fbpx

Ocean St

This oceanfront 2br/3.5 ba, 2,823sf upper unit in Carlsbad just closed for $4,925,000 cash, which was $75,000 under list.  MT was 12 days.  Unlike on Neptune in Leucadia, all of the oceanfront homes on this street have direct beach access.

State To Buy Oceanfront Homes?

This idea has to rank a 10 out of 10 on the kooky scale……would homeowners agree? An excerpt:

It’s expensive to fight the sea. It’s expensive not to do so. When property values plummet, so do property taxes. But right now property values here are still high, and State Sen. Ben Allen wants to put that value to use before it’s gone.

That’s why the 43-year-old Democrat has proposed legislation to create a revolving loan program, allowing California counties and communities to purchase vulnerable coastal properties. The goal would then be to rent those properties out, either to the original homeowner or someone else, and use that money to pay off the loan until the property is no longer safe to live in.

Think of it like a city-run Airbnb, where the profits go to making sure nobody is left picking up the full tab when the Pacific comes to collect.

It’s a strategy that’s never been tried at such a large scale, and its implementation would come with plenty of questions, policy experts say. But there’s hope in various parts of the country that the legislation passes, putting to test a buy-to-rent strategy that could offer a more permanent solution to a growing problem.

At its core, Allen’s proposal is a buyout program — a government-subsidized effort to limit the state’s longer-term exposure to sea level rise.

Within the next 30 years, $8 billion to $10 billion of existing property in California is expected to be underwater, according to the state’s nonpartisan Legislative Analyst’s Office. An additional $6 billion to $10 billion will be at risk during high tide.

“The magnitude of the potential impacts mean that the state cannot afford to indefinitely delay taking steps to prepare,” the report warns. “Waiting too long to initiate adaptation efforts likely will make responding effectively more difficult and costly.”

Communities have three options for dealing with that threat: They can defend those properties using sea walls and buffering beaches; they can learn to live with higher waters; or they can retreat and move to higher ground.

The last option is often the least popular, says Julia Stein, a project director at the Emmett Institute on Climate Change and the Environment at UCLA School of Law.

“That’s just not a conversation that a lot of coastal communities want to have,” she says.

And when the conversation does come up, one of the first questions to arise is cost.

Take Del Mar, a low-lying upscale community north of San Diego. Residents there have been in a years-long fight with the state over the term “managed retreat.” The state wants the city to consider retreating from a particularly vulnerable area. Problem is: The combined market value of the homes in that area is more than $1.5 billion.

Read full article here:

https://www.npr.org/2021/03/21/978416929/california-has-a-new-idea-for-homes-at-risk-from-rising-seas-buy-rent-retreat

$21,900,000

It looks like this home would have sunset views year-round plus be able to see up and down the coast too. The video is about the right length to pique your interest if you’re in this price category.

This scenic and recognizable home sits on a 1.1-acre +/- gated parcel in Laguna Beach known as Moss Point and is permeated by a sense of peace and true stillness. Ocean breezes sweep across gardens and stone paths lead to two spectacular view points, as staircases chiseled into the coastal bluff give direct access to sandy coves and a naturally-occurring pool. Crisp white siding and a covered porch create a picturesque scene where it’s easy to imagine President Woodrow Wilson lingering during his visits to this place, once under consideration to become the “Western White House”. The 4,325 +/- sq. ft. residence with 5 beds and 6 baths has been modernized, while preserving the character of its 1917 roots.

Click here for Zillow listing

Pardons

A couple of local celebrities received pardons yesterday:

Mr. Trump commuted the sentence of William T. Walters, a wealthy sports gambler. A jury convicted Mr. Walters in 2017 on charges related to his role in an insider-trading scheme, and he was sentenced to five years in prison.

Mr. Walters hired Mr. Trump’s former personal lawyer John M. Dowd in 2018, after he stopped representing Mr. Trump, The New York Times reported this week. Mr. Dowd bragged to Mr. Walters and others that he could help them receive a pardon because of his close relationship with the president.

Mr. Dowd had also said that Mr. Trump would look favorably upon those who had been investigated by federal prosecutors for the Southern District of New York in Manhattan, an office that the president has long viewed as hostile to him and that has been involved in other investigations touching on him and his allies, according to two people briefed on the matter. Mr. Walters has paid Mr. Dowd tens of thousands of dollars to represent him, the people said.

Coincidentally, Billy’s home in Carlsbad that has been for sale since 2010 was finally marked pending last week.  If it closes, it will be the highest sale (by 2x) in Carlsbad history!

 

For some reason, the Duke received a pardon too, even though Wiki reports that he got out of jail in 2013.  His bribery case was legendary:

https://en.wikipedia.org/wiki/Duke_Cunningham

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Pin It on Pinterest