By Patrick follow 2010 Jun 24, 8:51pm 2,059 views 7 comments
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Newly painted and "staged" within.
View from the dining room is the Hwy. 1 freeway berm, down which cars carom occasionally, landing on their side.
A similar house sold around the corner last year for $596,000 after being on the market a really long time. That one started at $649,000.
This is a fairly decent location if I were to seek for a home in Pacifica. It indeed is foggy and cold but you need to remember that there are many sunny days as well. But at this price it does seem a bit high. Homes in this area and neighboring cities are all averaging at around $550k. I guess a $50k premium is justifiable because this home is rather newer. It's all a matter of preference. I cannot stand hot weather. Some cannot stand foggy weather.
I have another thought. In these areas, the $550k price seem to consist highly of Asians buying a homes with in-law expansion potential. They use large downpayments, live upstairs, and collect rent from downstairs, drastically reducing their payments. I've always felt that using the $550k price that those Asian's pay as a comp for a house with similar square footage is flawed. One story home prices (and homes with no in-law expansion potential) need to go down IMO.
Where else can you find homes with in-law expansion potential around here other than San Francisco, Daly City, San Bruno, and Pacifica?
It sold at $653,000. Four bedrooms? Who knows?
This is much larger than most homes in Pacifica. That would be my bet for why it was more than other homes nearby.
If you move east on the map of this block to the next corner, that corner house sold in a short sale for $450,000. Very similar layout, same development.
Well, that was my only guess :-)
I am out :-)
I think it has more to do with the decline of prices aided by banks playing games with short sales. There are several houses on both sides of the block which have sale price differences of $100-200k.