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300 Coral Ridge Dr, Pacifica, CA 94044


By Patrick   Follow   Fri, 11 Jun 2010, 2:14pm PDT   1,820 views   9 comments
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monkframe   Fri, 11 Jun 2010, 2:22pm PDT   Share   Quote   Permalink   Like   Dislike     Comment 1

Future archeologists will wonder at the empty foundation in the boomtown of Pacifica.
Started years ago, it remains a testimony to not having enough capital before one breaks ground.

khaira   Fri, 11 Jun 2010, 3:25pm PDT   Share   Quote   Permalink   Like   Dislike     Comment 2

anyone know what this was going for before it was taken off the market?

khaira   Fri, 11 Jun 2010, 3:32pm PDT   Share   Quote   Permalink   Like   Dislike     Comment 3

looks like they were seeking 525k in 2008, according to this: http://propertylistingmaps.com/site/listings/21

vain   Tue, 15 Jun 2010, 3:40am PDT   Share   Quote   Permalink   Like   Dislike     Comment 4

The price started off at $525k. It made its way down to $399k before being taken off the market on 1/26/09.

Here were the remarks from the MLS listing:

Contractor Quick Starter Project! Ocean view 9,152sq.ft w/ plans approved & permits issued & current for a 5BD/3.5BA custom home. Partnership is an option Partially excvtd 2of4 wall footngs poured 7of15 rock anchors drilled & instlld

Looks like a builder just ran out of money.

monkframe   Thu, 20 Oct 2011, 2:47pm PDT   Share   Quote   Permalink   Like   Dislike     Comment 5

And it's still unfinished, a real eyesore.

bighorse   Thu, 20 Oct 2011, 4:18pm PDT   Share   Quote   Permalink   Like   Dislike     Comment 6

Property tax is ~$600/year for this one. Not much pain there. Owner appears to be using this property for leverage. ~$400k owed to the bank, and another ~$300k to private investors.

bg   Fri, 21 Oct 2011, 12:23am PDT   Share   Quote   Permalink   Like   Dislike     Comment 7

bighorse says

Property tax is ~$600/year for this one. Not much pain there. Owner appears to be using this property for leverage. ~$400k owed to the bank, and another ~$300k to private investors.

Leverage meaning a place to get funds to do other projects? What do you mean?

bighorse   Fri, 21 Oct 2011, 2:13am PDT   Share   Quote   Permalink   Like   Dislike     Comment 8

bg says

bighorse says



Property tax is ~$600/year for this one. Not much pain there. Owner appears to be using this property for leverage. ~$400k owed to the bank, and another ~$300k to private investors.


Leverage meaning a place to get funds to do other projects? What do you mean?

Yep. It appears to be an ATM machine for the owner.

There is a lot of loan activity for this parcel. I don't see how he can convince private investors to keep lending with a more senior lien involved in which he is underwater on.

bg   Sat, 13 Oct 2012, 10:06pm PDT   Share   Quote   Permalink   Like   Dislike     Comment 9

http://www.redfin.com/CA/Pacifica/300-Coral-Ridge-Dr-94044/home/17309382

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