This is the second half of the ‘luz tour, covering the western side.
At the end of the video there is mention of a flipper who just paid $1,430,500 at the trustee sale on January 13th, and then closed escrow with the new buyer on February 26th for $2,175,000 cash. If you’d like to see photos of it, click here:
JTR – I agree with much of your ‘gully side’ testimony with a couple tweaks.
Yes, for the bulk of buyers it is is the less desirable side of Santaluz (like an E Class is less desirable than an S Class)
1) there are 2 sides of the gully….the main area with 90% of the lots (NW of Camino Del Su and San Dieguito RD) and 10% across SD Rd.
The main area gets a little traffic noise from SD rd but not major…the smaller are is just a fishbowl and has no privacy from those roads and has a constant double road noise issue.
Most of the larger are is very quiet.
2) The gully has some larger flat pads (3/4ac flat +) so you can be a bit more spread out with larger yards than more of the internal lots.
3) Privacy – some like privacy and here you get it.
4) views – while set lower there are no ocean views, however, there are some nice vista views over the canyons…i suggest getting a south facing lot with a nice distant view.
5) WORST LOTS/BEST HOOD – This is the area to get a good sized lot CHEAPLY today…remember that they sold for apx $1mm+/- at the peak and in the future they will be priced evenly with the other lots in the neighborhood so buy low and they will be in demand again.
Jim… did the flipper of 7631 Iluminado add any value to the property (ie. fix it up) or just buy and resell? Nice profit margin for minimal risk.
“nice profit margin for minimal risk”
I am not sure about you, but I don’t consider $1.4mm++ cash in a glutted market to be ‘minimal risk’.
Risk always looks ‘minimal’ when A) after the fact when it worked out in the end, and B) its not your money.
I say it was a good calculated risk, but I guarantee 99% of people on this blog would not have asked the wife if they can invest their savings into this flip opportunity on the courhouse steps back in Jan/Feb.
I enjoy seeing and learning about the high end and midrange market, but just curious if you’re planning to look at houses under half million at some point again?
I’m with you, osidebuyer.
I’ve been looking in the 550K range in Encinitas and some parts of Carlsbad for almost two years now. I’ve had several deals fall through. The prices seem to have come back up in these areas and now I can’t find anything that makes sense.
I believe we’re in the extend and pretend phase of the economy. I am curious if any property in SD county pencils anymore (ex flipping)
Anon – I’ve come around to thinking that it always pencils: either A) pay up and enjoy a 20 yr home, B) long term rental, C) Move
At lease one of these pencils for everyone…
It’s like happy hour at a swimsuit model convention and then bitching that none of them will date you…same 3 choices you can pay for one long term, rent one, or you just need to move to a darker/cheaper bar and your needs will be met.
Coastal SD seems to be more of a model convention which is out of our leage for most of us.
Clearfund,
People really aren’t that mobile in this economy so option C is out. If it floats, flies or &*(^, rent it is what I was told.
Anon