Saturday, January 22, 2011
check the comps, PLEASE
With the large rush of homes hitting the market lately I'm seeing a lot of sellers smoking the dream pipe again. Here's one in Norco Hills. 209 Friesian is a big 5 bed/3.5 bath home overlooking the golf course. It's a funky flooorplan but I kinda like it and actually did put an offer in on a home like this in late 2009. The bad thing about this plan is the layout of the garages. They are on the side of the house and while it's nice that they are hidden from view it's VERY difficult to get cars in and out of them as you have to turn 90 degrees to get into the main garage. There are two other small single garages too. This fella bought this home early on in the crash. He jumped off the fence WAY too soon and paid $625k for this as an REO in Mid 08. He thought he was getting a deal. It originally sold for $1.2M in late 06, got foreclosed on in late 07 (buyer probably never made a payment). They listed in at $780k in late 07. So the buyer pays $625 and thinks he's getting a steal. Fast forward 2 years and these are selling from the mid $400s to the mid $500's. The one I offered on sold for $465k and it had a pretty nice pool.
This guys house sit's WAY up above the 17th fairway. I don't think you could consider it "on the course" There's at least 100 yards of scrub brush hillside between the house and the course. The landscaping looks ok but the freeking realtard only has 2 pis of the outside. The listing price is $699k! That's at least $150k more than this house has any hope of selling for. Personally I think it's at least $200k more than it will sell for. And I'm not basing this on my magic 8-ball. All the seller needs do is look at a recent comp. And it happens to be across the street and 4 houses up. 190 Friesian is the same floorplan but with a spectacular back yard and a horse corral. This home just closed for $525k! I'd take this home over Mr. Delusional's any day of the week.