Beach house under $1 million: RIP

[gzz]

There’s a grand total of 2 single family beach houses in San Diego city for sale under a million.

One on Cable St and one on PB drive. Both are on 2000SF lots.

We might see further scattered sales of tear-downs and micro-lot SFHs for under a million, but that is under 5% of the market. And even a lot of those will go over $1 million.

[spdrun]

15 houses in OB and Point Loma on SDLookup < $1M. Looks like a couple in LJ as well.

[gzz]

I am talking about SFH. Plenty of condos still.

Here is the 92107 listing:

https://www.sdlookup.com/Real-Estate-Ocean-Beach-Houses-For-Sale-92107

Currently 4 under 1 mil, but of those 4 only 1 in OB itself.

Centraloma and Chatsworth are solidly Point Loma.

Castelar is Loma Portal, though I guess as long as it is west of Nimitz in might be an a really expansive definition of OB.

My view though is OB ends at Ebers St on the east and Orchard Ave at the south.

[gzz]

Two detached fee simple houses in the OB/MB/PB/LJ region under $1 million. They are both small 2/1s priced in the 900s, 904 Beryl St 92109 and 4884 Del Mar Ave 92107.

Finally, in La Jolla, 453 Westbourne is detached 1-bedroom bungalow condo with no HOA for $750,000.

[sdrealtor]

But for an occassional outlier that ship sailed long ago

[gzz]

Someone got this guy for $980,000:

https://www.sdlookup.com/MLS-200040687-2244_Soto_St_San_Diego_CA_92107

It closed 37 days after list date for $51,000 higher than the list price.

I like how they added a two floor addition to a tiny old cottage, and the renovations are tasteful. I think the buyers got a great deal.

[gzz]

One day later and the one and only sub-$1 mil OB sfh listing is now pending.

Appears they were flooded with offers and accepted one about a week after listing.

UPDATE: The one and only PB listing is also pending.

[sdrealtor]

Thats in a beach zip but calling that a beach house is a bit of a stretch. Its about a mile from the beach and thats more Loma Portal than OB. If your not west of Sunset Cliffs Blvd in OB its not really a beach house

[gzz]

My properties are all West of Sunset Cliffs so I like your rule as a matter of self interest.

However, the area around Collier Park and West of Nimitz has a very OB feel to it, lots of craftsman cottages on small lots.

And while it is a 0.9 mile walk to the dog beach parking lot, it is a short pleasant walk without any major crossings, just Sunset Cliffs which is 2 lanes.

[sdrealtor]

Congrats on YOUR Beach Homes! 🙂

Those other areas are close to the beach and in the same Zip but not beach homes. At that distance you’d be a good 1/2 mile East of I-5 up by me> No one would mistake those homes up here as a beach house.

[gzz]

Should now be titled: RIP Beach House for Sale at Any Price.

Current 92107 inventory of SFH is 5, plus 2 condos.

Same week in 2020 it was 15 houses and 13 condos.

In 2011, it was 80 houses and 50 condos. Inventory is down 98% for condos and and 94% for houses.

[sdrealtor]

Ocean beach is a tiny market. There are actually more Beach houses on the market along the NCC than there have been in a while. They are just mostly $3-4m up to 12m

2011 was outlier. The decline you see there from 2020 is the same in most of SD

[XBoxBoy]

Beach houses for under a million? I don’t think that’s been a thing in La Jolla for twenty to thirty years. I have a friend who bought on the beach around 2000 for 3-4 mil. That seems like an absolute steal now.

[flyer]

Agree. When I think back on when we and extended family etc. were investing on or near the coast years ago, we pretty much knew prices would go up, but I don’t think anyone could have imagined what we’re seeing now. In certain areas, rising sea levels are a concern, but that may take awhile.

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