A Sad Excuse of a House in San Anselmo
You might think that this is the same pathetic Mill Valley PoS that was previously posted. It's even priced the same at $775,000. But it's not the same house. This sorry and depressing excuse for a (prestigiously-priced) house was built in 1947 and is located in San Anselmo. Apparently, nothing has been done to this thing as the realtor writes "Upgrade and personalize into your dream home...Trustee sale /as is". Marin is just full of uninspiring PoSs like this being listed at ludicrous prices; demonstrating this fact is getting so tedious.
posted by Marinite at 3/12/2006 10:23:00 AM
9 Comments:
Hey, I been following this blog for a while now, maybe six months.
Im over in Buffalo NY with our very flat housing prices so all these housing bubble blogs are pretty interesting to me. (esp since a lot of this is going on in areas I would like to relocate to eventually)
I was curious though, since you live in Marin Co. How much do you think these houses should actually be worth? I mean I don't even see houses that small out here, and they would probably be about 1/10th the price, easily.
Using modern cheap plywood and crap quality 2x4's, plastic water pipes and mexican labor... the replacement cost of this is probably around....$65,000? The land is the fluctuating part. For me, the land isn't worth more than $200,000, but apparently someone thinks it is worth at least three times that.
To me the fair price would be roughly 50% of the peak price.
I will go out on a limb and suggest that a fair price is whatever it sells for. This is very definitely a buyer's market now, right?
almost a mil doesn't buy you into place where you don't need bars? maybe that's to keep the owner in!
Why does "trustee sale" sound to me like an excuse not to do any improvements? Most of those I see are total dumps.
Hmm...just listed on 3/1--good luck!
all right, don't kill me for this comment, this is one of the better POS I've seen on this blog.. sure it's over priced, but it doesn't look like: a) a mushroom farm b)a tree house c)a front for an indoor pot farm - at least it's symmetrical and not listing to one side...:) I wanna make an offer for $230K!!
I wanna make an offer for $230K!!
I bet that's close to its pre-bubble market value.
reskeptic-
Which bubble? You haven't been able to get a 3 bedroom detached house in SA for $230k in at least 15 years.
http://tinyurl.com/l8nt7
Are you talking about 1986?
BTW, my realtor once told me that the best bargains are to be had from the sellers overpricing their properties. Overpriced homes attract fewer buyers so that the ones that do show interest can safely lowball without as much competition. Oh, that and look at the DOM (days on market) number. High Price + High DOM = Relative Bargain.
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