Solana Beach suffers the same fate as many well-established high-end areas.
There aren’t many comps to begin with, and it’s ripe for off-market sales.
Three of the last four on the street were off-market sales – were they low?
I’m hanging my hat on the cheapest one, 424 Pacific. The story poles are already up, so the $2,555,000 was really just land value – and that corner is much busier than at the subject property.
But let’s also consider that Solana Beach has been remarkably under-valued for years, and we are just now starting to see what buyers are willing to pay. It wasn’t long ago that the non-oceanfront homes struggled to get more than $4,000,000.
Now look:
Three recent sales over $6,000,000, with one of them back on the market for nearly $10 million!
My new listing of a lovely old-Spanish bungalow by the sea!
Enjoy the captivating lifestyle of this well-established beach community that’s off the beaten path – yet steps to the sand. Houses in the 500 block on this side of the street have sold for $5M to $6M in the last couple of years (2015 & 2018)!
A tour of a property that had been on the market since March, but because it was a good-looking 5,328sf one-story in a convenient location, the right buyer came along. This closed for $2,800,000 last month:
Every oceanfront condo with a view in Solana Beach has been selling for well over $1,000,000 – the lowest this year was $1,130,000. If you don’t mind walking a few steps to get to the beach, you can get a nice buy on my new listing – only $899,000!
The City of Solana Beach has made some incredible demands of their oceanfront homeowners, and our great friend and client Larry Salzman is fighting back!
The City of Solana Beach enacted regulations to prohibit beachfront owners from building retention walls or other protective structures to safeguard their homes from erosion unless they agreed to grant public access to their property.
The regulations also require homeowners to grant public access as a condition for a permit to repair damaged staircases that provide beach access from their homes.
A coalition of homeowners challenged the regulations as violating the California Coastal Act and the constitutional prohibition on takings without just compensation. The San Diego County Superior Court invalidated the regulations to the extent they required public access as a condition for protecting existing homes or repairing existing staircases, but refused to invalidate the regulations as applied to future development.
“Coastal homeowners have a right under California law to protect their homes from erosion with a seawall, with some qualifications written into the California Coastal Act. The City of Solana Beach’s land use policies take that right away, undermining both property rights and public safety.”
