Point Loma reducing a little

[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.

[UCGal]

It will be more expensive to develop a hillside property – our granny flat was hillside development.

They buyer will probably need separate permits for:
*civil engineering (drainage and grading)
* structural (retaining walls).
This is in addition to the regular building permit.

Our project had 3 separate permits, 2 different city inspector departments (building services and city engineering), 3 different engineers (structural for the building, structural for the retaining walls, civil for the grading plan.).

And if there are deep footings for the retaining walls – better make sure your grader is OSHA certified. That limits your pool of grading contractors.

Add about $100k to the project before you even consider the building portion of the project.

[UCGal]

It will be more expensive to develop a hillside property – our granny flat was hillside development.

They buyer will probably need separate permits for:
*civil engineering (drainage and grading)
* structural (retaining walls).
This is in addition to the regular building permit.

Our project had 3 separate permits, 2 different city inspector departments (building services and city engineering), 3 different engineers (structural for the building, structural for the retaining walls, civil for the grading plan.).

And if there are deep footings for the retaining walls – better make sure your grader is OSHA certified. That limits your pool of grading contractors.

Add about $100k to the project before you even consider the building portion of the project.

[UCGal]

It will be more expensive to develop a hillside property – our granny flat was hillside development.

They buyer will probably need separate permits for:
*civil engineering (drainage and grading)
* structural (retaining walls).
This is in addition to the regular building permit.

Our project had 3 separate permits, 2 different city inspector departments (building services and city engineering), 3 different engineers (structural for the building, structural for the retaining walls, civil for the grading plan.).

And if there are deep footings for the retaining walls – better make sure your grader is OSHA certified. That limits your pool of grading contractors.

Add about $100k to the project before you even consider the building portion of the project.

[UCGal]

It will be more expensive to develop a hillside property – our granny flat was hillside development.

They buyer will probably need separate permits for:
*civil engineering (drainage and grading)
* structural (retaining walls).
This is in addition to the regular building permit.

Our project had 3 separate permits, 2 different city inspector departments (building services and city engineering), 3 different engineers (structural for the building, structural for the retaining walls, civil for the grading plan.).

And if there are deep footings for the retaining walls – better make sure your grader is OSHA certified. That limits your pool of grading contractors.

Add about $100k to the project before you even consider the building portion of the project.

[UCGal]

It will be more expensive to develop a hillside property – our granny flat was hillside development.

They buyer will probably need separate permits for:
*civil engineering (drainage and grading)
* structural (retaining walls).
This is in addition to the regular building permit.

Our project had 3 separate permits, 2 different city inspector departments (building services and city engineering), 3 different engineers (structural for the building, structural for the retaining walls, civil for the grading plan.).

And if there are deep footings for the retaining walls – better make sure your grader is OSHA certified. That limits your pool of grading contractors.

Add about $100k to the project before you even consider the building portion of the project.

[bearishgurl]

[quote=UCGal] . . . And if there are deep footings for the retaining walls – better make sure your grader is OSHA certified. That limits your pool of grading contractors.

Add about $100k to the project before you even consider the building portion of the project.[/quote]

I completely agree, UCGal. I thought about the expensive retaining walls when realizing that a heavily sloped driveway would need to be built right next to the house if it were to be on the upper lot only.

I have found plans online for these types of side-to-side-sloping steep lots and they are far and few between, most with storage areas and patio or rear-entry garages under a deck. There is no alley in this particular block.

It will be challenging for this new owner but I believe it will still be quite profitable or he/she will be happy with the final result to live in if he knows what he is doing, the order he is doing it in and does not waste mat’ls/labor. This street will bear the price. About two blocks upslope from there, in the vicinity north of Plum, rehabbed properties become prohibitively expensive.

It is very rare to find one available “infill” lot in 92106, let alone two adjacent ones. This buyer is very fortunate, IMHO.

[bearishgurl]

[quote=UCGal] . . . And if there are deep footings for the retaining walls – better make sure your grader is OSHA certified. That limits your pool of grading contractors.

Add about $100k to the project before you even consider the building portion of the project.[/quote]

I completely agree, UCGal. I thought about the expensive retaining walls when realizing that a heavily sloped driveway would need to be built right next to the house if it were to be on the upper lot only.

I have found plans online for these types of side-to-side-sloping steep lots and they are far and few between, most with storage areas and patio or rear-entry garages under a deck. There is no alley in this particular block.

It will be challenging for this new owner but I believe it will still be quite profitable or he/she will be happy with the final result to live in if he knows what he is doing, the order he is doing it in and does not waste mat’ls/labor. This street will bear the price. About two blocks upslope from there, in the vicinity north of Plum, rehabbed properties become prohibitively expensive.

It is very rare to find one available “infill” lot in 92106, let alone two adjacent ones. This buyer is very fortunate, IMHO.

[bearishgurl]

[quote=UCGal] . . . And if there are deep footings for the retaining walls – better make sure your grader is OSHA certified. That limits your pool of grading contractors.

Add about $100k to the project before you even consider the building portion of the project.[/quote]

I completely agree, UCGal. I thought about the expensive retaining walls when realizing that a heavily sloped driveway would need to be built right next to the house if it were to be on the upper lot only.

I have found plans online for these types of side-to-side-sloping steep lots and they are far and few between, most with storage areas and patio or rear-entry garages under a deck. There is no alley in this particular block.

It will be challenging for this new owner but I believe it will still be quite profitable or he/she will be happy with the final result to live in if he knows what he is doing, the order he is doing it in and does not waste mat’ls/labor. This street will bear the price. About two blocks upslope from there, in the vicinity north of Plum, rehabbed properties become prohibitively expensive.

It is very rare to find one available “infill” lot in 92106, let alone two adjacent ones. This buyer is very fortunate, IMHO.

[bearishgurl]

[quote=UCGal] . . . And if there are deep footings for the retaining walls – better make sure your grader is OSHA certified. That limits your pool of grading contractors.

Add about $100k to the project before you even consider the building portion of the project.[/quote]

I completely agree, UCGal. I thought about the expensive retaining walls when realizing that a heavily sloped driveway would need to be built right next to the house if it were to be on the upper lot only.

I have found plans online for these types of side-to-side-sloping steep lots and they are far and few between, most with storage areas and patio or rear-entry garages under a deck. There is no alley in this particular block.

It will be challenging for this new owner but I believe it will still be quite profitable or he/she will be happy with the final result to live in if he knows what he is doing, the order he is doing it in and does not waste mat’ls/labor. This street will bear the price. About two blocks upslope from there, in the vicinity north of Plum, rehabbed properties become prohibitively expensive.

It is very rare to find one available “infill” lot in 92106, let alone two adjacent ones. This buyer is very fortunate, IMHO.

[bearishgurl]

[quote=UCGal] . . . And if there are deep footings for the retaining walls – better make sure your grader is OSHA certified. That limits your pool of grading contractors.

Add about $100k to the project before you even consider the building portion of the project.[/quote]

I completely agree, UCGal. I thought about the expensive retaining walls when realizing that a heavily sloped driveway would need to be built right next to the house if it were to be on the upper lot only.

I have found plans online for these types of side-to-side-sloping steep lots and they are far and few between, most with storage areas and patio or rear-entry garages under a deck. There is no alley in this particular block.

It will be challenging for this new owner but I believe it will still be quite profitable or he/she will be happy with the final result to live in if he knows what he is doing, the order he is doing it in and does not waste mat’ls/labor. This street will bear the price. About two blocks upslope from there, in the vicinity north of Plum, rehabbed properties become prohibitively expensive.

It is very rare to find one available “infill” lot in 92106, let alone two adjacent ones. This buyer is very fortunate, IMHO.

[jpinpb]

I think they got a pretty good deal. 540 Gage Ln.
Originally the wish LP was $3,295,000.
MLS#: 100072738
Beds/Baths: 3 / 4
Est Square Feet: 3,509 sf
PPSF: $527
Lot Size: 49,223 sf

It just closed for $1,850,000. That’s 2002 pricing, but when you factor in the low interest rates, I think for La Playa, they did well.

[jpinpb]

I think they got a pretty good deal. 540 Gage Ln.
Originally the wish LP was $3,295,000.
MLS#: 100072738
Beds/Baths: 3 / 4
Est Square Feet: 3,509 sf
PPSF: $527
Lot Size: 49,223 sf

It just closed for $1,850,000. That’s 2002 pricing, but when you factor in the low interest rates, I think for La Playa, they did well.

[jpinpb]

I think they got a pretty good deal. 540 Gage Ln.
Originally the wish LP was $3,295,000.
MLS#: 100072738
Beds/Baths: 3 / 4
Est Square Feet: 3,509 sf
PPSF: $527
Lot Size: 49,223 sf

It just closed for $1,850,000. That’s 2002 pricing, but when you factor in the low interest rates, I think for La Playa, they did well.

[jpinpb]

I think they got a pretty good deal. 540 Gage Ln.
Originally the wish LP was $3,295,000.
MLS#: 100072738
Beds/Baths: 3 / 4
Est Square Feet: 3,509 sf
PPSF: $527
Lot Size: 49,223 sf

It just closed for $1,850,000. That’s 2002 pricing, but when you factor in the low interest rates, I think for La Playa, they did well.

[Author]

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