[hammer]

SD Realtor,

Thank you very much for your time and insight.
I am going to think about it this weekend. Probably going to make a run next week. The clincher was looking at the aerial on google maps. Since I am going to be in the house forever, and can afford it, I would be kicking myself if I had to settle for a different lot. So maybe it would be worth less if it were on the market in 15 months, but a location like this with unobsrtucted views is tough to find. Only 8 sales have ocurred in this subdivision over the last 3 years. It could be 10 years before a lot like this comes around
I am taking the quality of life route that SD Realtor speaks about. I will let you know if the seller is real

[hammer]

Not the same property. I believe that one has sibling issues etc.. Been on the market for over a year. Seller wasn’t motivated.

Area is tough to comp, with the lack of product moving in the last few years. 3000ft for 1.1 seems fair even in this gloomy outlook. These lots are tough to come by. It certainly could be worth 900,000 in a few years, but this is a house I want to grow old in.

Just trying to figure out its worth today, and it is tough.

thanks sdrealtor

[hammer]

Thanks for eveyones comments

My wife and I can afford it ( need to alter the lifestyle a little, which is probably a good thing.), but I am wrestling with my bear demons. I am not worried if it is worth less in the next few years, because this is a house we can be in forever.
Comps in the Azure Vista subdivision are few, and it is difficult in comparing sq ft #’s etc..

I am in the commercial real estate world in aquisitions, and am still fundamentally driven on location. God only created so much ocean front land.

I would have lost a lot of money if I bet that I would be on this board considering a purchase in 2007.

Thanks very much SD Realtor and sdrealtor.

[hammer]

Thanks Critter..

Never thought I needed a big house, but 3000ft is manageable.House is 1 block from the water with No AC. I imagine we will need heat for a few days in the winter, although it has 2 fireplaces. Just looking at the panoramic unobstructed views, in a supply restraint area, and thinking I need to examine. Homes will never be added to the south end of Sunset Cliffs.
The way I am talking, I feel like the head of the NAR, not a passionate bear for the last 5 years.

SD Realtor any opinions on comping out price per foot?

[hammer]

Greekfire… Thank you very much for the response. I have time for diligence. The owners are not pressuring. I also am not close to the owners, just a simple friendship that has provided a potential opportunity.
I am torn, because I have been such a bear for a long time, and I see ownership on the horizon.
This house is 3000ft which is approx 1200 ft larger than most homes in the neighborhood. Any ideas on comparing price per ft when looking at comps. Is there a science other than simple math.
Thanks again for the input and I will be hunting down the comps for the neighborhood.

[hammer]

The commercial real estate market has exploded because the capital markets have appropriated a larger % of dollars away from the stock market and into real estate. The values have exploded from cap rate compression. Properties that have had inflaionary rent increases only have doubled in value due to the decrease in cap rates. If interest rates rise, cap rates will rise. If cap rates move to 8 in the next few years, it will flush out the investors that paid too much for their investments.
It will be an interesting next couple of years, because the prices that some investors have paid will demand a large rent increase when the leases rollover. If the job market has a hiccup, this could steamroll a large commercial real estate bubble.
I believe the markets will remain in tact for the next 24 months, but expect some serious changes thereafter.

[hammer]

Deadzone,

What part of the La Jolla market may come available in that range? BirdRock? I am not to familiar of the pockets of La Jolla. WHich pockets ae most family friendly?

[hammer]

Thanks Deadzone,

If you are not high on Sunset Cliffs, do you have another recommendation for a couple living downtown

[hammer]

Thanks Steve,

I agree with your comment on a view. I think the streets in the Wooded area are very charming and unique. In a lot of cases you could walk 10 minutes to a scenic point. My concern in the wooded area is that it deems like it doesn’t get a lot of light because of its lush surroundings.

[hammer]

How are the schools in South Park? Does it have a family neighborhood feel? Is it considered a safe neighborhood? Mission Hills seems expensive for what you get relativley speaking. $900,000 for no garage or driveway. I will have to take a closer look at South Park. Does it stay pretty cool there in the summertime?

[hammer]

Lindismith,

Thank you for your insight. Any other neighborhoods that you feel would be a fit.

[hammer]

I am not trying to time the market. I am looking for a place to settle my family, and am looking for an opinion on the Sunset Cliffs area, or any other neighborhoods that would be convenient for two people working downtown.

[hammer]

Let me clarify that I will be looking in winter 07. I am really looking for ideas on nice family neighborhoods for a couple who both work downtown. We really like Sunset Cliffs and the Wooded area, and am looking for any native San Diegan knowledge.

[Author]

Posts