More of the estate-sale variety here.
I mention in the beginning about how people don’t talk much, but didn’t reference it specifically to looking at houses. Here’s a more typical example: Yesterday I was looking at a house and a passer-by invited herself in. I asked a few questions, and literally got no response at all, and then she walked out without saying thanks or good-bye. It happens like that more often these days.
$895k for this worn out old place! I must be missing something here. What could you do with it to make it a house you’d want to live in?
It’s always surprising to me how people don’t upgrade their houses. You can go into a house for sale and see this sixties-style wallpaper or seventies-style shag carpeting.
This house probably belonged to folks that ended up in La Jolla when it was a reasonably priced place to live. Thanks to Prop 13, they did not get squeezed out. They probably could not afford to turn the house into a McMansion, and my guess is they were content with what they had.
Props 58, 60 and 90 are powerful tools to keep property in the family. Older folks can move and take their factored base year values with them and then pass them along to the kids. I’m surprised if there are kids here they did not hold on to the place, unless no one child could afford to buy the others out.
This sale has trouble written all over it.
It’s bad enough that they want cash buyers only, but putting it on this range is a mistake.
$895,000 – $1,049,000.
You know what that means – like all sellers in higher-end areas, they automatically think their house is worth a million dollars. Especially the heirs of an estate, who have probably been banking on this payday for years.
Now they have their hopes set at a million-something, and a cash buyer is going to look at the $895,000 and go down from there.
This house is a teardown – they will want to drop a ways from the $895,000, and the heirs will scoff….for months.
Worth IMHO land value only at $600-700K.
Lower net worth heirs a major pain.