***Official Real Estate Thread***

Driftcoast

Michael Peterson status
Aug 5, 2002
3,469
957
113
Friend's mom died, small condo paid off, she was heavy smoker, place is is in average location, he doesn't want to live there ,doesn't need the cash right away, has a brother and sister who may want cash sooner, place would need serious cleaning, like rip out the carpet and use firehose to blast the place clean as it smells like an ashtray in a run down bar. Using those crime scene clean up crews would make sense. None of them want to put in the sweat equity to clean it

Sell the place to a no fuss all cash place (takes off 10-20% market value?) or go through realtor who would have to spend money to make money but would this mean the same % loss?

What would you do?

Edit: In Santa Rosa, comparable condos are $550,000 when staged.

Sold it for $575,000 with real estate agent minus some costs. Carpet/ pad removed and replaced, repainted, and heating/cooling ducts cleaned. Said the all cash guy offered $500,000.
 

r32

Administrator
Staff member
Apr 1, 2005
18,173
9,962
113
Cambria
Ken Griffin, CEO and Founder of Citadel, most profitable hedge fund in the world.

Bought up 25+ acres in FL, just 1/4 mile from Mar-A-Lago. Then he razed the existing mansions.

Now he is building an estimated $1b estate.


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One-Off

Tom Curren status
Jul 28, 2005
14,283
10,495
113
33.8N - 118.4W
Our 1921 Craftsman in North Park was all solid redwood beams, termites didn't bother it. The prior owners added a bedroom in the 90's and that wood was hit by termites.
Old bungalows rule! :jamon:

When we bought our 1926 bungalow the building inspector told us the redwood was so old and dry the termites aren’t interested. Similar to your situation, a previous owner put fascia boards over the rafter ends and the new timbers got attacked. Also, I cut a hole through the roof for a vent when we added a bathroom. The roof timber was over an inch thick, like real 1x8 redwood, and so hard the sawzall blade was burning. I kept the round piece. It’s harder than a hockey puck. You cannot dig your finger nail into it. And all the wood studs were actual 2x3 clear redwood.
 

keenfish

Duke status
May 12, 2002
18,904
6,778
113
Trona
www.pbase.com

hammies

Duke status
Apr 8, 2006
15,709
14,436
113
Yeah, that USNWR report also says Santa Barbara's median home price is $464K. Only they're low by about a mil and a half or so.
 
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Northern_Shores

Miki Dora status
Mar 30, 2009
4,534
4,472
113
I just watched some Youtubes from Huntington Cliffs. The wave looks so nice :love:

But then I checked the price for a house there...$1.5mill?! Where do people get that kind of money? The dream got crushed real quick :(
 

Bob Dobbalina

Miki Dora status
Feb 23, 2016
4,459
4,889
113
I saw the first listing in my neighborhood with an 8 in front of it since 2020.
I can only hope there is some traction to this trend, but I'm not very optimistic.
 

SurfFuerteventura

Rabbitt Bartholomew status
Sep 20, 2014
8,474
4,674
113
Ribbit
Anyone heard of, or tried, this house swapping thing that's out now?

Apparently there are Realtors now who do not sell homes anymore, just put two people together to gift their houses to each other for a fair trade, then any differences are settled in crypto?

:shrug:
 

One-Off

Tom Curren status
Jul 28, 2005
14,283
10,495
113
33.8N - 118.4W
Everyone's leaving California. And still, everyone wants to live here.


Five California metros have made the top 10 list of housing markets but none are in the Bay Area or among Northern Californian metros. The top five Californian metros are Oxnard, San Diego, Riverside, Bakersfield and Los Angeles.
 

sdsrfr

Phil Edwards status
Jul 13, 2020
6,022
11,549
113
San Diego
Everyone's leaving California. And still, everyone wants to live here.


Five California metros have made the top 10 list of housing markets but none are in the Bay Area or among Northern Californian metros. The top five Californian metros are Oxnard, San Diego, Riverside, Bakersfield and Los Angeles.
A neighborhood flip closed and appeared on my Redfin feed. 30% profit on a 3month turnaround.

the usual new floors, counters and paint with good staging.

appears things are heating up again. folks are banking on those rate cuts…
 
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sdsrfr

Phil Edwards status
Jul 13, 2020
6,022
11,549
113
San Diego
People are buying in hopes rates go down and we return to the feeding frenzy in RE. FOMO is a hell of a drug.
Also when the market is up… cash is on hand.

I’m thinking some folks don’t want all that cash tied into another market dip if the rate forecasts don’t pan out as priced in.