RottedOak
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| 12/05/2007 1:42 PM |
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It looks like several new listings are coming on the market at La Boheme under the 3950 Ohio address. Some of these have the same unit numbers as units previously sold under the 3957 30th addrees. Are these the same units? If so, at least one of them is taking a loss from a sale as recent as September (unit 207 on sale now for $207K, purchased on 9/26 for $217K). I've never paid too much attention to the physical situation of this building -- driven past it, but didn't really look. So can someone tell me what is the situation here? Did the complex change its address, or are there two different buildings using the same unit numbers?
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La Boheme Watcher
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| 12/05/2007 2:06 PM |
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There are two buildings at La Boheme.
As I predicted, all the resale units will be losing money. They are also competing with the developer, DR Horton, which still has some inventory for sale (despite an earlier auction in the fall).
Keep on watching that complex. You will see prices slowly but surely drift downward. The needle that breaks the camel's back will be when the resale units go below prices paid by income-restricted buyers. That won't happen for a few more years but I'm confident that it will happen.
Income-restricted units have deed restrictions that cause them to have virtually zero appreciation potentials (to keep those units affordable).
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anon
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| 12/05/2007 4:08 PM |
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| Where are you finding these listings? |
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Anonymous
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Anonymous
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| 12/05/2007 6:35 PM |
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| There are a bunch of other listings that are not yet on SDlookup. I'll post the links in a few days when they show up. |
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anon
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| 12/05/2007 10:20 PM |
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| thanks for the link.. So is that a new unit? Or one that someone is selling? |
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Anonymous
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| 12/05/2007 10:31 PM |
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| #207 is a brand new unit that DR Horton is selling. |
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LB condos
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| 12/06/2007 12:15 AM |
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| Sounds like one of the modern-low income units |
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Anon2
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| 12/06/2007 7:11 AM |
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| 207 K from the builder....that is too good to be true! |
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Anonymous
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| 12/06/2007 8:48 AM |
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Looks like DR Horton dumps a whole bunch of inventory on the MLS.
Go to the link below to see the active listings. I'd love to hear Newbie argue that prices are still holding up at La Boheme. As those listings sit and sit, prices will only come down.
http://www.sdlookup.com/Community-368-La_Boheme
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SDMojo
Posts:26
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| 12/06/2007 9:24 AM |
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Why is the condo fee $370.00????
That is a huge amount of money to pay for a condo fee considiering that you also will have a mortgage for around $170,000. When a condo fee approaches HALF of what you would pay to rent an apartment that cannot be a good thing. It would also make purchasing and renting out one of these units for any kind of income next to impossible. |
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Anonymous
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| 12/06/2007 9:46 AM |
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Someone I know is renting a brand new condo downtown. Purchased in 2005 for $345,000 and $275 HOA. His rent is $1200.
Is that a good deal for the owner or the renter?
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tijknha
Posts:25
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| 12/06/2007 10:29 AM |
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| Sounds like a good deal for the renter. Having said that, I'd suggest he/she keeps an eye on the NODs and NOTs. It'd not be so good for the renter if the property went to trustee sale and he/she didn't know it was pending till the eviction notice arrived. |
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Ano
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| 12/06/2007 10:59 AM |
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Posted By tijknha on 12/06/2007 10:29 AM
Sounds like a good deal for the renter. Having said that, I'd suggest he/she keeps an eye on the NODs and NOTs. It'd not be so good for the renter if the property went to trustee sale and he/she didn't know it was pending till the eviction notice arrived.
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Anonymous
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| 12/06/2007 11:05 AM |
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Posted By tijknha on 12/06/2007 10:29 AM
Sounds like a good deal for the renter. Having said that, I'd suggest he/she keeps an eye on the NODs and NOTs. It'd not be so good for the renter if the property went to trustee sale and he/she didn't know it was pending till the eviction notice arrived.
It's not a big deal for the renter. He'll be the first to know when the NOD gets posted to his door.
Either way, I would not pay the landlord after the NOD is filed. I would set up a special savings account and put the rent money in there. I would pay only when/if the court orders me to pay. Why should I pay the landlord if he's not paying the bank, and I'm possibly facing eviction because of his irresponsible behavior?
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tijknha
Posts:25
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| 12/06/2007 12:07 PM |
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| Why should you pay? Personally if I'd signed a lease I'd consider myself liable to make payments for the term of the lease. Perhaps the owner can refi or find a way of staying the foreclosure. What are the ramifications of not paying? Does it affect my credit rating? Could I be sued by the landlord? |
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Anonymous
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| 12/06/2007 12:37 PM |
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You should not pay because the fate of the property will end up in court. When the property is foreclosed, your lease will be wiped out and you'll be out on the street. You're just looking out for your own best interests.
Don't spend the rent money, judiciously put it every month in a savings account to show the judge your good intentions. Pay when the judge orders you to pay. |
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Anonymous
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| 12/06/2007 1:03 PM |
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Another thing, if the landlord is losing his house anyway, he'll be too busy to sue you. And if he does, go to court with your savings account statement and all the monthly rent deposit telling the judge your intentions were always the noblest and that all you need is assurances that the lease is still good.
The landlord cannot report your payment history to the credit bureaus. But court evictions will be. Of course, you'll never let it go that far.
If you are forced to move in foreclosure and the court never tells you to pay, consider it just compensation for your troubles.
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tijknha
Posts:25
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| 12/06/2007 1:19 PM |
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| Is this based on experience or are you making it up? |
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Anonymous
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| 12/07/2007 9:16 PM |
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If you go to the DR Horton website, you will see that La Boheme has magically reappeared. La Boheme was completely gone when they had the auction. It looks like the auction with the undisclosed reserve was a big flop. It was an auction full of shills and I'm sure that the buyers will live to regret their purchases.
It's too funny. I can't believe that people would fall for those sales gimmicks. I suppose those idiots will want a bail out also. |
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