My gut is that the house lost at least $200k in value since it used to have full, unobstructed 180 degree westerly views. Views are one of the largest value indicators in Pt Loma. That is why you cannot trust anything that Zillow or some computerized appraisal software comes up with for a property. Just for fun, I signed into Zillow and added the ‘water view’ characteristic to the property details. Zillow bumped value for property from $918k to $943k. As I’ve stated before, for some crazy reason appraisers (and computer software) only add about $25k to a property for view.
In our market, it will add anywhere from $100k to $500k to subjective property value.
No lawsuits that I am aware of. This is a big issue in real estate on the hills of Point Loma. Many buyers carefully analyze the obstruction that could happen to views. So, if you can advertise ‘unobstructable views’, that is golden. There have been a lot of homes that lost huge value when neighbors go up with 2nd stories. It’s happening a lot and it’s going to get worse in the next couple of years because there is a ton of remodeling going on around town.
Is it possible to show a floor plan, maybe just hand drawn? I’m terrible at picturing layout from photos.
Also, for the upstairs, I don’t really know how much space you have, but maybe you can put the master bedroom and extra living room up there? If it’s for a family with slightly older kids, then having a master with views, away from the kids, might really be nice. Or it could be an “extra master” which could be a guest room, then transition to “the” master later. And the living room would be for parties!
Regarding mail box… I feel really sorry for the poor mail man. He’s got to take a special trip down alley just to deliver mail for this house. As soon as they see construction going on I will probably get another ‘notice’ from the Post Master that the mail box has to be located somewhere else. That’s what happened with Guizot Hoarder House. Mailbox had been at top of stairs forever and then suddenly I got a notice that it had to be re-located to street level.
Either way, going out to get the mail from this new property is going to be a chore. Either I put it at path entry or I guess it stays out on the alley.
The remodel at 1653 Chatsworth Blvd, San Diego, CA 92107 really scares me. I cannot imagine the loss of privacy the neighbors felt when the rooftop deck was added. And just imagine the noise when they entertain. How can that be legal?
This looks like a great house. I can’t wait to see what you do to it!
cb, IIRC, you were worried about your last project because it didn’t work as a family house, with the big room underneath. At that time I believe you were being told that family houses are in short supply. If you make this a four-bedroom house, it will be a family house, and I don’t think you need to worry about the retiree market and one-story or few-steps living.
ORIGINAL FLOOR PLAN
I drew a rough sketch of the floor plan and loaded to our Flickr group. I’m embarrassed to say that I don’t really remember the configuration of Bedroom 3/bath because that is where the pile of personal stuff is and I didn’t want to wander around too much in there.
I have been analyzing the Chatsworth flip carefully. Someone (I don’t recognize competitor because they took title in a gobbled numeric trust) bought that for $750,000 and did a full remodel, added about 700 sq ft and took it from 3/2 to a 4 bed / 4 bath and added rooftop deck. It took them 12 months of construction and they came back out and sold that thing for $1,475,000!!! How come I cannot find the $750k house that doubles in price???
But, they started too high and took 5 months to sell, dropping price. As soon as they dropped price to under $1.5 million it was sold in 2 weeks. So, they held the property for 1 1/2 years. Lord help me, that better not happen to me
However, it is a good example of not really having views from main portion of house, but just having those views of San Diego Harbor from a rooftop deck sold it. My opinion is that rooftop decks are sexy sellers, are the latest rage right now (especially in Pacific Beach) but do people really use them later in life??? Who really wants to lug all kinds of stuff up to the rooftop deck (usually up a spiral staircase) and then clean up afterwards?? Maybe once or twice a year for the fireworks show or something.
Good point on family house. I stood there at Nipoma for 30 days, amazed that all of the showings were for families. Hardly any retirees came to view the house.
It looks as if that Bedroom #3 could also be a study or office or, if you opened it up to the kitchen, a family room.
Do you have room to add two BRs on a 2nd floor? If so, you’d still have a four BR but with the extra space for a family room.
Ooooo – I just noticed that from your drawing, a corner of the property abuts the cul-de-sac. That offers possibilities. Unless that’s the sharp slope??
I am happy to report that I have secured all the funds that I need to purchase this house and do the remodel. I might have to come out for a little bit more remodel money, but I am going to worry about that later down the line. Especially if I start making all these improvements everyone is recommending
Pheww!! What a relief. The last thing I want to do is sign a contract and then ruin my reputation with local agents by having to back out of a contract. That would be the end of me.
Power lines
For this property, there are no poles or power lines to the west or south (where best views are). There is a telephone pole in alley behind the McMansion and some power lines going up the alley behind the house
That garage is positively pristine compared to the hoarder house! Love the bay windows in the kitchen, although I guess they’re just facing the other house now. Re the mailbox - you’d think the next two houses to the west would also have alley delivery; can’t see the letter carrier climbing those slopes. I don’t see mailboxes in the Google views but there is a package on the pavement next door!
