Vacation Rental in Stinson Beach
This Stinson Beach vacation rental comes in at 2 br 1 ba, 1008 sq ft, built in 1958. At an unfathomable $2,950,000 asking price you'd expect at the very least to get some granite countertops and stainless steel über-appliances or something along those lines, but no such luck. So for $2,927 per sq ft what do you get? The beach and this hard-sell:Watch the sunsets from this charming beach house in private gated community of seadrift. Lowest priced oceanfront in seadrift. Great weekend home or investment property with good rental history in a popular vacation rental destination just 25 miles from san francisco. Great location with expansion possibilities. The perfect jewel..It will never be this affordable again to own on the beach...The realtor is really working it in that write-up don't you think? I mean, for that asking price you would think the house would sell itself. Oh, I forgot, people don't buy houses in Marin for the house. Silly me. And you gotta love the way she pimps every possible angle on this vacation rental and can still close with "It will never be this affordable again to own on the beach".
posted by Marinite at 5/03/2006 12:54:00 PM
9 Comments:
What an absolute dump! That may be Seadrift, but I doubt it's actually a beachfront property; they're usually much nicer (and some were selling for around that $3M). Most likely it's on the interior lagoon*. So if you want a $3M home on the water, why not a real home in Tiburon?
Greed is driving some sellers to have completely unrealistic expectations.
*not to mention, this home is on landfill, very close to an active fault, and directly affected by whatever global warming might bring to sea levels. Of course, your average Marin realtor will never tell you that.
..I think they mean near Seadrift...I could be wrong, but I do spend time at Stinson...I dunno, don't those chairs look kind of giant compared to the house? Really - look again, see?
Close to three million and they can't even spring for some gutters.
It will never be this affordable again to own on the beach...
Sounds like investment advice and a clear violation of the Realtor® Cose of Ethics.
As hard as it may be to believe, that is well-priced for a beachfront "tear-down" at Seadrift. Most of the oceanfront lots are the same size and it is unlikely any purchaser would have long-term plans to keep that "house" or repair it.
Typically, new owners tear down a house like this and build a 3,000 to 4000 square foot home. Cost to build is usually in the $2,000,000 range.
that is well-priced for a beachfront "tear-down" at Seadrift
Really? Just last fall, I saw several homes in Seadrift selling for $3-4M, and that price included nice, 3000-4000 sqft homes. I don't buy it; look at the comparison I made above.
"Just last fall, I saw several homes in Seadrift selling for $3-4M, and that price included nice, 3000-4000 sqft homes.
Remember, the asking price on this one is 2.9. It could probably be picked up under 2.8. The houses you saw at Seadrift for $3 to $4 mil were ALL homes more than 20 years old. So, there's the value. You can buy a lot for 2.8, build a great new home (exactly how you want it) for 1.5 to 2.0 and be in for a total of under 5 million. See if you can find a comp of a home (on the beach) less than 10 years old that sold for 4 million or less. Right now, the only home, that I'm aware of, on the ocean at Seadrift that's under 10 years old is this one currently asking 6.5 million:
http://tinyurl.com/mwyhz
Now, I don't think they'll even get a price in the sixes, but the fives....no problem!
The houses you saw at Seadrift for $3 to $4 mil were ALL homes more than 20 years old.
One was a Cape Cod style home that appeared well-maintained; the other was a modernist stucco house that looked fairly new (build dates unkwn). You still may be right: people will pay $2.8M for .4 acres, and drop another few mil on a home. While we do live on the water now, I just don't consider all that expense a good value. Perhaps we're more practical, someday finding a home that requires less rebuild (and far better road connections).
$24,000 a month mortgage & property taxes. Property taxes alone: $3000/month.
"But it's a real steal -- Prices Have Nowhere To Go But UP! UP! UP! My Realtor told me so!"
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