San Carlos Listing Report - 6621 Jackson, San Diego, CA 92119

MLS Info: Information taken directly from the MLS (not guaranteed accurate)
Address: 6621 Jackson, San Diego, CA 92119
List Date: 5/5/09
List Price: $359,000
BR/BA: 3 BR, 2 full baths
Structure Size: 1,204 sq. ft.
Lot Size: 8,200 sq. ft. lot
Stories: 1
Year Built: 1961
Parking: 2 car garage - detached
Additional Features: NA

Notes: Opinions about the property from my personal visual inspection
-100% fixer
-Damage throughout. Broken windows, holes in walls and ceiling, damage to cabinets, missing outlet covers, missing cabinet knobs
-Original everything: windows, doors, appliances, counters, cabinets
-Laminate flooring and old carpets
-Needs interior paint
-Street noise - Jackson is a busy street
-Needs landscaping
-Good sized back yard, but half is unusable due to the slope
-Laundry hookups in kitchen
-Kitchen is spacious for the size of the house
-Damage throughout. Broken windows, holes in walls and ceiling, damage to cabinets, missing outlet covers, missing cabinet knobs
-Original everything: windows, doors, appliances, counters, cabinets
-Laminate flooring and old carpets
-Needs interior paint
-Street noise - Jackson is a busy street
-Needs landscaping
-Good sized back yard, but half is unusable due to the slope
-Laundry hookups in kitchen
-Kitchen is spacious for the size of the house

Comps: Sales data taken from the MLS and adjusted to estimate value

8011 Lake Adlon, San Diego, CA 92119
Sold on 7/16/09 for $295,000
3 BR, 2 full baths - no adjustment
Similar location - no adjustment
Similar condition - no adjustment
1185 sq. ft. - no adjustment
Same year built - no adjustment
No street noise - (-$5,000)
ADJUSTED VALUE: $290,000

6357 Badger Lake, San Diego, CA 92119
Sold on 6/4/09 for $320,000
3 BR, 1 full bath, 1 half bath (+$2,500)
1,107 sq. ft. (+$11,700)
7,000 sq. ft. lot (+$6,500)
Built in 1960 - no adjustment
No street noise (-$5,000)
Superior condition (-$10,000)
ADJUSTED VALUE: $325,700

8015 June Lake, San Diego, CA 92119
Sold on 7/10/09 for $365,000
3 BR, 2 full baths - no adjustment
Similar location - no adjustment
Similar condition - no adjustment
1310 sq. ft. - (-$14,000)
11,000 sq. ft. lot (-$10,000)
Built in 1963 - no adjustment
No street noise (-$5,000)
Enclosed patio (-$5,000)
ADJUSTED VALUE: $331,000

AVERAGE ADJUSTED VALUE: $315,000

Pricing:
This house is definitely a fixer. As a result of the condition, I doubt VA or FHA would lend on the property. Therefore, the buyer pool is already trimmed to conventional buyers and all-cash offers. Decreasing the potential buyer pool decreases your value.

Sellers typically have to take an additional hit when selling a fixer for the time/experience/cash factor. Any buyer wanting to buy a fixer needs to have 1. the time and patience to make the necessary improvements, 2. the experience to get the job done right, and 3. the cash left over after closing to complete the remodel. This decreases the potential buyer pool even further.

Even though two of our comps adjusted on the high end of our average, one of them was merely a cosmetic fixer and the other was a finished home. Because of the condition of the property and the work that needs to go into it, I would be comfortable with a price between $305,000 and $325,000.*

*This estimate is my opinion based on a visual inspection of the property, sales data, regional knowledge, and professional expertise. While I believe my estimate to be accurate, it is only a professional opinion.

**All pictures were taken by me at my visual inspection. None were copied from the MLS or any other source.