SEPTEMBER 1994 / GOLDEN TRIANGLE METROPOLITAN

A Fertile Garden

The Cape La Jolla Gardens development thrives in a once neglected dirt lot - by Doug Desjardins

For years, while office buildings, businesses and elaborate churches sprang up around it, a nine‑acre empty parcel of land on Via Mallorca remained conspicuously empty. Like a holdover from days gone by, the dirt lot at the southern end of La Jolla Village Square stubbornly resisted attempts to become part of Golden Triangle civilization.

"First it was going to be a trolley substation and a post office, then it was supposed to be an extension of the mall," says Scott Ray, director of sales for Cape LA Jolla Gardens. "The land has been in and out of escrow I don't know how many times and it seemed like it would be empty forever."

Forever ended in 1993 when Garden Homes moved into the picture and decided to build townhomes on a land parcel earmarked for commercial use. "We've sold 70 units so far and 24 people have already moved in," says Ray noting that Market Profiles of San Diego recently named Cape La Jolla Gardens as the number one selling community in San Diego.

"The kind of success we're having is almost unheard of." And pretty unlikely, given the past history of the location and the fact that housing developments haven't fared too well in the Golden Triangle lately. "The last one of this size, "recalls Ray, "went into bankruptcy a few years ago." So what made the developer choose a site with all the allure of a black hole?

"It was a good location with Jots of commercial development and a major university nearby," explains Ray. "The Golden Triangle is a very attractive place to build if you build what the buyers want."

According to Ray one of the keys to the project's success was tailoring the homes to the prospective buyers. The units, which will eventually comprise 168, when the project is completed next year, are primarily two‑story townhomes with small yards and garages. The homes range in size from 1,267-1,967 square feet and cost between $160,000 and $250,000.

"A lot of the people who buy here are higher-end, such as engineers and people in the biotech field." says Ray. "They're people who work long hours and don't have time to maintain a big yard and things of that nature. They want a nice home that is a close drive from work."

"One thing the builder did was find out what other developers in the area were offering as upgrades and include them as part of the standard package." says Ray. "It helped us be more competitive and the prices have helped too. Homes between $160,000 and $250,000 are pretty good for La Jolla."

Most buyers we are putting down money for homes before the foundations have even been laid.

"I started here in September when this was just a dirt lot with a trailer for an office," Ray remembers. "People were putting down refundable deposits for homes. Most bought just from looking at the floor plans."

"And of those people who put down deposits, we've had a capture rate of 80 percent," Ray continues. That tells us people like the results."

SEPTEMBER 1994 / GOLDEN TRIANGLE METROPOLITAN