Pending means that an offer has been accepted and it is in escrow. Sale has not closed yet. No way to know what it really sold for until escrow closes and the transaction is updated as Sold.
And, yes, a lot of the properties suddenly went into contract after a long time on the market - lots of escrows started in early November. It could be that people are worried about interest rates rising and have decided they need to make their purchase.
“Does something happen on 1/1/16 that the buyers are trying to avoid?”
Not on 1/1, but in Dec. The Fed.
Oh – of course. I guess if you’re going to be mortgaging a million-dollar house, you care a lot about the interest rate for that mortgage.
Here’s another crazy sale in the hot area of Point Loma, near Sunset Cliffs.
4736 Pescadero, 92107
2bedroom/1 bath 955sq ft
Sold $900,000 very quickly at $972/sq ft
http://www.zillow.com/homedetails/4736-Pescadero-Ave-San-Diego-CA-92107/16961551_zpid/
Previously had sold in 1994 for $225k!
Large 7000 sq foot lot.
1.5 blocks from Sunset Cliffs
I’m not ready to start Flip #5 just yet. But wanted to let you all know that I inspected a house on Thursday and made a low offer yesterday.
784 Silvergate 2/1 1176sf with a 1 car illegal conversion to another bedroom. This house has tenants who are not cooperating with showings. I went to Broker Caravan and couldn’t even get into the converted garage bedroom because someone was sleeping in there. Low ceilings, very poor condition. It would need an addition of at least 800 sf to house and build of a 2 car garage to bring it up to neighborhood norm. Lot is small for neighborhood. Asking $800k to $850k. Listing agent is selling for his Mom (as far as I can tell) and tenants will be out on January 15
The agent told me he thought the Seller would take about $825k. I asked him what comparables he used to get his asking price and he told me a couple. When I asked what condition the comparables were in, he didn’t even know. I’m not impressed with the listing agent. The only reason I went to look at the house was because several friends who live in the neighborhood keep calling me about this house.
I made an informal offer way below asking - after crunching all the numbers. It will not be accepted. I think an out of town investor will jump on it with unrealistic expectations of future sale price, similar to the properties lingering on the market at Newell, Byron and Leroy. The property is located in a highly desireable area but the lot is very small compared to the neighborhood norm.
What guarantee do,you have that the tenants will really be OUT in January. As I recall, it’s really hard to get uncooperative tenants to move.
I wouldn’t buy at all without seeing the whole place. Can that be a contingency of an offer?
https://www.coldwellbankerhomes.com/ca/san-diego/784-silvergate-ave/pid_9450693/
Misleading how the listing describes it both as having 3 bedrooms and having a garage, since one of the bedrooms is the converted garage.
No pictures…?? For an $800,000 house??
There are no pictures in the listing. When I was there on Thursday, the agent said he had never even seen the ‘3rd bedroom’ and said “I hear there is a 1/2 bath in there”. What??? How in the world are you selling this house?
The actual listing states 0 garage, the data showing up on the Coldwell banker listing is from public records. Public records show a 1 car garage AND 3 bedrooms. Have no idea where the other legal 3rd bedroom is. And, I have no idea whether the 1,176sq ft in the public records includes the converted garage or is the original sq ft for the 2/1 that I saw on my walkthrough. The data is conflicting
My offer was contingent on a full inspection of the entire house.
Like a $550k offer?
I wish… it’s a low 700s offer
Interesting. I can’t imagine someone being willing to purchase a house without first examining the inside, unless it’s for a bargain-basement price, but a greedy out-of-town flipper might do so.
cb, isn’t the listing agent responsible for the facts of the listing being correct??
How would you add the 800 sf and the two-car garage? Is it feasible on the small lot??
“Next time on Disasterhouse…” 
Whenever I hear about a converted garage I always think of this:
http://www.zillow.com/blog/dolly-parton-selling-la-house-152232/
Check out the bathroom in the guest suite.
It seems to me that you would have to be able to bring this house up to $1mil to make a decent profit. Is that possible?
@MaterS, I could not force myself to view all of the photos of that awful place. I quit at the bed next to the fridge.
It’s hard to tell if the place itself is awful or if it’s just the decor. If you cleared everything out of there, it might not be horrible. Not a ringing endorsement, I agree, but it might be tolerable if there were a lot less stuff.
Maybe that bedroom with the fridge is supposed to be like a studio or efficiency apartment.
Or maybe whoever slept there just didn’t like to walk far when they got hungry on the middle of the night.
The bedroom with the fridge has a toilet, sink, and shower behind the screen. I think it was formerly the garage. I don’t know why they didn’t add a wall.
The décor in that Dolly Parton house is just cramped, cluttered and just plain ugly!! Take some of that stuff out to help sell it 