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Patrick
2012 Feb 27, 11:59am
It's definitely not worth $1,188,000. More like half that:
http://patrick.net/housing/calculator.php?uaddr=2621+Monte+Cresta+Dr%2C+94002
That's assuming you could rent it for about $4,395/mo, which I think is about correct.
So, looking at the pictures, it doesn't look nearly as bad as you made it sound. That said, they probably left the worst parts out of the pictures. The iguana thing sounds like a big problem. No picture of the entry-way or the cage things in the backyard.
AND for anything near 1 million, it does need to be pretty dar put together. The proof will be in the pudding. It will be a fun one to watch on the way down.
JodyChunder
2012 Feb 27, 1:09pm
And all the while, lookit how many of something like this you could buy:
http://www.zillow.com/homedetails/13817-Camino-Lindo-Victorville-CA-92392/89163887_zpid/
Depressing. Belmont is really hard to get permits from, its expensive, its very hard with kids because of the ridiculous hills and no sidewalks, the law enforcement can be very aggressive giving out tickets and the schools are drastically over rated - they have massive budget issues.
Its super frustrating to see bubble-nomics back in vogue here. I can't believe that people are coming off the sidelines for broken, substandard houses that will collapse in the next earthquake. You know, people, all these houses are absolutely caked chrysotile asbestos, have mold, dry rot, termite damage, lead paint, terrible air quality, outdated electric boxes, leaky galvanized non-copper pipes, sewer pipes about to go. These houses are a liability.
Seriously, they should all be torn down and replaced with double-wide manufactured homes, it would be a HUGE upgrade.
It seems a large number of the buyers floating around are nouveau riche yuppies and asians. What don't people understand about the huge liabilities of buying homes that are in terrible shape?
They stage and paint them, but the dry rot, mold and poor drainage don't go away with a few coats of paint people!
I've never witnesses so many people willing to destroy themselves financially ever.
And all the while, lookit how many of something like this you could buy:
http://www.zillow.com/homedetails/13817-Camino-Lindo-Victorville-CA-92392/89163887_zpid/
No jobs that aren't minimum wage available within 50+ miles. Gas is $5 a gallon and rising. The schools in that area are terrible at best.
Victorville is high desert. Its very hot and doesn't have a very good reputation as far as a good place to live. Commute time to Hollywood shouldn't be more than 20 minutes, in a helicopter.
There issues of Crime and Gangs because many low income families are looking for a better way of life certainly more affordable than LA, and Orange Counties allows. Unfortunately, families some with relatives that are active gang members move there. Crime is growing. It is not at LA or Orange County levels.
Jobs in Victorville is mostly service jobs. Most people work Down the hill (what is referred to most of southern California bellow the San Bernardino and San Gabriel Mountains).
Entertainment is very, Very Limited well non existent. Most of the Inland Empire , High Desert and Antelope Valley does not have much night life. Victorville has a few bars, same thing for Hesperia and Apple Valley. Near by in Devore is the Hynduai Pavillion outdoor door concert venue 20 minutes away just of I-15. Concerts are held at the Auditorium at Victor Valley College. There are museums a small hand full split between Victorville and Apple Valley including The Victor Valley Museum and Art in Apple Valley. There is a small art gallery at Victor Valley College and the Route 66 Musuem in Victorville.
JodyChunder
2012 Feb 27, 3:49pm
No jobs that aren't minimum wage available within 50+ miles. Gas is $5 a gallon and rising. The schools in that area are terrible at best.
Where is your entrepreneurial spit? You would move here to start you own biz. I have several small operations that I built up and own or co-own. In other words, you move out here to be the # 1 boy! It is hard to work your way up here in Vviille from nothing, but I have seen it done. Victorville is the budding New York of the desert, an open invitation to all where home ownership is accessible to all regardless of color or creed.
Public schools anywhere are bad. I think there is a major misconception about schools and how they are rated. Most are quasi-police states where students get "arrested" for minor incidents and the teachers are all desgustingly underpaid and under-equipped. The good ratings come from tiger moms and dads, but the public schools get the credit. I donate to my local schools. SAVE THE CHILDREND!!!
There issues of Crime and Gangs because many low income families are looking for a better way of life certainly more affordable than LA, and Orange Counties allows. Unfortunately, families some with relatives that are active gang members move there. Crime is growing. It is not at LA or Orange County levels.
Crime keeps you sharp. I am not a delicate man. I keep a crossbow with me at all times. No joke! I get along very well. Besides, the gangs all know Jody and they leave him alone.
Jobs in Victorville is mostly service jobs.
Again, you got a blank canvas for creating your own little EMPIRE. I got a young dickhead out of gangbanging and into his own fender repair biz. He's looking on starting a secondary biz in headliner replacement. One day he will OWN this goddamned town!
Entertainment is very, Very Limited well non existent. Most of the Inland Empire , High Desert and Antelope Valley does not have much night life. Victorville has a few bars,
My friend, you have some very VERY bad information. We have indoor rock climbing, Scandia family fun center and, of course much much more in the form of EARTHLY delights. I'm not just talking all the beautiful women who have moved here in the last five or six years. Does this look like "very limited entertainment" to you?
http://www.youtube.com/embed/mBg71g0B34Y
As for nightclubs, here's a damn fun little watering hole out on 7th. A sort of local secret. Certain nights you don't want to be there, but I enjoy it.
http://www.yelp.com/biz/teazers-bar-and-nightclub-victorville
It does get rough from time to time...
http://www.vvdailypress.com/articles/victorville-15482-holed-shot.html
But that happens everywhere, YES, even in Cupertino!
Do not drink the water! That is my only negative on Victorville.
Haven't been to an open house in about 6 months, so decided to check out a couple places today... I was curious what you could apparently get in Belmont for $1.2M these days...
http://www.zillow.com/homedetails/2621-Monte-Cresta-Dr-Belmont-CA-94002/15546728_zpid/
This place has been on the market off and on since May of last year and has only dropped about 110k since then. All in all, it would *seem* like a deal @ 3400 sqft and a quarter acre of flat backyard, but the big problem with this property is that if someone gave this guy asking price, they'd still have to come up with another $100k cash to make it liveable. Read on for the blow by blow...
Let's start at the top... in place of a front yard is a steep drop that would likely kill you at night if you aren't careful. If you have young kids, you're out as a potential buyer. The concrete driveway has thick rubbery filled cracks all over it. It is a bridge and is held up by a slew of vertical and diagonal beams. Dunno, but doesn't look to me like a promising gathering spot during the next quake.
The main entry floor looks to have been redone in the 90s. It is ok, but the tilework in the kitchen is a bit dated looking and has a slightly amateurish look to it. For a 3400 sqft home you would expect the kitchen to be about double the size it is. Dining and living rooms have nice molding and a recessed light array in the ceiling.
The next floor down appears to be a throwback to the 60s. It's been painted over a couple times, but needs a proper overhaul and new bathroom. There is this weird bedroom with a closet that's open to the outside. Seriously. You go into the closet and while large, it literally is just a corrugated fiberglass exterior nailed to studs. The floors in the hallway are hardwood, but when you go into each bedroom, there is that super cheap laminate flooring that's supposed to look like wood, but looks and feels like vinyl or veneer glued to 1/8inch particle board. It needs to be ripped out and re-done.
The next floor down is a complete in-law unit with its own full service kitchen and separate entryway. Pretty cool if you plan to rent it out I suppose or to have when the in-laws are over.
And finally the basement/ground floor is accessible only from the outside. It currently has 30 iguanas living in it. Weird and smells heavily of urea or something.
Backyard is really huge. Probably 8,000 square feet of useable space. Not sure what I'd do with it to be honest. It has more outdoor iguana cages with concrete foundations that realistically are going to be useless to the new owner unless they happen to want to start a dog kennel business or something. Probably would need to get a John Deere riding mower to keep the grass in check.
So, here's the very rough extra costs from my point of view:
* new driveway bridge: Dunno ~$20k?
* light update to kitchen: $15k
* new hardwood on 3rd floor: $15k
* finish closet on 3rd floor: $5k
* redo bathroom on 3rd floor: $15k
* professional hazmat team to clean basement: $2k
* remove cages and concrete foundations from backyard: $3k
* whatever else on old home: termites, foundation work, roof, other misc: $25k
= $100k cash that I need to come up with to make this home safe/acceptable to live in *after* putting up the $1.2M.
Hmmm, good luck with that one. I could see someone grabbing it for $1M maybe in a year or so when the seller finally gets realistic about its worth.