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300 Coral Ridge Dr, Pacifica, CA 94044

By Patrick (441/441 = 100% civil)   2010 Jun 11, 2:14pm   ↑ like   ↓ dislike   2,201 views   9 comments   watch (0)   share   quote  


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1   monkframe (1/1 = 100% civil)   2010 Jun 11, 2:22pm  ↑ like   ↓ dislike   quote   top   bottom   home   share  

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   2010 Jun 11, 3:25pm  ↑ like   ↓ dislike   quote   top   bottom   home   share  

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

3   khaira   2010 Jun 11, 3:32pm  ↑ like   ↓ dislike   quote   top   bottom   home   share  

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

4   vain   2010 Jun 15, 3:40am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

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 (1/1 = 100% civil)   2011 Oct 20, 2:47pm  ↑ like   ↓ dislike   quote   top   bottom   home   share  

And it's still unfinished, a real eyesore.

6   bighorse   2011 Oct 20, 4:18pm  ↑ like   ↓ dislike   quote   top   bottom   home   share  

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   2011 Oct 21, 12:23am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

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   2011 Oct 21, 2:13am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

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   2012 Oct 13, 10:06pm  ↑ like   ↓ dislike   quote   top   bottom   home   share  

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