The Cape Cod flip I originally mentioned here: http://talk.collegeconfidential.com/discussion/comment/20942074/#Comment_20942074
has sold, according to Redfin: https://www.redfin.com/MA/Falmouth/9-Bacon-Farm-Rd-02536/home/114001910
Bought for $210K, sold for $325K. The flipper held it for 6 months, and did a fair amount of work, so I think they made some money, but not a home run.
Maybe the chance to live on Bacon Farm Rd did the trick. 
Thanks for the update. They started at $339k down to $325k
I’m just going to take a guess because I don’t know local construction costs or carrying costs
Purchase $210 + 2 transaction costs
Remodel $45k maybe less (includes septic costs)
Carrying costs $7500
Selling cost 5% of 325k @15k plus $2k transaction costs
About $25k profit in 6 months
That’s OK if you have a day job but not good if that was your only income for 6 months. However it is above most flipper’s target profit… 10% of original purchase cost
cb, did you ever get back to the M u i r house?
I called the listing agent for Muir right at 8am this morning. I inquired on number of offers. He has a ton of offers and he advised me that current offers ‘are above 800k’. Craziness… not going to make an offer
Wow. Just wow. I feel sorry for the tenants. Moving that mountain of stuff and finding a pet-friendly place where all of this fits… I can’t even imagine.
Renting in the San Diego market is tough but there is a condo market in that area if they’re thinking in the $600K price range.
$800K is more in line for these small adequate properties in good locations. But even though it might be a cute street, that general area does have a higher petty crime rate and homeless problem than other neighborhoods further from the major streets and shopping/dining areas.
It would seem to me unlikely that people who haven’t been in the market for a while would be able to buy in at current levels. That’s the way it used to be in my home town and others like it: probably 50% of the people living there could not have afforded to buy there, barring a sudden inheritance or some other source of equity other than their house.
That would probably include most renters.
I doubt that the renters are the ones offering over $800k for the house (asking price was $600k). It is either a young family that has been desperately searching for something under $800k in Point Loma forever. Or, it is a flipper. There is a listing about 4 houses up the street (superior view) that a big investor purchased for $800k and is now, after only 4 months, selling fixed up for $1.1 million.
Howeer, that house has 1 more bedroom and bath, a better parking situation, and more square feet. 1700 sq ft compared to I think it is 1100 sq ft
$800k for a small lot with a sliver of a view… San Diego, welcome to Seattle. So sad.
My nomadic kid can take off and move with basically 24 hour notice. I cannot imagine those renters would be able to find anything comparable in price/location where they could stash their stuff and move all of this quickly. Maybe the buyer will rent to them… 25% higher rent.
Seller gave 60 day notice to tenants so buyer cannot close escrow until March 1 if they want it vacant. Or buyer has option to keep renter. Pretty sure 800k buyer wants it vacant
I can’t imagine moving that much crap in 60 days! 
They gave up trying to just sell the Rosecroft estate and apparently are now going for a live auction at a greatly reduced price. http://www.sdlookup.com/MLS-180002179-530_Silvergate_Ave_San_Diego_CA_92106 It’s such an architecturally stunning home that it must have some very serious underlying problems.
Does the “national historic registry” designation mean you can’t change the inside?
I feel like almost no one wants that style these days. And it’s so freakin’ big… you would need a whole fleet of roombas to keep those floors clean. The master bedroom itself is about the size of the first floor of my house.
A lot of the interior finishes are modern already, so I doubt that is an issue. I also doubt that almost no one wants that style. The nation is full of McMansions that ape that style. Maybe it just isn’t popular in the region…maybe it is that people want to be on the water for that kind of money, or there is an issue with the location. Is it under the flight path?
I wonder what it looked like before it was “gutted to the studs”? Quite possible a lot better.
With a house that size, you’re talking servants, probably live-in.
Only $3M on a 2.3 acre lot? Lots of developers would be interested in such a fund to mow it down and build a bunch of modern boxes to sell for $2M each. The “national historic registry” definitely spoils that plan.
I’m surprised some foreign buyer hasn’t purchased it.
This style definitely appeals to the Chinese investors. At lease there in my neck of the woods. Opulence - I has it. 
I want that library!
Why would they have taken the front photos and included torn up grass and not swept the leaves from the driveway? Are the rest of the marketing efforts that careless?
It’s outside the flight path and in a very desirable area with a number of large estates. So not a location issue!
No, no – the lot is 2.5X the square footage of the home. Not 2.5 acres.