A blog reader (who had a realtor before discovering us) wanted an opinion about this house. It has the plastic plumbing, which is a $5,000 to $10,000 repair:
by Jim the Realtor | Jun 23, 2011 | Bubbleinfo TV, REOs for sale | 25 comments
I personally would pass. My wife and I actually looked at the 2 bank owned on that street that Jim talked about and decided we didn’t want to buy it for our investment. Reason being was that the constant noise from the freeway just made it unbearable.
Also, my wife commented on how it looked like a sketchy neighbourhood. We’re very picky.
Off-topic, but another example of the extent of short-sale corruption. This from the confidential remarks of a local listing:
“No NOD yet. Slr is lic RE broker. Only ofr accepted will be from buyer willing to rent house thru the entire SS process which shall be extended as long as possible. Could be a yr or more. No offer submitted until NOD recorded. Rent $2800/unf $3000/furn”
This is a tough call because it depends on the buyers lifestyle etc.
Basic Question: Is this house worth 550K? No.
How about move further inland? Get a better house and no marine layer.
Also, if this hood didn’t improve during the last 10 year boom then it certainly isnt going to improve over the next 10-20 years.
The traffic noise would be an instant deal breaker for me. Even if the buyer could overlook that today, consider the increase in freeway noise in the next 5 years or so.
Certainly the buyer found the right Realtor in Jim. My advice would be to keep searching and be confident in JtR’s ability to find a better home. Good luck to the buyer…
I agree, it depends on what they want to do. If they are looking to flip it, I’d definitely pass. If they want to live there some unknown amount of time, it’s harder to say. LM comments about the neighborhood over the last 10 years are right on, IMHO. Must add that the doughnut shop in the 1st minute of video used to be really good–I would drive from Carlsbad to go there; but have given up doughnuts so I don’t know if it’s still as good.
Something tells me the “rent” will not be applied toward the purchase price, nor towards Mr. Lic RE Broker’s mortgage.
Is this a reportable offense? ‘Cause it sure smells like one…
This one looks like a good deal.
It’s just rundown….but I don’t think it’s a “bad” neighborhood. Plus, El Nopalito is right there and it’s some of the best Mexican food around. And they have the market too with the fresh chips, salsas and everything else.
It depends on what their living situation is, but I agree….that price seems reasonable.
Over three years!!!
Jim – You have said in two minutes (in your video) what would take most people 6 months to figure out and that’s the kind of honesty people should expect from a Realtor!
I agree that El Nopalito is great. $550K is the going rate for low end homes in that area, but I just don’t think I could bring myself to spend that much for something that is just ok. If you like the neighborhood, the house suits your needs and you plan on staying there awhile it’s not bad.
Pemeliza, It looks good…..but too good to be true.
Look at what it backs up to: Diegueno middle school and their track. It also looks like the house has the original everything.
Complete, unobstructed views from the neighbors into your bedroom. Speaking of kegs on the balconies, you could toss the football around from balcony to balcony.
You really can’t get in for under $700K west of the 5. The house has a decent interior, kind of ugly outside, needs some work on the wood.
But, not a bad move for a young family. Eventually it will appreciate and hopefully you can leverage into west of 5.
As for Barrio there it has a good vibe. And, you get Nopalito roasted salsa for a $1 less than you do at Seaside Market.
For me I’d pass and try to save up more money for a better location. If that was a frat house then that would actually be deal killer for me.
#3 Amazing…just amazing. That house must have one #@ll of a view. I’m a potential buyer and I’m going to make a handshake deal (accept his promise) that he will sell his house only to me if I “rent” it from him for hopefully (from his perspective) one year. 12 months times 3000 ( I just loooove his furniture!) equals 36 thousand dollars. Just 5 percent of 720,000 right? Ah the beauty of financial engineering!
Not a bad piece of property now, but after the 5 gets widened 6 lanes in each direction over the next 25 years it may not be so great.
So it depends on the buyers needs and wants are, as every buying decision is personal. If you can handle the noise and just want the location and will be out in 5-10 years, go for it!
I should add that you can get in just under $700K west of the 5 if you’re willing to be basically on the 5.
If the buyer has kids (or plans on having them) they might not be happy with the elementary school (Ocean Knoll) for that area. I know 3 families that have children there and all have transferred to another school because they weren’t happy with it. For me, the freeway noise would kill the deal.
Just a side note…I really don’t get the “west of the 5” mentality. Naturally there are nice neighborhoods west of the 5, but having lived at the beach for several years (and I still do -not in sd)…..the Marine Layer/June Gloom, May Grey, it was a killer to me….And it is more than June and May. I can’t count the number of miles I put on my car to drive out to Mission Trails on the weekends to get away from the 60 degree foggy weather. Sometimes there would be a 20 degree difference. Couple times it was mid 60s at the beach and high 80’s in Mission Trails.
However in my experience it seems that places like Ocean Beach don’t get as much marine layer and North County does??? Wonder if there is a science behind this? And the old saying goes Coronado is ALWAYS sunny when the rest of SD will be socked in. I have observed that several times as well.
Jinx #19 – Can you provide more details about why they did not like the school?
Every new house up here in Canada is built with “plastic” pipes because they are better than copper. It’s not like we don’t have enough copper in Canada, or the money to buy it. It’s just the the modern non-copper options are superior…
Plus we don’t have to worry about our formerly high flying Ameri-mex neighbours coming up here are ripping our pipes out to resell the copper for beer money.
In this case, I believe Jim is referring to early-generation plastic plumbing which to my understanding has not stood the test of time.
@wassup – It’s called polybutylene piping. Pretty sure you guys don’t “all” have that in canada or you’d be suing the manufacturer “all” at once. Google it.
Canadian racism is just as ugly as American racism.