SAN DIEGO COUNTY, Calif. — Not to say that the two-unit lot sandwiched between the ship building yard and a metal fabricator couldn’t be the site of someone’s dream home, it’s the fact that you’d be paying nearly half a million dollars for it.
While the listing says the property is “gutted and ready to work,” real estate investor and house flipper Tim Gordon wouldn’t touch it with a ten-foot pole.
"I would call this place a turd," says Gordon. "The location's terrible, it's very small, property looks like a teardown. It doesn't have a lot of great things going for it based on my initial observations."
The price of the property tells the story of the current San Diego housing market. The average price of a home had been steadily rising through the years, but really boomed after COVID hit.
"It's a tight market right now there. There's not a lot of properties for sale," said Gordon. "San Diego is one of the most popular markets on real estate right now."
Since the listing agent never responded, we don’t know why the price of the property is so high. While the idea of owning and redeveloping property in one of the hottest real estate markets in the country could seem appealing, Gordon says buyer beware.
"Because of a shortage of regular good houses, people might be encouraged to take on looking at buying something like this, which comes with tremendous risk," said Gordon. "I think people have to be patient. And you know, there's a bit of a frenzy right now and I hope that calms down a little."
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