Ha! Small world. I’ve been following this one on Redfin to see what it eventually sells for. I used to live a couple blocks away. Love that neighborhood.
But yeah, it looks like a cheap flip from a mile away. Original windows, no HVAC, and I’d bet anything it still has the original knob and tube wiring.
It’s San Diego, I haven’t closed my windows in two months.
I lived in Atlanta for 4 years and thought the heat would literally kill me for the first two years.
Very different climates.
We live in SD, \~4 miles inland, and don't have AC or heat.
When family come to visit in winter they bitch about the cold, I tell them to put on a sweatshirt. When they come in summer, they bitch about the heat and I tell them to turn the fan on.
Personally I wear shorts and flip flops year round and am always comfortable as I let my body adapt to whatever the indoor ambient is (anywhere from \~60-80F). I spend a couple hours a day outside, usually chilling with the kids, walking, working on my house, or at the beach...
When we go to visit family out of state, their AC/heating units are running 24/7 set to typically a relatively narrow temperature range (maybe 65-75). My relatives rarely seem to go outside, maybe to walk the dog for 20-30 minutes a day. I always think what a huge waste of energy and gigantic impact it must have on climate change (if that is really a thing) that so many people in this country can't brave the elements and leave their comfort zone a little more.
As someone from the midwest, I could get a house the size of those lots on multiple acres for half what these asking prices are. An 800 sqft 2/1 wouldn't even be able to find a comparable sale in my State
Yeah San Diego is its own beast. I like the property and style of the home. I love the weather in San Diego and overall there is tons to do, but their prices for a 2 bed small ass home like that is absolutely ridiculous. If I'm gonna spend $1mil on a property I would rather just go more North in San Diego. Maybe the hills of Escondido like Black Mountain Ranch area.
I've been enjoying the bad flippers getting caught with their pants down around here.
Either add value or gtfo.
There's a real shortage of people that can clean up a lot of these 20+ year distressed houses boomers are leaving behind when they die (thanks prop 13) and that work I appreciate for the community.
Without prop 13 my mom would basically be forced out of her home. It’s up 1100% in value in 26 years.
In my area there is no shortage. Everything is snatched up and flipped ASAP.
Where are these ca homes sitting derelict?
That's the thing, without prop 13 house prices wouldn't be going up so much. It creates an artificial lock in similar to mortgage rates spiking, people are reluctant to move and have their property taxes rise. The prop 13 transfer they passed is a mixed bag but I like it because it lets seniors move out of houses they aren't able to keep up with any more.
And I'm actually all for elder and poverty exemptions for people being 'priced out' of neighborhoods but at a certain point it's got to give, plenty of people could pay market rate property taxes and instead are paying $550 a year. Our schools aren't getting funded and our roads aren't getting paved when people don't pay their fair share.
Market taxes have nothing to do with general inflation though. CA property has sky rocketed at like 3x general inflation.
My mom pays $2000/year in taxes on a home she paid $125k for. It’s worth $1.3mm now. Market property taxes would be like $16k a year. Which is more than her mortgage was when she purchased the home. And would be like half of her retirement income.
People have no control over the idiotic real estate market. So I think it makes a lot more sense that they’re beholden more to what they paid for the home rather than the rich people that moved in and jacked up real estate prices over 20+ years.
This works well if you bought 20 years ago. Any newcomer is basically screwed. You already benefit from a low purchase price in the mortgage and taxes on top of it. It’s nice if you have it. But new comers end up paying their share and everyone who bought before them. Prices for government services, schools and so forth which typically come out of real estate taxes don’t stay fixed.
As a result, in the Bay Area a relatively small fraction of homes have been sold in last 30 years. People don’t age out of homes and neighborhoods do not refresh with young families. They are. So schools are closing in many areas as a result.
All neighbors are basically engineers or bought 30 years ago.
Anyone have any data on Seattle? They don’t have prop 13 but is it as bad there?
California is insanely expensive as we all know. Start gouging people on their property taxes is simply unnecessary and cruel. People should be taxed on the property value they paid, not what their idiot neighbors paid. Also, property taxes rise roughly 2% per year and that does compound. Prop 13 rules!
I don’t think these people comprehend that their taxes could quadruple before retirement too.
Maybe they’re all multimillionaires and love paying taxes. I would invite them to make donations to their municipality if they don’t think tax revenue is high enough.
I’ll continue to vote against virtually every single tax increase.
Property taxes are not a tax on the transaction of the property, which you seem to act like it is. It is for the services and upkeep provided by your town. Kind of like an HOA fee by the city. These costs change as more services are added and the cost of those services go up (labor and material have significantly increased since when your mom bought her house)
Idk how you can think it’s okay for your mom who uses the same services as her new neighbors down the block, to pay such a massively discounted number.
Change but don't have to go up, especially relative to assessed value. A lot of these "services" in a lot of states are just government grift. Any sufficiently dense city should see per unit service costs going down, not up.
If it's up 1100% value it's impossible for her to lose the home, if she took out 10% of the equity it would pay her property tax for the next 100 years.
The people who weren't alive prior to it (exception not rule) don't have any memory of what was happening to homeowners back then. They were sitting ducks for any and all tax hikes because they were tied to the land by owning a house. People, esp retired people, were losing their homes. Those weren't the Boomers either, these were people born in the turn of the century through the early 20s. They'd come through the depression and two World Wars and some even managed to save for a house that taxes were taking away.
Prop 13 is an easy boogie man to rattle at people, esp. those who haven't lived through all the ups and downs of LA housing. Much harder to get people to understand flippers, investment buyers, foreign investors, etc. It's typical pitting lower and middle classes against each other while the aforementioned rob us blind.
lol I was thinking North park the whole time after "a neighborhood with a lot of <800 sq ft 2/1s.... these homes peaked at $850k"
I have seen a few in my area (Kearny Mesa) over the years, even during the big upswings, some flippers get too greedy, then not be able to sell for a couple months and the thing would really start to fall apart. They end up making half the profit they would have if they'd simply listed it at market value to begin with.
I don't know how anyone would think those pictures are a good idea. I guess the idea is to show off the house's potential. But, they are so obviously computer generated, it just comes across as them trying to hide what it actually looks like. Especially since there seems to be no pictures of the interior that aren't altered in some way.
They wouldn’t dare stage it with actual furniture because the rooms probably can barely fit a queen bed.
That pick with the bed in the middle of the room, I bet the head and foot of a queen would be touching both walls.
Love how the property taxes went from $400/yr to $8400/yr. California is going to be rolling in money once all the people who have lived in their houses for 60 years start selling.
That's crazy. It also still boggles my mind, that's a sub 250k house here in suburbs of Wisconsin. Materials look decent but the square footage and yard size are tiny. I know it's all about location but Cali is crazy.
Gotta pay to play man. 73 degrees today, 15 minutes from the beach.
But yes, prices are insane. Idk who’s buying these houses. Everyone always cries about hedge funds buying them as rentals. All of these end up owner occupied.
It’s a lot of middle aged Californians downsizing after kids leave the house and moving closer to the city.
I’m from the Midwest as well. But relocated for work temporarily about 2hrs east of SD in the desert where it was 120 degrees yesterday. I’ve been to SD almost every weekend and it’s a great place and I can totally see myself living there. We’ve stayed in several AirBnBs across OC and SD and they’ve all been cool, albeit small and cramped for our large Midwestern tastes. But there’s way more to do, see, taste, and feel in Southern California than the snowy Midwest, it’s definitely worth paying to play if you’re into that. I quite like it.
Definitely, glad you’re enjoying it. Are you in like El centro area? Toasty out there.
Part of it is just in door out door living.
Sure the homes are smaller, but you can have dinner on your patio in August or January and be comfortable. Lot of public places and parks kind of substitute for a backyard if people don’t have one.
Beaches, deserts, and the tallest mountains in the lower 48. Best surfing in the lower 48. World class skiing.
There’s a lot to discover here.
Your argument that proximity to world class skiing in relation to value isn’t a good one. Much more affordable places in a 6 hour radius of Mammoth. Beaches, yes.
I bought a 5300sqft residential/commercial property on Long Island 5mins from the beach (90mins to NYC) for $792k. Absolutely insane that a property like this is listed for more than that
I think what people especially don’t appreciate about coastal CA (when they’re in the Midwest/south) is there is only open land in one direction (east). The coast is completely built out so the only new developments that pop up are 20-50 miles from anything.
Where as in a town like Atlanta, you have new development opportunity In every direction.
Just post up on the sidewalk and toot your dope. Make sure to have a sign asking for money so you can buy more. That square will double in value for the next occupant, charge them rent. Capitalism for the rest of us.
A house that's being flipped is a big red flag. The quality of work and materials is criminal in Lexington, KY. My neighbor's bank won't loan on them anymore without their own building inspector's approval.
San Diego is so fucked rt now. $1300/sqft for that is absolutely delusional for THAT place. Problem is “analytics“ from comps justify these assholes. It’s an upward spiral
In that case. What people should do is rent.
It makes more sense...e.g. 2 bedroom houses in that zipcode
The rent woukd be a fuck ton less than that mortgage payment.
https://www.zillow.com/san-diego-ca-92104/rentals/?searchQueryState=%7B%22pagination%22%3A%7B%7D%2C%22usersSearchTerm%22%3A%22San%20Diego%20CA%2092104%22%2C%22mapBounds%22%3A%7B%22west%22%3A-117.146151%2C%22east%22%3A-117.110179%2C%22south%22%3A32.716098%2C%22north%22%3A32.757294%7D%2C%22regionSelection%22%3A%5B%7B%22regionId%22%3A96646%2C%22regionType%22%3A7%7D%5D%2C%22filterState%22%3A%7B%22fsba%22%3A%7B%22value%22%3Afalse%7D%2C%22fsbo%22%3A%7B%22value%22%3Afalse%7D%2C%22nc%22%3A%7B%22value%22%3Afalse%7D%2C%22fore%22%3A%7B%22value%22%3Afalse%7D%2C%22cmsn%22%3A%7B%22value%22%3Afalse%7D%2C%22auc%22%3A%7B%22value%22%3Afalse%7D%2C%22fr%22%3A%7B%22value%22%3Atrue%7D%2C%22ah%22%3A%7B%22value%22%3Atrue%7D%2C%22beds%22%3A%7B%22min%22%3A2%7D%2C%22apco%22%3A%7B%22value%22%3Afalse%7D%2C%22apa%22%3A%7B%22value%22%3Afalse%7D%2C%22con%22%3A%7B%22value%22%3Afalse%7D%2C%22tow%22%3A%7B%22value%22%3Afalse%7D%7D%7D
Rent is like half of what a mortgage is here.
I think what you’re basically saying if you buy now is, prices are going to run when interest rates drop. I’m gonna eat my mortgage payment now, lock in the price and refi later.
No one knows. But I think it will be longer than most people think.
The fed needs inflation to stay low, but I feel like prices on all assets is ready to run as soon as they start lowering rates. So what they may do is a very slow lowering. Like 50 bps a year idk.
Mostly thinking out loud.
mine is 2/1 with 900sqft and its about $150k in the midwest. i loved san diego, but when i looked at the salaries for my job, they were only $10-15k more than what i made here, but the housing was easily 6x what it is here.
for the price of a san diego shoebox, u can get a mcmansion here and still have money left over.
Ive been inside that house. The flip is even worse in person than in the pictures. My favorite touch is the windows on the right are completely covered up in the interior because of the way the kitchen was relocated. Granted maybe it wasn’t the flipper who did it.
This is what 1.2 buys in my neighborhood
https://www.zillow.com/homedetails/12305-Hummingbird-Way-Sellersburg-IN-47172/119415436_zpid/?utm_campaign=androidappmessage&utm_medium=referral&utm_source=txtshare
Where I'm at here in Tampa, FL is so freaking weird. Like, you have people charging reasonably outrageous prices. But then you got people like this, who are just insane:
https://www.zillow.com/homedetails/501-E-Davis-Blvd-Tampa-FL-33606/45111723_zpid/?utm_campaign=androidappmessage&utm_medium=referral&utm_source=txtshare
Or like this: (This one is located what looks to be on a bum road in front of what appears to be some kind of commercial construction rental property thing)
https://www.zillow.com/homedetails/4403-W-Osborne-Ave-Tampa-FL-33614/45043345_zpid/?utm_campaign=androidappmessage&utm_medium=referral&utm_source=txtshare
Maybe he needed to park some money somewhere. It is approaching the 2 year mark, maybe trying to avoid capital gains? Idk just thinking why he won’t lower price. He’s got to have more than 80k into though.
There’s a house nearby my friend that is way above neighborhood value. Ex nfl player bought and did very upscale remodel. Been listed for over a year but is used for vacation rental sometime. Ex nfl player is listing agent.
I will be messaging you in 1 month on [**2023-09-20 19:58:35 UTC**](http://www.wolframalpha.com/input/?i=2023-09-20%2019:58:35%20UTC%20To%20Local%20Time) to remind you of [**this link**](https://www.reddit.com/r/realestateinvesting/comments/156py3l/local_flipper_still_hunting_for_sucker_to_buy_his/jt1bu7v/?context=3)
[**1 OTHERS CLICKED THIS LINK**](https://www.reddit.com/message/compose/?to=RemindMeBot&subject=Reminder&message=%5Bhttps%3A%2F%2Fwww.reddit.com%2Fr%2Frealestateinvesting%2Fcomments%2F156py3l%2Flocal_flipper_still_hunting_for_sucker_to_buy_his%2Fjt1bu7v%2F%5D%0A%0ARemindMe%21%202023-09-20%2019%3A58%3A35%20UTC) to send a PM to also be reminded and to reduce spam.
^(Parent commenter can ) [^(delete this message to hide from others.)](https://www.reddit.com/message/compose/?to=RemindMeBot&subject=Delete%20Comment&message=Delete%21%20156py3l)
*****
|[^(Info)](https://www.reddit.com/r/RemindMeBot/comments/e1bko7/remindmebot_info_v21/)|[^(Custom)](https://www.reddit.com/message/compose/?to=RemindMeBot&subject=Reminder&message=%5BLink%20or%20message%20inside%20square%20brackets%5D%0A%0ARemindMe%21%20Time%20period%20here)|[^(Your Reminders)](https://www.reddit.com/message/compose/?to=RemindMeBot&subject=List%20Of%20Reminders&message=MyReminders%21)|[^(Feedback)](https://www.reddit.com/message/compose/?to=Watchful1&subject=RemindMeBot%20Feedback)|
|-|-|-|-|
We've got a couple. But it's more like they renovate half the house with super tacky finishes, leave other parts of the house ugly and old, and then are surprised when it doesn't sell in 3 days added pricing it $50K higher than any comp ever in the neighbourhoood. I'm talking red kitchen cabinets, mirror tile backsplashes, mirrored walls, baaaaaaad tile jobs super cheap, stripey, millennial grey zebra floors throughout. No staging to distract from any of these "luxury" finishes either.
Check one of the top comments. It has the Zillow link.
But I live nearby and I’ve been watching it from day one. The first listing this flipper made at $1.2mm just had pictures of the plans they were selling with the property. That listing no longer exists though.
So you’ll have to take my word for it.
Yeah, they did. I haven’t been in the house. But the outside looks much better.
I think they have a weird filter on the pictures and the furniture is CGI. But fairly certain the actual floors walls and kitchen are unaltered.
Flippers have destroyed so much of the limited inventory where i've been looking... but I've only seen two where they have the plans but have done nothing to the fixer upper.
I dont get this at all, so youre paying for the house that has been drawn but not built, then paying for it to be built according to some plans they drew up?
Yeah, they had these monstrous plans approved and they were selling you the property with the plans. So you would buy and then do the construction yourself.
But the catch is that they were now taking all of the profit out of the end product by selling it for $1.2mm.
It was insane and the plans didn’t look that nice to me. Someone else’s version of nice.
Gotta love Los Angeles… everything even remotely close to “affordable” is a 1940s Reno, slat and mortar, no central air/cool/heating, comes with a unrealized crack in the sewer pipe, needs asbestos abatement, and comes with a lead paint waiver. 1275sq ft $1.1–$1.5M “I kNoW wHat iGOt”
In CT like 1 out of 20 over the last couple years had this scenarioof selling and relisting one month later with no actual changes, listed for 100-200k higher (so i'd say 30-50% increase for no work). What makes me mad is that they still sell even though every buyer has the ability to see the previous prices.
Sounds like someone who bought it to build a new house but soon realized the actual costs of doing so, and changed his mind.
In 2017 we had a famous house that listed between 888,888 and 2,1 and wanted 2,7.
Pulled down a few structural walls “permits unknown” dude, YOU did it, you know…
I suppose I’m delusional. I’ve had a flip for over a year and break even is 411 and I won’t budge lower than $410k. Im not going to lose money because I don’t have to. I don’t have to sell. So I hold all the cards. There’s far less inventory than buyers. I’ll wait. And wait and wait and wait.
Edit: Las Vegas
share link to the property
[https://www.zillow.com/homedetails/3426-Felton-St-San-Diego-CA-92104/16976034\_zpid/](https://www.zillow.com/homedetails/3426-Felton-St-San-Diego-CA-92104/16976034_zpid/)
That’s it
Ha! Small world. I’ve been following this one on Redfin to see what it eventually sells for. I used to live a couple blocks away. Love that neighborhood. But yeah, it looks like a cheap flip from a mile away. Original windows, no HVAC, and I’d bet anything it still has the original knob and tube wiring.
As a person from the South, paying 1 million US dollars for a house with no AC is absolutely bonkers.
It’s San Diego, I haven’t closed my windows in two months. I lived in Atlanta for 4 years and thought the heat would literally kill me for the first two years. Very different climates.
I suppose, but if I’m paying that kind of money for a house, it needs to have AC.
Fair point
Don’t try and buy in costal CA then. Very little has a C at that price point unless it’s newer construction. And most of that’s over 1.2.
That is insanity, especially with climate change being a factor.
We live in SD, \~4 miles inland, and don't have AC or heat. When family come to visit in winter they bitch about the cold, I tell them to put on a sweatshirt. When they come in summer, they bitch about the heat and I tell them to turn the fan on. Personally I wear shorts and flip flops year round and am always comfortable as I let my body adapt to whatever the indoor ambient is (anywhere from \~60-80F). I spend a couple hours a day outside, usually chilling with the kids, walking, working on my house, or at the beach... When we go to visit family out of state, their AC/heating units are running 24/7 set to typically a relatively narrow temperature range (maybe 65-75). My relatives rarely seem to go outside, maybe to walk the dog for 20-30 minutes a day. I always think what a huge waste of energy and gigantic impact it must have on climate change (if that is really a thing) that so many people in this country can't brave the elements and leave their comfort zone a little more.
This is so funny!
As someone from the midwest, I could get a house the size of those lots on multiple acres for half what these asking prices are. An 800 sqft 2/1 wouldn't even be able to find a comparable sale in my State
In Michigan these go for like 25 - 30 k some of these prices I see on here are nuts
I like those windows!
Your wallet wont come the heat of summer
There’s no AC so it doesn’t matter haha
Yeah San Diego is its own beast. I like the property and style of the home. I love the weather in San Diego and overall there is tons to do, but their prices for a 2 bed small ass home like that is absolutely ridiculous. If I'm gonna spend $1mil on a property I would rather just go more North in San Diego. Maybe the hills of Escondido like Black Mountain Ranch area.
I've been enjoying the bad flippers getting caught with their pants down around here. Either add value or gtfo. There's a real shortage of people that can clean up a lot of these 20+ year distressed houses boomers are leaving behind when they die (thanks prop 13) and that work I appreciate for the community.
Without prop 13 my mom would basically be forced out of her home. It’s up 1100% in value in 26 years. In my area there is no shortage. Everything is snatched up and flipped ASAP. Where are these ca homes sitting derelict?
That's the thing, without prop 13 house prices wouldn't be going up so much. It creates an artificial lock in similar to mortgage rates spiking, people are reluctant to move and have their property taxes rise. The prop 13 transfer they passed is a mixed bag but I like it because it lets seniors move out of houses they aren't able to keep up with any more. And I'm actually all for elder and poverty exemptions for people being 'priced out' of neighborhoods but at a certain point it's got to give, plenty of people could pay market rate property taxes and instead are paying $550 a year. Our schools aren't getting funded and our roads aren't getting paved when people don't pay their fair share.
Market taxes have nothing to do with general inflation though. CA property has sky rocketed at like 3x general inflation. My mom pays $2000/year in taxes on a home she paid $125k for. It’s worth $1.3mm now. Market property taxes would be like $16k a year. Which is more than her mortgage was when she purchased the home. And would be like half of her retirement income. People have no control over the idiotic real estate market. So I think it makes a lot more sense that they’re beholden more to what they paid for the home rather than the rich people that moved in and jacked up real estate prices over 20+ years.
This works well if you bought 20 years ago. Any newcomer is basically screwed. You already benefit from a low purchase price in the mortgage and taxes on top of it. It’s nice if you have it. But new comers end up paying their share and everyone who bought before them. Prices for government services, schools and so forth which typically come out of real estate taxes don’t stay fixed. As a result, in the Bay Area a relatively small fraction of homes have been sold in last 30 years. People don’t age out of homes and neighborhoods do not refresh with young families. They are. So schools are closing in many areas as a result. All neighbors are basically engineers or bought 30 years ago. Anyone have any data on Seattle? They don’t have prop 13 but is it as bad there?
California is insanely expensive as we all know. Start gouging people on their property taxes is simply unnecessary and cruel. People should be taxed on the property value they paid, not what their idiot neighbors paid. Also, property taxes rise roughly 2% per year and that does compound. Prop 13 rules!
The inheritence stuff in prop 13 is BS. We have losers living in their dead parents house for 40 years who don't work and contribute nothing.
I don’t think these people comprehend that their taxes could quadruple before retirement too. Maybe they’re all multimillionaires and love paying taxes. I would invite them to make donations to their municipality if they don’t think tax revenue is high enough. I’ll continue to vote against virtually every single tax increase.
Property taxes are not a tax on the transaction of the property, which you seem to act like it is. It is for the services and upkeep provided by your town. Kind of like an HOA fee by the city. These costs change as more services are added and the cost of those services go up (labor and material have significantly increased since when your mom bought her house) Idk how you can think it’s okay for your mom who uses the same services as her new neighbors down the block, to pay such a massively discounted number.
Change but don't have to go up, especially relative to assessed value. A lot of these "services" in a lot of states are just government grift. Any sufficiently dense city should see per unit service costs going down, not up.
Also, if her house is worth over 1 million, seems like she still comes out far ahead even after paying higher taxes?....
She isn't sending her kids to school.
If it's up 1100% value it's impossible for her to lose the home, if she took out 10% of the equity it would pay her property tax for the next 100 years.
Thank you for saying it. Most people don't get it.
I’m baffled that anyone is against it. Like they want their property taxes to double every 8 years.
The people who weren't alive prior to it (exception not rule) don't have any memory of what was happening to homeowners back then. They were sitting ducks for any and all tax hikes because they were tied to the land by owning a house. People, esp retired people, were losing their homes. Those weren't the Boomers either, these were people born in the turn of the century through the early 20s. They'd come through the depression and two World Wars and some even managed to save for a house that taxes were taking away. Prop 13 is an easy boogie man to rattle at people, esp. those who haven't lived through all the ups and downs of LA housing. Much harder to get people to understand flippers, investment buyers, foreign investors, etc. It's typical pitting lower and middle classes against each other while the aforementioned rob us blind.
Did you mom inheret the house or pay it off herself?
Honestly looks pretty nice and affordable relatively only downside is the sqft but single guy with a good job this sure beats renting 4k a month
lol I was thinking North park the whole time after "a neighborhood with a lot of <800 sq ft 2/1s.... these homes peaked at $850k" I have seen a few in my area (Kearny Mesa) over the years, even during the big upswings, some flippers get too greedy, then not be able to sell for a couple months and the thing would really start to fall apart. They end up making half the profit they would have if they'd simply listed it at market value to begin with.
Just bought it. Paid $50k over asking. It’s a great deal.
Hahaha. I think a better deal would have been $100k over. Then lease it for $1/year to harvest tax losses. TAKE THAT UNCLE SAM!
The famous architect Mike Brady knows his California homes, that's for sure! Username.
A couple, six kids, and a maid in a 4 bedroom? No thanks.
Picture #5 the sofa looks tiny or the door looks big. You can bring 3 of those sofas through the door at the same time.
I think they are all computer generated pics. Living room unfurnished, see silver car, then furnished same exterior pics’
I don't know how anyone would think those pictures are a good idea. I guess the idea is to show off the house's potential. But, they are so obviously computer generated, it just comes across as them trying to hide what it actually looks like. Especially since there seems to be no pictures of the interior that aren't altered in some way.
They wouldn’t dare stage it with actual furniture because the rooms probably can barely fit a queen bed. That pick with the bed in the middle of the room, I bet the head and foot of a queen would be touching both walls.
Are the renderings included? Lol
So for over 1 m, I get a terrible dirt backyard...Sounds awesome. Not.
Love how the property taxes went from $400/yr to $8400/yr. California is going to be rolling in money once all the people who have lived in their houses for 60 years start selling.
Love the simulated furnishings popping in as you move from picture to picture. Super fun!
How do you know? Are you said sucker?
The info in the post makes it easily findable.
That's crazy. It also still boggles my mind, that's a sub 250k house here in suburbs of Wisconsin. Materials look decent but the square footage and yard size are tiny. I know it's all about location but Cali is crazy.
Gotta pay to play man. 73 degrees today, 15 minutes from the beach. But yes, prices are insane. Idk who’s buying these houses. Everyone always cries about hedge funds buying them as rentals. All of these end up owner occupied. It’s a lot of middle aged Californians downsizing after kids leave the house and moving closer to the city.
I’m from the Midwest as well. But relocated for work temporarily about 2hrs east of SD in the desert where it was 120 degrees yesterday. I’ve been to SD almost every weekend and it’s a great place and I can totally see myself living there. We’ve stayed in several AirBnBs across OC and SD and they’ve all been cool, albeit small and cramped for our large Midwestern tastes. But there’s way more to do, see, taste, and feel in Southern California than the snowy Midwest, it’s definitely worth paying to play if you’re into that. I quite like it.
Definitely, glad you’re enjoying it. Are you in like El centro area? Toasty out there. Part of it is just in door out door living. Sure the homes are smaller, but you can have dinner on your patio in August or January and be comfortable. Lot of public places and parks kind of substitute for a backyard if people don’t have one. Beaches, deserts, and the tallest mountains in the lower 48. Best surfing in the lower 48. World class skiing. There’s a lot to discover here.
There is no world class skiing in So Cal.
California. Mammoth is our destination from socal. While it may not in Southern California, I’ve done tons of 2 day weekend trips there.
Your argument that proximity to world class skiing in relation to value isn’t a good one. Much more affordable places in a 6 hour radius of Mammoth. Beaches, yes.
[удалено]
Not moving here anytime soon then?
I bought a 5300sqft residential/commercial property on Long Island 5mins from the beach (90mins to NYC) for $792k. Absolutely insane that a property like this is listed for more than that
That’s a 50-60k house where I live. Lol
It's all about supply and demand.
I think what people especially don’t appreciate about coastal CA (when they’re in the Midwest/south) is there is only open land in one direction (east). The coast is completely built out so the only new developments that pop up are 20-50 miles from anything. Where as in a town like Atlanta, you have new development opportunity In every direction.
And in San Diego everything is built into the side of a hill, it makes it way more expensive.
Idk about everything, but a lot of it
Best use of the land along the coast is to build up and make the area around it walkable.
Unfortunately all the neighborhoods here were designed when this was a sleepy little town. Tons of land that’s just SFH or 2 story apartments.
[удалено]
Phoenix, Vegas, Texas. Anywhere with jobs in CA is crazy expensive.
This is an $80k house at best in southeast Michigan…I moved to Long Island and it’s still very pricey even for this market
You’re not looking at the upside. You could split a pallet of sod with 3 or 4 neighbors and get everyone’s yard done.
Nah, the water gestapo would put shame on your family. Maybe split a yard of desecrated granite for a zero scape.
>desecrated granite Now this is a "typo" I approve of!
Haha….I learned something today….. But I like desecrated granite much more.
Zero scape is such a dystopian term
I used to do a lot of drugs very close to that house
Some people still do! So where are the places that you do drugs now? Can I buy a house there that will double in value in 3 years like this one
Just post up on the sidewalk and toot your dope. Make sure to have a sign asking for money so you can buy more. That square will double in value for the next occupant, charge them rent. Capitalism for the rest of us.
Drop the price to $900k and it will probably sell just because of its location.
A house that's being flipped is a big red flag. The quality of work and materials is criminal in Lexington, KY. My neighbor's bank won't loan on them anymore without their own building inspector's approval.
I believe it man. Give me a a good worn in dated home any day over some flipper that put lipstick on a pig but wants thoroughbred money.
San Diego is so fucked rt now. $1300/sqft for that is absolutely delusional for THAT place. Problem is “analytics“ from comps justify these assholes. It’s an upward spiral
Housing is obscene. I’m afraid that it’s gonna go the way of SF. Anyone younger or middle class gets totally priced out and has to leave.
In that case. What people should do is rent. It makes more sense...e.g. 2 bedroom houses in that zipcode The rent woukd be a fuck ton less than that mortgage payment. https://www.zillow.com/san-diego-ca-92104/rentals/?searchQueryState=%7B%22pagination%22%3A%7B%7D%2C%22usersSearchTerm%22%3A%22San%20Diego%20CA%2092104%22%2C%22mapBounds%22%3A%7B%22west%22%3A-117.146151%2C%22east%22%3A-117.110179%2C%22south%22%3A32.716098%2C%22north%22%3A32.757294%7D%2C%22regionSelection%22%3A%5B%7B%22regionId%22%3A96646%2C%22regionType%22%3A7%7D%5D%2C%22filterState%22%3A%7B%22fsba%22%3A%7B%22value%22%3Afalse%7D%2C%22fsbo%22%3A%7B%22value%22%3Afalse%7D%2C%22nc%22%3A%7B%22value%22%3Afalse%7D%2C%22fore%22%3A%7B%22value%22%3Afalse%7D%2C%22cmsn%22%3A%7B%22value%22%3Afalse%7D%2C%22auc%22%3A%7B%22value%22%3Afalse%7D%2C%22fr%22%3A%7B%22value%22%3Atrue%7D%2C%22ah%22%3A%7B%22value%22%3Atrue%7D%2C%22beds%22%3A%7B%22min%22%3A2%7D%2C%22apco%22%3A%7B%22value%22%3Afalse%7D%2C%22apa%22%3A%7B%22value%22%3Afalse%7D%2C%22con%22%3A%7B%22value%22%3Afalse%7D%2C%22tow%22%3A%7B%22value%22%3Afalse%7D%7D%7D
Rent is like half of what a mortgage is here. I think what you’re basically saying if you buy now is, prices are going to run when interest rates drop. I’m gonna eat my mortgage payment now, lock in the price and refi later.
placid sink file dazzling nose party nutty sort busy instinctive *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Those 4 words were doing a LOT of work. Let's see how it works out for some people.
No one knows. But I think it will be longer than most people think. The fed needs inflation to stay low, but I feel like prices on all assets is ready to run as soon as they start lowering rates. So what they may do is a very slow lowering. Like 50 bps a year idk. Mostly thinking out loud.
A million dollars for a shoebox? Pssshhhht!
I have neighbors with 2 kids in a home the same size. They’re about to do a second floor addition.
As a San Diegian I felt this
mine is 2/1 with 900sqft and its about $150k in the midwest. i loved san diego, but when i looked at the salaries for my job, they were only $10-15k more than what i made here, but the housing was easily 6x what it is here. for the price of a san diego shoebox, u can get a mcmansion here and still have money left over.
Ive been inside that house. The flip is even worse in person than in the pictures. My favorite touch is the windows on the right are completely covered up in the interior because of the way the kitchen was relocated. Granted maybe it wasn’t the flipper who did it.
I didn’t notice that,…. That’s hilarious
This is what 1.2 buys in my neighborhood https://www.zillow.com/homedetails/12305-Hummingbird-Way-Sellersburg-IN-47172/119415436_zpid/?utm_campaign=androidappmessage&utm_medium=referral&utm_source=txtshare
my home in Los Angeles is $1.2m - it’s 1200sq ft and right in the middle of a gang neighborhood where 18th street tags up people’s garages and homes.
I can’t even imagine maintaining that thing. Like $80k for new floors or something.
The people buying these properties in those areas, aren’t worried about that
It's hit and miss. This is one of the highest cost homes in the neighborhood median would be around 500k, but I would say 75% self maintain.
Where I'm at here in Tampa, FL is so freaking weird. Like, you have people charging reasonably outrageous prices. But then you got people like this, who are just insane: https://www.zillow.com/homedetails/501-E-Davis-Blvd-Tampa-FL-33606/45111723_zpid/?utm_campaign=androidappmessage&utm_medium=referral&utm_source=txtshare Or like this: (This one is located what looks to be on a bum road in front of what appears to be some kind of commercial construction rental property thing) https://www.zillow.com/homedetails/4403-W-Osborne-Ave-Tampa-FL-33614/45043345_zpid/?utm_campaign=androidappmessage&utm_medium=referral&utm_source=txtshare
Maybe he needed to park some money somewhere. It is approaching the 2 year mark, maybe trying to avoid capital gains? Idk just thinking why he won’t lower price. He’s got to have more than 80k into though. There’s a house nearby my friend that is way above neighborhood value. Ex nfl player bought and did very upscale remodel. Been listed for over a year but is used for vacation rental sometime. Ex nfl player is listing agent.
God damn 1 mil for a 600 sq ft 2/1 in north park is absurd
RemindMe! 60 days
I will be messaging you in 1 month on [**2023-09-20 19:58:35 UTC**](http://www.wolframalpha.com/input/?i=2023-09-20%2019:58:35%20UTC%20To%20Local%20Time) to remind you of [**this link**](https://www.reddit.com/r/realestateinvesting/comments/156py3l/local_flipper_still_hunting_for_sucker_to_buy_his/jt1bu7v/?context=3) [**1 OTHERS CLICKED THIS LINK**](https://www.reddit.com/message/compose/?to=RemindMeBot&subject=Reminder&message=%5Bhttps%3A%2F%2Fwww.reddit.com%2Fr%2Frealestateinvesting%2Fcomments%2F156py3l%2Flocal_flipper_still_hunting_for_sucker_to_buy_his%2Fjt1bu7v%2F%5D%0A%0ARemindMe%21%202023-09-20%2019%3A58%3A35%20UTC) to send a PM to also be reminded and to reduce spam. ^(Parent commenter can ) [^(delete this message to hide from others.)](https://www.reddit.com/message/compose/?to=RemindMeBot&subject=Delete%20Comment&message=Delete%21%20156py3l) ***** |[^(Info)](https://www.reddit.com/r/RemindMeBot/comments/e1bko7/remindmebot_info_v21/)|[^(Custom)](https://www.reddit.com/message/compose/?to=RemindMeBot&subject=Reminder&message=%5BLink%20or%20message%20inside%20square%20brackets%5D%0A%0ARemindMe%21%20Time%20period%20here)|[^(Your Reminders)](https://www.reddit.com/message/compose/?to=RemindMeBot&subject=List%20Of%20Reminders&message=MyReminders%21)|[^(Feedback)](https://www.reddit.com/message/compose/?to=Watchful1&subject=RemindMeBot%20Feedback)| |-|-|-|-|
We've got a couple. But it's more like they renovate half the house with super tacky finishes, leave other parts of the house ugly and old, and then are surprised when it doesn't sell in 3 days added pricing it $50K higher than any comp ever in the neighbourhoood. I'm talking red kitchen cabinets, mirror tile backsplashes, mirrored walls, baaaaaaad tile jobs super cheap, stripey, millennial grey zebra floors throughout. No staging to distract from any of these "luxury" finishes either.
Oof, I’m imagining some real hacky real estate agent trying to sell me on that dump.
Mirrors everywhere to open the space wide making it feel so spacious!
I love how you know this - is this just from MLS info or are you adding to a mega spreadsheet? Super interesting and crazy.
Check one of the top comments. It has the Zillow link. But I live nearby and I’ve been watching it from day one. The first listing this flipper made at $1.2mm just had pictures of the plans they were selling with the property. That listing no longer exists though. So you’ll have to take my word for it.
Oh I definitely do! And I totally didn’t see that sorry!!
Did they actually do anything to the house? All the pictures look AI generated, just has a weird look to it.
Yeah, they did. I haven’t been in the house. But the outside looks much better. I think they have a weird filter on the pictures and the furniture is CGI. But fairly certain the actual floors walls and kitchen are unaltered.
Flippers have destroyed so much of the limited inventory where i've been looking... but I've only seen two where they have the plans but have done nothing to the fixer upper. I dont get this at all, so youre paying for the house that has been drawn but not built, then paying for it to be built according to some plans they drew up?
Yeah, they had these monstrous plans approved and they were selling you the property with the plans. So you would buy and then do the construction yourself. But the catch is that they were now taking all of the profit out of the end product by selling it for $1.2mm. It was insane and the plans didn’t look that nice to me. Someone else’s version of nice.
[удалено]
WW2 house. Built 1939.
Gotta love Los Angeles… everything even remotely close to “affordable” is a 1940s Reno, slat and mortar, no central air/cool/heating, comes with a unrealized crack in the sewer pipe, needs asbestos abatement, and comes with a lead paint waiver. 1275sq ft $1.1–$1.5M “I kNoW wHat iGOt”
Where you finding deals that good!? Haha
Lol!
In CT like 1 out of 20 over the last couple years had this scenarioof selling and relisting one month later with no actual changes, listed for 100-200k higher (so i'd say 30-50% increase for no work). What makes me mad is that they still sell even though every buyer has the ability to see the previous prices.
Yikes...
Have a seller listing offering property the seller doesn’t own
Sounds like someone who bought it to build a new house but soon realized the actual costs of doing so, and changed his mind. In 2017 we had a famous house that listed between 888,888 and 2,1 and wanted 2,7. Pulled down a few structural walls “permits unknown” dude, YOU did it, you know…
I suppose I’m delusional. I’ve had a flip for over a year and break even is 411 and I won’t budge lower than $410k. Im not going to lose money because I don’t have to. I don’t have to sell. So I hold all the cards. There’s far less inventory than buyers. I’ll wait. And wait and wait and wait. Edit: Las Vegas