[quote=Ren][quote=bearishgurl]…What type of property would you actually purchase in Bay Park, then? And why wouldn’t you purchase a larger “old” house there?[/quote]A 2-bedroom, 1100-1300 square feet. Not at today’s prices, but maybe 10-15% lower. I wouldn’t purchase a larger house there because it would be too expensive and unnecessary. Our kids will be sharing a room for many years… [/quote]
Ren, I don’t see why buying one of those WWII-era smallish houses in the flats for 10-15% lessisn’t doable now. Given the challenge, I wouldn’t have any problems making a deal like that in short order (listed or unlisted) 🙂 Unless, of course, you are unable to sell your existing property, recover your downpayment and pay off your encumbrances and don’t wish to rent it out. Bay Park is certainly closer to Carlsbad than where you are living.
[quote=Ren]Move on, BG. The horse is long dead.[/quote]
No worries, Ren. That “dead horse” is now sold (among live horses, lol), closing exactly 70 days after being listed. I’ve seen the exterior and surrounds and like the property so threw it out there for the Piggs to munch on. Mission accomplished.
The consensus seems to be that the Piggs who responded are actually satisfied with where they live and are unwilling to change it unless they can move significantly up the price ladder. So when Piggs here talk about extra room for hobbies, parking, casitas, granny flats, etc and mull over trying to do something like this on their suburban tract property with <7000K sf lot (and wonder if it's really "worth" it to try to seek permits and sink real $$ down the rabbit hole), I've put an option out there. In north county, there are plenty more like Lanai in Escondido, San Marcos, Vista and Valley Center.
I believe that the reality is that a "cosmetic fixer" such as Lanai is "too much work" for most potential buyers today and they are unable to envision what it would look like freshened up and possibly reconfigured a bit. That's why there is still profitable work out there for flippers. And that's why most buyers overpay for *newer* properties on <=5000 sf lots. The developers and sellers "stage" these properties to appeal to the masses and it works.
btw, "Bay Park" is no more "coastal" than dtn Chula Vista. It is situated inside of Mission Bay with I-5 beside or below it between it and the bay. There are many (older and newer) houses in Chula Vista with a bay/ocean view as well. Even with views of the Coronados and TJ. I have no view but am just one mile from I-5 and SD Bay :=]
