Got this house on 3134 Webster Av. in San Diego, should I sell or get off the contract?

Asked by Concetta, Jones, OK Tue Jan 29, 2008

I went to the San Diego REDC auction this last week-end and ended up winning the house on 3134 Webster avenue in San Diego. The house is 999 sq. ft, was built in 2004, 3 bed, 2 bath and is cute. THe problem is the neigborhood. I didn't expect it to be so scary. However, I am told that that area rents well. Now I got a good deal I think ($220,000), but since I don't live in the area, I don't want to rent it. Should I get off the contract (and lose $7000), or sell it? Even with trulia, I cannot figure out a fair value for the house (the neigborhood change from a street to another) The house was worth $450,000 in 2004 and sold for $380,000 last August (I suppose it was sold back to the bank). I would like to maybe find investors that are not afraid to rent the place to somebody and wait a couple years and then cash out. What is the best way to find such investors, besides listing on the MLS?

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3
Liz Stone, , San Diego, CA
Wed Jan 30, 2008
Hello, I am a realtor in the area and literally stumbed upon your question. Thought I'd try to help you. The comps in the area suggest a possible selling price of $250 to $300k. This is without an in-person look. I wouldn't suggest ever ditching $7000 without exhausting all other potentials. You could spend that $7000 on a property manager and keep your fingers crossed while the market balances out and make some capital. Tax records show the house sold in 2004 for $329k. Dont' know where you got $450. Knowing the area I'd say that is a bit high. I have a couple investors who might be interested. If you'd like more info I'd be happy to talk w/you, no obligation. Many of my clients come from out of town and I understand your difficulty. I would be happy to send you some comps to see for yourself. My email is sdagentstone@gmail.com. I am a seasoned agent with Coldwell Banker and am happy to talk w.you about options and ideas....and give you information. Take care - E. STone
0 votes
Richie Morris, Agent, San Diego, CA
Tue Jan 29, 2008
Logan Heights is considered a good investment - but you're right, for the much longer term than the next year or two. However, I checked 3 different websites for comparables - and it looks like you got a "smokin'" deal. I'm just home, checking out this website right now, and any information I give you is subjective and only an opinion at this time. But it appears comparable sales are $100,000 than what you paid. I would rent it if you can - and depending on your age and longterm goals - you'll do fine. If that doesn't sit well, try to sell it via the normal channels - it looks like you'll make a profit. Also double-check the zoning and the possibility for a variance (maybe even multi-unit) - it looks like it's near commerical property (I'm not sure)...which may be a good thing. Last point - investors are gonna want a "killer" deal, too...more than most people think. Remember that interest rates are now down below 6% for people with great credit - and the market may support finding a buyer who wants this area.
0 votes
Tom Swell, , San Diego, CA
Tue Jan 29, 2008
hi Concetta

I can't help with finding investors, but I can suggest Zillow for value estimates. Try this link to see all the homes in the area:
http://www.zillow.com/search/RealEstateSearch.htm?dg=dg1&… (if the link doesn't work just go to Zillow and enter the street & zip)

You're in an interesting situation. I admire your bold purchase and I'm sure you will find a way to make it work. An acquaintance owned many run-down properties in the area (a slumlord) and when he went to collect the rent he carried a gun and brought a mean dog for protection. I think the area is much improved since then and can only get better. There's a brand new high school nearby, new commercial development and a good junior college.

Good luck!
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