Hey SD R, sd r, bugs, HLS, anyone else in the business care to comment?

[TemekuT]

Can this be possible? From today’s WSJ page W8, the former La Jolla beachfront house of actor Cliff Robertson, sold in 2005 for $14.5 million, is up for sale and the price has been reduced from $28 million to $22.5 million. The owners are developer Ronald Baldwin and wife Amie. The house has not been renovated, however, the owners have extensive renovation plans “that are in the final stages of review with by the city” and will be included with the sale. Cost of “architectural design fees” is $500,000 and the proposed plans are included in the sale. Since the property has been designated as a historic site, it qualifies as a tax break. Listing is with Taylor Rork of Willis Allen Real Estate.

If purchased for $14.5 mil in 2005 and we give this property a special pass on declining SD prices and allow 10% appreciation annually, for 2006 and 2007, I price it at $17.5 mil. Add in an attempted cost recovery of plans…$18 mil. So what’s with the $28 mil original price, or even the current $22.5 mil price? Is something causing La Jolla to be absolutely divorced from the fundamentals? Is this just an isolated instance, or is beachfront property skyrocketing in value in SD county?

[gn]

$22.5 mil is the asking price.

Anyone can ask any price for their house. Whether they can find a buyer is a different matter. Yes, there are many folks out there who are still dreaming.

ps: I have a condo in El Cajon that I want to sell for $999,000. Want to buy it ? 🙂

[Alex_angel]

This is how this whole real estate mess started. Too many greedy a$$holes trying to buy and then ask for double in less than a year. What is different today is that the dumb sheep buyers aren’t lining up to slaughter like they used to.

[TemekuT]

Alex – please no flippant greedy **** comments. We all know that.

gn – yes, for the average buyer that is so. I am specifically asking those in the business what is going on in very wealthy coastal enclaves.

[(former)FormerSanDiegan]

A single data point on the extreme tail of the distribution is meaningless.

[Alex_angel]

Cliff Robertson is one hell of a salesman. How much did he make on this killing selling at the peak

[Arraya]

These types of markets were not propped up by loose lending standards and speculative buying. So I would assume they are not going to be affected in the same way as “regular” markets that were.

With that said, there was another post a few days ago of a property that sold for 8 million in 05 and 6.5 last month in La Jolla. But I can only imagine that the rules are different because the prices were not artificialy inflated.

From what I read the extremely wealthy are doing very well these days with all the taxes breaks and such. So one could only assume that their RE markets are going up because their incomes are. That would be my guess….

[CMcG]

Interesting. I’ve been in that house. I was friends with the contractor who renovated it in the mid-1980s (if memory serves) and he wanted to show me his work. Robertson wasn’t there. I remember reading a letter he had framed and posted on the wall, dated in the late 1960s. Some studio was telling him that no, he would not be permitted to leave Europe where he was filming a movie to attend that year’s Academy Awards. He ended up winning the Best Actor Oscar…for “Charlie,” I think. Useless trivia, I know. 🙂

[HLS]

Just another shack by the beach….sounds cheap 😉

http://money.aol.com/forbes/realestate/mostexpensivehomes

If you are an intelligent, educated person who just happens to throw a ball well, make curse words rhyme, wear your pants around your knees, or get paid to make movies for the big screen, this might be just a years salary for you. Since you worked so hard to make that kind of money, it would just be one of many homes that you owned, that you probably just paid cash for.

Value ? Comps ? Worth it ? WHO CARES!!
It’s either more money than brains OR ego (or both)

[Ex-SD]

That house was turned into a rental for several years, back in the late 90’s. A business acquaintance of mine was the renter. I was in the home several times and it was very nice. I lost touch with him and then moved out of San Diego a couple of years ago so I didn’t know if he was still renting it……apparently not.

[doublewide]

When I saw this post back in Aug. it got me interested because I used to know the owners.

Kept an eye on the property out of curiosity and now it’s off the radar. Last I saw they’d knocked the price down to 19.5 Mil (still a tidy profit off the 14.5 Mil they bought if for). Did it sell? Or did they just take it off the market?

Looks like the Mrs. bought a place in Del Mar. http://lajolla.whoboughtwhat.com/m/1015911-2362–lozana-road
Per the county web site Grantor/Grantee Index it looks like Ron and Amie bought it, then Ron quit-claimed it to her…Hmmm…Nearest I can tell this property was a tear down then rebuilt in its current grand fashion. Check out the address on Zillow…it’s for SALE for 2.99 Mil. It even says the last sale was 9/27/2008 so it’s been listed since the last sale? All the homes around this one are older and much smaller. This place looks like a fish out of water in this ‘hood but maybe it’ll sell? It makes me wonder if this is something they built as they are in the biz.

These people are part of Pacific Coast Properties. If you got to their web site http://www.paccoastcommunities.com/FindYourHome.asp
you’ll see that they did two developments in Otay Ranch and have two “coming soon”. One is Quail Meadows, a 34 home development in Encinitas and the other is Meadowlark Canyon in San Marcos. I did a little google on both and it seems like they haven’t moved much. The last references I find to them are in 2007 for Quail Meadows
http://www.nctimes.com/articles/2007/04/11/news/coastal/3_44_034_10_07.txt
and 2004 for Meadowlark Canyon
http://www.nctimes.com/articles/2004/09/12/news/inland/san_marcos/9_11_0420_37_08.txt

Per the County grantor/grantee index Meadowlark Canyon has has some easements and licences granted recently…do you suppose they’re still plugging along and builing these places?

Any of you out there know what happened to these developments? Did they get built or do builders sometimes just pull the plug and not spend any more money. I also noticed that each devlopment is called by its own LLC. Quail Meadows Properties LLC and Meadowlark Canyon LLC, is this a thing most builders do, create LLCs w/in the parent company just to keep the money straight?

The Baldwins are small builders (and private I believe) compared to Pardee and the like and I was just curious how those of you in the know thought small companies like this were doing. Do they have lots of reserves from their sales in Otay, hole up for 5-10 years and come out swinging again or do times like this wipe them out because they are constantly spending their profits to play their next hand?

OK, last question..what do you all suppose it REALLY costs per square foot for these builders to build these places? I’ve always wondered how they make such an obscene amount of money. The Baldwins alone have piles – the parents who started the biz back in the day live in some grand palace in Laguna Beach, Ron and Amie scored the La Jolla estate and then there is brother Steven who’s also part of the company and lives in grand style. What is the profit margin on these homes? Their one devlopment in Encinitas was to have 34 homes – each selling for what, say 700K, that’s about 24 Mil…I guess a big chunk of the costs is the land and depending on when you bought the land you could make a KILLING on this project but how much do they really pay in labor and materials do you suppose? I remember when we were in Temecula, they were finishing one devlopment in Crowne Hill behind our house. We’d go up there on Sundays to nose around..trash was literally shoved in the walls between the studs and the drywall (eww, gross), not a right angle in the place, the cheapest shower pans you’ve ever seen (my tupperware is stronger). Oh, it just makes me ill how much money these builders make for such cheap fixtures and crappy work..I’m going to England where I can find a nice stone castle that’s been standing a few hundred years..we really do live in a disposable society, homes are built to be torn down every 15 years. Reminds me why I don’t buy American cars anymore, they’re built to blow their tranny every five years (I worked for Aamco – I saw it first hand)!

OK, I’ll shut up now..Would love to hear anyones feedback who cares to chime in.

Doublewide

[doublewide]

When I saw this post back in Aug. it got me interested because I used to know the owners.

Kept an eye on the property out of curiosity and now it’s off the radar. Last I saw they’d knocked the price down to 19.5 Mil (still a tidy profit off the 14.5 Mil they bought if for). Did it sell? Or did they just take it off the market?

Looks like the Mrs. bought a place in Del Mar. http://lajolla.whoboughtwhat.com/m/1015911-2362–lozana-road
Per the county web site Grantor/Grantee Index it looks like Ron and Amie bought it, then Ron quit-claimed it to her…Hmmm…Nearest I can tell this property was a tear down then rebuilt in its current grand fashion. Check out the address on Zillow…it’s for SALE for 2.99 Mil. It even says the last sale was 9/27/2008 so it’s been listed since the last sale? All the homes around this one are older and much smaller. This place looks like a fish out of water in this ‘hood but maybe it’ll sell? It makes me wonder if this is something they built as they are in the biz.

These people are part of Pacific Coast Properties. If you got to their web site http://www.paccoastcommunities.com/FindYourHome.asp
you’ll see that they did two developments in Otay Ranch and have two “coming soon”. One is Quail Meadows, a 34 home development in Encinitas and the other is Meadowlark Canyon in San Marcos. I did a little google on both and it seems like they haven’t moved much. The last references I find to them are in 2007 for Quail Meadows
http://www.nctimes.com/articles/2007/04/11/news/coastal/3_44_034_10_07.txt
and 2004 for Meadowlark Canyon
http://www.nctimes.com/articles/2004/09/12/news/inland/san_marcos/9_11_0420_37_08.txt

Per the County grantor/grantee index Meadowlark Canyon has has some easements and licences granted recently…do you suppose they’re still plugging along and builing these places?

Any of you out there know what happened to these developments? Did they get built or do builders sometimes just pull the plug and not spend any more money. I also noticed that each devlopment is called by its own LLC. Quail Meadows Properties LLC and Meadowlark Canyon LLC, is this a thing most builders do, create LLCs w/in the parent company just to keep the money straight?

The Baldwins are small builders (and private I believe) compared to Pardee and the like and I was just curious how those of you in the know thought small companies like this were doing. Do they have lots of reserves from their sales in Otay, hole up for 5-10 years and come out swinging again or do times like this wipe them out because they are constantly spending their profits to play their next hand?

OK, last question..what do you all suppose it REALLY costs per square foot for these builders to build these places? I’ve always wondered how they make such an obscene amount of money. The Baldwins alone have piles – the parents who started the biz back in the day live in some grand palace in Laguna Beach, Ron and Amie scored the La Jolla estate and then there is brother Steven who’s also part of the company and lives in grand style. What is the profit margin on these homes? Their one devlopment in Encinitas was to have 34 homes – each selling for what, say 700K, that’s about 24 Mil…I guess a big chunk of the costs is the land and depending on when you bought the land you could make a KILLING on this project but how much do they really pay in labor and materials do you suppose? I remember when we were in Temecula, they were finishing one devlopment in Crowne Hill behind our house. We’d go up there on Sundays to nose around..trash was literally shoved in the walls between the studs and the drywall (eww, gross), not a right angle in the place, the cheapest shower pans you’ve ever seen (my tupperware is stronger). Oh, it just makes me ill how much money these builders make for such cheap fixtures and crappy work..I’m going to England where I can find a nice stone castle that’s been standing a few hundred years..we really do live in a disposable society, homes are built to be torn down every 15 years. Reminds me why I don’t buy American cars anymore, they’re built to blow their tranny every five years (I worked for Aamco – I saw it first hand)!

OK, I’ll shut up now..Would love to hear anyones feedback who cares to chime in.

Doublewide

[doublewide]

When I saw this post back in Aug. it got me interested because I used to know the owners.

Kept an eye on the property out of curiosity and now it’s off the radar. Last I saw they’d knocked the price down to 19.5 Mil (still a tidy profit off the 14.5 Mil they bought if for). Did it sell? Or did they just take it off the market?

Looks like the Mrs. bought a place in Del Mar. http://lajolla.whoboughtwhat.com/m/1015911-2362–lozana-road
Per the county web site Grantor/Grantee Index it looks like Ron and Amie bought it, then Ron quit-claimed it to her…Hmmm…Nearest I can tell this property was a tear down then rebuilt in its current grand fashion. Check out the address on Zillow…it’s for SALE for 2.99 Mil. It even says the last sale was 9/27/2008 so it’s been listed since the last sale? All the homes around this one are older and much smaller. This place looks like a fish out of water in this ‘hood but maybe it’ll sell? It makes me wonder if this is something they built as they are in the biz.

These people are part of Pacific Coast Properties. If you got to their web site http://www.paccoastcommunities.com/FindYourHome.asp
you’ll see that they did two developments in Otay Ranch and have two “coming soon”. One is Quail Meadows, a 34 home development in Encinitas and the other is Meadowlark Canyon in San Marcos. I did a little google on both and it seems like they haven’t moved much. The last references I find to them are in 2007 for Quail Meadows
http://www.nctimes.com/articles/2007/04/11/news/coastal/3_44_034_10_07.txt
and 2004 for Meadowlark Canyon
http://www.nctimes.com/articles/2004/09/12/news/inland/san_marcos/9_11_0420_37_08.txt

Per the County grantor/grantee index Meadowlark Canyon has has some easements and licences granted recently…do you suppose they’re still plugging along and builing these places?

Any of you out there know what happened to these developments? Did they get built or do builders sometimes just pull the plug and not spend any more money. I also noticed that each devlopment is called by its own LLC. Quail Meadows Properties LLC and Meadowlark Canyon LLC, is this a thing most builders do, create LLCs w/in the parent company just to keep the money straight?

The Baldwins are small builders (and private I believe) compared to Pardee and the like and I was just curious how those of you in the know thought small companies like this were doing. Do they have lots of reserves from their sales in Otay, hole up for 5-10 years and come out swinging again or do times like this wipe them out because they are constantly spending their profits to play their next hand?

OK, last question..what do you all suppose it REALLY costs per square foot for these builders to build these places? I’ve always wondered how they make such an obscene amount of money. The Baldwins alone have piles – the parents who started the biz back in the day live in some grand palace in Laguna Beach, Ron and Amie scored the La Jolla estate and then there is brother Steven who’s also part of the company and lives in grand style. What is the profit margin on these homes? Their one devlopment in Encinitas was to have 34 homes – each selling for what, say 700K, that’s about 24 Mil…I guess a big chunk of the costs is the land and depending on when you bought the land you could make a KILLING on this project but how much do they really pay in labor and materials do you suppose? I remember when we were in Temecula, they were finishing one devlopment in Crowne Hill behind our house. We’d go up there on Sundays to nose around..trash was literally shoved in the walls between the studs and the drywall (eww, gross), not a right angle in the place, the cheapest shower pans you’ve ever seen (my tupperware is stronger). Oh, it just makes me ill how much money these builders make for such cheap fixtures and crappy work..I’m going to England where I can find a nice stone castle that’s been standing a few hundred years..we really do live in a disposable society, homes are built to be torn down every 15 years. Reminds me why I don’t buy American cars anymore, they’re built to blow their tranny every five years (I worked for Aamco – I saw it first hand)!

OK, I’ll shut up now..Would love to hear anyones feedback who cares to chime in.

Doublewide

[doublewide]

When I saw this post back in Aug. it got me interested because I used to know the owners.

Kept an eye on the property out of curiosity and now it’s off the radar. Last I saw they’d knocked the price down to 19.5 Mil (still a tidy profit off the 14.5 Mil they bought if for). Did it sell? Or did they just take it off the market?

Looks like the Mrs. bought a place in Del Mar. http://lajolla.whoboughtwhat.com/m/1015911-2362–lozana-road
Per the county web site Grantor/Grantee Index it looks like Ron and Amie bought it, then Ron quit-claimed it to her…Hmmm…Nearest I can tell this property was a tear down then rebuilt in its current grand fashion. Check out the address on Zillow…it’s for SALE for 2.99 Mil. It even says the last sale was 9/27/2008 so it’s been listed since the last sale? All the homes around this one are older and much smaller. This place looks like a fish out of water in this ‘hood but maybe it’ll sell? It makes me wonder if this is something they built as they are in the biz.

These people are part of Pacific Coast Properties. If you got to their web site http://www.paccoastcommunities.com/FindYourHome.asp
you’ll see that they did two developments in Otay Ranch and have two “coming soon”. One is Quail Meadows, a 34 home development in Encinitas and the other is Meadowlark Canyon in San Marcos. I did a little google on both and it seems like they haven’t moved much. The last references I find to them are in 2007 for Quail Meadows
http://www.nctimes.com/articles/2007/04/11/news/coastal/3_44_034_10_07.txt
and 2004 for Meadowlark Canyon
http://www.nctimes.com/articles/2004/09/12/news/inland/san_marcos/9_11_0420_37_08.txt

Per the County grantor/grantee index Meadowlark Canyon has has some easements and licences granted recently…do you suppose they’re still plugging along and builing these places?

Any of you out there know what happened to these developments? Did they get built or do builders sometimes just pull the plug and not spend any more money. I also noticed that each devlopment is called by its own LLC. Quail Meadows Properties LLC and Meadowlark Canyon LLC, is this a thing most builders do, create LLCs w/in the parent company just to keep the money straight?

The Baldwins are small builders (and private I believe) compared to Pardee and the like and I was just curious how those of you in the know thought small companies like this were doing. Do they have lots of reserves from their sales in Otay, hole up for 5-10 years and come out swinging again or do times like this wipe them out because they are constantly spending their profits to play their next hand?

OK, last question..what do you all suppose it REALLY costs per square foot for these builders to build these places? I’ve always wondered how they make such an obscene amount of money. The Baldwins alone have piles – the parents who started the biz back in the day live in some grand palace in Laguna Beach, Ron and Amie scored the La Jolla estate and then there is brother Steven who’s also part of the company and lives in grand style. What is the profit margin on these homes? Their one devlopment in Encinitas was to have 34 homes – each selling for what, say 700K, that’s about 24 Mil…I guess a big chunk of the costs is the land and depending on when you bought the land you could make a KILLING on this project but how much do they really pay in labor and materials do you suppose? I remember when we were in Temecula, they were finishing one devlopment in Crowne Hill behind our house. We’d go up there on Sundays to nose around..trash was literally shoved in the walls between the studs and the drywall (eww, gross), not a right angle in the place, the cheapest shower pans you’ve ever seen (my tupperware is stronger). Oh, it just makes me ill how much money these builders make for such cheap fixtures and crappy work..I’m going to England where I can find a nice stone castle that’s been standing a few hundred years..we really do live in a disposable society, homes are built to be torn down every 15 years. Reminds me why I don’t buy American cars anymore, they’re built to blow their tranny every five years (I worked for Aamco – I saw it first hand)!

OK, I’ll shut up now..Would love to hear anyones feedback who cares to chime in.

Doublewide

[doublewide]

When I saw this post back in Aug. it got me interested because I used to know the owners.

Kept an eye on the property out of curiosity and now it’s off the radar. Last I saw they’d knocked the price down to 19.5 Mil (still a tidy profit off the 14.5 Mil they bought if for). Did it sell? Or did they just take it off the market?

Looks like the Mrs. bought a place in Del Mar. http://lajolla.whoboughtwhat.com/m/1015911-2362–lozana-road
Per the county web site Grantor/Grantee Index it looks like Ron and Amie bought it, then Ron quit-claimed it to her…Hmmm…Nearest I can tell this property was a tear down then rebuilt in its current grand fashion. Check out the address on Zillow…it’s for SALE for 2.99 Mil. It even says the last sale was 9/27/2008 so it’s been listed since the last sale? All the homes around this one are older and much smaller. This place looks like a fish out of water in this ‘hood but maybe it’ll sell? It makes me wonder if this is something they built as they are in the biz.

These people are part of Pacific Coast Properties. If you got to their web site http://www.paccoastcommunities.com/FindYourHome.asp
you’ll see that they did two developments in Otay Ranch and have two “coming soon”. One is Quail Meadows, a 34 home development in Encinitas and the other is Meadowlark Canyon in San Marcos. I did a little google on both and it seems like they haven’t moved much. The last references I find to them are in 2007 for Quail Meadows
http://www.nctimes.com/articles/2007/04/11/news/coastal/3_44_034_10_07.txt
and 2004 for Meadowlark Canyon
http://www.nctimes.com/articles/2004/09/12/news/inland/san_marcos/9_11_0420_37_08.txt

Per the County grantor/grantee index Meadowlark Canyon has has some easements and licences granted recently…do you suppose they’re still plugging along and builing these places?

Any of you out there know what happened to these developments? Did they get built or do builders sometimes just pull the plug and not spend any more money. I also noticed that each devlopment is called by its own LLC. Quail Meadows Properties LLC and Meadowlark Canyon LLC, is this a thing most builders do, create LLCs w/in the parent company just to keep the money straight?

The Baldwins are small builders (and private I believe) compared to Pardee and the like and I was just curious how those of you in the know thought small companies like this were doing. Do they have lots of reserves from their sales in Otay, hole up for 5-10 years and come out swinging again or do times like this wipe them out because they are constantly spending their profits to play their next hand?

OK, last question..what do you all suppose it REALLY costs per square foot for these builders to build these places? I’ve always wondered how they make such an obscene amount of money. The Baldwins alone have piles – the parents who started the biz back in the day live in some grand palace in Laguna Beach, Ron and Amie scored the La Jolla estate and then there is brother Steven who’s also part of the company and lives in grand style. What is the profit margin on these homes? Their one devlopment in Encinitas was to have 34 homes – each selling for what, say 700K, that’s about 24 Mil…I guess a big chunk of the costs is the land and depending on when you bought the land you could make a KILLING on this project but how much do they really pay in labor and materials do you suppose? I remember when we were in Temecula, they were finishing one devlopment in Crowne Hill behind our house. We’d go up there on Sundays to nose around..trash was literally shoved in the walls between the studs and the drywall (eww, gross), not a right angle in the place, the cheapest shower pans you’ve ever seen (my tupperware is stronger). Oh, it just makes me ill how much money these builders make for such cheap fixtures and crappy work..I’m going to England where I can find a nice stone castle that’s been standing a few hundred years..we really do live in a disposable society, homes are built to be torn down every 15 years. Reminds me why I don’t buy American cars anymore, they’re built to blow their tranny every five years (I worked for Aamco – I saw it first hand)!

OK, I’ll shut up now..Would love to hear anyones feedback who cares to chime in.

Doublewide

[Author]

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