The QE3 should cause more folks to look for healthier yields from hard assets.
The yellow carpet pictured here was from the duplex on Dixie, listed for $1,050,000 (and now pending) for what is essentially a teardown. Someone made a cash offer that was $100,000 over list price….and lost:
Here’s another one below. These four 1-br units are on a 50-foot wide lot with no view listed for $1,599,888 yesterday, and it’s a teardown too. But it already has an offer on it – the link:
http://www.redfin.com/CA/La-Jolla/313-319-Nautilus-St-92037/home/4915051
The Nautilus sale is no surprise to me. Close to the beach, shopping, dining, and (very importantly) La Jolla high school.
Edit to above: Woops, didn’t quite comprehend that it was four 1br rentals. My reasoning was based on a single-family home in the same location. Jim, feel free to delete that comment and this one.
What are the monthly rentals? That might explain the price.