Hymettus is one of the more prominent streets in Leucadia, but there haven’t been any sales there since summer. So two older sales on Hymettus are included, the first closed in July, 2009, and the second was January, 2009:
I hesitated with the first story, but it demonstrates how a life-changing event at the wrong time can be very costly.
$850K minus expenses? Wow! That was a super flip!
As for the very first house in the video, I thought that was an apartment complex! What does it look like from the inside?
Owned since the 90’s, loaned $975K in ’07
So many stories of people with ideally situated homes with small mortgages and even smaller tax bills, and what do they do… lose them because they tapped the home ATM for all it’s worth. Sheesh.
Jim,
Thanks a million for your coverage of Leucadia! I really appreciate it and my parents (who are considering selling in the next couple of years) really like your blog…esp. my Dad who likes your honest approach. He wanted to know how west of 5 Leucadia (Avocado Acres to be specific) is holding up.
When they sell when my brother graduates….they are looking to move to a 3,000-4,000 sqft home on 2-3 acres in either Rancho Santa Fe or Olivenhain.
My Dad has said he will use you as our realtor….so look forward to meeting us! It should be a nice purchase as my parents are cash buyers and won’t have to worry about financing and all that.
Keep them coming!
My parents and myself are addicted to this blog…haha.
Thanks!
Joe
Jim, one of these times could you do some vacant lots? Thamks
Very few lots available around the coast, mind if I hit Santaluz?
It looks like a target-rich environment. There is a 0.79-acre lot there that sold for $787,500 in 2005 that went on the market yesterday for $299,000 (but it was too noisy for us).
Yet Mr. Flip-a-roo just bought a house on the ‘steps for $1.4 that he just flipped for $2.1 – it closed this week.
Jim,
How are empty lots/tear downs holding up in Olivenhain & Rancho Santa Fe in the $3,000,000 market and below?
I’ve seen some great lots at good prices in Double L Ranch and through other parts of Olivenhain.
My parents are looking for empty lots or well maintained smaller homes (not mansions).
Olivenhain is interesting in that it’s not Rancho Santa Fe, but it’s more upscale than the rest of Encinitas? Is it holding up or are the prices falling?
There are 18 square miles in 92024, want to take a guess how many lots sold last year?
Eight.
Five of the 8 closed at $700,000 or higher.
There are 42 lots for sale, average LP = $997,000 and 144 days on market.
I think you can describe it by our old adage, “prices are holding, but nothing is selling!”
That’s amazing….only 8?
Wow.
I’m looking for properties/lots on the MLS and there seems to be a few decently priced Rancho Santa Fe properties. That spanish style REO in RSF you posted was around $2,000,000…which seems like a good value to me. 3,100 Sqft, guest house, great style and condition, pool, acre lot & close to the village.
I also liked that one on Lago Lindo…the one where you couldn’t decide whether or not to tear it down. Lago Lindo is one of my favorite streets in the Covenant…very quiet and beautiful lots.
I suggested to my Dad to look at east of downtown RSF, but my dad wants to be closer to the coast, due to his and my mom’s work at Scripps Encinitas. He also likes to be closer to the ocean and the cool weather.
On another note….any new developments at the Nantucket Development/Disaster? I’m also wondering about that HUGE vacant lot on the corner of Vulcan and Ashbury.
What’s up with that? The lots are graded, but then they bailed and it’s a huge field now that’s green and we use it to let the dogs run around and fly model airplanes.
I hope it stays that way!
Joe
“Scruffy” is a good way to describe that part of Leucadia 🙂 I used to live there in the late nineties through 2001. I had some very “interesting” neighbors and saw ice cream and tamale trucks daily.
Jim – Santaluz Lots would be a classic video. At one time I had 10+ lots out there, built a few customs, sold the rest of the lots around the peak. My opinion is that Santaluz is destined to be an incredibly high demand nieghborhood 10-15 years down the road once it is fully built out.
LESSON FOR EVEYONE: You should make way more money on the lots than on building/selling customs…
Our pooled fund is actually beginning to buy finished lots again in several locations with a 7 year hold just to park our clients IRA money in a ‘land bank’ scenario. All cash, no payments, cannot lose to the bank, just pay tax/hoa.
If you look at your recent blogs about CV vs 4S what is right in the middle…Santaluz. Yet it is the most upscale real estate option for multiple price points in the vicinity (before you move into RSF etc). Pleanty of trade up options in there.
It just simply was a victim of the bubble and massive oversupply coupled with large fees. However, if one was going to pay the heavy black mtn MR fees anyway, then the extra fees for a gated country club environment of santaluz is not terribly excessive.
thus we have a classic set up of a well located, irreplacable asset, with oversupply in a down market. When the supply is gone, will they be building another community at this level along the 56??? Doubtful. Long term upside (10-20 yrs).
Buy when everyone is selling seems to fit this neighborhood perfectly!!!
Other agents are calling 3/09 the bottom:
http://blog.evameier.com/market-reboundin/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+DelMarCaRealEstateBlog+%28Del+Mar+Ca+Real+Estate+Blog%29
Includes a classic quote too:
As one of my colleagues put it, “if you don’t buy now, you’re either broke or stupid!”
I was actually watching Santa Luz for a while, but the high HOA fee (~$700) scared us away. Besides, my wife wanted to be closer to the ocean. But I do agree with you. As the out-migration reverses to a net in-migration to San Diego, supply will be eaten up quickly, and Santa Luz is a good central point to Scripps-Poway, RB, and Sorrento Valley, the 3 major tech centers. Like you said, I give it around 15 years.
Love the yellow corvette. Welcome to Mullet country
Oh man. The video doesn’t play on my Droid.
Other agents are calling 3/09 the bottom
That must mean we’re near the top of the dead cat bounce. 😉
WOW! Someone ACTUALLY Yields at the Roundabouts.
Thanks for Leucadia video. I think this place has HUGE future potential. You forgot to mention the 101 Streetscape that will help transform the area. 4 hotels down the street. 1 of which is a 200 million dollar hotel. Thanks again Jim!!
That concrete angular beast on Neptune has always intrigued me. If you look at it on google satellite you can see how massive it is. I’d love to get a glimpse inside one day.
Jason may be scruffy but the pie lady on the corner bakes pies for all the neighbors and her niece delivers them wearing only a bikini top and hotpants in the summer time when she visits. Good people living around there (myself excluded).
Ha- everyone knows Leucadia is not scruffy- it’s “funky”. Ya gotta read more bumper stickers, people!
Rick The Tuna