Jah, Home Buyer in Central, Escondido, CA

Will the house be sold quick if it was totally redone-new everything? Expected to sell 80000 for 1200 sqft

Asked by Jah, Central, Escondido, CA Thu Apr 5, 2012

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Frank, there are only 2 for sale in that small subdivision with 8612 Herrick Ln being one for $70K on a Short Sale and has been on the market for 417 days. Has 1,405 sqft selling for $49.82 a foot. There have only been 31 transactions in this subdivision over the last 8 years. Average sales last 3 yrs $28,750 or $26.08 a foot, last 5 year average $35,760 at $28.81 a foot. HIGHEST sale in 8 years $74,500 in 2009 with 1,536 sqft or $49.15 a foot. This is NOT a Granite Counter type area. That level of improvement would not return your investment in my opinion. In "excellent" condition I doubt you'd get more than $60 a foot which would put you at $84,300 which would be the highest sale in history in the subdivision. With the highest sale at $74.5K I would say the best you could do would probably be around $70K max and that's being in excellent condition.
0 votes Thank Flag Link Tue Apr 10, 2012
The house we want to rehab is on herrick lane, what is the top market price for that area, if everything is new. With granite counter tops? Thanks
0 votes Thank Flag Link Mon Apr 9, 2012
Jah, it all depends on the particular market or neighborhood you're in. If you're selling for $80,000 a house that has an average sale price of $60K, the answer is no....it's not going to probably sell fast and conversely if the average price in the area is $95K then absolutely yes. I'd be more than glad to email you a CMA (comparative market analysis) of the area you are referring to. If it is in the 65th area like Meadowcliff, $80,000 is in the top range of sales and buyer for that market are having a hard time getting loans these days.
0 votes Thank Flag Link Thu Apr 5, 2012
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