North County Coastal monitor

[ncsd760]

profhoff we actually live in the OTHER newer-off-Vulcan < 3000 square foot tract...though we considered the neighborhood you're speaking of since they were being built at the time and were the comps on our appraisal. There are a few nice lots but the lots felt a bit more cramped than where we ended up (and our lot). I do think that those are fantastic floorplans. RE: the streetscape/roundabout I am personally excited though some neighbors detest it and I expect them to sell when the project is said and done. sdr I would love your thoughts on how that will impact prices and I think this may be an extension of your Encinitas theory where locals are going to leave as it changes from NYC/Bay area transplants or just newer out of area money. Yes that home is along my dog walking and Pannikin-jogging route. Terrible floods and that ADU killed the yard. I would not have considered the ones facing Hymettus since I prefer to not have a house "flagstone" to me. I am losing my mind at Fulvia $3.8 pending and also the ugly one on Paxton pending at $2.8. The one on Paxton at least has a better lot though that floorplan was odd when new and is odder still a decade lader.

[sdrealtor]

PH, yes a 1 story is a major score and I dont see under 1.5 for anything like what you have to sell. In Leucadia you dont need a huge yard, just space to create a nice outdoor environment or two to enjoy.

Lots of really good solid agents around here. Ive worked with many that are very good and Im sure you got one of em now

[sdrealtor]

ncsd
I think its everything going up. I know Sitio Caliente very well and while Brisa might be a little closer in the Colrich homes are much nicer especially those with views. Sold one to a client on the canyon with downstairs master when new and hard to give away back in 11. They ultimately decided they never used the upstairs and traded up to nice one story with a view nearby which is always a struggle to find. It took a few years to do it but they are in a great forever spot.

Listed another there a few years ago on the canyon when it was next to impossible to sell a house in 92009 for over 1.3M. Back then these homes were viewed as practically SEH. My how things have changed with SEH blowing up the last couple years along with the coast.

That Fulvia home brings back fond memories. Back in the early days on this blog during the end of the bubble 05/06, I spent a lot of time trying to explain how the prime coastal spots were in very strong hands and would get sold off when things corrected. One poster found the Fulvia parcel on google maps and was trying to convince me he’d someday buy the whole thing for a few hundred K when things melted down. I set him straight that would never happen and it would held until the market would value it approriately. He vanished long ago and IIRC ended up somewhere in the Inland Empire

[profhoff]

Re: Fulvia, now we get to see what somebody does with the lot on Fulvia and Leucadia Blvd. Sold last year, but no action yet. My guess is several big bombers with ocean view.

[sdrealtor]

On the streetscape/roundabout issue I dont see much of an impact beyond annoyance factor to locals. I think its a micro force and the macro forces are just too pwoerful in the area and ready for yet another leg up. Once the pandemic passes the completely re-done Hyatt formerly Four Seasons and La Costa Resort are gonna be a huge draw with access to a greatly improved beach area. The Alila marea opens soon and it is gonna have a massive impact on the area IMO. The Seabluffe folks who complained about it being built because they didnt want the vacation rental competition or traffic are gonna be huge beneficiaries. A room there starts at $4000 a week while a 2 or 3BR non view property in Seabluffe goes for $3K a week. Once you fall in love with the area why would you not prefer a private large home right next door. Prices should soar in there for rentals and sales.

I beleive that new resort will attract billionaires, pro athletes, celebrities and the very wealthy families looking for a true oceanfront beach resort in SD. While I have mixed personal feelings about it overtaking the pristine location, I am confident its gonna be a bonanza bringing a lot of focus to this area among the very very wealthy not just in the US but abroad. It will be our version of the Laguna Montage with a world class restarant in the works.

While there will always be bumps in the road over time I see nothing but boom times for property owners down there with spillover out to me as well. Hope thats what you like:)

[ncsd760]

sdr I agree with your take and am glad to hear it from a real industry expert since of course, I am biased. Bay Laurel prices have gone up a bit though no sales here since the two in fall and the cheaper of the two was all original and has since been redone.

I would say the lot on Fulvia and then the 2 BIG lots on the corner of Hygeia and Glaucus are maybe the last opportunities to subdivide and build 6+ homes as far as west of 5 funky town is concerned.

I know something is supposed to happen with that old greenhouse just west of the La Costa Ave chevron but I can’t find plans anywhere and have only seen the rendering for the apartments they want to put on Matteson’s Florist.

[gzz]

Re last undeveloped lots in Encinitas, I nearly purchased a plant nursery undeveloped lot in 2011. I recall it was bordering the 5 and maybe .6 acres, I forgot which side.

Basically my screen on zillow was large lots and low price near the coast.

I got a large underdeveloped lot in OB instead. The correct answer in retrospect was “¿Porque no los dos?”

[profhoff]

ncsd760 – re: the 48 proposed houses in the development west of 5 off La Costa, if you google various combos of “David Meyer,” “David Meyer consultant,” “DCM Properties,” and “Weston family,” with or without keywords like “Batiquitos Lagoon,” and “48-unit” a lot of info will come up about the development, including the lawsuits, appeals, and plans.

From my read, it looks like the project has survived the latest appeal by the Batiquitos Lagoon Foundation to the Coastal Commission.

44 of the houses will be market rate and only 4 will be affordable as part of a density bonus deal.

[Hobie]

Would any of you know if there are any plans for the vacant land E of 5– South of La Costa Ave, east of Piraeus, and north of Sky Loft.

[sdrealtor]

Thanks but I half recoil and half laugh when referred to as an “industry expert” as the term is so overused and abused by all the “neighborhood experts”. Just a guy with a deep experience as market analyst in prior careers 20+ years ago applying that to my passion for following real estate especially in our micro market. While I have a very strong track record with my predictions they are simply opinions albeit I like to think well informed and fact based.

Since the last BL sales in Fall I’d comfortably add at least 150 to 200K if not more without even looking at surrounding markets. Its that hot. Nice neighborhood I spent a fair amount dropping my son of to a friend whose family lives there until they all started driving. It will and should continue to do well.

Im not sure exactly where i read it, likely one of the local facebook groups but here are some things going on. The land by the Chevron is set to be developed into a bunch of single family homes. Im not sure if its a separate parcel but there was talk of a road side motel there at one time. Also just south of the Alila Marea from Robertos North there is developement under review for a variety of condos, hotel, timeshare etc. At some point its gonna get torn down and redveloped there also.

And then there is the big greenhouses at Vulcan where they proposed an ugly apartment complex that looked more like a generic assisted living facility. Hopefully something nicer designed gets put there.

I dont know the status of Hygeia/Glaucus but that is a nice large parcel that will get subdivided someday. I also wonder about the palm tree lot at Eolus and Leucadia and if someday that will get carved up.

The area is really in the midst of a renaisance and Im proud to have put together what I’d argue was the best deal anyone got west of 5 during the downturn. Sold a good friend a property that literally looks like a gated Brentwood estate for just over $1M ten years ago. Its gotta be well north of $3M now if not approaching $4M. He’s the biggest winner

[sdrealtor]

[quote=Hobie]Would any of you know if there are any plans for the vacant land E of 5– South of La Costa Ave, east of Piraeus, and north of Sky Loft.[/quote]

last I heard someone was tryig to build a senior facility there (assisted living/skilled nursing)

[sdrealtor]

[quote=profhoff]ncsd760 – re: the 48 proposed houses in the development west of 5 off La Costa, if you google various combos of “David Meyer,” “David Meyer consultant,” “DCM Properties,” and “Weston family,” with or without keywords like “Batiquitos Lagoon,” and “48-unit” a lot of info will come up about the development, including the lawsuits, appeals, and plans.

From my read, it looks like the project has survived the latest appeal by the Batiquitos Lagoon Foundation to the Coastal Commission.

44 of the houses will be market rate and only 4 will be affordable as part of a density bonus deal.[/quote]

FWIW David Meyer is married to one of Ecke’s

[sdrealtor]

[quote=gzz]Re last undeveloped lots in Encinitas, I nearly purchased a plant nursery undeveloped lot in 2011. I recall it was bordering the 5 and maybe .6 acres, I forgot which side.

Basically my screen on zillow was large lots and low price near the coast.

I got a large underdeveloped lot in OB instead. The correct answer in retrospect was “¿Porque no los dos?”[/quote]

Those lots always struggle and always will relative to others. The freeway widening certainly wont help. I think you made the right call of the two

[profhoff]

Hobie – if I’m not mistaken, the property you are talking about is referred to as the “Cannon Property (Piraeus site)” and sometimes “Project 2” in Encinitas docs.

http://encinitas.granicus.com/MetaViewer.php?view_id=7&clip_id=1771&meta_id=88933

There are not that many sites left, so it’s going to be interesting to see how Encinitas builds out.

[profhoff]

sdrealtor – regarding lots basically ON the 5 struggling, have you seen this? Another head exploding listing. Your backyard is literally the 5 freeway. $1.8m. Let’s see how long it takes to go pending. $1.8m on Portofino!

https://www.redfin.com/CA/Del-Mar/13639-Portofino-Dr-92014/home/4438364

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