300 Coral Ridge Dr, Pacifica, CA 94044


By anonymous     Fri, 11 Jun 2010, 9:14pm   1,734 views   9 comments
In Pacifica CA 94044   Watch (0)   Share   Quote   Permalink   Like   Dislike  


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  1. monkframe


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    Pacifica, CA

    1   9:22pm Fri 11 Jun 2010   Share   Quote   Permalink   Like   Dislike  

    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.

  2. khaira


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    Petaluma, CA

    2   10:25pm Fri 11 Jun 2010   Share   Quote   Permalink   Like   Dislike  

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

  3. khaira


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    Petaluma, CA

    3   10:32pm Fri 11 Jun 2010   Share   Quote   Permalink   Like   Dislike  

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

  4. vain


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    4   10:40am Tue 15 Jun 2010   Share   Quote   Permalink   Like   Dislike  

    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.

  5. monkframe


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    Pacifica, CA

    5   9:47pm Thu 20 Oct 2011   Share   Quote   Permalink   Like   Dislike  

    And it's still unfinished, a real eyesore.

  6. bighorse


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    San Jose, CA

    6   11:18pm Thu 20 Oct 2011   Share   Quote   Permalink   Like   Dislike  

    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.

  7. bg


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    Pacifica, CA
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    7   7:23am Fri 21 Oct 2011   Share   Quote   Permalink   Like   Dislike   Protected  

    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?

  8. bighorse


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    San Jose, CA

    8   9:13am Fri 21 Oct 2011   Share   Quote   Permalink   Like   Dislike  

    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.

  9. bg


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    9   5:06am Sun 14 Oct 2012   Share   Quote   Permalink   Like   Dislike   Protected  

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