The Morning Report
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I had a little more on the neighborhood markets in Pacific and Mission beaches that didn’t quite fit in our story today.
I don’t think the “when I was your age, this here was nothing but farmland” anecdotes ever get old. You may disagree. At any rate, here’s what reader DS had to say when I asked for your feedback on PB and Mission Beach last week:
In 1956 my mother bought a lot 80×25 for $300 and built a duplex for $32000 in north Mission Beach. I was paid $1.25 hr to dig the foundation. Last appraisal 1.2m. The high demand and limited supply keep the beach values up regardless of the rest of the market.
To that end, here’s an interesting page of history for Pacific Beach, with this introduction:
The hip, relaxed community of Pacific Beach boasts 40,000 residents and 1,200 businesses. But more than 100 years ago we were but a sleepy, plot of dirt located next to the Pacific Ocean.
Oh, if investors only knew what was coming.
And the air is buzzing over at the beaches over the activity of developers scraping individual oceanfront cottages to the ground and rebuilding gleaming duplexes and fourplexes in their stead. One developer especially, Ocean Pacific Properties, seems to be the trendsetter here — the Ocean Pacific sign was plastered on nearly every construction site I saw in South Mission.
That activity, marked by curved architecture and gleaming steel and glass details, found its way into nearly every e-mail I got about these neighborhoods and every conversation I had with real estate pros and beach residents alike.
If you’ve made observations about such development at the beaches, I’d love to hear them. Shoot me an e-mail by clicking my name below.