How Much is this House Worth?

Home prices rose in the second quarter of 2012, according to a report released Tuesday by the S&P/Case-Shiller Home Price Indices, which measures the U.S. residential housing market by tracking changes in the value of residential real estate both nationally as well as in 20 metropolitan regions, including the San Francisco Bay Area.

“Home prices gained in the second quarter,” says David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices. “In this month’s report all three composites and all 20 cities improved both in June and through the entire second quarter of 2012 for the first time since summer 2010.”

Although one month does not make a trend, particularly during seasonally strong buying months, higher home values are still good news for homeowners and sellers with the combination of rising positive monthly index levels and improving annual returns.

But what do think about home prices in Pacifica?

Let’s start with this house located at 629 Parkview Circle.

Take a virtual tour of this 1963 single family home that went from a 4 bedroom, 2 bath fixer upper to a 6 bedroom, 3 bath sparkling remodel, completely renovated with new stainless steel gas kitchen with high end finishes and a 8' breakfast bar overlooking a massive great room, new fireplace facade, new fixtures moldings doors, hardware and recessed lighting, and remodeled bathrooms.

The 2,600-square-foot home with garage in the Fairmont neighborhood is listed for $689,500.

Then let us know in the Comments section below how much you think this home in Pacifica is really worth.

In 2008, the house was estimated at $820,000 and just last year at $540,000 with only 4 bedrooms and 2 baths at 1,560 square feet, according to data on Zillow.com.

A look at the tax history shows that after the sale of the house in 2004, the tax assessment went from $262,894 in 2004 to $669,120 in 2005.

Still, is the house worth the asking price of $689,500? Or do you think it’s less? With home prices across the United States back at their early 2003 levels, improved by 1.2% in the second quarter of 2012 over the second quarter of 2011, according to the S&P/Case-Shiller Home Price Indices report, perhaps you think this house is worth more? Should potential buyers expect to overbid on the asking price? If so, by how much?

If money were no object, tell us in the Comments what you would pay for this Coastside home currently on the market for $689,500.