Big Trouble in Point Loma
2923 FARRAGUT RD, POINT LOMA, CA
3 Bedroom, 3 Bath, 2 Car Garage, 1931 Sq Ft Home builit in 2005.
Original List Price: $740,000-$875,000
Listed on: 7/25/2006
Positives: Nice Area, Close to downtown San Diego.
Negatives: Small lot, $63/month HOA, $340/month Mello-Roos
This flipper purchased this home in Jan 2005 for a mere $825,379. As you can already see this seller has a $135K range in which he is willing to accept offers, which in and of itself is quite insulting. This is a cheesy method that realtors talk their clients into because the seller refuses to believe that the gravy train is gone and it not heading back. With a steep $400/month in HOA & MR fees, the next buyer is sure to get a rude awakening. These homes were built on a old Navy facility and is adjacent to Navy housing. What would I pay for it? Since this home is near the beaches and San Diego night life I would pay $250 sq ft. That gets us to $483K, subtracting the $400/ month fees over 30 years at 6% (equivalent to $70K) gets us to $413K.
Yeap, thats all its work to me....sorry to disappoint. We have a ways to go before we see this price but who ever though someone would pay over $800K for this box.
2 comments:
Walked through the models in this community in March 2004 and again in July of 2004. The asking prices increased almost $2000 a DAY during that period. Would love to see some major pain.
I like some of the styles in this area, but thse 2500-3500 sq ft homes are really shoe horned into small lots. Think sardines.
Workmanship was piss poor. Even the models had obvious defects from sloppy work. And if I noticed it, it has to be bad.
Agree about the shotty workmanship, and don't forget you're living next to sailors....
Post a Comment