John Douglas Dudek bought 8 units in the 4700 block of Point Loma Avenue in September 2012 for $1.85 million. He just sold those same units for $2,384,200. That’s over half a million bucks in one year. Nice going for somebody who can afford that.
Isn’t it great to watch as Establishment types roll in the dough, while the rest of us working stiffs have trouble even making our rent or mortgage payments?
The property that has now been sold twice within a year is located at 4746-4756 1/2 Point Loma Ave (assessor’s parcel 448-351-06). It’s a single-story courtyard apartment that includes 8 two-bedroom and one-bath units – which are small, each with 672 square feet. There’s also 8 garages off the alley.
The speculator, John Douglas Dudek, is the trustee of the Dudek Family Trust, located at 1003 Isabella Ave., Unit C, Coronado 92118, and also is of Western Mission Properties. The seller was represented by Joseph V. Siemienowski, of Siemienowski & Associates and, as well, it appears, by himself, JD Dudek, of Western Mission Properties.
The buyer of the apartment complex was Point Loma Properties LLC, located at 7676 Hazard Center Drive, Suite 700, San Diego 92108. Talk about degrees of separation, the manager of this outfit is something called WXYZ LLC, and the Nancy Krasnoff Separate Property Trust is the manager of WXYZ, while Nancy Krasnoff is the trustee of the property trust. Figure that out.
The buyer was represented by Allen Chitayat, of Hendricks-Berkadia.
This time the apartments sold for $2,384,200, including assumption of an August 2012 loan of $639,256 from Opus Bank. Last time – September 2012 – they sold for $1,850,000. Net for Dudek: $534,200.
Realtors think in sale prices per-unit and prices per square foot. This time it was $298,025 per unit. A year ago, it was $232,500 per unit. This time it was $338.75 per square foot. Last time it was $265 per square foot.
Did all that land really increase in value in that one year?
Does this sale represent the return of the OB Housing Bubble?
We’re not certain, but we’re keeping track of those who are flipping our neighborhood.
From The Daily Transcript (subscription)