"We recently completed a sale on Prospect for a leased-fee estate created in the 1920s on a premier piece of property above La Jolla Cove, mixed-use retail with three-story residential above," Wagenseller said. "The land was owned separately from the building. We represented the trust of four beneficiaries who had held the land since the late 1800s. It involved a lot of research to properly transfer title. Our lease review, chain of title and valuation techniques all came into play. We ended up selling it to the existing building owner. It was fun to dig into the past, looking into La Jolla's history."
Working with partner Dan Ryan, a Certified Real Estate Appraiser and Pacific Beach native, Wagenseller is enthused about the current uptick in local real estate sales.
"We're definitely in a time of increasing values," he said. "After several years of declines, in the past 12 months we've seen the supply shrink and demand remain steady, if not increase. So values are up and marketing time periods are down. If priced accordingly, you should have a deal in hand within a few weeks, whether it's commercial or residential.
"It takes a tremendous amount of patience to value and market real estate properly, though. The valuation that we're able to assemble, research and confirm is really exceptional. It's a wonderful partnership. I specialize in marketing, Dan specializes in valuation, and that combines to bring a great product to our clients.
"I love being close to work, close to my market area. I try to stay extremely local in the beach communities. It's a niche some of the big commercial guys don't want. It's been a terrific niche to fall into. I'm so lucky to live down here. I'm just blessed with almost everything a bike ride away. I try to take advantage of our community every day."
930 Prospect Street | La Jolla, CA 92037 | OFFICE: (858) 456-3203 | www.cbcworldwide.com/twagenseller
~ By Glenn Grant, The Daily Transcript