Here’s another example of the market buzz.
This is a fairly typical 1950’s house in Clairemont that features an extra solar-energy hype to it. It has a cool, trendy look, but deep down it’s still a smaller, older house with only 1.5 baths. You can gauge for yourself what you think it’s worth – here are the recent 92117 listings of houses that have no more than 1.5 bathrooms:
Clairemont 92117 last 90 days houses with no more than 1.5 bathrooms
Here is the link to the KUSI News video from when they visited the home:
http://www.hankeybrothers.com/press.htm
Nice touches, but that’s a Crazy Valley psf price.
The list price was CV-similar, and the action zoomed right past that into RSF psf territory!
Four hundo for that dump? A fool and his money are soon separated.
Don’t get too caught up in that Ralph, and miss the lesson – there are buyers flooding the streets. There are probably only 2-3 who are willing to pay over $400,000, it’s the remainder who will pick up any excess supply resulting from future foreclosure tsunamis.
There are some cute touches, but a lot of families would shy away from those concrete floors. I look at that, I think about my kids horsing around, and I think “concussion.”
This is an interesting property. It’s right in the middle of Bay Ho which has a lot of bigger higher priced inventory. It’s definitely a case of location is everything. It’s that pocket of value within 92117, so it doesn’t surprise me that people were out looking at it. Most of the product in this little neighborhood is > $600K although much bigger and remodeled. You’ll also see similar high price/SF in Bay Hill where the original 1000 SF house is still there but it’s listed at > $500/SF. The nice locations definitely could use some inventory because it certainly appears the buyers are out.
That’s a nicer part of Clairemont, but it’s the land of “shifting sands.”
Not all is right with houses built on landfilled lots around there. Careful !!!!
“buyers are flooding the streets”? Come on Jim – you sound like a realtor! Send some of those buyers up here to NorCal. I know you’re a great salesman but if you pull this panic mode selling
off – you’ll be King of the Realtor world. 🙂
Keep up the good work!
Compared to the 410K sale down the street in 2/2011 and the 380K sale on Geddes Dr. in 8/2011, the listing prices is very low, hence the action.
Those two sold lot sizes are about 4700 sq. ft. This one is 8000 sq. ft with a detached garage. Because of that, it will probably sell w/ premium on it, approaching the canyon lot premium. In Clairemont, the canyon lot premium is about $40K to $50K, IMHO.
Start with the Geddes sale at $380K and add $30K for the lot size and the nice clean landscaping. Looks to me like a sale price of $410K would suggest no price increase from Aug of 2011.
Traffic – yes. Price increase – will have to wait and see if it starts to approach or exceed $420K…
The house on Geddes where the listing agent round-tripped the sale the first day or two of the listing, plus the VA buyer got a $10,000 credit for costs? Back in August?
If I tried to mount a case based on a comp from 6-7 months ago, you’d be all over me. If you can ever find anything decent or worthwhile here at bubbleinfo, let me know.
Jim: thanks for stopping by the Bay Ho area. I am convinced this is a hidden gem in San Diego, although the 30 offers on that house is surprising given that several other houses in the area haven’t sold after being on the market much longer.
sdduuuude: I wonder if you can provide more details on the “shifting sands” issue you mention. I bought in the area a few years ago and hired a soil expert at the time as a part of our inspections. He was not concerned one bit about the foundation or any soil issues in this area of town, and found no evidence of any foundation issues with our house. What do you know that he didn’t?
Looked at buying a house on Driscoll many years ago.
It required $60,000 worth of foundation stabilization.
Turns out some of those lots were made from landfill. I don’t have details on which streets/lots, but our agent at the time said it is a common issue “around there”
It isn’t a “for sure” thing – but something to check into on a house-by-house basis. Talk to the neighbors. Pull grading plans from the 50’s, etc.
I said it was tough to find a comp …
sdduuuude: interesting. Thanks for the info. I haven’t noticed any significant soil work on any of those streets, but I suppose there can always be a few exceptions.
I paid less than that psf for my house in RSF. Although, with a higher absolute price, you get more for your dollar (like Costco).