Writers love comparisons; if fact we all do. I thought I’d have some fun this week comparing two pieces of property on the real estate market right now: the most affordable and the most stratospheric in price. Of course, there’s a lot in the middle, and a house for every budget.
If you thought San Diego was only for the 1 percent, think again. I went into the database to pull up the listing with the lowest price tag. It’s a modest affair for sure, but it is a house and will put a roof over your head. It’s a super cute cabin that sits on United States Forest Service land in Descanso, just a few miles north of the 8 freeway. I love the directions: “Drive about a mile from Perkins store, then turn left at mailboxes on the dirt road and follow to end….” The cabin is 515 square feet, not bad, and built in 1900. And it’s still standing so that does say something about its basically good bones.
It needs a few modest upgrades like a toilet and shower, but there appears to be an outhouse. And the price tag – a modest $39,000. Since the land that the home sits on is not for sale, this property would not qualify for traditional financing. Rental on the land is only $150 a month. With some cash, and a little sweat equity, this would be a great vacation home.
Now on the other end of the spectrum, there’s a sweet spot right on the ocean for sale. It’s in Del Mar, just west of the racetrack, and has a commanding, sweeping and heavenly view of the Pacific Ocean. Precisely 5.5 acres of nothing but sea and sky.
The property was initially the home of Sally Tippett, known for her fashions and hats, and wife of William Tippett, a gas company executive. When Sally passed in 1999 she bestowed the house on Scripps Memorial Hospital, who subsequently sold it to the current owners and now sellers for $25 million in 2000.
The Colonial-style mansion was reminiscent of a plantation house with lots of grand period details like leaded glass, sweeping staircase, inlaid floors and the like. But the new owners decided to gut the house, removing all the details, but leaving the historic shell, perhaps hoping to preserve previous construction details no longer permitted by current requirements.
They put the property on the market for a whopping $76 million. Since the estate consists of three contiguous parcels, they were perhaps thinking a developer would find the site alluring, as two new glorious oceanfront mansions could be added and sold off.
Today the property has been reduced very significantly to a still very high $33.9 million. It awaits an imaginative investor who can see the potential in the 396 feet of oceanfront this estate occupies. Since the 10,164 square feet house is only a shell, the value of the property lies in the land alone and what is possible. We can imagine the architects just waiting in the wings to get the opportunity to build houses to match the magnificence of this piece of California turf.
So there you have it: the lowest and the highest. Neither is perfect and each has its virtues. The canvas of San Diego is a large one and one can paint on it just the real estate scenario that catches your fancy.
Del Phillips is a California Licensed Real Estate agent. He is a member of the National, California and San Diego Association of Realtors. You can reach Del at Ascent Real Estate at 619-298-6666 or at Del@DelPhillips.com DRE LIC #01267333.
