This property sat in an increasingly dilapidated state throughout the recent, long downdraft. It also sits in a terrific neighborhood in La Jolla, which, together with the assembled development team, created a solid foundation for the resurrection of this local eyesore. Equally important is that the timing was finally right – the submarket had risen sufficiently to allow this troubled project to advance, particularly when coupled with the additional financial commitment of the sponsor.
Like all broken projects, it had a story. The challenges came in looking past that turbulent history and toward prudent underwriting for today’s market conditions. This process was greatly aided by the aforementioned project team who brought the development strength and expertise necessary to augment the owner’s experience on this 6,100 square foot spec house. The solid design will capitalize on the views, and together with the high-level finishes, will position this long-stalled, major remodel for sale within one of San Diego’s most coveted neighborhoods.
High-end, spec residential construction within California’s the coastal band remains a meaningful percentage of Seattle Funding Group of California’s lending activity. And we well know that successful projects such as this necessitate the talent of design and construction professionals at the top of their game, and experienced real estate professionals who know what the market requires…and what it will truly pay. This case was no different, and we look forward to working closely with Jeff Fargo of Four by Four Construction, Laura DuCharme of DuCharme Architecture, Robert Wright of McCormick & Wright Interior Design, and Todd Fry Landscape Architects. SFG’s special thanks to Marti Gellens-Stubbs of Berkshire Hathaway and Gregg Whitney of Billionaire’s Row in La Jolla. Both provided experienced local insight on value, current market conditions and demand. SFG has enjoyed the pleasure of working with these La Jolla real estate experts for years. Thanks also to Tom Schwiebert of Chicago Title. When it comes to broken priority and other title challenges, Tom is always our first call.