Every now and then we like to tell a story about our client’s journey through the purchase of their home. In this instance, it happened to be Kyle & Maggie’s very first home. The search began in North Park and eventually took us into Normal Heights before ultimately landing in South Park. In recent years, all of these neighborhoods have become major hot spots for younger professionals seeking walkability, central access to business districts, and proximity to top-class restaurants and unique watering holes. The thriving ‘craft’ culture in the food & beverage industry is truly placing these areas among the most coveted inland communities of San Diego County.
I had long pitched the benefits of owning multi-unit properties to Kyle and Maggie. Because of this, they decided to search for both duplexes and single-family homes. Consequently, our first offer was on a charming duplex located on Gunn Street, just a short block away from the heart of all the action on University Avenue in North Park. As is common with tenant occupied duplexes, we had to make the offer sight unseen. Due to this the purchase contract was contingent upon our initial walk through.
Once we got in to see the units, Kyle and Maggie decided that there was not sufficient storage space in the home (a frequent issue with older homes in these areas) so we decided to cancel the contract after we treated them to a few craft cocktails at a quirky restaurant close by. This was at the beginning of their search, making them hesitant to jump on the first property they liked. That is a common feeling among first time home buyers in San Diego.
Our search continued in the North Park area until an upgraded single-family home caught Maggie’s eye in Normal Heights. After checking out the neighborhood extensively, we decided to write up the second offer of their exciting home buying journey. We are excellent at getting offers accepted, so naturally within a few days we were under contract to purchase this home off of Madison Avenue in Normal Heights. This appeared to be the one as Maggie fell in love and Kyle envisioned the foreseeable future in this home. Facebook posts were flying, parents were getting excited, and moving plans were being arranged.
Unfortunately in this business, nothing is certain until the deed is recorded. There are about one thousand variables that can derail the perfect scenario of getting to the finish line. In this instance, some major foundation issues arose in the inspection that the seller was unwilling to address so we collectively decided that it was best to move on.
This finally brought us to the duplex that Kyle and Maggie proudly call home today in unbeatable South Park. A few weeks prior to getting under contract on the Normal Heights home, Kyle and I had toured the duplex off of 32nd street in South Park. Kyle immediately saw the potential, but recognized that the units needed extensive cosmetic work to maximize value and optimize livability. Once again, we were able to get this property under-contract once Kyle convinced Maggie on his vision for the remodel. The home interior needed some work, but the location was unbeatable.
Fortunately, Kyle and Maggie were able to fully renovate both units. They are now happier than ever with their decision to purchase the South Park duplex. The duplex has allowed them to acquire an asset that is worth more than the typical single family home, while cutting their monthly payment to half of what it would have cost to own the much lower priced single family home in Normal Heights. If you’re asking yourself how this is possible, check out my post on the major benefits of multi-unit property ownership.
Hope you enjoyed hearing about their adventure. Here’s a link to their testimonial if you want to hear more about their experience with Class Realty Group.
About the Author
Greg Robertson is a Broker at Class Realty Group’s San Diego office. Reach him by email at firstname.lastname@example.org or by phone at 858-333-2422.