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New luxury apartment building The Californian to open in Midway New luxury apartment building The Californian to open in Midway

A new mixed-use, three-story project with 81 luxury apartment rental units will debut soon on a formerly vacant swath of land adjacent to San Diego Community College District’s West Campus.

Preleasing is already underway for The Californian at 3233 Kemper St. at the corner of Kenyon Street, now in the final stages of construction.

The new development has two commercial spaces as well as an affordable housing component of seven units providing low-income individuals and families the opportunity to rent.

“We’re pretty close to being done,” said Jesse Lyons, director of operations & marketing for developer Murfey Co. “It’s going to be sometime in September. We’re hoping to have people move in in October.”

Lyons said 20 of the 81 rentals, which are a mix of studios and one- and two-bedroom units, have already been pre-leased. Size of apartment units goes from about 600 to 3,000 square feet.

The Californian was chosen as the name for the project said Lyons because it reflects the California “vibe.”

“It will be an access-controlled community,” said Lyons of the property,

The Murfey Company, in partnership with Bishop and Company, is developing the property, which is on a 99-year ground lease. Murfey Company is the general contractor.

Lyons said the project has been four years in the making. He added its proximity to the beach coupled with ample parking onsite made it an attractive site to develop.

“There are a grand total of 104 parking units,” he said adding the goal is to have 50 percent of the project pre-leased by the time it opens.

Lyons characterized the project as “urban infill housing” with a density bonus for its affordable housing component. “The amenity package offers a swimming pool and a hot tub, and also features and fire pit and an outdoor barbecue,” he said. “It is a pet-friendly community with a pocket park and is energy-efficient.”

The development has elevators and wifi access.

“This will be a real nice place for people to live and relax when they are away from work,” said Lyons.

Reach out to The Californian at info@liveatthecalifornian.com.

Read more: San Diego Community News Group – New luxury apartment building The Californian to open in Midway

 

This article originally appeared in The La Jolla Light

Solid strategies to keep your project on track

Construction projects are fluid – any number of issues can arise. Cost overruns. Delays in a product’s delivery. Miscommunication.

And, those glitches can add up to big dollars during the final reconciliation.

But there are steps you can take before – and during – your construction project to increase your success quotient.

First and foremost, always accept bids based on their merit and what is being offered. Choosing the lowest bid for the sole reason that it saves money generally is not prudent. In fact, sometimes the lowest bid can increase your expenses. Before accepting a bid be sure that all documents and specifications are reviewed meticulously. Some contractors may require compensation for tasks that are not specified in the plans or documents.

Do not begin a project without a clearly defined plan. As explained in the July column, preconstruction services offer a layer of construction management and planning.

Be sure that a construction project manager leads your team. These managers are knowledgeable with planning, coordinating and communicating at all levels during the construction build process. Not only do construction managers track the project for timing and cost, they monitor building codes, specs and specific building regulations.

Experience counts, too. The more experience that your project manager has the more realistic the build-out plans, schedules, tasks and budgets are likely to be.When a project is too large for a project manager to oversee, a commercial project manager is a worthwhile investment.

Identify costs early in the game

Disputes or disagreements regarding costs and budgets are common causes of delays with construction projects.

It can be quite upsetting for a client and a project manager when they realize a certain task is over budget. Often the contractor and the client find themselves going back and forth about the situation until a decision is reached.

If unperceived events occur during the project and prices go up, having a plan pays off. Knowing the preliminary cost estimates gives the construction team and the client an idea of what could be compromised to meet the end goal.

Design a realistic budget with a contingency. Be sure to receive a reasonable estimate of what the project will cost to make sure everyone is on the same page. After agreeing on an initial budget, a reputable contractor will assess situations as they come up and offer cost estimates for the changes.

Communication is key to success

Much along the lines of getting the budget figured out early, communicating regularly is just as important as sticking to a strict deadline.

Everyone involved with the project should know when certain building activities are occurring and the timeline for completion. Remember, order changes usually set back the timeline.

Commercial contractors should be communicating with the subcontractors to track progress. If there is a delay for a delivery or another issue, then everyone involved should understand the effect on the overall deadline.

Wrapping it up

Managing the construction process takes vigilance. Contractors, clients and construction professionals involved in the project should have a list of their responsibilities. When roles and responsibilities are accompanied with a plan and timeline, it helps keep everyone on task.

Engage contractors with a solid reputation, an excellent track record and have completed projects that meet the specifications on time and on budget. To learn more about San Diego’s The Murfey Company and the construction services it offers, visit www.murfeycompany.com.

This article originally appeared in The La Jolla Light

Preconstruction Services: A road map to on time and on budget projects

Any successful construction project requires a road map, or a schedule with a plan, for it to be delivered on time and on budget. For some projects a detailed preconstruction plan is the best way to provide owners with a formal approach that includes preliminary planning and engineering to define the project, identify potential problems and analyze the costs.

Preconstruction services are offered before the construction phase begins. During the preconstruction phase, clients learn what will be needed to create a functional and financially viable project. The preconstruction phase often helps an owner determine if the project is viable.

When owners become involved early in the process, they have an opportunity to understand the project at a more comprehensive level. Most importantly, the owner has a defined basis to make an informed decision by eliminating many of the unknowns, reducing risk and identifying potential cost savings.

Scope

The first step in the preconstruction process is defining the project’s scope. In this phase there are numerous questions to consider such as: Is the project described clearly? Do all stakeholders agree? Assessments during this stage address the existing conditions of the space and determine needs for the project, which leads to an initial schematic design. This preliminary layout helps owners visualize the spaces and ensures there is sufficient space for all equipment, furnishings and any required access.

At minimum, the scope gives the owners a step-by-step process outlining the project goals and determining how those timeline benchmarks are met.

Budget and costs

The budget is created from the schematic design and the engineering assessment. A clear budget offers direction for the project. A key component of the preconstruction budget is to make sure the costs are fair and accurate.

A reasonable and realistic budget helps guide various elements from the type of subcontractors to hire to the types of materials to purchase. This early budget is based on comparable spaces and estimates, so it is fluid in nature. Depending on the agreement, a bid document can be an out-growth of this budget. Additionally, this step assists lenders and banks with the financing pieces of the project.

Schedule

Creating an accurate schedule is vital to ensuring how construction is completed on time and on budget. The preliminary schedule serves as a guide to identify lead times and the sequence of construction. The plan can estimate the number of days to complete each task and it can give a rough idea of completion times.

Once developed, a project timeline ensures the assigned deadlines hold consultants accountable, too. The end result is that milestone tasks are met, or at least that is the goal. If you want to have a more detailed plan, consider a cost loaded schedule that connects your budget and timeline.

Preconstruction services offer a level of assurance and education to clients. The expense of initiating preconstruction services will save money and time in the long run, because the costs and project schedule are determined upfront. Also, owners generally find that the number of changes, unexpected costs, and variations of schedule during the project are greatly reduced.

If you are interested in learning more about Murfey Company, a leader in construction and real estate development, please visit www.murfeycompany.com.

This article originally appeared in The La Jolla Light

Iconic Bird Rock July 4 Parade to march on in La Jolla!

To ensure the Bird Rock Community Fourth of July parade remains part of the Murfey Family Legacy, the Murfey (Construction) Company will continue to coordinate and sponsor this local slice of American pie.

This year’s theme — “Tomorrowland: A Race thru Space” — has its eyes on the future. Registration and float entry is set for 9:15 a.m. Wednesday, July 4, 2018 at Beaumont Avenue and Camino de la Costa in La Jolla , with a shotgun parade start at 10 a.m.

“Show up early! Domo Arigoto Mr. Roboto,” said Scott Murfey.

“For decades, the La Jolla community has gathered alongside neighbors, family and friends on the Fourth of July to enjoy the Bird Rock Parade down Beaumont Street,” he said. “With hundreds of bikes and small floats flooding the streets, this quintessential small town celebration has spanned generations for La Jollans.”

Now in its 39th year, “family” is once again at the heart of the parade with Murfey brothers Scott and Russ working behind the scenes to coordinate the activities.

“The Fourth of July parade is a great opportunity to connect with old friends and neighbors,” said Russ Murfey. “For us, there is the obvious personal connection to the parade, but more importantly, is what it means to the community as a whole.”

Started in 1980 by the brothers’ parents, Barbara and Buddy Murfey working with other Bird Rock parents, the parade initially consisted of just a few families, but has steadily grown ever since.

A new large trophy for “best float” was donated by last year’s winner (and lifelong parade participants), the Oliver Family.

As said Josh Oliver explained: “Since its inception in 1980, we have been fortunate to be part of the Fourth of July Parade. This event has become a creative bonding experience for all participants. Every year, our family looks forward to collaborating on the float and jointly seeing it through to fruition. This is what makes the parade so family-oriented. Therefore, we donated the first prize trophy to acknowledge the prevailing family’s creativity and community spirit.”

There will be additional trophies awarded for other outstanding floats and parade participants, and the winning float also has the opportunity to select next year’s parade theme.

For 2018, in addition to the parade, there will be plenty of food and activities, carnival games and photo booths at the end of the parade route in the Methodist Church parking lot, 6063 La Jolla Blvd.

As always, there is no entrance fee, however, donations are appreciated as they are the backbone of funding for this celebration.

Despite moving full steam ahead, volunteers and donations are still needed. Those interested in supporting the Bird Rock Fourth of July Parade may make a donation online at gofundme.com/2018birdrockparade

— For more information or to purchase T-shirts, contact Russ Murfey at (858) 459-6865 or russ@murfeycompany.com

• Editor’s Note: As a reminder, there will NOT be Independence Day fireworks at La Jolla Cove this year on Wednesday, July 4, 2018.

This article originally appeared in The La Jolla Light

Nautilus Professional Building converting to luxury apartments in La Jolla

The former Nautilus Professional Building at 6902 La Jolla Blvd. — which was built in 1964 and has traditionally housed dental and other medical offices — will reopen in early 2019 as a mixed-use luxury apartment complex with 15 one- and two-bedroom rentals, all with ocean views, and street-level retail space.

The 18,330-square-foot property — also known as 470 Nautilus St. — was sold last November by Lsref4 Dual LLC, a privately held Dallas, Texas company, to a San Diego concern called Hillcrest Veritas L.P. for $9.15 million along with the adjacent commercial building at 6980 La Jolla Blvd.

Hillcrest Veritas, the Light has learned, is the real-estate investment subsidiary of the Murfey Company, the contractor that began the building’s multimillion-dollar renovation in April.

“We specialize in development, investment and construction,” said president Russ Murfey, who co-owns the company with his brother, Scott. “We build, own and operate multi-home properties.”

Murfey, who grew up with his brother in Bird Rock, described the former Nautilus Professional Building as “a blight for well over 20 years.”“I’ve probably driven by this building a couple hundred thousand times,” he said. “The previous owners essentially did nothing. Just making a positive visual impact in the neighborhood and creating a new vibe in the area I think is important.”

Murfey said that parking spaces for the new residential tenants would be in the back. “I don’t know the exact count right now, but more than one space per unit,” he said.

Former office tenants whose leases were not renewed include dentists Drs. Tiffany Phi and Gerald Miyamoto, who relocated their joint practice to Carlsbad, and Dr. Nick Pavlov, who relocated his to Vista.

The Light couldn’t reach them for their opinion about the conversion. However, it did reach another former tenant who described herself as “very happy” about it.

“I think it’s great for the community,” said Sara Sas, who operated the Holistic Traditions acupuncture clinic out of the Nautilus Professional Building from 2002-2010. Sas, a WindanSea resident, said she moved her business to her current location (7759 Herschel Ave., Suite B) because the Nautilus Professional Building was “disgusting” and because “rats and trash were piling up.”

“Honestly, years ago, I had a gentleman say, ‘Oh, you’re in the building that needs to be torn down,’” Sas added.

Murfey said that 6980 La Jolla Blvd., which has housed the Liquor Box for years, will get some “sprucing up, but not a heavy renovation,” and a representative for the Liquor Box confirmed that the local institution would remain there for the foreseeable future. (That building was built in 1970 with 6,758 square feet of space and, according to Murfey, was “always owned” together with its next-door neighbor.)

Ground-floor retail space at the former Nautilus Professional Building — previously occupied by retail tenants including Elegance Nails & Spa and La Jolla Cleaners — will return to “retail or some sort of commercial use,” Murfey said, adding that its 5,000 square feet can go either to one big store or several small ones.

“Our goal is to find a cool, creative, neighborhood-serving use that people are going to be proud of and something they can frequent as part of the community,” Murfey said, adding that Flocke & Avoyer Commercial Real Estate is currently seeking takers.

Murfey said he has no name for the renovated building yet, but is thinking of “something centered on Nautilus or the local beach community.” He said he’s open to suggestions.

 

This article originally appeared in The La Jolla Light

Heavenly Havens

The beauty of home design is its individuality. No longer bound to following one distinct style, homeowners now create custom spaces, incorporating a multitude of influences. Where you find your personal style, you find your sanctuary.

 

 

TUSCAN TREASURE Dubbed “The Crown Jewel of Santaluz,” this sprawling estate was designed by architect Scott M. Grunst and features interior design by Susan Spath of Kern & Co. Perched above the 13th and 14th fairways and greens of the award-winning Rees Jones-designed Santaluz Golf Course, the home’s spacious great room features 20-foot-high ceilings and rough-hewn wood beams. A custom fireplace and expansive disappearing glass doors seamlessly connect to the veranda, infinity edge pool, and views of the lake nearby. The open concept chef’s kitchen is anchored by an island ideally designed for entertaining, while the formal dining room features twin crystal chandeliers, wainscoting, French doors to the front entry courtyard, custom boxed ceilings, and cabinetry. The home is listed with Gloria Silveyra-Shepard and Kathy Lysaught of Coldwell Banker Residential Brokerage. smghomes.com, kerncodesigns.com

 

 

SEASIDE SANCTUARY Nestled in a quiet section of Point Loma known as La Playa, this beach-inspired craftsman-style bungalow features incredible gardens and an outdoor entertaining area that exudes sophistication and relaxation. The design/build team at Murfey Company brought the homeowners’ vision to life, welcoming the outdoors in to the master bedroom, as well as the freshly renovated guest cottage. Floor to ceiling glass LaCantina Doors can be found in most rooms, and light colored, coastal-inspired hardwood flooring and polished concrete are present throughout. Meticulous landscaping features a number of fruit trees and vegetable plants, which produce an ample bounty for the homeowners and their family and friends. An open concept great room with a kitchen that blends professional functionality and California coastal design completes this luxury custom home. murfeycompany.com

 

 

CALIFORNIA CHIC Located near Black Mountain Ranch Village, the “Encendido Project” features interior design by Tracy Lynn and Shannon Weller of Tracy Lynn Studio. The homeowner wanted to work within the beautiful frames of the property while adding new life with a fresh color palette. Lynn and Weller employed a variety of aesthetics in order to achieve the look of this Mediterranean-inspired yet distinctively Californian residence. With a touch of eclectic Spanish, contemporary notes, coastal influences, and cool tones, the duo created a lighter, brighter home, and the finished work features renovations of the bathrooms, flooring, paint, wallpaper, and cabinetry. They also completely transformed the master bedroom walk-in closet, and converted unused space to include a beautiful gym, wine tasting room/storage area, and entertainment space. The estate now offers an escape from the hustle and bustle of daily life, allowing for complete relaxation and tranquility, but it also provides the option to entertain effortlessly. tracylynnstudio.com

 

 

Heavenly Havens

Posted on March 1, 2018

The beauty of home design is its individuality. No longer bound to following one distinct style, homeowners now create custom spaces, incorporating a multitude of influences. Where you find your personal style, you find your sanctuary.

• • •

TUSCAN TREASURE Dubbed “The Crown Jewel of Santaluz,” this sprawling estate was designed by architect Scott M. Grunst and features interior design by Susan Spath of Kern & Co. Perched above the 13th and 14th fairways and greens of the award-winning Rees Jones-designed Santaluz Golf Course, the home’s spacious great room features 20-foot-high ceilings and rough-hewn wood beams. A custom fireplace and expansive disappearing glass doors seamlessly connect to the veranda, infinity edge pool, and views of the lake nearby. The open concept chef’s kitchen is anchored by an island ideally designed for entertaining, while the formal dining room features twin crystal chandeliers, wainscoting, French doors to the front entry courtyard, custom boxed ceilings, and cabinetry. The home is listed with Gloria Silveyra-Shepard and Kathy Lysaught of Coldwell Banker Residential Brokerage. smghomes.com, kerncodesigns.com

Heavenly Havens

 

 

SEASIDE SANCTUARY Nestled in a quiet section of Point Loma known as La Playa, this beach-inspired craftsman-style bungalow features incredible gardens and an outdoor entertaining area that exudes sophistication and relaxation. The design/build team at Murfey Company brought the homeowners’ vision to life, welcoming the outdoors in to the master bedroom, as well as the freshly renovated guest cottage. Floor to ceiling glass LaCantina Doors can be found in most rooms, and light colored, coastal-inspired hardwood flooring and polished concrete are present throughout. Meticulous landscaping features a number of fruit trees and vegetable plants, which produce an ample bounty for the homeowners and their family and friends. An open concept great room with a kitchen that blends professional functionality and California coastal design completes this luxury custom home. murfeycompany.com

Heavenly Havens

 

CALIFORNIA CHIC Located near Black Mountain Ranch Village, the “Encendido Project” features interior design by Tracy Lynn and Shannon Weller of Tracy Lynn Studio. The homeowner wanted to work within the beautiful frames of the property while adding new life with a fresh color palette. Lynn and Weller employed a variety of aesthetics in order to achieve the look of this Mediterranean-inspired yet distinctively Californian residence. With a touch of eclectic Spanish, contemporary notes, coastal influences, and cool tones, the duo created a lighter, brighter home, and the finished work features renovations of the bathrooms, flooring, paint, wallpaper, and cabinetry. They also completely transformed the master bedroom walk-in closet, and converted unused space to include a beautiful gym, wine tasting room/storage area, and entertainment space. The estate now offers an escape from the hustle and bustle of daily life, allowing for complete relaxation and tranquility, but it also provides the option to entertain effortlessly. tracylynnstudio.com

Heavenly Havens

 

POST-MODERN PROJECT In tandem with interior designer Helene Ziman and J. Walsh Construction, architect Mark D. Lyon took on this project, which consisted of the rehabilitation of the existing 2,015-square-foot first floor and addition of a 1,128-square-foot second floor to a Point Loma house originally designed by master architect Sim Bruce Richards. The homeowner’s intent was to expand the small home while maintaining and honoring its distinctive aesthetic features. The original house and Lyon’s addition consist of ’50s Post Modern design, beam structure, large window systems, exaggerated roof eaves, and a distinct “V” roof that is unique to Richards. mdla.net

This article originally appeared in Ranch & Coast Magazine.

Where to Invest in Real Estate? Look for Cues in Your Community

You’ve decided that making an investment in real estate is the right choice for you. Maybe you already have the perfect location chosen, or you know the property or project that you want. But sometimes, “investment” seems like a more nebulous term, something conjured by well-heeled businesspeople in wood-paneled offices. Fortunately, that isn’t the case. Real estate investing can be a much more accessible prospect, easy to navigate—you just need to look for cues already within your community.

For example, in San Diego, work is continuing on the Mid-Coast Trolley to University City, due for completion in 2021. The trolley light rail is part of a $1.8 billion-dollar project. When you hear about this kind of budget, your investment Spidey-senses should prick up. The trolley line will make transportation throughout the area easier and will improve parking. The younger generations are looking for smaller urban properties where they can easily get where they need to go without a car. Are there locations that would be ideal for a multi-unit property? Or for a mixed-use structure, with room for smaller, locally-driven businesses and pop-ups to flourish?

2021 may seem like a long time away. In actuality, it’s closer than we’d like to imagine. Property development takes time, from the initial vision to impact studies to appraisals to the planning and construction. When you’re looking for cues in your community, you don’t want to wait until you’re the last person jumping on that (trolley) car or that hot piece of property, wherever it is.

Metro stops, new urban businesses, new landmarks—all these can be signs of what’s to come to a city, or even a smaller neighborhood. Real estate investing is about taking long views and looking at big pictures, about imagining what could be as opposed to simply looking at what is. You want to have a keen sense of trends in housing and development, which takes a little bit of research. But what to do if you’re at a loss for how to enter the world of real estate investment?

Another option at your disposal is to look for companies that have properties in the planning stages and are actively looking for investors. One of the benefits of this is that the leg work has been done for you. Make sure that these companies are experienced, have a portfolio of properties already developed or in-progress, and have a good reputation. If you’re not in a high-stakes game that involves billion-dollar projects, look for established companies in the area, with a solid foundation already in the community. They already know the ins-and-outs of the local government and have a sense of the coming trends: what will actually work for the community.

At Murfey Company, we are experienced at every type of building project, from single family homes to offices to multi-use development projects, as well as renovations for your home or business. For more information on real estate investing or to take a look at our development projects, visit us at murfeycompany.com.

This article originally appeared in the La Jolla Light.

Should you invest in real estate this year?

It may be difficult to tell when and how to invest your money, especially if you don’t have equity to throw around. And of course, many people still have bad memories of the crisis in 2007. So why would now be the time to invest in real estate? What are the benefits of investing in real estate versus investing in stocks or cryptocurrency?

While we aren’t financial planners, we at Murfey Company understand markets and excel at taking advantage of opportunities available within a given market.

Investing in real estate means owning something tangible, as opposed to stock in Bitcoin, say, or other cryptocurrencies. While such cryptocurrency investments can potentially generate high returns, these are volatile and untested new markets and certainly not for the faint of heart. Those types of investments require lots of reading up and predictive strategy that might not be for everyone. And for investors looking for a retirement income, a more stable commodity like an income property may be a more reliable choice.

What’s your intention?

Think about the purpose of your investment. Do you want land, a rental income or an extra residence? Investigate trends in different communities and find which ones may be up and coming.

Or perhaps you looking to invest in a retail property or a multi-family dwelling. Look for a need in the community. This requires research, but consulting with an experienced real estate investment advisor can give you the big picture — as well as the confidence to pursue your investment goals.

These are cash-generating properties, but you are expected to pay the expenses of maintaining the property. If you aren’t prepared to invest a lot of time, consider hiring a property manager. This will cost additional money, so make sure you know how much will be required of you and how much time, let alone money, you are willing to invest before you sign on.

Are you looking for a nest egg property? The time to act may be close. Though home sales have stagnated recently, mostly because many baby boomers haven’t followed previous trends to downsize properties after retirement, real estate trends in 2018 predict that more properties will come available toward the later part of the year. If you have equity, have it ready now in order to get an edge on those properties as they become available.

Single-family homes are seeing an overall drop in construction because of the lack of space in many areas. Consider the potential of an urban infill investment if you are struggling to find development opportunities in a specific area.

What are the benefits of a real estate investment?

Most people are more familiar with owning property as opposed to owning and trading stock shares, and this makes the process more comfortable. Furthermore, it is more difficult to be defrauded in real estate if you’ve done your research. Remember, you can show up to inspect your property or run a background check on potential tenants, as opposed to throwing your whole trust into a broker or management firm.

If you make a smart investment (and take lessons learned from the bubble in the mid-late 2000s) by researching the property best suited for your income level and management style, then you can count on your property retaining and even improving its value. Where have people historically come to live? And are there adjacent areas that can be developed or renewed by your investment? Don’t hesitate to have second or third choice areas to invest in.

Next month, we’ll discuss how to look for cues in your community to make the best investment for your needs.

For those looking to invest in a multi-family project or if you have capital and are hoping to invest in launching another type of development deal, we at Murfey Company can work with you on your plan and provide sound real estate investment opportunities. For more information, visit us at www.murfeycompany.com.

Jesse Lyons is the director of operations and marketing for the Murfey Company.

 

This article was originally posted in Our City San Diego

Should You Invest in Real Estate This Year?

It may be difficult to tell when and how to invest your money, especially if you don’t have equity to throw around. And of course, many people still have bad memories of the crisis in 2007. So why would now be the time to invest in real estate? What are the benefits of investing in real estate versus investing in stocks or cryptocurrency?

While we aren’t financial planners, we at Murfey Company understand markets and excel at taking advantage of opportunities available within a given market.

Investing in real estate means owning something tangible, as opposed to stock in Bitcoin, say, or other cryptocurrencies. While such cryptocurrency investments can potentially generate high returns, these are volatile and untested new markets, and certainly not for the faint of heart. Those types of investments require lots of reading up and predictive strategy that might not be for everyone. And for investors looking for a retirement income, a more stable commodity like an income property may be a more reliable choice.

What’s Your Intention?

Think about the purpose of your investment. Do you want land, a rental income, or an extra residence? Investigate trends in different communities and find which ones may be up and coming.

Or perhaps you looking to invest in a retail property or a multi-family dwelling. Look for a need in the community. This requires research, but consulting with an experienced real estate investment advisor can give you the big picture—as well as the confidence to pursue your investment goals.

These are cash-generating properties, but you are expected to pay the expenses of maintaining the property. If you aren’t prepared to invest a lot of time, consider hiring a property manager. This will cost additional money, so make sure you know how much will be required of you and how much time, let alone money, you are willing to invest before you sign on.

Are you looking for a nest egg property? The time to act may be close. Though home sales have stagnated recently, mostly because many Baby Boomers haven’t followed previous trends to downsize properties after retirement, real estate trends in 2018 predict that more properties will come available toward the later part of the year. If you have equity, have it ready now in order to get an edge on those properties as they become available.

Single-family homes are seeing an overall drop in construction because of the lack of space in many areas. Consider the potential of an urban infill investment if you are struggling to find development opportunities in a specific area.

What Are the Benefits of a Real Estate Investment?

Most people are more familiar with owning property as opposed to owning and trading stock shares, and this makes the process more comfortable. Furthermore, it is more difficult to be defrauded in real estate if you’ve done your research. Remember, you can show up to inspect your property or run a background check on potential tenants, as opposed to throwing your whole trust into a broker or management firm.

If you make a smart investment (and take lessons learned from the bubble in the mid-late 2000s) by researching the property best suited for your income level and management style, then you can count on your property retaining and even improving its value. Where have people historically come to live? And are there adjacent areas that can be developed or renewed by your investment? Don’t hesitate to have second or third choice areas to invest in.

Next month, we’ll discuss how to look for cues in your community to make the best investment for your needs.

For those looking to invest in a multi-family project or if you have capital and are hoping to invest in launching another type of development deal, we at Murfey Company can work with you on your plan and provide sound real estate investment opportunities. For more information, visit us at www.murfeycompany.com.

This article appeared in the La Jolla Light

Murfey Company sees new projects on the horizon

Murfey Company is transforming San Diego neighborhoods — from Point Loma to North Park to Pacific Beach — and doing something about the City’s troubling housing shortage at the same time. It’s called “urban infill.”

“We’ve become experts on urban infill and multi-family construction,” said Jesse Lyons, Murfey Company’s director of operations and marketing. “Not just from a building standpoint, but from a standpoint of pre-construction and offering consultant services on financing. We are a developer, a general contractor and also an investment management company.”

What’s the intrinsic value of urban infill projects?

“San Diego has a housing shortage, obviously,” said Lyons, who’s been with the company for four years. “We’re able to provide on a small lot a multi-family solution versus just a single-family solution. This increases the amount of housing available and hopefully starts to meet the demand.” In short, he said: “It’s increasing the density, which allows us to accommodate a larger population of folks who need a place to live.”

The resulting gentrification considerably raises the value of a neighborhood, Lyons explained, though he pointed out that Murfey Company, which was founded by Scott and Russell Murfey, exercises thoughtful planning and sensitivity when involved in a project that goes into an established neighborhood of perhaps longtime residents.

“It starts with careful planning,” he pointed out, “and part of that is going to the local improvement councils and allowing the community, to a certain degree, to have some involvement. So you get buy-in. It’s smart design, something that’s not going to be so out of place that it just makes everybody angry. It fits and it inspires others to try and match that style.”

Lyons cited a few of the urban infill projects of which Murfey Company is particularly proud: Blue Point Townhomes and Famosa Townhomes in Point Loma, Crest Urban Apartments in Hillcrest, and Exotic Gardens and The Evelyn in North Park. Another 81-unit luxury apartment property (with two commercial spaces), formerly called Driftwood but renamed the Californian, is scheduled to be completed by next summer.

That’s only part of what Lyons foresees for Murfey Company in the year ahead.

“The big change for 2018 is we’re looking to build more for ourselves,” he said. “More development projects where we in turn will hire general contractors to build. You’re going to see a lot more Murfey Company projects.”

Murfey Company, formerly known simply as Murfey Construction, underwent a brand expansion over the past year. Its divisions today include Murfey Construction (general contracting, construction management, preconstruction services), Veritas Urban Properties (real estate development) and BidRancher (software application development).

Murfey Company is at 2050 Hancock St., Suite B, San Diego. (858) 459-6865. murfeycompany.com

This article originally appeared in the La Jolla Light.