Point Loma reducing a little

[bearishgurl]

[quote=jpinpb]Land value in PL w/a view now PPSF $96.
3228 Carleton sold for 265k. Someone is going to be building a nice house. Average/median PPSF is about $450. I’m thinking they can build a nice place for considerably less and be able to sell it for a profit. Hopefully it will be someone who will build their dream home and stay. But chances are not.[/quote]

Appraiser note: Due to engineering defaults in the foundation (by City inspections) and lack of prescriptive easement sales price was negatively adjusted.

Lot Information

4,000 to 7,499 Sq. Ft.
Lot Size Source: Assessor Record
Steep Slope
APN: 531-313-03-00
Tax Parcel: 3228Carleton92106

Jul 22, 2011 Sold (MLS) (Sold) $265,000 — Inactive SANDICOR #110008208
Feb 16, 2011 Pending (Contingent) — — Inactive SANDICOR #110008208
Feb 08, 2011 Listed (Active) $299,000 — Inactive SANDICOR #110008208
Feb 11, 2005 Sold (Public Records) $506,500 — Public Records

I haven’t been to the site but it sounds like the buyer in 2005 intended to rebuild for a profit (actually got a 2nd TD “approved” on this monstrosity) but ran into some problems. Apparently the last occupants (before the City condemned the bldg) were using part of a neighbor’s lot for drainage, an overhanging deck or driveway encroachment, etc that they never bothered to perfect.

It’s also possible that the property above them had an easement on their (view) airspace and the pre-2005 owners infringed upon it by building up and then quit. It kind of looks like it was never properly finished.

The new buyer might have to pay for a survey and file a “quiet title” action on the owners of the adjoining parcel. Or perhaps that adjoining parcel already filed one on the 2005 owner and it’s still ongoing … or they already won.

Even though there are demo costs involved here and a steep slope, it’s still worth $300K. It’s nothing that a bulldozer and compactor can’t fix.

Good buy! Thanks for sharing.

[bearishgurl]

Acc to the map, the vacant adjoining lot is downslope. It appears to be the makeshift driveway that was encroaching on the adjoining lot.

It is unclear if this new buyer purchased both lots but likely he/she can find a plan which would include a sloped driveway next to the house on this lot.

It is unbelievable to me that an owner in this highly desirable urban area would attempt to steal up to a third of a vacant adjoining lot for ingress/egress in broad daylight and not expect repercussions!!

[bearishgurl]

Acc to the map, the vacant adjoining lot is downslope. It appears to be the makeshift driveway that was encroaching on the adjoining lot.

It is unclear if this new buyer purchased both lots but likely he/she can find a plan which would include a sloped driveway next to the house on this lot.

It is unbelievable to me that an owner in this highly desirable urban area would attempt to steal up to a third of a vacant adjoining lot for ingress/egress in broad daylight and not expect repercussions!!

[bearishgurl]

Acc to the map, the vacant adjoining lot is downslope. It appears to be the makeshift driveway that was encroaching on the adjoining lot.

It is unclear if this new buyer purchased both lots but likely he/she can find a plan which would include a sloped driveway next to the house on this lot.

It is unbelievable to me that an owner in this highly desirable urban area would attempt to steal up to a third of a vacant adjoining lot for ingress/egress in broad daylight and not expect repercussions!!

[bearishgurl]

Acc to the map, the vacant adjoining lot is downslope. It appears to be the makeshift driveway that was encroaching on the adjoining lot.

It is unclear if this new buyer purchased both lots but likely he/she can find a plan which would include a sloped driveway next to the house on this lot.

It is unbelievable to me that an owner in this highly desirable urban area would attempt to steal up to a third of a vacant adjoining lot for ingress/egress in broad daylight and not expect repercussions!!

[bearishgurl]

Acc to the map, the vacant adjoining lot is downslope. It appears to be the makeshift driveway that was encroaching on the adjoining lot.

It is unclear if this new buyer purchased both lots but likely he/she can find a plan which would include a sloped driveway next to the house on this lot.

It is unbelievable to me that an owner in this highly desirable urban area would attempt to steal up to a third of a vacant adjoining lot for ingress/egress in broad daylight and not expect repercussions!!

[pemeliza]

According to zillow

http://www.zillow.com/homedetails/3228-Carleton-St-San-Diego-CA-92106/17063600_zpid/#{scid=hdp-site-map-bubble-address}

there were two side by side lots for sale.

Also, if you look at zillow

http://www.zillow.com/homedetails/3226-Carleton-St-San-Diego-CA-92106/99527574_zpid/#{scid=hdp-site-map-bubble-address}

the adjacent 5k sq. ft. lot at 3226 Carleton just sold for 190k in June 2011 (sold for 506.5k in 2005).

So the buyer of 3228 probably paid 190+265 = 455k for both lots. Still a pretty good price for a 10k sq. ft. lot in that area with those views.

[pemeliza]

According to zillow

http://www.zillow.com/homedetails/3228-Carleton-St-San-Diego-CA-92106/17063600_zpid/#{scid=hdp-site-map-bubble-address}

there were two side by side lots for sale.

Also, if you look at zillow

http://www.zillow.com/homedetails/3226-Carleton-St-San-Diego-CA-92106/99527574_zpid/#{scid=hdp-site-map-bubble-address}

the adjacent 5k sq. ft. lot at 3226 Carleton just sold for 190k in June 2011 (sold for 506.5k in 2005).

So the buyer of 3228 probably paid 190+265 = 455k for both lots. Still a pretty good price for a 10k sq. ft. lot in that area with those views.

[pemeliza]

According to zillow

http://www.zillow.com/homedetails/3228-Carleton-St-San-Diego-CA-92106/17063600_zpid/#{scid=hdp-site-map-bubble-address}

there were two side by side lots for sale.

Also, if you look at zillow

http://www.zillow.com/homedetails/3226-Carleton-St-San-Diego-CA-92106/99527574_zpid/#{scid=hdp-site-map-bubble-address}

the adjacent 5k sq. ft. lot at 3226 Carleton just sold for 190k in June 2011 (sold for 506.5k in 2005).

So the buyer of 3228 probably paid 190+265 = 455k for both lots. Still a pretty good price for a 10k sq. ft. lot in that area with those views.

[pemeliza]

According to zillow

http://www.zillow.com/homedetails/3228-Carleton-St-San-Diego-CA-92106/17063600_zpid/#{scid=hdp-site-map-bubble-address}

there were two side by side lots for sale.

Also, if you look at zillow

http://www.zillow.com/homedetails/3226-Carleton-St-San-Diego-CA-92106/99527574_zpid/#{scid=hdp-site-map-bubble-address}

the adjacent 5k sq. ft. lot at 3226 Carleton just sold for 190k in June 2011 (sold for 506.5k in 2005).

So the buyer of 3228 probably paid 190+265 = 455k for both lots. Still a pretty good price for a 10k sq. ft. lot in that area with those views.

[pemeliza]

According to zillow

http://www.zillow.com/homedetails/3228-Carleton-St-San-Diego-CA-92106/17063600_zpid/#{scid=hdp-site-map-bubble-address}

there were two side by side lots for sale.

Also, if you look at zillow

http://www.zillow.com/homedetails/3226-Carleton-St-San-Diego-CA-92106/99527574_zpid/#{scid=hdp-site-map-bubble-address}

the adjacent 5k sq. ft. lot at 3226 Carleton just sold for 190k in June 2011 (sold for 506.5k in 2005).

So the buyer of 3228 probably paid 190+265 = 455k for both lots. Still a pretty good price for a 10k sq. ft. lot in that area with those views.

[bearishgurl]

[quote=pemeliza]…So the buyer of 3228 probably paid 190+265 = 455k for both lots. Still a pretty good price for a 10k sq. ft. lot in that area with those views.[/quote]

Plus perhaps $15K-$30K to satisfy that pesky 2nd TD holder 🙂

Even $475K+ is less than the 2005 buyer paid for the ONE upslope lot (w/demo costs associated with it).

If this new buyer now owns 10K+ sf, he will have to adjoin the parcels if he wants to build one home covering both of them. That’s not near as time-consuming as splitting a lot.

With that size new lot (and the ability to build a second story), the new buyer can build a luxury home which can command at least $1.5M, IMO, due to second story views, with a less-sloped quarter-turn driveway.

It will be interesting to see what happens here.

[bearishgurl]

[quote=pemeliza]…So the buyer of 3228 probably paid 190+265 = 455k for both lots. Still a pretty good price for a 10k sq. ft. lot in that area with those views.[/quote]

Plus perhaps $15K-$30K to satisfy that pesky 2nd TD holder 🙂

Even $475K+ is less than the 2005 buyer paid for the ONE upslope lot (w/demo costs associated with it).

If this new buyer now owns 10K+ sf, he will have to adjoin the parcels if he wants to build one home covering both of them. That’s not near as time-consuming as splitting a lot.

With that size new lot (and the ability to build a second story), the new buyer can build a luxury home which can command at least $1.5M, IMO, due to second story views, with a less-sloped quarter-turn driveway.

It will be interesting to see what happens here.

[bearishgurl]

[quote=pemeliza]…So the buyer of 3228 probably paid 190+265 = 455k for both lots. Still a pretty good price for a 10k sq. ft. lot in that area with those views.[/quote]

Plus perhaps $15K-$30K to satisfy that pesky 2nd TD holder 🙂

Even $475K+ is less than the 2005 buyer paid for the ONE upslope lot (w/demo costs associated with it).

If this new buyer now owns 10K+ sf, he will have to adjoin the parcels if he wants to build one home covering both of them. That’s not near as time-consuming as splitting a lot.

With that size new lot (and the ability to build a second story), the new buyer can build a luxury home which can command at least $1.5M, IMO, due to second story views, with a less-sloped quarter-turn driveway.

It will be interesting to see what happens here.

[bearishgurl]

[quote=pemeliza]…So the buyer of 3228 probably paid 190+265 = 455k for both lots. Still a pretty good price for a 10k sq. ft. lot in that area with those views.[/quote]

Plus perhaps $15K-$30K to satisfy that pesky 2nd TD holder 🙂

Even $475K+ is less than the 2005 buyer paid for the ONE upslope lot (w/demo costs associated with it).

If this new buyer now owns 10K+ sf, he will have to adjoin the parcels if he wants to build one home covering both of them. That’s not near as time-consuming as splitting a lot.

With that size new lot (and the ability to build a second story), the new buyer can build a luxury home which can command at least $1.5M, IMO, due to second story views, with a less-sloped quarter-turn driveway.

It will be interesting to see what happens here.

[Author]

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