Ridiculous in PB?

[SHILOH]

Here is the prop description:
2 beautifully remodeled homes on an oversized (7250 sf) lot in North Pacific Beach, a few blocks from the Beach, Tourmaline Surf Park, and BIRDROCK ELEMENTARY SCHOOL! Both homes have their own garage plus 2 parking spaces, professionally landscaped (tropical) PRIVATE yards with timed sprinklers, and a gas fireplace. Front home (860) is 1635 sf, 3 bedroom, 2 bath, with huge family room (great room)and large attic storage area. Granite Counters, Natural Cherry cabinets, gorgeous wood floors in main living areas, Travertine bathrooms. Top shelf, major remodel! Currently rented for $3800 per month. Back house (862) is a two story, 1232 sf chalet with 2 bedrooms, 2 baths plus a large loft

This is definitely worth more than $550K

[socrattt]

The truth about PB is it is a dump and until the city decides to start pulling liquor licenses from bars, that little quaint place that used to have potential in the mid 90’s will only go down in flames with the rest of the market. My guess is PB will be one of the worst hit costal markets from Pt. Loma to Carlsbad. The crime in PB is terrible, the traffic is a mess and if you don’t witness something completely out of the ordinary on a drive down Garnet consider yourself blessed.

Those qualifying for homes in PB are a younger crowd many who in the past few years were able to afford a $700K-$1mil with little down on 3-5 year arms. As these loans reset most will need to foreclose. I do agree PB is a great little costal community, especially when the city actually stepped up and took care of it, but as this market exploded so did the little town of PB. The partiers who love that town will eventually leave because they won’t be able to afford it. Survival of the fittest for renters.

[socrattt]

The truth about PB is it is a dump and until the city decides to start pulling liquor licenses from bars, that little quaint place that used to have potential in the mid 90’s will only go down in flames with the rest of the market. My guess is PB will be one of the worst hit costal markets from Pt. Loma to Carlsbad. The crime in PB is terrible, the traffic is a mess and if you don’t witness something completely out of the ordinary on a drive down Garnet consider yourself blessed.

Those qualifying for homes in PB are a younger crowd many who in the past few years were able to afford a $700K-$1mil with little down on 3-5 year arms. As these loans reset most will need to foreclose. I do agree PB is a great little costal community, especially when the city actually stepped up and took care of it, but as this market exploded so did the little town of PB. The partiers who love that town will eventually leave because they won’t be able to afford it. Survival of the fittest for renters.

[socrattt]

The truth about PB is it is a dump and until the city decides to start pulling liquor licenses from bars, that little quaint place that used to have potential in the mid 90’s will only go down in flames with the rest of the market. My guess is PB will be one of the worst hit costal markets from Pt. Loma to Carlsbad. The crime in PB is terrible, the traffic is a mess and if you don’t witness something completely out of the ordinary on a drive down Garnet consider yourself blessed.

Those qualifying for homes in PB are a younger crowd many who in the past few years were able to afford a $700K-$1mil with little down on 3-5 year arms. As these loans reset most will need to foreclose. I do agree PB is a great little costal community, especially when the city actually stepped up and took care of it, but as this market exploded so did the little town of PB. The partiers who love that town will eventually leave because they won’t be able to afford it. Survival of the fittest for renters.

[Anonymous]

I haven’t posted here before, but this thread is interesting to me. I’ve lived in PB for the past 15 years, I own my home, and I think the post above is inaccurate in its description of the area. In the past several months, I am still seeing what would likely be considered tear downs selling for more than $700,000 (2 on Law street most recently (July) in the 1200 and 1300 blocks), a 1200 square foot with an unusual configuration in the 1300 block of Law sell for $940,000 a few months back, a 2 bedroom on a small lot on Loring, down near Dawes went for more than $800,000 in late June.

I have not seen any reduction in sales prices for single family homes, and 3 bedroom condos on good streets, or even the new ones on not so great streets are still selling for what I consider to be pretty high prices: e.g. new construction on Lamont Street called “Thomas Lane”, not even a particularly great location, 3 BR condos, about $700,000. A 3 BR condo, not so nice right near Ingraham, 80s construction just closed for $621,000.

I have seen that property on Agate. Based on location, the fact that it is 2 separate homes, and the fact that up the street in Bird Rock, they seem to still be getting more than that for under 1000 square foot homes, the asking price is not really out there.

[Anonymous]

I haven’t posted here before, but this thread is interesting to me. I’ve lived in PB for the past 15 years, I own my home, and I think the post above is inaccurate in its description of the area. In the past several months, I am still seeing what would likely be considered tear downs selling for more than $700,000 (2 on Law street most recently (July) in the 1200 and 1300 blocks), a 1200 square foot with an unusual configuration in the 1300 block of Law sell for $940,000 a few months back, a 2 bedroom on a small lot on Loring, down near Dawes went for more than $800,000 in late June.

I have not seen any reduction in sales prices for single family homes, and 3 bedroom condos on good streets, or even the new ones on not so great streets are still selling for what I consider to be pretty high prices: e.g. new construction on Lamont Street called “Thomas Lane”, not even a particularly great location, 3 BR condos, about $700,000. A 3 BR condo, not so nice right near Ingraham, 80s construction just closed for $621,000.

I have seen that property on Agate. Based on location, the fact that it is 2 separate homes, and the fact that up the street in Bird Rock, they seem to still be getting more than that for under 1000 square foot homes, the asking price is not really out there.

[Anonymous]

I haven’t posted here before, but this thread is interesting to me. I’ve lived in PB for the past 15 years, I own my home, and I think the post above is inaccurate in its description of the area. In the past several months, I am still seeing what would likely be considered tear downs selling for more than $700,000 (2 on Law street most recently (July) in the 1200 and 1300 blocks), a 1200 square foot with an unusual configuration in the 1300 block of Law sell for $940,000 a few months back, a 2 bedroom on a small lot on Loring, down near Dawes went for more than $800,000 in late June.

I have not seen any reduction in sales prices for single family homes, and 3 bedroom condos on good streets, or even the new ones on not so great streets are still selling for what I consider to be pretty high prices: e.g. new construction on Lamont Street called “Thomas Lane”, not even a particularly great location, 3 BR condos, about $700,000. A 3 BR condo, not so nice right near Ingraham, 80s construction just closed for $621,000.

I have seen that property on Agate. Based on location, the fact that it is 2 separate homes, and the fact that up the street in Bird Rock, they seem to still be getting more than that for under 1000 square foot homes, the asking price is not really out there.

[FoamFinger1]

I have to agree, PB is going down the hole as beach community. The Calif beach culture was easy going. Many now take that for “do whatever you want, whenever you want regardless”.

The condos I looked at around here had the bedrooms on the first floor with the kitchnen and last bedroom up top. I found this odd at first, then realized in a few years one could partion that hallway off and you now have rental units (student dorms)all on the first level separate from the main living quarters.

As ugly of a thought as that might be, this is the financial and social makeup of this comunity. This is the future for PB. Never-ending spring break.

[FoamFinger1]

I have to agree, PB is going down the hole as beach community. The Calif beach culture was easy going. Many now take that for “do whatever you want, whenever you want regardless”.

The condos I looked at around here had the bedrooms on the first floor with the kitchnen and last bedroom up top. I found this odd at first, then realized in a few years one could partion that hallway off and you now have rental units (student dorms)all on the first level separate from the main living quarters.

As ugly of a thought as that might be, this is the financial and social makeup of this comunity. This is the future for PB. Never-ending spring break.

[FoamFinger1]

I have to agree, PB is going down the hole as beach community. The Calif beach culture was easy going. Many now take that for “do whatever you want, whenever you want regardless”.

The condos I looked at around here had the bedrooms on the first floor with the kitchnen and last bedroom up top. I found this odd at first, then realized in a few years one could partion that hallway off and you now have rental units (student dorms)all on the first level separate from the main living quarters.

As ugly of a thought as that might be, this is the financial and social makeup of this comunity. This is the future for PB. Never-ending spring break.

[ibjames]

It’s a shame.

I would like to live in a beach community, but cannot find one that could be potentially somewhat affordable beach community, I work in Carlsbad and the wife works in Sorrento Valley. I would love to move to a northern area but the Mrs. could not battle traffic. She would love to live in Carmel Valley and I could do that, but it doesn’t seem like they are going down at all either

[ibjames]

It’s a shame.

I would like to live in a beach community, but cannot find one that could be potentially somewhat affordable beach community, I work in Carlsbad and the wife works in Sorrento Valley. I would love to move to a northern area but the Mrs. could not battle traffic. She would love to live in Carmel Valley and I could do that, but it doesn’t seem like they are going down at all either

[ibjames]

It’s a shame.

I would like to live in a beach community, but cannot find one that could be potentially somewhat affordable beach community, I work in Carlsbad and the wife works in Sorrento Valley. I would love to move to a northern area but the Mrs. could not battle traffic. She would love to live in Carmel Valley and I could do that, but it doesn’t seem like they are going down at all either

[Anonymous]

Here is another reason, I don’t think you can easily ridicule the asking price: this property on Law Street closed at 1,205,000 on July 27. 4BR, 3BA, just under 2300 square feet, it’s not as close to the beach and it’s not La Jolla schools:

http://www.trulia.com/homes/California/San_Diego/sold/6792108-1319-Law-St-San-Diego-CA-92109

Additionally, a 3 bedroom/ 2 bath condo a block further east from that property sold for $815,000 at the end of June.

http://www.trulia.com/homes/California/San_Diego/sold/1842441-909-Agate-St-3-San-Diego-CA-92109

Maybe they won’t get it, but based on these recent comps, not ridiculous.

[Anonymous]

Here is another reason, I don’t think you can easily ridicule the asking price: this property on Law Street closed at 1,205,000 on July 27. 4BR, 3BA, just under 2300 square feet, it’s not as close to the beach and it’s not La Jolla schools:

http://www.trulia.com/homes/California/San_Diego/sold/6792108-1319-Law-St-San-Diego-CA-92109

Additionally, a 3 bedroom/ 2 bath condo a block further east from that property sold for $815,000 at the end of June.

http://www.trulia.com/homes/California/San_Diego/sold/1842441-909-Agate-St-3-San-Diego-CA-92109

Maybe they won’t get it, but based on these recent comps, not ridiculous.

[Author]

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