$1,448,000
Top floor Beach and Bay front condo on the Bay. Beautiful ocean views, sunsets, direct access to the beach on the bay and ocean breezes is what you’ll be able to enjoy from this bay front condo! 3 bedrooms, 2 baths, in suite washer and dryer, an oversized living room and master bedroom with bay views, private deck and TWO separate parking spaces are what this amazing home has to offer. Rare opportunity to purchase prior to fee simple conversion. Buyer captures $600k+ equity gap once conversion completes. Neighboring waterfront condos without land leases have recently sold between $1,300–$1,400 per sq ft, placing the potential post-conversion value of this home near $2M+. With the land buyout confirmed and in contract, and being less than $500k, buyers purchasing now can capture substantial equity upside as the building converts to full ownership. Land lease additional cost will be saved by locking in a lower tax rate prior to the increase in value. Once the land purchase closes, opportunities to buy in this building may disappear for years. Seller will review offers prior to the next price adjustment as the land conversion progresses. The complex is on the boardwalk and features a pool, large common area and huge view veranda, perfect for people watching during the summer and enjoying our beautiful sunsets. Property is on a land lease but is intended to be bought out. Current lease does not expire for 38 more years estimated. Perfect spot for a vacation hideaway or has been primary home for 10 years of current owners. Raising 2 children in 3 bedroom condo on the beach.
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Listed by Craig Bauman with Craig J. Bauman (858) 488-1497
Property Type
Condominium
Status
Active
MLS Number
250018703SD
Year Built
1960