[quote=sdrealtor]An example of undervalued. When I moved here in 1996 I almost bought a shack at the corner of La Veta and Sylvia 2 blocks form Moonlight Beach. It was a 10,000 sq ft lot, two blocks from one of the nicest beaches in SD for $250,000. Best of all the lot was splitable. A liveable but shacklike beach cottage on a nice corner lot plus a buildable lot for $250K. That was a steal! It still haunts me.
I’m pretty sure the buyer split the lot and sold the back portion for what he paid for the whole thing a year or two later. A house built on the back portion sold for 600K in 1999. That owner tried to sell in 2005 between 1.5 and 2M but never did. He (the 1999 backlot home buyer) is still there. A couple years ago, the original buyer on the corner tore down the shack and built a beautiful beach house.[/quote]
My dad had the opportunity to buy an oceanfront lot, on the boardwalk, in Mission Beach – down near the jetty – for $25k in 1965. He thought it was too expensive since he’d have to build a house. He regretted that for the rest of his life.
Instead he bought a foreclosure for $29k in UC. It was less than 18 months old, he assumed the first mortgage (no down payment) and the bank wrote off the 2nd that the previous owners had taken out to put in a pool, etc. It was a great deal. BTW – I bought it from him at market value in 2003 – for $600k. Not quite as screamin’ a deal.
