Home › Forums › Closed Forums › Properties or Areas › Overpriced in Bay Park?
- This topic has 31 replies, 10 voices, and was last updated 12 years, 3 months ago by
Jazzman.
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July 1, 2012 at 10:33 AM #19923July 1, 2012 at 10:59 AM #746949
jpinpb
ParticipantWow. It sure does need a lot of work. No kidding. But this place not only has a great ocean/bay view, it has a pretty big lot that backs a canyon w/no one behind you. But I agree w/you that it is overpriced. JMO.
Do you know about possible future inventory in that area? Any NODs on any places in the vicinity?
July 1, 2012 at 11:19 AM #746951Hobie
ParticipantWhere is the pool heater/equip? If in garage really limits storage/parking.
July 1, 2012 at 11:33 AM #746952Wantoceanview
ParticipantI don’t know about any NODs in the vicinity. How do I found out about those?
July 1, 2012 at 11:34 AM #746953ParticipantIf I remember correctly, the pool equipment is in the garage. If, and that’s a big if, we went for this place we actually don’t want to keep the pool. So that’s another added expense to fill it in.
July 1, 2012 at 12:11 PM #746957bearishgurl
ParticipantSFR inventory is extremely limited in this area and also Bay Ho (western 92117) and will continue to be IMHO. This is a “cosmetic fixer” situated on a VERY large (for the area) canyon lot and the pano view doesn’t get any better than this over there. Barring any residual tire noise from I-5, it may be priced as much as $80K more than it is worth. You can always start in the high sevens with a strong offer.
I haven’t looked at the sold comps around there but suspect that the value of the subject lot is highly subjective as another one like it cannot be “invented” for any price.
If you really don’t want a pool, I’m not sure it’s worth covering over this pool, unless there is a lot more addt’l flat space in the backyard.
I would not sweat BS such as pool equip installed in garage. This lot is ample enough to relocate it as well as build a cabana, gazebo and all manner of (entertainment) out-structures.
The vast majority of the owners in this area are boomers and beyond and, unless they need to sign up for board and care (or move into a child’s home) NOW, due to health issues, they’ve got all the time in the world to wait for a buyer to appreciate exactly what they are offering, IMO. Even most “heirs” marketing a well-located property in SD, such as this one, are willing to wait for an appreciative buyer.
I wouldn’t count on finding too many “distressed” owners of SFR’s in this area, if any at all, IMO.
Always remember that the LOT and its location are worth far more than the dwelling(s) sitting on it. Convenience-wise, this location is bar none.
July 1, 2012 at 2:32 PM #746963ParticipantExpanding, this a small 2 car garage made smaller with the pool equipment. If it works for you, then I’m happy.
Relocating the pumps/heater in this case ( to back yard, slope) will be very expensive which is why I mentioned it. Major concrete, electrical, gas, and pump plumbing; trust me.
The lot is large but includes quite a bit of non- flat area. Again, no big deal, just comes back to how much is it worth to you to fix it up.
Great location, cool breezes, and bitchin’ view. But I do agree it is priced high. And, I would get a quote for fire insurance. Good luck.
July 1, 2012 at 3:47 PM #746978pemeliza
ParticipantDefinitely a trophy lot and location but priced high per sq. ft. for the zip code. It is a very nice view and seems very far from the I-5 which is rare for a property in bay park with that kind of westerly view. Not much of a flat back yard but it might be possible to enlarge with a deck. The pool is going to be a pain to deal with and is in an odd spot. As far as the house being overpriced, clearly the market agrees with you for now. I wouldn’t hesitate to offer 750k if you think it is worth that to you.
July 1, 2012 at 4:10 PM #746982ParticipantI just looked at aerial closeups of both houses at the end of this cul-de-sac (with pie-shaped lots). The rectangular lot to the north (next door) has a MUCH bigger backyard than this one. The two pie-shaped lots are mostly slope; however the pano views from this lot are superior to the neighbors’ lots. A large deck can be built off the slope.
I think it’s kind of wacky where the pool was installed and agree it would be challenging to cover it over properly. It’s very close to the house.
Wantoceanview, had you thought of considering possible “fixers” in 92107? Most houses would likely be at least 10 years older there and the houses/lots likely not quite as big for the price, but you may get a bit of “whitewater view” up towards Hill St.
I believe most buyers, though, would think the pano views of this lot are better than a typical upper-OB view (with current overhead line easements). And, a “whitewater-view” fixer, IF you could find one, may be out of your price range and/or need more work than you may be able to do.
Thanks for sharing this very nice block with us!
July 1, 2012 at 6:51 PM #746998ParticipantThank you for the feedback. I’ve thought about 92107 but hubby doesn’t want to live in OB b/c of the lack of easy ways in and out of the area.
Yeah…this lot is mostly slope with a small backyard. A lot would have to be done to make it usable space.
Like you mentioned earlier, its more about the land than the house, right? Guess we just have to decide if it’s worth it.
July 1, 2012 at 8:31 PM #747004moneymaker
ParticipantI’ve never filled in a pool before, but I think you need a permit for that and I’m betting it isn’t a cheap process. I think I saw a house 2 blocks from the beach with a view just the other day in sunset cliffs for the same price.
July 1, 2012 at 8:56 PM #747011Participant[quote=moneymaker]. I think I saw a house 2 blocks from the beach with a view just the other day in sunset cliffs for the same price.[/quote]
Really?? Do you have the link?
Thx!July 2, 2012 at 12:32 PM #747087sdduuuude
ParticipantThat is my kind of house. I love it, too. But, then again, I like projects.
Great neighborhood. We often see houses in this area on the Clairemont Garden tour. People do great things with those big lots.
One thing I don’t like is the fact that the sloped lot seems untouched. Sometimes you get some terracing down those slopes that gives you some garden space.
You might be able to make a joint project out of it – make some retaining walls in the canyon and take some dirt out to make terraces. Then use the dirt to fill the pool.
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It may, however, be unobtainable. If it has been on the market that long, I would guess the sellers aren’t interested in selling it at a price that makes sense to any buyer.
Definitely want your realtor to feel them out – explicitly ask what offers have they rejected and have your agent dig into public records to determine their financial position. I suspect their agent is basically annoyed with them by now.
July 2, 2012 at 2:22 PM #747100an
ParticipantThat’s a killer view. To bad, it’s not a killer price.
July 2, 2012 at 8:07 PM #747123Participant[quote=sdduuuude]
You might be able to make a joint project out of it – make some retaining walls in the canyon and take some dirt out to make terraces. Then use the dirt to fill the pool. [/quote]
That’s a great idea.
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[quote=sdduuuude] It may, however, be unobtainable. If it has been on the market that long, I would guess the sellers aren’t interested in selling it at a price that makes sense to any buyer.[/quote]
Ok…so why would anyone in their right mind list a property in this area in that condition for an unreasonable price? That just seems stupid to me and a waste of time. But, you are probably right…
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