If you’d prefer to buy an older house in a prime location, your patience will most likely be tested.
Sellers tend to have low, or no, mortgage balance, and they’ll only move when they don’t have any other choice – plus they love to hold out on price.
The houses are usually dilapidated, because when they only paid $38,500 like they did on this street in the 1960’s, the thought of spending $15,000 for a new roof sounds outrageous. Heck, if it’s leaking, you can always buy a couple of extra buckets!
But if you can outlast the initial aggravations, you can end up with the home of your dreams on a quiet 10,000sf culdesac lot with panoramic ocean view and no HOA or Mello-Roos fees for about the same money as a tract house:
Check out this sucker.
$188/sqft for a nice house on a big lot in prime La Costa.
@WC Varones
yikes….that sucker needs a serious facelift, but the lot size alone makes it all worthwhile. A great lot usually trumps all other shortcomings.
When I was a kid, my old man rigged up a fan system very similar to this. I had always thought ALL homes were equipped this way.
@ WC:
“AMAZING 1970s STYLE HOME READY TO BE TRANSFORMED FOR TODAYS LIFESTYLE. SOME UPDATES DONE, MORE TLC NEEDED. SOLD AS IS.”
Amazing 1970s!
Great lot though. And what a discount $1.8 to $857,000.
I had my surgery done so I’ve been trying to find the coolest house in NC Coastal under $1,000,000 all week long….and that’s pretty close!
Sold As-is? Is that usually REALLY bad news?
We almost put an offer on that Avondale house! For us, the cost of repairs, roof, upgrading and 2nd story addition was just too much. I can’t wait to see what they do with it 🙂 It has great potential.
What’s the lot value? Must be close to the $550,000, given the work they plan. You would have to build something in the $1,650,000 to $2,200,000 range to justify that as a lot purchase.
Five to six months seems a little optimistic to me. Have they submitted plans and pulled permits? I would think the folks behind them will not take kindly to having their view blocked and might try to derail the project.
@ Another Investor:
Work planned is 1000 add. living, 300 add garage with 400 roof top deck. Total remodel will be under $300K which will bring total costs (purch. + remodel) around $315 per ft. Location was key as we are moving from renters to homeowners and moving less than 1000 ft. (Important for kids). Plans submitted and permits should be pulled within two weeks. Regarding neighbor behind, Cbad has no view restrictions.
@another investor
I was thinking something similar. What about the folks directly across the street? What if they decide to put up a second floor and thus blocking the view…again?
And another thing. I would be hesitant to do too much overhauling when the rest of the neighborhood is still stuck with the original design/builds.
Great vid with long time lookers. Funny “confederate colors”
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That neighborhood is mixed with original older homes that seem well maintained and some nice remodels, but not in the 1.6 mil+ range. Maybe eventually?