SDLookup.com > 854 Reed Ave

LJczar 2/8/2008 6:04:04 PM

I am sick and tired of realtors printing lies. This property CANNOT be split (you need 6000 sft per lot). Furthermore the lot area ratio would not allow 4800 sft. What else is this guy going to lie about?

jpinpb 2/8/2008 6:39:39 PM

I know this area very well. Ages ago I rented in that block. I think that particular area may have a different zoning just because of the density. There are MANY multiple units in that area is why. Don't be so concerned about what he's going to lie about, but what he's NOT TELLING YOU:

The very bad thing about that block is the flooding. It happens every year and something you can count on. The city did not design the streets and drainage very well there. A lot of the homes smell like mold and mildew there because when it rains and the ocean comes over the wall it all pools right there between Mission Blvd and Bayard. I've seen cars submersed, water just over the tops of tires. I remember actually seeing a photo on the front page of the U.T. several years ago of some guy kayaking in the street there.

People never think of that in the summer. Get flood insurance if you buy there. Putting sand bags out won't do you any good. As much as I'd love to be so close to the beach, no one warns you of these things. Buyer beware always. Hard to research something like this. Maybe even neighbors wouldn't tell you. Most neighbors are renters and change every year. I'd be extremely cautious. You'll feel like you're in New Orleans when it rains. You'll be swimming, for real. Major bummer. I think some people have tried to mitigate, like on Oliver in that block some homes put up walls surrounding their property, even in front. Ground gets saturated. Probably structurally unsound.

That water is gross w/sand and sewer and oil and dirt and trash and urine, feces, salt, etc. etc. Hard to swallow all that if you shell out a million dollars. People have sued the city before over this. The city has got so much on their plate. They can't/don't maintain streets, sewer, sea wall, parks, police, fire, etc. etc. Don't count on City to make it right. In the past year, if you've read the papers, there's been main breaks on Garnet and on Ingram. They fix it and it breaks again or in another spot. Never ends.

Anyone buying in those block, be very careful. I see they're going to be building condos right on the corner of Mission and P.B. Drive. That is another good flooding spot. Imagine buying a brand new place w/all the trimmings and get flooded. And they probably won't be on the cheap. Probably a million. You'll probably have a nice car if you buy there, maybe a Porsche. It will be submerged.

Just a shame because otherwise a great spot.

jpinpb 2/8/2008 6:56:48 PM

One more thing to keep in mind. On the corner there is a Burger King, looks like right next door to this place that's for sale. A lot of transients hang out there. I'd also be concerned about safety, break-ins, drug deals, etc.

LJczar 2/8/2008 7:25:38 PM

Thanks jp for your valuable insight. People like you who are willing to share that insider information is what makes this site so good. Personally I was really interested in this particular property... Just venting about misleading realtors who prey on ignorance.

LJczar 2/8/2008 7:26:24 PM

Sorry I meant "I was NOT really interested in..."

jpinpb 2/8/2008 7:44:05 PM

I sensed you were frustrated w/the realtor. I just wanted to add how they don't disclose things. That is what is great about this site. Perhaps you're not necessarily interested in this property, but someone else who is may stumble upon this and be informed. Regardless, I would suspect this place will be picked up by a developer who will demolish this place and put up 2 brand new condos for a million a piece. For a millions dollars, I would pick a much better location in P.B. That's a busy intersection, caddy-corner Hooters.

jpinpb 2/8/2008 7:51:48 PM

Wait a minute. Hold the phone. I just realiszed these people bought this place 12/21/2006 for $950,000. That's just a little over a year ago. Something stinks now and it's now sewer. They're just trying to sell it for what they bought it for. They want out. Subprime trouble? Bet by summer the bank will be selling it. Probably to some unsuspecting tourist who fell in love w/P.B. If the market continues the way it does, maybe you'll see it for sale by the fall for 800k.

Builder Bob 2/8/2008 8:16:23 PM

It is a 6250 square foot lot.

Can be split.

Get your facts right LJczar.

PB and La Jolla Coastal BUILDER Tom Armstrong bought it a year ago.

Selling for what he bought it for.

jpinpb 2/8/2008 8:44:02 PM

Builder Bob - You are right. Tom Armstrong did buy it. Wonder why he's selling. Not even trying to sell for a profit. If you count realtor fees and closing costs, taking a hit, he'll be writing all that off on taxes as a loss. Wonder if he planned on building and had trouble pulling permits. Or maybe he sees this real estate market slowing so much, he's passing on developing it because he knows it's going to be a while before he can build and sell. Maybe he's over extended on some of his other places that may not be selling. Interesting for sure. Very curious.

Bob 2/8/2008 9:28:36 PM

No idea. But the lot can not technically be split, but condo'd and then 2 units can be legally built. My bad.

Maybe when he ran numbers he gave up on it.

Check the 3 condo homes being built on Sapphire. Asking over $1.2M each I think!

jpinpb 2/8/2008 9:34:46 PM

Sapphire is North P.B. I think much more desirous area, nicer. I don't have a million to spend quite yet, but if I did, I'd much rather get something on Sapphire than Reed.

LJczar 2/9/2008 8:24:09 AM

Builder Bob,

Remind me to always question those who claim to be qualified. I know how to read the Municipal Code as well as anyone. I wonder how many people have made fatal buy/sell decisions based on your advice...

cabo3 2/11/2008 5:47:43 PM

I heard the homes on Sapphire are on seperate lots, not condos, and are in the La Jolla School district. Can anyone confirm?

jpinpb 2/11/2008 6:31:31 PM

For some reason I thought it was La Jolla, but looking at the San Diego School District website, you can punch in the address. I think it's P.B. Elementary and Mission Bay H.S. If you enter a La Jolla address, it will say Birdrock Elementary, Muirlands, L.J.H.S.

cabo3 2/11/2008 7:34:20 PM

Just checked 771 sapphire, per school SDSD website does fall within La Jolla school district.

LJczar 2/14/2008 8:05:54 AM

You can find school district for any property at http://www.sandi.net/schoolfinder/

jpinpb 5/17/2008 8:54:09 AM

I notice this place is still for sale. And LJ, since our discussion back when about how the coast is holding up, I'm sure you've seen all my NODs and foreclosures threads.

Anyway, there were NODs filed on some of Armstrong's properties, Felspar and Grand that I know of. I'm sure as he sold, the NODs have been remedied. In any case, perhaps things are not as great as one thinks. This is still for sale. Either something is wrong w/the property, or the market is not that great and fiancial struggle going on. I can't think of any other reason a developer would sell otherwise.

jpinpb 8/5/2008 8:12:00 PM

Still no takers.

jpinpb 10/8/2008 6:28:19 PM

I see it's still for sale.

jpinpb 11/13/2008 6:57:46 PM

So how long do you try to sell before you think about reducing the price?

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