[quote=jpinpb]If I’m understanding AN, it was the gap is greater now. I think that was the comparison. Maybe I misunderstood what the examples were illustrating.[/quote]
Yes, the gap is greater now, but in the mid-eighties, there weren’t all these rehabs in MH and PL to buy. They were HEAVY FIXERS. And much of MM was fairly new construction (outlying at the time and sold for an inflated price).
Now, much of the inventory in MH and PL has been rehabbed or lovingly restored, at great effort and expense. It is VERY difficult to find a premium address now in either of these two zips that is a true “fixer.” The fixers were all gobbled up by about 1996. What is marketed now are mostly properties that have had a lot of work done to them.
That’s why the prices in MH and PL were close in price to MM in the eighties. MM was fairly *new* construction and many properties in MH and PL had cracked plaster and linoleum, plywood cabinets, etc and were badly in need of rehab at that time.
In the case of PL, the harbor skyline was one-twelfth in 1985 of what it is today. So the view from eligible properties in 92106 consisted of a handful of ’60’s *tallish* buildings, 2 aircraft carriers and 2-3 quonset huts on NAS North Island. There was nothing *yawn* too “spectacular” about that.
The best Fleetridge view back then could be described as “charming,” in an antiquated sort of way :=}
