Again, the reason the above (newer zip codes) areas you mentioned are currently a “good darn deal” is because these areas were (and still are, to varying degrees) depressed due to developer-pricing-inflated-into-the-stratosphere (as a consequence of “easy mtg $$” and no surrounding “comparable sold comps” at the time). The majority of their asking prices reflect that they are currently REOs and “short sales” (some “approved” and some “wishful”).
Why don’t you study the plat map(s) surrounding 2210 Plum 92106 along with those lots’ corresponding public records and tell us how many distressed properties there currently are in that immediate area? Then come back to this thread and tell us in a few days??
As to your Del Mar recent sold “PUD” for $1.1M, it is very heavily encumbered by an HOA. An owner there cannot even paint or plant ANYTHING in front without first obtaining permission from the HOA. I don’t know the current sold comps up there, but am aware that the presence of a full-service HOA (such as in this listing) diminishes the value of properties within them as even though detached, they are akin to a “detached condo.” Their value is diminished due to the individual owners’ rights being diminished (over and above SFR ownership). I would surmise it would be very difficult to find a nearby (unencumbered) SFR of comparable size in liveable condition in this particular micro-area for this price.
