SoCal Real Estate Prices. INSANE!

[Spiky Bugger]

Not far from us:
3bd, 1.75 ba, 1575 sq ft
pool, spa, double garage
neat, clean, empty, move-in ready

Listed 1/3/22 for $899,000
Sold for $1,120,000
Escrow closed 1/31/22

Oh, BTW, with this $1,000,000+ home, here’s your state-of-the-art (in 1949) heater from your HVAC system:



AND, you can kind of see out the window across the street. The buyers may well knock this down to build a McMansion like the ones across the street…so the million plus is for the land value.

 

[k9ophile]

It's been at least 30 years since we went to CA. We were in Sausalito/San Francisco which was unbelievable then. I can only imagine. But then I follow "For the Love of Old Houses" on Facebook, so I don't really have to think about the prices. This is a site that focuses on houses that are for sale. Depending on the area, fixer-uppers that look close to being condemned sell can be listed in the low $100,000s up to half a million. As you noted, I'm sure many are torn down for McMansions

 

[hilary1617]

Location, location, location!

 

[Spiky Bugger]

Location, location, location!

True.

My sister lives a tad over a mile from me, in the same city. Her house is smaller. It has fewer bathrooms. On a smaller lot. With a single garage (ours is double+.). Our school district is highly rated, but her school district (this town has homes in four different school districts) is rated higher than mine. My pool is bigger.

So while official appraisals, which don’t factor in the school district, show MY house worth about $150k more than hers, in the real world, hers will go for AT LEAST $150k more than mine…because of schools…which are a function of…location.

The million dollar plus house with the “new heater” up above is in a REALLY GOOD school district, but it would have gone for more in my sister’s area.