Big lot in a meh neighborhood (Mira Mesa)

[JM Wendler]

What strategy would you use here? Has anyone been successful building new construction in a 70s tract home neighborhood?

Owners split this .6 acre lot in a neighborhood where most are 5,000 sq/ft.

Front lot has a house on it. Fixer. Back lot is vacant with plans for a 2400sq/ft house.

With values declining, and construction costs increasing, seems like the only play is here adding a jr. ADU (500 sq/ft) and a full ADU (1200sq/ft), and keeping the back lot empty. No way you can recoup costs to build.

https://www.redfin.com/CA/San-...

[Matt Devincenzo]

Unfortunately this project is not what it appears. The owner has a development approval for two lots, but has not subdivided the property yet. If they want to physically complete the subdivision they have several additional steps to complete...and maybe they're working towards them, but that's not what their listing says and I don't see an in process project on the City's permitting portal. If they are leaving it to the buyer to complete then you have ~$100K in additional final design work left to complete the final map, ROW plan (I assume based on experience) and other discretionary conditions of approval. Then you would have a buildable project. They likely have a minimum of a year of additional effort before being a shovel ready project.

Looking at the design entitlement drawings they include on the MLS documents I think there are personally several unnecessarily expensive items the designer implemented (likely at the owner's direction) that make this a completely infeasible project at the price point being considered.