patrick.net

I like this house. It's a total fixer, but it has a lot of potential. To save a lot of writing, here's my email to the realtor I'm working with that also has links to some comps:

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Hey Tracy!

I wanted to touch base with you because I just looked at a
real fixer with great potential, and I wanted to get your opinion on it.

Here's the listing:

http://www.redfin.com/CA/Altadena/1301-Rubio-St-91001/home/7260109

And this home just down the street lowered their asking price, which
matches the previous homes price per square foot of $322

http://www.redfin.com/CA/Altadena/1401-Rubio-St-91001/home/7260197

Now I know the second home is in better condition, albeit dated, and it
does have a lot more square footage, and an extra acre of land.

The closest comp I can find is this, but it's in the iffy area of
altadena:

http://www.redfin.com/CA/Altadena/2991-Olive-Ave-91001/home/7252753

You'll notice the price per square foot is $179, and this home needs a
ton of work just like the first one.

What do you think would be a realistic price for the first home at 1301
Rubio?
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In reply she touched base with the listing agent and they're expecting multiple offers tomorrow and that it should go above asking price. I like the property, but considering that the one down the street slashed the price and has nearly another acre more makes me feel like this property isn't worth $322 per square foot.

Of course my realtor wants me to bid more more more, but my gut says no.

Does anyone with better knowledge of how to price a home have any insight on if this seems like a decent price? Am I off base?

Thanks!

#housing