Remember the guy who bought the new-home foreclosure in Leucadia for $810,000 in January, 2010?
He found out later that the house he bought was tied up with the Barratt bankruptcy, due to the low-income housing required by the City of Encinitas. The City wouldn’t issue any notices of competion on the remaining lots/houses without an answer for the low-income housing. Enter Shea Homes, who paid $3,975,000 for the the corner we call Tyvek Estates, and then made a deal on the low-income housing lot.
Now things are moving again – for everyone:
Dude, I’m harsh like no one’s business on the Pacific Station railroad condos, but let’s give them their due.
They claim to have sold about 40% after the December grand opening, the spring selling season, and the Mother of All Events (MAE), the opening of Whole Foods.
How hard can it be to sell the last 60%?
I hope they succeed – I saw the 25% on their website a couple of days ago.
How do you like their website? I hate the ones that don’t show prices. Now they don’t list what has sold either.
I’m looking at this one, where it looks like about 19 of 47 have sold.
I agree, they should show the prices. But that’s probably a delicate thing, because they wouldn’t want to show lower prices now than what people paid in December.
I followed a similar debacle in Walnut Creek in the Bay Area. Early buyers at Mercer and 555YVR got hosed.
Glad to see Nantucket FINALLY coming around. I can’t wait to go take a look when I get home on Saturday. Also, that veggie garden isn’t just corn….it’s tomatoes, spices, peppers and others. They figured since it’s not selling, it’s a perfect place for a garden!
And they did go crazy with the split-level. Somehow…someway….they fit a pool in the “backyard.” But I love the palms!
Thanks W.C., and interactive map!
They also showed two prices there when I scrolled over the models:
2br/1ba, 931 to 970sf flats in the mid-$400,000s
2br/2.5 ba, 1,125 to 1,129sf townhouses in mid-$600,000s
College Joe – you have Padres tickets coming!
One of these days you’re going to crash that shiny Mercedes of yours. There must be some law against the crazy camera work you do while driving. Love it, though.
Encinitas Classic Car nites:
http://www.encinitas101.com/events/rods-woodies-classic-car-show/
A certain ’66 Chevy pickup might look good in that group next month, down by the Band of Jimmys?
A key hurdle for this development was the low income housing. The city of Encinitas had allowed this developer to take a small windfall by approving an after the fact rule change that lets them move all the low income housing into a single project (aka slum nucleus on Vulcan). All real estate pros in Encinitas should be aware and disclose to their clients that a low income project could pop up next to them. In this case the city lied and cheated its way out of having to ensure due process. Read: http://www.theleucadiablog.com/2011/05/westbrooke-declared-honorary-leucadian.html
What exactly does “low income housing” mean in comparison to the rest of the neighborhood?
http://www.redfin.com/CA/Encinitas/1905-Paxton-Way-92024/home/12153694
Jim,
You previously posted a photo of this house when it sat getto. Love the comments. “Never been lived in”. The poor foreclosure buyer never had a chance. This thing sat getto for years and they don’t have to disclose that they paid 810k? It has the original “a model home” interior. All they did was install some fresh landscaping. That would be be a sweet flip if they get anywhere close to listed price.
The interior is fine and I saw it when it was a model…it’s pretty nice! So is the other one story. But the one for sale at the end there is the only one with a real backyard. Nice pool and landscaping!
Well, I should have pointed out “Low income Housing” means government regulated housing. There use to be a low income nursery worker(according to the neighbors) living in the small house on the site. They got the boot. Density bonus laws can actually work to reduce the total number of units that have lower rents and house lower income families.
Crosley was an interesting company that also manufactured appliances. Somehow, both their cars and appliances look like they shared common parts.