DM Lucky

Written by Jim the Realtor

June 8, 2011

18 Comments

  1. vegasandre

    no offense guys on this house.
    Its a prime example on what is wrong or delusional with the coastal market over there. That house sold for $398000 in 1993
    It may be(should) worth a couple hundred k over that – tops.

    Really , really think about that-
    it sold for 398k in 1993.

    Oh I forgot , everyone wants to live by the ocean and they dont build by the beach anymore.

  2. Del mar renter

    Am I the only person who thinks no house is worth $1000/ sq.ft.? Just crazy.

  3. tj & the bear

    Even if I had crazy money I can’t see paying $1K/sf for something that doesn’t even have an ocean view.

  4. College Joe

    You’re forgetting that this is the Del Mar beach colony….the most expensive area in San Diego. Dinky beach cottages sell for $10,000,000-$18,000,000 on the front….and there was a 2,700 sqft home across the street that sold for $7.3 million (or so)…CASH. And then they gutted it and re-did it.

    It’s Del Mar beach colony….and a lot of foreign buyers. It’s the place to be in San Diego.

    I think it’s worth it.

  5. College Joe

    Also, let’s look at Jim’s sale on Glacus. $1,000,000 (a little over) CASH. In Leucadia! Don’t get me wrong, I grew up west of the 5 in Leucadia and coming home from college, I’ve driven by that house. I love it! I love west of the 5 in Leucadia. A lot of million dollar+ sales in Leucadia in recent months.

    Leucadia, although I love it….is no Del Mar!

    I just don’t see why that house is worth less than $1.3M-$1.4M….in Del Mar.

    I still think it’s worth it. I’m guessing it closes for $1,325,000 cash.

  6. 3rd Generation

    4 reasons to RUN from that Albatross:

    “It’s Del Mar beach colony….and a lot of foreign buyers. It’s the place to be in San Diego.

    I think it’s worth it.”

    With that kind of thinking No Wonder this is such a Great Country. Foreign Buyers, Laughing Out Loud.

  7. vegasandre

    GUYS – DEL MAR BEACH COLONY?

    IT SOLD FOR 398K IN 1993
    IT SOLD FOR 398K IN 1993
    IT SOLD FOR 398K IN 1993!

    what has happenned since then that has made this such a hot area? The market/economy in 1993 wasnt good either.

    I comped that house out right now at about 1 mill. which is still grossly over reality. reality on that house is 500k maybe 550k if the economy was good. anything over that is the SCDE (Southern California Delusional Effect)

  8. Mozart

    It’s funny that a guy from Vegas would call us crazy.

    Simple inflation and average appreciation makes homes and income almost double every decade.

    San Diego median income in 2000 was $47,060. In 2010 it was $75,500. Imagine how Del Martians have done since thanks to the Bushes.

    And, Del Mar is in my opinion the best quality beach for water, weather and sand in the county.

    Where do those desert people go in the summer? San Diego. You can already see the NV and AZ plates making their seasonal appearance. Better to live in a place that is like a vacation than to live in a place that you leave to go on vacation.

  9. Peter

    Del Mar died along with Desi Arnaz. That place is just a seedy time-killer for crusty emphysemics and recently-out-of-work alcoholics.

  10. rodeman

    A lot of opinions on pricing here. Foreign buyers with lots of money, yeah. Close to the beach, yeah. A trendy and desired area, yeah. And yet it all comes down to what the market will bear, no? Still, the pricing seems insanity to me?

  11. Chuck Ponzi

    OK, Mozart… every decade? Seriously? What are you smoking.

    Your’re right, by the way, about inflation, just don’t go overboard to prove your point.

    For high income earners, average taxes have decreased substantially over the past 30 years, so they have more disposable income. It is true that wealthy can allocate more of their income to housing now than they could in the past.

    Even I’ll admit that the old 25% of income rule doesn’t make sense to all earners, maybe only low to mid-income earners. Frankly, what else are you going to spend your additional wealth on?

    Back in 1993, people still bought jewelry, expensive cars, and boats. The first is passe, the second guzzles gas (and isn’t trendy anymore), and the latter is just out of the question … seriously, a boat????

    The crap my parents spent money on back in 1993, I would never spend my money on. They bought an RV. I would never, ever, ever, in my entire life buy a luxury RV. Pointless to me, and cheaper to take vacations to the 4 Seasons every year.

    What people spend their finite income on has changed over the ensuing 20 years. Sorry, it’s just the facts.

    Chuck

    P.S. Mozart, when you’re right, there’s no need to inflate the numbers, because, you know, inflation has been dead for 10 years on everything except gas and food, and that’s a very small portion of the Del Mar buyer’s expenses.

  12. vegasandre

    Guys – it sold for 398k in 1993!

    Doesnt that at put some questions in the locals minds – or does everyone just accept it -it is what it is.

    Its a 1300 sq ft house with a view of the train tracks. In other great highly desirable coastal areas around our great country that may only be a 250-300k home.

    I think I might actually take my cali brokers license off the ice and put it to good work. The mob mentality. its funny

  13. vegasandre

    Even got a name for the brokerage –
    SCDE Realty group sounds pretty good too.

    Will be nice selling 600k plus houses instead of here in vegas where anything I get into contract over 150k gets me excited now.

  14. Chuck Ponzi

    Vegasandre.

    I could have bought AAPL in 2009 for under $100. Now, people want more than $300.

    Sometimes, things don’t go up in price with inflation, or in a straight line.

    Chuck

  15. MB Mike

    Funny…A realtor from Vegas is JUST NOW realizing that beach property may be a better way to go. Here’s a dude I’d hire in a second!

  16. Jim the Realtor

    SCDE Realty group….

    Klinge Realty sounds better – come on down, I have a desk ready for you right next to me!

  17. vegasandre

    thanks Jim for the offer :
    I actually think I am going to open my own broekrage there probably downtown. – working on it. Dont think you would want a person who would talk every single buyer out of buying a house though for a couple years 🙂 – wouldnt be too good for business.

    MB Mike -thanks for the reference. I appreciate it. Wait- let me guess- the MB in your name stands for “Manhatten Beach” that certainly explains everything- the epicenter of the delusion. Hey lets build a 3000 sq ft home on a 2 ft lot and sell it for 2-3 mill. Sounds like a decent plan to me

  18. Just some guy

    40k/yr in rent……

    let that just spin around in your mind for while.

    not collecting rent and losing that income PLUS the property taxes. it must be awfully nice to be in a financial situation where these types of losses don’t do much to your bottom line.

Klinge Realty Group - Compass

Jim Klinge
Klinge Realty Group

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