Ghetto Mansions

[OBecian]

I’ve seen a few homes now that I think are best described as “ghetto mansions”. These are homes in weak to bad neighborhoods where someone either remodeled or built a new palace in the midst of urban squalor. For example,

MLS # 100037442
MLS # 100017053

100017053 is a re-model in a family un-unfriendly part of Clairemont where I would not want my wife or kids walking after dark. Was a failed elder care business, with something like 9 bedrooms.

100037442 is a ground up new build in Point Loma. Sounds nice, right? Well it’s a block from 4 lane Rosecrans, down the street from a motel and a liquor store and surrounded by apartments, apparently low rent apartments. Not to mention, directly under the launch path for the airport. There are actually shady parts of Point Loma. Rosecrans and Nimitz qualifies…

Have other people seen these Ghetto Mansions or other examples? Do sellers really think the buyers will only see the house and not the neighborhood? They seem to be priced with that expectation.

My buddy had a good point. Building a house like this is like putting a sign on the door that says “rob me”.

Don’t get me wrong, building a new house in an established but decent neighborhood sounds great to me. (Bay Park has many nice new homes next to older ones.) But building these 5 or 6 (or 9) bedroom palaces in really crappy neighborhoods seems so bizarre and poorly thought out.

Or, am I just not keeping it “real”, yo?

[jpinpb]

3136 Poe is only $/Sq. Ft.: $248. Nothing has sold in that area for that low a price in the last 2 years. It’s a pretty good deal and still Point Loma. It’s lower than the median/average for that area. Considering they were asking $1,195,000 in June, I think it’s a pretty good deal for 600k and quite a slash in price.

The one in Scaremont is still priced decent, considering 4751 Lake Forest sold for 572k in September.

But the ole adage, buy the worst house in the best neighborhood applies. At least PL is better than Clairemont, even though some pockets are not considered ideal. It does seem strange to see McMansions replacing some of these older homes.

The one in Clairemont is really out of place for the area. I think 3552 Ottawa is another example.
Beds: 4
Baths: 4
Sq. Ft.: 3,305
$/Sq. Ft.: $200
The one on Ottawa really is not the best part of Clairemont, IMO.

[jpinpb]

3136 Poe is only $/Sq. Ft.: $248. Nothing has sold in that area for that low a price in the last 2 years. It’s a pretty good deal and still Point Loma. It’s lower than the median/average for that area. Considering they were asking $1,195,000 in June, I think it’s a pretty good deal for 600k and quite a slash in price.

The one in Scaremont is still priced decent, considering 4751 Lake Forest sold for 572k in September.

But the ole adage, buy the worst house in the best neighborhood applies. At least PL is better than Clairemont, even though some pockets are not considered ideal. It does seem strange to see McMansions replacing some of these older homes.

The one in Clairemont is really out of place for the area. I think 3552 Ottawa is another example.
Beds: 4
Baths: 4
Sq. Ft.: 3,305
$/Sq. Ft.: $200
The one on Ottawa really is not the best part of Clairemont, IMO.

[jpinpb]

3136 Poe is only $/Sq. Ft.: $248. Nothing has sold in that area for that low a price in the last 2 years. It’s a pretty good deal and still Point Loma. It’s lower than the median/average for that area. Considering they were asking $1,195,000 in June, I think it’s a pretty good deal for 600k and quite a slash in price.

The one in Scaremont is still priced decent, considering 4751 Lake Forest sold for 572k in September.

But the ole adage, buy the worst house in the best neighborhood applies. At least PL is better than Clairemont, even though some pockets are not considered ideal. It does seem strange to see McMansions replacing some of these older homes.

The one in Clairemont is really out of place for the area. I think 3552 Ottawa is another example.
Beds: 4
Baths: 4
Sq. Ft.: 3,305
$/Sq. Ft.: $200
The one on Ottawa really is not the best part of Clairemont, IMO.

[jpinpb]

3136 Poe is only $/Sq. Ft.: $248. Nothing has sold in that area for that low a price in the last 2 years. It’s a pretty good deal and still Point Loma. It’s lower than the median/average for that area. Considering they were asking $1,195,000 in June, I think it’s a pretty good deal for 600k and quite a slash in price.

The one in Scaremont is still priced decent, considering 4751 Lake Forest sold for 572k in September.

But the ole adage, buy the worst house in the best neighborhood applies. At least PL is better than Clairemont, even though some pockets are not considered ideal. It does seem strange to see McMansions replacing some of these older homes.

The one in Clairemont is really out of place for the area. I think 3552 Ottawa is another example.
Beds: 4
Baths: 4
Sq. Ft.: 3,305
$/Sq. Ft.: $200
The one on Ottawa really is not the best part of Clairemont, IMO.

[jpinpb]

3136 Poe is only $/Sq. Ft.: $248. Nothing has sold in that area for that low a price in the last 2 years. It’s a pretty good deal and still Point Loma. It’s lower than the median/average for that area. Considering they were asking $1,195,000 in June, I think it’s a pretty good deal for 600k and quite a slash in price.

The one in Scaremont is still priced decent, considering 4751 Lake Forest sold for 572k in September.

But the ole adage, buy the worst house in the best neighborhood applies. At least PL is better than Clairemont, even though some pockets are not considered ideal. It does seem strange to see McMansions replacing some of these older homes.

The one in Clairemont is really out of place for the area. I think 3552 Ottawa is another example.
Beds: 4
Baths: 4
Sq. Ft.: 3,305
$/Sq. Ft.: $200
The one on Ottawa really is not the best part of Clairemont, IMO.

[jpinpb]

I just realized they delisted the 600k price on Poe and now the LP is 895k. Strange.

[jpinpb]

I just realized they delisted the 600k price on Poe and now the LP is 895k. Strange.

[jpinpb]

I just realized they delisted the 600k price on Poe and now the LP is 895k. Strange.

[jpinpb]

I just realized they delisted the 600k price on Poe and now the LP is 895k. Strange.

[jpinpb]

I just realized they delisted the 600k price on Poe and now the LP is 895k. Strange.

[NotCranky]

I think it is fine to overbuild if you plan on staying there a very long time and/or can do it cheaply.

OTH, I see huge new houses , complete with gilded back yard entertainment areas, right on top of busy high speed streets, or up on the hills over freeways and I can’t imagine why those resources and locations match up. Each to his own I guess.

[NotCranky]

I think it is fine to overbuild if you plan on staying there a very long time and/or can do it cheaply.

OTH, I see huge new houses , complete with gilded back yard entertainment areas, right on top of busy high speed streets, or up on the hills over freeways and I can’t imagine why those resources and locations match up. Each to his own I guess.

[NotCranky]

I think it is fine to overbuild if you plan on staying there a very long time and/or can do it cheaply.

OTH, I see huge new houses , complete with gilded back yard entertainment areas, right on top of busy high speed streets, or up on the hills over freeways and I can’t imagine why those resources and locations match up. Each to his own I guess.

[NotCranky]

I think it is fine to overbuild if you plan on staying there a very long time and/or can do it cheaply.

OTH, I see huge new houses , complete with gilded back yard entertainment areas, right on top of busy high speed streets, or up on the hills over freeways and I can’t imagine why those resources and locations match up. Each to his own I guess.

[Author]

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