Potential Properties…

1451 Granite Hills Dr.

11136 Ivy Hill Drive
Scripps Ranch $449,900 / Researched the comps and suggested values are $500-$525,000, BUT… there is a short sale on the same street that’s listed at $466,000.  This property needs about $20-$25,000 worth of work.  Don’t see the risk/reward here.

1207 Lyons Lane
El Cajon $240,500 / Comps in area suggest $350,000.  Could be more as it’s a very big lot and has a (unpermitted?) granny flat; but conservatively let’s go with $350,000.  Looks like it needs $50,000 worth of work.  List agent says “Very Motivated” and “Bring all Offers” so maybe can pick this up for around $220,000?  Might make sense down there.

854 Sumac Place
Escondido $295,000 / Comps median is $297,000 and the High is only $359,000.  Don’t see any profit here.


3 Comments

  1. Comment by Angelajmerrill@yahoo.com:

    Sean,

    They were both the same listing – on Lyons place. Which one is the one on Greenfield?

    Here is where I struggle with that area….location is, obviously, very important. While East County is not my favorite (we’ve talked about this), I’m not opposed to it as long as it is a decent EC location. How are these locations? In our previous batch, I would have rated the locations as such:

    Woodside Terrace: D
    Urban Drive: B+
    Greenfield: B-/C+, but good opportunity for price.

  2. Comment by Sean:

    I’ve corrected the links and Sumac Place is now up. I’ve also added Ivy Hill Drive. There isn’t one directly on Greenfield, I simply meant that the one on Lyons Lane is right off Greenfield so we know pricing in the area.

    As for location, I’m with you… literally! I’m up here and would much rather find something close by, but I can only put up what’s there. The one upside to East County is price. The “buy-in” is much cheaper and the finished product price range – if in the $300s – is in the sweet spot of most buyers. North County homes are going to be higher priced to get in and higher priced to sell, which means more risk.

    Having said that, I am looking for fixers throughout San Diego County and putting up anything that looks like it might have potential. I’ll comp all 3 of these right now. Let me know what you think.

  3. Comment by Sean:

    Added more info (comps, etc) to listings…

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