We just bought this property located in the City of El Cajon on a great culdesac. It is tenant occupied and hasnt been touched in years. It needs a complete remodel, roof, and plumbing. I have some great plans for it and we will probably use the blue/grey theme like the Linda Vista project earlier this year. The seller graciously gave the tenants 90 days to move however they played the COVID card. There is an Eviction Moratorium until Feb 1, 2021 so its very risky to buy an occupied property right now as an investor. Luckily I got them to leave after we closed on the sale.
Our recent remodel near Mission Valley just sold for $750,000. The market is really hot right now even in the face of a National Pandemic. I only had projected a sales price of $650,000 when I purchased it. After multiple offers and overbidding, somehow it appraised at this sales price and is now the new high sales comparable in 92111 by far at $608.00/s.f. Enjoy the video of the remodel!
Our 2017 remodel on 4164 Mount Hukee in Clairemont just resold. I cant believe the home prices in San Diego now. The low interest rates and lack of inventory due to COVID-19 has really created a buyer frenzy this year. After the remodel in 2017 we sold this house for $780,000 which was high at the time. It just resold 3 years later for $950,000!
I am still pretty bullish on the market. I don’t see interest rates increasing in the next few years. Inventory has to come from somewhere but it seems nobody wants to move and millennials are finally buying now so that’s a contributing factor. There is certainly net negative migration in California, especially now with higher taxes. Consumer confidence is still good but we will see what happens after the election. Affordability will slow the run for sure, we have already started to see appraisals come in low from flips that are getting overbid. It’s a good thing that the appraisers are holding the prices back a bit for the market as a whole.
We finished the project and it is now on the market for sale. What a unique blend of new materials and the trendy current blue/grey color scheme. I couldn’t be happier with the way everything came together and I am sure its going to make someone very happy as their new home! The aluminum half-round gutters tied in perfectly to the mailbox and goose neck porch light. These professional realtor pics are shot in HDR, see my cel phone pics below on previous posts for the real cabinet blue color. The neighbors are also so happy:)
Trying to bring this house to the finish line. It has been a very smooth project. We ran 12 of the best sub-contractors in town through this house, each specializing in their respective trades. The tile jobs are coming out great, we stayed with the blue/grey theme but were careful not to overplay it. The kitchen cabinet color is incredible and looks fantastic next to the pure white quartz counter tops. I love the contrast we got from the Matte Black cabinet hardware too. Floors look great a little darker than I usually go.
Landscaping, tile jobs, exterior paint and all sorts of small details are coming together. I decided on low maintenance out front but gave the new homeowner a big area of sod on irrigation out back for kids to play.
We just opened escrow on this San Marcos fixer upper. I originally saw this property back in October when the seller called me on a referral from another house we bought. His contractor ran off and left him with an unfinished remodel. When he found out how much it would cost to finish the job correctly and then pay a real estate agent to sell it. he opted to just sell it as-is to me. I paid cash and covered all his closing costs and the best part was this is a For Sale By Owner so there were no Realtors for him to pay.
There were permits pulled with the city and most of the inspections completed but the contractor tried to extort more money before finishing it and everything ended up in dispute. My plan is to clean up the yard, build a fence, paint it in and out and call for Final Inspection. It already has a new kitchen and bathrooms so we will just wrap up whats already been started and not try to reinvent the wheel on this one.