612 Paseo del Mar, Palos Verdes Estates, CA 90274: A terrible investment?
January 3, 2021 § 10 Comments
A couple of days ago I posted here about what appears, at least to me, to be the wildly over-inflated value of the home for sale at 612 Paseo del Mar, Palos Verdes Estates, CA 90274, also known as 701 Via Horcada. In that post I wondered why the 701 Via Horcada address was not being used for the listing and speculated that it was because owner Robert L. Chapman, Jr., doesn’t want the numerous police reports associated with the home and neighborhood to pop up when someone does a search of the home.
Apparently, the Paseo del Mar address is “worth” more than the Via Horcada address (“Horcada” in Spanish means “raving lunatic”), as Paseo del Mar is the most desirable address on the peninsula. So this explains the 612 Paseo del Mar listing, although when you google 701 Via Horcada, the same house pops up in real estate home descriptions. This fits right in with the potential deception spotted in the Secretary of State filings for 701 Via Horcada, discussed as well in that previous post. Chapman, who I suspect to be a relentlessly anonymous internet troll, appears to spend much of his time covering his tracks so that the “real” Chapman cannot be definitively nailed down. Same with 612 Paseo del Mar; is it really 612 Paseo del Mar or 701 Via Horcada?
Inquiring minds could likely care less.
What inquiring minds will care about is this: Since its purchase by Chapman in 2007 at the height of the real estate boom and immediately before the massive bust, the property has gained relatively little in value. It’s an odd strategy of “buy high, sell low” for a tiny fellow who claims to be a stock market balding-boy-genius, and there’s little doubt in my mind that 612 Paseo del Mar, Palos Verdes Estates, CA 90274 turned out to be a bad investment and that Chapman is now desperate to unload the big, stinky turd by spritzing some perfume on it in the form of a fancy address name change. Add to that the fact that he may well be imprisoned in 612 Paseo del Mar, Palos Verdes Estates, CA 90274 simply because he is so loathed that wherever he goes he is met with disgust, distaste, and shunning. This would not be a pleasant living environment for his poor family, who might well be wondering when the next restraining order is going to magically appear on their doorstep.
However, there are real reasons why this overpriced, under-sized “estate” is floundering on the market. In a word: “TRAFFIC.”
I’ve been bed-bound since returning from Texas as I try to rest and eat my way back back into fitness, and for the first time in forever I hopped in a friend’s car to go get a cup of coffee at Golden Cove. As we drove along PV Drive, we noted the extraordinary sunset that was shaping up and the extraordinary snarl of cars that made the very entry into PV a nasty, crawling, freeway inch-along.
“I wonder if the surf is up?” I said.
“If it is, you know what that means for Paseo del Mar.”
“Indeed I do.”
So we dropped down to the lower portion of Paseo del Mar to see what the traffic was like leading up to Bluff Cove, 612 Paseo del Mar, Palos Verdes Estates, CA 90274, and all the other hapless homes located on this supposedly exclusive street.
All I can say is that the traffic was mind boggling. The surf was indeed up, and the combination of people having nothing to do on the holiday weekend, the stay-at-home order, and the stunning sunset had turned Paseo del Mar into an amazingly frenzied hub of activity, just the thing that you’d want if you were in the market for a $9.5M home. My favorite was the guy and his wife who had set up for the sunset with their own little generator and arch of electric lights, the perfect guests that you’d like to have if you were seeking the exclusivity and solitude that money so often promises to buy.
But whatever mess we encountered on the lower slopes was nothing as compared to the crush of people and cars smack in front of the public coastline facing 612 Paseo del Mar, Palos Verdes Estates, CA 90274. In addition to a giant piece of garbage a few feet in front of the “auxiliary” mailbox, there was a giant blackened garbage can and a whiny admonition to “Pack Out Your Trash.” Those packing the trash in were present in swarms, happy little surfers and surfettes parked bumper to bumper where they had presumably been sampling waves, the SoCal groove, and the view from the backyard of 612 Paseo del Mar all fucking day long.
- Chapman is selling.
- The value of 612 Paseo del Mar, Palos Verdes Estates, CA 90274 has barely risen since 2007.
- Everyone who doesn’t live there wants to come visit.
As the Bluff Cove HOA states, the area around 612 Paseo del Mar, Palos Verdes Estates, CA 90274 is indeed a “Surfer’s Paradise,” but it’s more than that. It’s a destination, a day-cation for visitors from all over LA, Orange, and San Bernardino counties. And any potential buyer who thinks that the this strip of public, open-access, world-class coastline is going to decline in popularity as the covids remain, group gatherings diminish, social distancing stays in place, restaurants and large entertainment options are limited, and the real estate market tanks, well, that person needs to revisit reality.
Nor was the awful traffic jam that we encountered limited to the surf spot at Bluff Cove aka 612 Paseo del Mar, Palos Verdes Estates, CA 90274. It continued all the way down the street up to the cul-de-sac, with cars jammed in every which way. Descending Bluff Cove, Via Horcada itself, a dead-end, was jammed head-to-toe with happy surfers who had scored parking right in front of what was almost certainly the home of Robert L. Chapman, Jr., himself, although we didn’t bother to drive down the street and see for ourselves. Although I’d been considering putting in an offer for the home, an even swap for my nifty North Face tent, seeing all the traffic helped me conclude that this was the last place on earth I’d want to live.
Peace of mind? Purchasing a piece of paradise?
Check out these photos and see for yourself. If it’s traffic you want, you can already get that in LA on the 405 pretty much any time of day or night.
And the good news is that it’s not going to set you back $9.5 million U.S. dollars.