Brian
Posts:4644
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Brian
Posts:4644
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| 05/27/2008 9:23 PM |
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Here's a comp killer.
This unit is an interesting watch. Something unusual is going on with the chain of title. I hope someone more qualified than me looks into it.
PPSF: $410
645_Front_St_507_San_Diego_CA_92101
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PhillipTu
Posts:22
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| 05/28/2008 11:12 AM |
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how about this one:
http://sandiego.craigslist.org/csd/apa/697005290.html
then mls:
http://www.sdlookup.com/Property-6A9EDACE-2460_Presidio_Dr_San_Diego_CA_92103
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Goingup?
Posts:180
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| 05/28/2008 2:40 PM |
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You can't just take one unit that's not even sold and declare the sky is falling. Bank and short sales are generally at a 30% discount to the market, but often bidding wars bring them up close to market value.
The average of all the units sold in 2008 show in INCREASE of around 30% from purchase prices. This unit sold for an 80% premium. By your logic the entire building should now be selling 80% above2003 levels.
Stop witht the dramatics. Pumping on the way up or the way down is still pumping in my book.
http://www.sdlookup.com/Property-8850FC59-645_Front_St_1908_San_Diego_CA_92101 |
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philtheconqueror
Posts:40
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| 05/28/2008 3:24 PM |
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Goingup?.... why are you dumping on Brian's posts? He is simply placing his point of view on the market. If you feel the market is going up, simply post recent evidence of that.... maybe multiple units that were bought recently and sold for more than they were purchased for? I'm all for seeing examples of how the market could be going up but I think what Brian is doing is showing examples of units breaking away from the pack of sellers (likely unmotivated or unrealistic) to lower levels in PPSF to increase buyer interest. Can you do the opposite.... the data should speak for itself. |
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Brian
Posts:4644
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| 05/28/2008 4:06 PM |
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Posted By Goingup? on 05/28/2008 2:40 PM
You can't just take one unit that's not even sold and declare the sky is falling. Bank and short sales are generally at a 30% discount to the market, but often bidding wars bring them up close to market value.
Time will tell if there'll be a bidding war on #507.
The seller is in extreme distress so I'm willing to wager that it will go REO before it sells. Wanna bet?
Goingup, you were previously arguing that prices in the primo buildings were increasing in a declining market. You're now pointing to the fact that prices still are more than original developer prices of years ago, despite the reality the more recent buyers are losing their shirts. I guess the millionaires in those primo buildings don't have so much staying power after all. Why are they selling if they are so strong?
I still claim that prices will colapse back down to year 2000 for most of Downtown. The primo buildings will endure a long, long period of stagnation.
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jpinpb
Posts:4529
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| 05/28/2008 4:22 PM |
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Do you think he merged 507 and 510?
645 Front St , Unit #507, sold 08/31/06 for $599k
by U.S. Bank National Association, trustee, to William R. Lenocker.
645 Front St , Unit #510, sold 02/22/07 for $384k
Marc Wallack to William R. Lenocker, trustee
645 Front St , Unit #510, sold 07/23/07 for $910k.
by William R. Lenocker, trustee, to David Amaro
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jpinpb
Posts:4529
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| 05/28/2008 4:30 PM |
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Strange b/c SDLookup does show the sale occuring July 07, same as my records show, yet I have no records for sale of #507 that SDLookup says occurred in Feb. for 910k.
My records do not indicate a sale of 510 occuring in Feb '07 for 629k either. It showed unit 510 selling in Feb '07 for 384k.
Check 510 #510 |
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Brian
Posts:4644
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Goingup?
Posts:180
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| 05/28/2008 11:30 PM |
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philtheconqueror...read my post again. I"m simply responding to the faulty logic I believe Brian in using. You can't take one sale and make a case for the entire area based upon that one comp, particularly when it's a short sale or a forclosure.
Suppose I had started a thread entitled: ""Renaissance prices exploding!"
And the only evidence I provided is this one single recent comp.
http://www.sdlookup.com/Property-6A9EDACE-2460_Presidio_Dr_San_Diego_CA_92103
My point is simply my headline would be just as misleading as the one Brian uses over and over again. Now if there are five or six recent comps in a buildihng then I would say a trend is developing.
I also believe Brian is way too smart to not know what he is doing.
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Brian
Posts:4644
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| 05/29/2008 11:30 PM |
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Posted By Goingup? on 05/28/2008 11:30 PM
philtheconqueror...read my post again. I"m simply responding to the faulty logic I believe Brian in using. You can't take one sale and make a case for the entire area based upon that one comp, particularly when it's a short sale or a forclosure.
Suppose I had started a thread entitled: ""Renaissance prices exploding!"
I don't see why you take issue with my headline. If you think back to your history lessons, the Dark Ages was the period before the Renaissance. My headline is a play on the Renaissance name implying that prices are moving back in time -- back to the Dark Ages.
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Brian
Posts:4644
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Brian
Posts:4644
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| 09/06/2008 5:18 PM |
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Back below 2003 deal-of-a-lifetime developer price. Remember people signed-up for the opportunity years before closing.
645_Front_St_1012_San_Diego_CA_92101
Nice comps for Renaissance.
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Brian
Posts:4644
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rentingman
Posts:713
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| 12/03/2008 9:55 PM |
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Brian
The last three posts are not evidence. Those are only three units. I mean clearly all the unlisted units are worth 50% more per square foot cause they are not listed. Interesting Goingup? does not comment on these anymore. |
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rentingman
Posts:713
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| 12/04/2008 9:42 AM |
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Oh yeah
Better get these deals soon. With commodity prices at six year lows (and falling) builders cannot build these units for MORE than $200/sq ft (excluding land which is a price even more variable than the commodities used in construction). |
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Brian
Posts:4644
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Brian
Posts:4644
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| 12/11/2008 11:12 AM |
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$635k in loss "value" in over 2 years.
It doesn't matter, the perma bulls will tell you. Keep on making the payments if you can afford them. Prices will come back -- eventually. In the mean time, you don't need to send your kids to school or you don't need save for retirement. Everything will take care of itself. It always does.
645_Front_St_318_San_Diego_CA_92101
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Brian
Posts:4644
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rentingman
Posts:713
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| 01/07/2009 9:01 AM |
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I would not be surprised to see this unit go for more.
However, can someone please tell me why Horizons and this building would have such different values for similar sized 2/2 bedroom units? They are across the street, both have gyms, pools, etc. Even if I add in a value for a higher floor and better balcony I would think unit 1405 should still only be about $600K compared to this unit at $449K. |
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