Angela’s Page

02/11/2010

Here is one more that’s interesting.  I scratched the Potential Properties Page idea, no reason to add another page on top of this one. Click on the address to a see a pdf of the listing. If we think it’s worth further research, I’ll create a page as I did with the first three (below).

  • 1451 Granite Hills Dr, El Cajon - MLS# 110008222 – 4/3 – 2190 sq ft
    • Priced at $272,500, but comps put it over $400,000 when finished
    • Rehab est based on limited pictures is difficult, but let’s say $40,000
    • Like the area and if this can be had at this price (or less) than pretty good potential.

Let me know what you think.

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02/05/2011
There are two more from the most recent search.  I’ve got to do some homework, but one of them is right off Greenfield!  At least we know the values there…

You can view the pdf on a new page I’ve created called: Potential Properties - just click and go.  (If link doesn’t work, paste this into your browser: http://carlsbadrealestatehomesforsale.com/angelas-page/potential-properties/

Let me know what you think!

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Below are the notes for our original search.  We can add more over the top as needed.  I’ve linked each property to it’s own page with pictures and notes.

1/28/11
I ran the 16 we selected and only 3 were interesting (actually 4, but one is already gone contingent).  The rest were not justified by the comps.
The 3 are:

  • 11573 Woodside Terrace – MLS# 110000139 – 3/1 – 1198 s.f.
    • Priced at $199,900 but comps are $298,000
    • Rehab est is approx $35,000
    • Set off by itself on a steep driveway – comps might be overly optimistic
  • 9350 Urban Dr – MLS# 110004565 – 3/3 – 2261 s.f.
    • Priced at $385,876 but comps are $490,000
    • Rehab est is approx $40,000
    • This one is very interesting
  • 1346 Greenfield Dr -  MLS# 110005114 – 4/2 – 1800 s.f.
    • Priced at $119,000 but comps are $350,000
    • Rehab est is too difficult to tell, pictures don’t help / agent says “not for the meek” so…
    • This scares me a little because City of El Cajon has deemed unsafe / OTOH, that scares away other bidders

Like you, I found Urban to be a candidate and our numbers are very similar.  It is vacant and we should take a hard look at it, if for no other reason than to run our numbers as a demo.  But this might be a good do if it’s still available.


One Comment

  1. Comment by Angelajmerrill@yahoo.com:

    Here are my thoughts after the site visit:

    Woodside Terrace: No way. Terrible location and I can’t even fathom that kind of value, so I am guessing you are right that the comps are overly realistic.

    Urban: I liked it and think it has potential at $350k purchase price. It’s in a nice neighborhood and is a good size house. I think a little more digging into the comps may shed some light on this one. I’ll do that this afternoon. Should we run a financial scenario on this? I have a template we could use, I could take a stab at it, or I could send it to you.

    Greenfield: I liked it too. Scary, but very interesting. For the purpose of estimating, I would assume it needs at least $100k in work. This may be worth a call to the agent to get more info on the comments. I can call this afternoon if you haven’t already talked to them?

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