[quote=jpinpb]Land value in PL w/a view now PPSF $96. 3228 Carleton sold for 265k. Someone is going to be building a nice house. Average/median PPSF is about $450. I’m thinking they can build a nice place for considerably less and be able to sell it for a profit. Hopefully it will be someone who will build their dream home and stay. But chances are not.[/quote]
Appraiser note: Due to engineering defaults in the foundation (by City inspections) and lack of prescriptive easement sales price was negatively adjusted.
Lot Information
4,000 to 7,499 Sq. Ft.
Lot Size Source: Assessor Record Steep Slope
APN: 531-313-03-00
Tax Parcel: 3228Carleton92106
Jul 22, 2011 Sold (MLS) (Sold) $265,000 — Inactive SANDICOR #110008208
Feb 16, 2011 Pending (Contingent) — — Inactive SANDICOR #110008208
Feb 08, 2011 Listed (Active) $299,000 — Inactive SANDICOR #110008208 Feb 11, 2005 Sold (Public Records) $506,500 — Public Records
I haven’t been to the site but it sounds like the buyer in 2005 intended to rebuild for a profit (actually got a 2nd TD “approved” on this monstrosity) but ran into some problems. Apparently the last occupants (before the City condemned the bldg) were using part of a neighbor’s lot for drainage, an overhanging deck or driveway encroachment, etc that they never bothered to perfect.
It’s also possible that the property above them had an easement on their (view) airspace and the pre-2005 owners infringed upon it by building up and then quit. It kind of looks like it was never properly finished.
The new buyer might have to pay for a survey and file a “quiet title” action on the owners of the adjoining parcel. Or perhaps that adjoining parcel already filed one on the 2005 owner and it’s still ongoing … or they already won.
Even though there are demo costs involved here and a steep slope, it’s still worth $300K. It’s nothing that a bulldozer and compactor can’t fix.
