Sorry about the length of this youtube, but this house deserves a good look:
Tom has listed the home with JtR. We’ll both be there on Sunday, October 23rd from 1-3pm for those who want a closer look – and possibly buy it! Click here for the MLS listing with the full photo gallery.
That one’s going to go fast!! Congrats on a job well done Tom, and congrats on the sweet listing Jim!
Yeah, probably gonna go pending this weekend. They’re not making any more seaside weather – and no commute for downtown workers (and your own parking).
Congrats on this new listing! Tom did a fantastic job on this project and it should sell quickly. Perhaps staging would help buyers invision the space.
Congratulations, Tom on the house and the new baby! My son’s name is Shane too. If your son grows up to be anything like mine, you’ll be a happy papa! My Shane has never disappointed me…
Just awesome…now that is a quality flip!
The Senate late Thursday approved an amendment to restore the $729,750 maximum loan limit on government-back mortgages for two more years.
If the Senate approves the bill, it would then go to the House of Representatives for consideration. The Isakson-Menendez amendment would extend the limits through 2013.
Bob Nielsen, chairman of the National Association of Home Builders, applauded the Senate Friday morning and urged the House to reconsider their earlier rejection of the measure.
“Congress must act soon to ensure that this measure is enacted into law,” Nielsen said. “Otherwise, the current drop in mortgage loan limits will reduce housing demand and place downward pressure on home prices in major markets. This will exacerbate the current housing downturn, trigger more foreclosures, impede job growth and endanger the fragile economic recovery.”
However, the Obama administration stated in its February white paper on the future of housing finance that allowing the conforming loan limits to expire in October would be the preferred first step to reintroducing private capital and spare taxpayers from additional risk.
The Federal Reserve found in a recent study that allowing the conforming loan limit drop would have shut out only 1.3% of purchase mortgages last year.
Great job, Tom…i’ve been following the progress of the house on your blog. It’s great to see the finished product. nice listing, JtR! Can you give some insight into the neighborhood?
This is sick! Completely sick!
What’s sick is that I don’t live in the SD area, because I would buy that place so fast it would make your head spin, Jim! 🙂
I see a bidding war happening here. In fact, I wouldn’t be surprised if the place sells sight unseen just because of this video!
Congrats Tom! Beautiful job!
Ultimate haunted house!
Been following the updates on TT’s blog. Very awesome job.
The neighborhood is in “transition”.
Generally it is rough-looking with some older dilapidated houses. But take it block by block.
Tom’s house only has one neighbor – there are alleys on two sides, and the park across the street gives you plenty of buffer. There are no shadows to hide in, and the house feels out in the open with some elevation.
I think the park adds some predictability, rather than having tenants across the street that change with the wind. The people next door haved owned it since 1996 and owe under $200,000, so they probably aren’t going anywhere.
I’ve said it before (on Tom’s blog) and I’ll say it again here — I smell a bidding war!
As long as it is a defensible position, it’s all good.
So I happened to by in SD this week and drove by Tom’s flip today. The house looks really awesome and far better than anything else near by.
Let me mention though that Jim is right when he says the neighborhood is in transition.
It is rough – the first thing my wife said was “I am not getting out of the car.”
I walked around the property and looked in the windows. The home does look every bit as good as it does on Jim’s video.
I do not suggest driving down the alley behind it because it is narrow and feels dangerous.
It will be interesting to see who buys this home because my sense is that if you are a regular reader of this blog, then you wouldn’t feel comfortable living in this neighborhood. Perhaps Jim and Tom can share their thoughts on the ideal buyer.
Note: if you drive on Market St., you’ll see signs of life/gentrification. Plus if you look just north across the freeway, their are some decent historical homes too.
I hope Tom and Jim sell this home for top dollar – can’t wait for the next flip by Tom. It is worth visiting it this weekend – wish I was still in town.
As someone that recently bought and older house and is in the process of restoring it. I can appreciate all the hard work Tom has done to make this happen. It was a good decision to keep the Double Hung windows. They’re a pain to restore but the house looks 100% better when you do it.
I wish you all the best selling.
Nicely done but $370k more than purchase price in that neighborhood?
It sounds like a lot but this isn’t your typical $25,000 flipper hit and run. He started with replacing the foundation, and went up from there.
See his website: http://www.tomtarrant.com
There is an offer in.
…$499k listing – $230k purchase = $269k spread, just sayin’.
I’ll admit I was a little uneasy about the neighborhood at first as well. After being down there all summer I have to honestly say that all the neighbors are very respectful, long term homeowners who all reached out to me, brought me lunch, offered their assistance and made me feel welcome. I’d live down there in a second although my wife doesn’t agree. Sure you have the occasional graffiti wars with tagging but don’t you get that everywhere? The tagging isn’t from hard core gang bangers, it’s 12-14 year-olds that have grown up in that element and don’t know any difference. This is the culture in the barrio and it wont change. The community takes pride in their park, I commonly see neighbors out even sweeping the sidewalks themselves. It’s a real bacon and eggs neighborhood, the smell of home cooked meals every morning, the sound of a rooster crowing on the next block every morning and the faint reminder of the military ties from the 32nd naval base in the distance with the sound of Taps played live every morning at 8 o’clock. At the end of the day it’s probably still not for everyone but what I’ve created here is a great value for the price with a huge private and secure compound. It felt great to restore a part of historic San Diego as well as take what was otherwise an uninhabitable home, that banks wouldn’t lend on, and make it better than new. I’ve definitely left my mark on Grant Hill and its a good feeling. Thanks to Jim for the help marketing this property and you guys, his audience, for the nice comments!
South African method of discouraging tagging by litterate taggers:
Sign on wall saying
“If your willy (penis) is very small
Pleas paint your tag
Upon this wall”
Usually added after first appearance of graffiti
Is this a designated Mills Act house?
Hi Josie, no Mills Act in place but would easily qualify is someone was interested in this. From what I’ve heard, the State has a new yearly fee that pretty much offsets the property tax savings, There was a recent article on this issue in UT. I could be wrong though.
Nicely done, nicely priced, see ya in escrow!