Repost: Did this one sneak by?

  • 6 years ago
  • Blog
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Taking a look back can be a painful experience, especially when it comes to missed opportunities.  It seems to hurt even more when you’re not looking more than a couple years back and the real estate market has shot up like a rocket.  Anyway, for what it’s worth, here’s one that we can learn from.

January 3, 2013: It’s not too often that you can look through the MLS and find a 3 Bedroom/3 Bathroom Home in Valmonte on an 11,460 foot lot priced at $1.1 million (that’s $411/foot!) and see it around for more than a few days before it has an offer.  Well, somehow this one has slipped through the cracks.  This mid-century open and bright home listed by Heather Chamberlain of RE/MAX PV is still waiting for its new owners to find it, but when they do, they are going to score a great value in a market heading up-up-up.  I’m going to write this one off as a holiday sleeper, but just because this house is still available is not a reason to skip it over.  It’s on a very usable corner lot, with views of the surrounding hills, and is a stone’s throw away from some great trails.  Like much of Valmonte, traffic is limited to local homeowners, and you have plenty of elbow room for the kids.  Sure, I’d be lying if I didn’t note that it could use some updates, but it’s rare to find one that isn’t going to call for your personal touches to make it your own.  As for the numbers, this one makes sense.  Of the 41 homes that sold in Valmonte during 2012, the average house was on the market 89 days and sold for $520/foot.  Working backwards, this house, even if upgrades are factored in, is undervalued compared to the average 2012 sale.  Sure, each house is different, but you can’t go wrong with good value on a well kept house on an oversized lot in the greatest neighborhood in Southern California.

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