Congrats to Brian who has had the middle parcel listed for sale since 2007!
Hat tip Richard:
One of San Diego’s most popular beaches could soon be getting a luxury resort.
Two Encinitas based companies specializing in hospitality development – The Robert Green Company and Zephyr – acquired a 16 acres oceanfront parcel in Del Mar, just north of Dog Beach.
They plan to build a luxury resort, and want input from the public.
“What we’re really doing is announcing a process where we go out and hold a series of community meetings to really define what the plan is,” said Brad Termini, CEO of Zephyr.
Termini said he and Robert Green, of The Robert Green Company, have been working to acquire the site for over a year.
“There actually are eight parcels here, owned by three different local families that have owned this land for a very long time,” Termini said.
The land sits north of Del Mar’s popular Dog Beach, south of Solana Beach, and west of the Del Mar Fairgrounds.
“It’s essentially a large triangular-shaped property and because of its shape it creates spectacular views in multiple directions,” said Robert Green, President and CEO of the Robert Green Company.
According to Zephyr and The Robert Green Company, plans are not finalized, but include a luxury resort, branded resort villas, restaurants and meeting space.
Both Green and Termini are local San Diegans. Termini lives a quarter-mile from the site and Green was born and raised in San Diego.
Termini said he’s been walking by the site for years with his dog, just looking at this site and thinking about what he could build there.
He and Green plan to hold a series of public meetings to get input from the public before starting to build.
“In 1965, a real estate developer stumbled upon a lush valley that combined natural beauty with perfect weather: and the vision for La Costa was born”. Everything except the top of the hill is covered with houses now:
It’s that time of the year – the 2017 forecasts are starting to roll out!
Zillow has been conservative about our local markets. For the most part, the actual appreciation of the Zillow Home Value Index has been higher than their forecasts over the last two years.
Their local forecasts for 2017 are all lower than their 2016 guesses, and what they are predicting could also be described as ‘Flatsville’. If their local forecasts of +0.9% to +2.2% come true, it would mean that several sellers would end up selling for less than they could have gotten in 2016.
Are we ready for that yet?
Local ZHVI-Appreciation Forecasts
Town
2015 Forecast/Actual
2016 Forecast/Actual
2017 Forecast
Carlsbad
+2.7%/+4.8%
+1.9%/+3.8%
+1.3%
Carmel Valley
+0.3%/+5.4%
+1.4%/+1.9%
+0.9%
Del Mar
+5.5%/+1.1%
+1.4%/+2.6%
+1.1%
Encinitas
+0.6%/+8.3%
+2.4%/+6.3%
+2.2%
La Jolla
+2.7%/+6.6%
+2.3%/+6.1%
+2.1%
RSF
+0.4%/+11.1%
+3.7%/-0.5%
+1.9%
San Diego
+1.7%/+6.4%
+2.1%/+4.0%
+1.7%
Solana Beach
+2.7%/+6.4%
+2.2%/+2.6%
+1.4%
The Zillow data changes slightly, depending on where you look on their website, and whether you use town names or zip codes. Here is the LINK to find others.
1953 Willy’s CJ3B. It had the original flathead four-banger engine that could crawl over anything. We changed that out for a Chevy 283V8. Rolled it two different times, no one killed. We built a big cake around it and cruised the last Fullerton homecoming parade like in Animal House (they cancelled the football program the next year). It was also the ride I was driving when I met my wife – I borrowed my dad’s car to take her to Bobs.
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1958 Cadillac Convertible – with the big fins! One of the few decent things done by the Padres when they gave Trevor this one as they retired his number 51. The 1959 version is great too.
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1969 Chevrolet Camaro SS Convertible – Indy Pace Car. A staple on favorite-lists everywhere and mine made a little more special when John Doe and Exene drove up in one when they played at Fullerton.
I told the listing agent that her list price was perfect on this 1927 classic – let everyone have a crack at it, and have the market decide what it’s worth!
The list price was $935,000.
She got 16 offers, and it closed for $1,140,000 cash!
Most national forecasts are predicting a 3% to 4% appreciation rate for 2016, which has to be a safe bet. If it comes in anywhere from -2% to +8%, you can say that you were close.
Zillow has enough algorithms that they are willing to make predictions for each local area. They have conflicting numbers, depending on where you look on their website – these are from the Home Values section:
You can see that Zillow was less optimistic last year too. Most were predicting that mortgage rates would be in the mid-4s by now, so the lower rates in 2015 helped fuel higher-than-expected prices. Could rates stay right where they are? Maybe, but both Zillow and I think the euphoria will die down next year:
Zillow Price-Appreciation Predictions
Town
2015 Prediction
2015 Actual
2016 Prediction
“Market Temperature”
Carlsbad
+2.7%
+4.8%
+1.9%
Cool
Carmel Valley
+0.3%
+5.4%
+1.4%
Cold
Del Mar
+5.5%
+1.1%
+1.4%
Very Cold
Encinitas
+0.6%
+8.3%
+2.4%
Warm
La Jolla
+2.7%
+6.6%
+2.3%
Very Cold
RSF
+0.4%
+11.1%
+3.7%
–
San Diego
+1.7%
+6.4%
+2.1%
Warm
Solana Beach
+2.7%
+6.4%
+2.2%
Cold
For some reason, Zillow is also labeling each market from Warm to Very Cold. The labels don’t seem to correspond to the predictions, so I don’t know their intent – are they just trying to tell you to put on a sweater?
How will buyers feel about getting worked over for that last 2% to 3% when they see they are in a ‘Very Cold’ market?
Here I describe some of the details of how the sale went down on Glenmont in Solana Beach, which listed for $1,499,000 on January 8th. Not every agent operates this way – many will just grab a cash offer and go for the easy close. But I prefer to go all out:
