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An Insider's Guide to North San Diego County's Coastal Real Estate
Jim Klinge, broker-associate
858-997-3801
klingerealty@gmail.com
Compass
617 Saxony Place, Suite 101
Encinitas, CA 92024
Klinge Realty
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Are you looking for an experienced agent to help you buy or sell a home? Contact Jim the Realtor!

Jim Klinge
Cell/Text: (858) 997-3801
klingerealty@gmail.com
701 Palomar Airport Road, Suite 300
Carlsbad, CA 92011


Category Archive: ‘Carlsbad’

Local Zillow Forecasts

I snipped this Zillow forecast (above) in October, 2016.  They expected La Jolla home values to go up 2.1% in 2017, which earned a ‘Very Cold’ label.

The La Jolla ZHVI rose 7% in 2017, so their forecast was a tad conservative.  The index has been dropping lately, but they are expecting values to flatten:

 

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Other Zillow forecasts – they like Carmel Valley:

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You can find more data here (they predict the U.S. market will be +6.4%):

https://www.zillow.com/home-values/

Posted by on Dec 6, 2018 in Carlsbad, Carmel Valley, Encinitas, Forecasts, Jim's Take on the Market, La Jolla, Rancho Santa Fe | 0 comments

Residential Instead of Golf?

They should ditch the Park Hyatt Motor Lodge, bring back the Four Seasons, and have lunch today with Toll Brothers (who built 672 homes at the 200-acre Robertson Ranch).  If they can build 500 homes on the roughly 200 acres of golf course, the dirt would be worth close to what the new owners paid for the whole package.  They will have picked up a 327-room luxury resort with average room rate of $250-$300 per night….for practically nothing.  

Hat tip just some guy. An excerpt from the U-T story:

The upscale Park Hyatt Aviara resort, which was taken over by its lender more than a year ago following missed payments, is now under new ownership.

Xenia Hotels & Resorts, a Florida-based real estate investment trust that owns 41 hotels across 17 states, including the Andaz in downtown San Diego, announced last week that it paid $170 million for the 327-room resort and golf course.

The selling price is considerably below the $251 million paid by former owner Broadreach Capital Partners in 2007 to acquire a controlling interest.

Xenia CEO Marcel Verbaas acknowledged the price’s appeal in a news release.

“Our ability to purchase the resort at a price substantially below replacement cost and well below those of comparable resorts in the region provides a significant value creation opportunity for the company,” Verbaas said.

Xenia executives declined to discuss the sale or their plans for upgrading the 222-acre resort but hinted in the news release that there will be upcoming improvements.

“We see substantial opportunities to enhance financial performance at the resort through our asset management initiatives as well as a comprehensive capital plan to elevate the resort above its prior competitive positioning,” Verbaas said. “We look forward to working with Hyatt to improve the asset physically and operationally which we believe will improve the resort’s regional and national appeal and result in strong growth in revenues and profitability.”

Although it’s been almost 1 ½ years since the Park Hyatt was taken over by its lender, CW Capital Asset Management, a sale probably took longer because the property includes a golf course, speculates broker Alan Reay.

Increasingly, more and more golf courses are closing, and in California they can be expensive to operate given the dry conditions and the cost of water, said Reay, CEO of Atlas Hospitality.

“Most properties in San Diego are back at the peak levels of 2007 or above so it’s interesting that this property did not get back to that level, and one of the main reasons for that is the golf course,” he said. “Whenever we’re working on a hotel with a golf course associated with it, most buyers are not interested. It’s not what it used to be.”

“I think they’ll definitely get room rates up if they make improvements, but the big question is what do you do with the golf course,” Reay said. “In many instances, we’re seeing golf courses sold off and then people do residential or a different development on that.”

 

Posted by on Nov 29, 2018 in Carlsbad, Jim's Take on the Market, Local Flavor, Market Buzz | 6 comments

La Costa Fixer w/Granny Flat

For those who want to build out a project your way, have I got a deal for you!

The architect drew up plans for a 3br/3.5ba house plus a 1br/1ba granny flat, and they just needs the finishing touches. Last sale nearby was 7503 Solano St for $975,000 in June.

Will not qualify for conventional financing – no kitchen or baths currently:

Youtube walking tour here:

The address is 7516 Brava St., Carlsbad, listed for $699,000.

Call or text Jim today! (858) 997-3801

Posted by on Oct 25, 2018 in Bubbleinfo TV, Carlsbad, La Costa, Real Estate Investing, Remodel Projects, Why You Should List With Jim | 5 comments

Ponto’s Last Stand

From the Reader:

Pressure to develop a project on one of North County’s last, large coastal properties may be coming to a head, but not if the residents in the South Carlsbad community of Ponto have anything to say about it.

So far, members of a neighborhood association, People for Ponto, say they’ve been shut out of the decade-long discussions on the best use for the 11-acre property between Carlsbad Boulevard (Coast Highway 101) east to the train tracks, and north of Avenida Encinas.

A spokesperson for the group, Lance Schulte, was a city planner when Carlsbad’s growth management plan was created. “I’m not anti-development,” he said. However the group believes this is the most intensive development, existing or proposed, in the entire city of Carlsbad.

Based on a planning formula known as floor area ratio, the proposed residential development is 344 percent more dense than the Cape Rey Hilton Resort near by. “It would also be five feet taller,” said Schulte.

“The city has falsely exempted development in Ponto from providing minimum open space,” said Schulte. “We don’t know how this happened and how developers got away with this.”

Read More

Posted by on Oct 2, 2018 in Carlsbad, Jim's Take on the Market, Local Flavor | 2 comments