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.
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.
This is on the east side of the street so the view is through the windows in front. The staging was particularly effective here; the list price was $2,199,000 and it closed for $2,475,000 cash (+13% over list):
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:
There are 22 homes on my favorite stretch of oceanfront – it enjoys ample sand and is relatively private for a public beach. The last sale on this street was the 9,320sf home that sold for $16,000,000 cash in August, and it’s the only other sale ever that closed above $11,000,000 here.
This just closed for $24,700,000 cash! Take a look around:
Agree - and if buyers back off, the worst thing that will happen is a prolonged stagnation. Because future sellers are going to want these prices or more, and they will be willing to wait until they get them.
"Jim the Realtor is legit - I interviewed three brokers; he said list price should be $100,000 higher than the other two brokers; listed it with him and had all cash (no financing) offer in two days, five day contingency period, closing in two weeks - and it closed at his recommended list price. I could not recommend anyone more than I recommend Jim the Realtor. more "
by gary t moyer
"When we moved to San Diego in 2005 we rented a big house on Mt. Soledad (La Jolla) with 180 degree ocean views for the same payment as a mortgage on a dump in Chula Vista. Clearly something was wrong. Yet, the media was full of the usual happy-talk nonsense, so I was glad to find Jim's blog. I've followed his honest assessments and data since. more "
"Where do we begin..2020 has been a year for everyone. When COVID hit and shut down both my husband and my businesses, we were left with a mortgage and very little income coming in. We were stressed, scared and felt stuck. We made the hard decision to sell our home and move out of state. We contacted the Klinges' and spent a good hour going over what we hoped we could accomplish. Jim and Donna came over with comps in hand and suggestions on improvements to get our house ready for the market. It was overwhelming to think about, but Donna was there and one step ahead in every scenario. more "
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"I cannot believe there are no reviews of Donna yet, ugh!! She is the secret sauce of the Jim Klinge/Donna Klinge combo! I will touch on Jim here, but Donna is why I'm so totally loyal to these two (no offense to Jim :)).
I consider myself a rather savvy buyer/seller. I've bought/sold 7 times in more "
"Jim and Donna Klinge are by far the most professional, personable and responsive realtors I have ever worked with. They provide VIP concierge level service in every area of the process of selling your home. My home was marketed so successfully that we received an offer the day after our first and only open house. Thanks to Jim's pricing and negotiating, our house is now the highest sold in our community... more "
by Ann Romanello
"Jim educated us, helped us find the perfect house, and then negotiated us a great deal. I would hate to be sitting across the negotiating table from ... more "
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