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I read the letter and exchange, but have not read through all the posts. IMO, if you have to live in a community w/HOAs, best to find time to be on the board. Even that won’t guarantee things will go your way, but better shot at it. Best of luck, flu.

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Yeah, unfortunately, three walls will be removed entirely b/c of rot/termite damage. The footings are good, but the foundation is not level, so that needs to be fixed. The entire cement floor slopes. I guess it’s b/c it used to be a patio. IDK. We are constantly scratching our heads at some of the stuff done to this place. We can do finish like painting and putting in cabinets and such, but we’re not going to hang doors and windows and drywall and electrical and plumbing. We need a contractor to do all that and manage it. Thanks, though

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Thanks for the recommendation, XBoxBoy. Just got a few quotes in from some guys that DH contacted. May call your guys, too. I appreciate it

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Hi UCGal — yeah, there were some issues and still are. Right now we have legal permits for guest quarters NOT companion unit and we had to notarize a document indicating we would not rent it out. No stove. Refrigerator and microwave allowed. We are okay with that for now. They said if we wish, we may “try” to apply for companion unit. Not guaranteed it would be approved, but if they do approve it, expect an additional cost for permits/fees at possibly 20k!! In any case, thank you so much for the tip. I remember the nightmare you went through so your advice is appreciated!

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I guess the main difference now is there is more skin in the game. http://www.latimes.com/business/realestate/la-fi-subprime-mortgage-20130427,0,6498564.story. People will be losing what they put down.

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BG – the investors are IMO gambling on the property. 662k + tear it down and rebuild as they intend to do, conservatively estimating costs to be between 400 to 500k. We are over a million dollars and haven’t even added in their profit they want to make on it.

The link for 1276 Moana is in 92107. Ocean Beach generally pulls in higher dollars than Clairemont/Bay Park.

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BG – I am into some of the mid-century design. The interior of this home had no character worth preserving. The floor plan sucked, too.

The investors were planning on tearing down the place. I don’t think they were planning on a multi-family, as it is not zoned for that.

The 9700 sf lot is SLOPING in back. Unless you’re putting the house on stilts, much is not us able. You could maybe terrace a garden.

Whatever the investors build, it’s not going to be cheap. I said 400k to be conservative, but I can see them easily spent half a million to build something, on top of the 662 they spent and then sell higher to make a profit.

As I said, it will be interesting to see how it goes down.

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kev374 – I wish Rich had a “Like” button. I have been cursorily watching houses in 92117 and I am blown away. Very, very low inventory. Many places selling w/in days at much higher than asking price. I am scratching my head.

One in particular. I went to the open house. It was an oooold and outdated place. Trust sale. The realtor was talking to people, telling them he had 4 offers, one was by investors. I was skeptical, but walked around the house. Needed so much work. Walked outside. The investors were out there discussing how they were going to tear the place down, put subterranean parking, etc. etc.

It was listed for 499k. It sold for 662k 2856 Harford. Yes, the view was great and great potential. But how much is it going to cost to remove the old house and build a new one? We’ve got to be looking at, conservatively, about 400k or so?

Then the carrying costs while this gets accomplished and constructed. And they have to make a profit. This is not La Jolla. No matter how you slice it, it’s Clairemont. Is someone going to spend more than half a million dollars for a place in Clairemont?

IMO, this smells like a bubble. What worries me is that Clairemont is an older community, we’re talking a lot of seniors in my area. When they pass on or get put into homes, etc, there’s going to be a lot of places coming on the market. These kids aren’t going to hold on to them. They got their own houses they got to pay for, probably in 4S or Poway, Carlsbad, wherever. They’ve got kids in the good school district. They’re not going to move to Clairemont and they may not want to hassle w/rentals. Get their money while they can.

It’s going to be interesting to see how this plays out.

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Hi zzz

I had contact w/Antonio last month, trying to get an estimate on some work I want done. He was not busy when we contacted him, but he said had work lined up in the next month. So I suspect he’s probably busy now. But you can always try to give him a call. If not, I think I have a lead on a windows guy. That’s next on our list.

Thanks for the tip on the electrician, too.

JC – I am pretty sure Antonio does painting, too. Those jobs he can probably do on weekends. I know he ended up getting hooked up with the guys that did my kitchen. They were impressed w/him and started giving him work.

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CAR good point. And they won’t provide the support. Because they are pro birth. Not pro life.

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I was so admiring what Rand Paul did and his filibuster. It was great.

Unfortunately, that admiration was short-lived and fleeting when he proposed “fetal personhood” legislation that would completely outlaw abortion in the United States.

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I also recommend Sears Outlet. You can check for specific particular appliances on their website, but no guarantee the store has it b/c inventory turns quick. Calling the number on the website doesn’t help b/c it’s not the actual store, so you’d have to go there in person.

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Thanks for the feedback. I own the property with 4 other people, so it’s not exactly like winning the lottery, especially once we pay taxes. Still better than a sharp stick in the eye. We are not sure if it’s going to work for them. Still very preliminary. Just trying to figure out if it’s possible, what we should anticipate receiving. I appreciate the input.

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LOL. Hi UCGal!

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Do you have a link? How much is the coverage w/Costco? What are the terms?

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