Pacific Station has sold a few condos, and Whole Foods Market opens Wednesday, June 29th at 9am – the first 300 customers get a complimentary demi-baguette:
From Yelp:
FYI, just learned that the units are being sold, in phases of course. Bluwater is giving tenants ninety days to move in the “Live Loft” area. My assessment of Bluwater as a renter is different from being a buyer. Being a previous home owner, I would be upset to learn the wooden floor buckles quite easily when liquids touches it, that there is no sealant on the grout of the luxurious bathtub area (molds easily), or that the paint is just coming of the exterior trim. Rumor has it the “Live Lofts” are going for $500K, which is approximately 1400 square feet. I cannot say what the “Work Lofts” (2700-3000 sq. ft.) are being sold for, originally they were in the $700’s at the height of the real estate market.
687 South Coast Highway Hwy # 212, Encinitas, CA 92024
Here’s another coastal entry, though it’s hard to tell if this will end up as condos or timeshares:
http://www.surferspointresort.com/large.htm
Plus the Hilton Ponto Beach Resort is underway too:
http://www.signonsandiego.com/news/2011/may/07/construction-underway-carlsbad-hilton-resort/
“It was tough for everybody in the country, but for us on this project, we own the property free and clear, and we were just methodically going about our business getting the approvals, getting the plans,” Wavecrest President Bill Canepa said. “It didn’t cause us to slow down or make any changes.”
Canepa, who was named Businessperson of the Year in March by the Carlsbad Chamber of Commerce, said the land was collectively valued at $20 million, and it acquired it for about half that.
South Carlsbad, which city officials say is blighted by the Encina Power Station’s 400-foot-tall smokestacks, is a focus for city redevelopment.
It has three planning subdivisions, one of which is Ponto. The city’s plans for the coastal land include three hotels, condominiums, time shares and shopping areas.
The Carlsbad Hilton Oceanfront Resort & Spa marks the first of those plans to come near fruition.
These are pretty gutsy moves. And, it is interesting the surge that has happened in Encinitas/Carlsbad with subdivisions and now these projects going back to market.
I do think that the commercial is fully leased at Moonlight. The law offices make it look empty but probably a solid tenant, (so long as they don’t sue you).
I’ve been an optimist for a long time now but I too am fatigued and don’t see much reason to go out with for sale now, especially when rentals are so strong.
Looking forward to more updates.
Jim:
Can you fill us in on this place? $1M on seawall, for sale for only $2.2?
http://www.redfin.com/CA/Encinitas/680-Neptune-Ave-92024/home/4086018
It sounds cheap, but the CC might be the problem, though if the seller pays, who cares? From the confidential remarks:
Visit http://www.NeptuneBeachHouse.com. Property zoned R11/single family detached. Currently non-conforming as a duplex. Seller to pay Beach Recreation and Sand Mitigation Fee required by Coastal Commission.
I love google:
http://documents.coastal.ca.gov/reports/2010/1/F7a-1-2010.pdf
Looks like he’s on the hook for about $200,000 now, and for any future problems – but there is a lot to read there. A good primer for those thinking about adding a sea wall.
How about this one that just closed on Hillcrest Dr. for $1.42million in Leucadia!
http://www.zillow.com/homedetails/376-Hillcrest-Dr-Encinitas-CA-92024/81774560_zpid/
Wowzers.
Elevator and all….but no ocean view. Although it does have a cool location because you overlook all the trees and it’s a unique place. Still though: $1.42Mil
Scary stuff.
I’m from the government and I’m here to help.
Not sure if he’s trying to sell it as a single property for 2.2 or just the lower half of the duplex?
If the CC fees are paid, and the seawall is in… 2.2M plus rent out the upper level for $3-4k a month certainly looks good on paper…
hmmm, I guess I didn’t realize North County Waterfront could be this “cheap”. $2.15M for 138 Neptune.
Cliff failure in your front yard excluded of course… Would be nice while it lasted though.
http://www.redfin.com/CA/Encinitas/138-Neptune-Ave-92024/home/4093776
So what’s the scoop, Jim. Are these places on Neptune bargains, or death traps?
It is interesting: everyone seems to be bailing on Neptune after that one bluff collapse….there are quite a few for sale.
Some with optimistic prices, I might add.
What Bluff collapse Captain? I remember one many years ago at Moonlight beach that killed a woman, has there been one more recently?
oh…
http://www.nctimes.com/news/local/encinitas/article_fe7f01b6-2705-5071-8f59-6e09e0973cfb.html
I think the biggest concerns are that Neptune properties can turn into money pits. The seawalls aren’t perfect, and reading the Coastal Commission’s report linked above made it sound like the homeowners are liable forever.
From the nctimes.com article above at #12:
What worries some city officials is that the bluffs can collapse without warning.
“Everything’s real loose,” Giles said.
Encinitas Engineering Services Director Peter Cota-Robles said Tuesday the city’s main concern is keeping people away from the collapsed bluff.
Beyond that, he said the property owners will have to hire a geotechnical expert to determine how to repair the bluff and prevent any more damage.
“We’ve seen a lot of bluff collapses. This particular one is perhaps more significant in that it has damaged an existing seawall at the base of it,” Cota-Robles said.
There are 11 that are for sale on the Neptune bluff, from $1.1 to $8.5 million. The highest:
http://www.sdlookup.com/MLS-110033835-1616_Neptune_Ave_Encinitas_CA_92024
Not sure about the price but has a stairway to surf.
I noticed the same liability comment in the CC report while reading it but didn’t really consider the true “impact”.
What happens if your $1M seawall decides to fall down on a sun bathing surfer? Is that covered by a typical oceanfront homeowner liability insurance policy? If so, is homeowner insurance for North County Waterfront, and Neptune in particular, crazy expensive, or just “normal” expensive?
I’m sure the cost of defending yourself in these sue-happy days is enough of a burden to scare off buyers, even if insurance provides coverage.
But like we talked about with title insurance, is any insurance any good any more?
The Solana Beach cliff-front bank-owned house we previewed here finally closed for $1.4 million cash, which was $950,000 less than the original list price. 164 days on market too:
http://www.sdlookup.com/MLS-100070436-355_Pacific_Ave_Solana_Beach_CA_92075
Wow, Tsunami-front just ain’t hat it used to be…
Last question, what about Del Mar ocean-front?
I saw listings for $10 – $20M over the past few years. Are these places selling regularly, or is it just the one or two off?
I seem to recall a famous/super-rich businessman bought two oceanfront lots in DM a few years ago for several 10s of Million $$$, causing the waterfront prices in the area to explode.
Thanks for the update on the lofts projects. Various renters comments left on the internet regarding Bluwater certainly suggest many less than desirable attributes now associated with this particular project.
Del Mar oceanfronts are ranging from $4.5 to $26.5 million, but only one closed sale in the last year, for $8 million (the seller paid $100,000 in 1976):
http://www.sdlookup.com/MLS-100027387-1912_Ocean_Front_Del_Mar_CA_92014
The buyers use this 12,000 square footer for their mailing address:
http://www.redfin.com/AZ/Paradise-Valley/5000-E-Arabian-Way-85253/home/27835921
Robin Yount lives next door.
My knees and other joints hurt just thinking of living that close to the beach.