things? I just don’t get it.
How about this place: .44 acres…west of the freeway…nice slope….sloping RIGHT to the freeway!
http://www.zillow.com/homedetails/0-Orpheus-Ave-Encinitas-CA-92024/2130573938_zpid/#{scid=hdp-site-map-list-photos}
$129,000! Bring your investors, Jim…or that’s what the listing implores you to do.
You say there’s nothing price won’t fix….but who would buy this?
I think the theory of “nothing price won’t fix” doesn’t really apply to vacant land that is hard to build on and/or incorrectly zoned and/or has enviromental or other issues. IMHO, almost all freeway frontage land should be zoned commercial. The only major exception, IMHO, is land that is in a neighborhood that was there before the freeway was; that is, there is a bunch of houses with a vacant lot in between and then a freeway is built next door.
Jinx,
It’s already past the deadline for a ballot initiative, and it would fail regardless.
Geotpf,
Ya, I don’t know about that listing. That is one steep slope and it’s backing right to the freeway.
But it has to be worth SOMETHING, right?
tj & the bear, I agree, don’t think it would pass. So which schools will be better off? Those that receive their money from property taxes or those that receive from the state?
I assumed that those whom receive money from property taxes may be less affected, but I just read that Carlsbad is going to bump its class size for grades 1-3 from 20-24 kids per class up to 32 kids per class. Do you think all districts will be forced to do this?
College Joe-IMHO, vacant land, if it is not economic to build on (that is, if you either can’t build on it for enviromental, zoning, or other reasons, or the cost to build something is less than the price you would get when you sell it) is worth less than zero dollars, since there are holding costs (property taxes mostly). Price can’t fix that.
Doh. I meant “the cost to build something is more than the price you would get when you sell it”.
Oh I completely agree. I’m not sure if you’ve seen it, but it is one worthless piece of property. If you’re going to take the time and money to build on that kind of slope, it better have a nice view.
I’m really curious what’s going to happen. It’s like that one REO Jim showed us a while back on Orpheus….a tear down on a worthless lot overlooking the freeway.
Sorry, I didn’t mean to say worthless….it’s basically unusable…which I guess makes it worthless. ha