[quote=jpinpb]BG – I am into some of the mid-century design. The interior of this home had no character worth preserving. The floor plan sucked, too.
The investors were planning on tearing down the place. I don’t think they were planning on a multi-family, as it is not zoned for that.
The 9700 sf lot is SLOPING in back. Unless you’re putting the house on stilts, much is not us able. You could maybe terrace a garden.
Whatever the investors build, it’s not going to be cheap. I said 400k to be conservative, but I can see them easily spent half a million to build something, on top of the 662 they spent and then sell higher to make a profit.
As I said, it will be interesting to see how it goes down.[/quote]
jp, apparently these “investors” (or whoever is buying the property) believe that it is “worth” $662K in its current condition. Even if the lot is 1/3 sloping, the slope STILL affords privacy. And you can’t take away the sit-down view. Views like this were worth ~$100K in the nineties but seem to be “worth” much more now. This property is by no means a “typical Clairemont house” nor does it have a “typical” lot. It’s particular location is atypical and therefore “special” to a subset of buyers.
Here is a similar property with a sloped (corner) lot (with alley access) in a slightly better location than your Bay Ho listing which we discussed here back on 1/28/13:
The above link is not ’70’s (as the OP stated) but actually ’50’s era (“mid-century”). It appears to be currently off the market but has not yet closed. Here is a current (downhill but updated) closed comp on the same side of the street with a 7600 sf flat lot which sold in 11/12 for $829K ($441 sf):
Yes, it will be interesting to see how much your Bay Ho listing eventually sells for if it is actually knocked down, a spec home is built there and it is subsequently flipped.
