I live in La Mesa. As I continuously keep up on what the market is doing in the La Mesa Real Estate arena by checking new inventory, recent sold properties, general trends and by simply driving around and opening my eyes; I see one specific reason why the La Mesa Real Estate market is going to keep going up.
.......FLIPS.......
There are a lot of single family homes that are being renovated by investors in both La Mesa Zip Codes 91941, 91942. La Mesa has an aging population with homes that have been built in the '70's. A lot of these homes have had one or two owners without any clear upgrades to the things we all hold dear. Kitchens, bathrooms, flooring etc.. and especially, the landscaping.
As folks age, these properties eventually turn over and are sold by probate or through trust sales. When the owners pass, the families typically do not want to do ANY work to the property so they are sold "as-is". Well, "as-is" is not what today's buyer wants. So, in comes the cash investors who pay a low price and then roll up their sleeves.
I've seen some La Mesa Homes sell at trust sale for $292,000 cash and then 30 days later are sold completely renovated for $410,000. I don't know how much they put into it but I assure you that super fancy materials aren't used. Don't get me wrong, good solid materials anyone would buy, but these investors use basic designs they know will appeal to most everyone.
As I drive around La Mesa to run errands and take my wife out for dinners, I see that there are many, many of these types of possible "flip" homes just waiting to be upgraded.
With the price gap I mentioned earlier, that last sold number will keep creeping up and up and up.. I have seen the average sales price for a 3 bed 2 bath 1,300 sqft La Mesa home rise in price from $425k to close to $475k since the end of last summer '14.
So, who buys these homes? Renovated properties tend to attract younger couples with money who are ready to entertain the thought of starting a family. With the quality of La Mesa's School Districts, who can blame them. Coupled with La Mesa's downtown village containing fun shops with eclectic restaurants and pubs, no wonder it's attractive. So when you have this type of atmosphere, (young couples demanding business, restaurants, wine bars and pubs) new businesses are attracted to the area. If you own a La Mesa home right now.... congrats! Buy low, sell high... Good idea.
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