Smith
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| 08/31/2007 1:53 PM |
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I dropped by Alta recently. The building's developer is based in Austrailia. Very interesting building as it is pretty unique to the downtown market in terms of floorplans and especially decor which is very modern but in a soft and relaxing way. I really liked most of it.
The units themselves were on the small side which is pretty normal for the newer buildings that are being completed.
The sales person was friendly but seemed hair trigger ready to respond to any questions I had, she had answers there were fair about potential view blockages, etc. The pool and common areas were some of the best I've seen downtown.
Pricewise they are offering 10% discounts from list and have what sounded like 20% of the building unsold. At one point the building was "sold out" but I'm sure they have people bailing out of escrow.
Net net it's nice addition to the city. I'm looking forward to Aria which is the same developer's project on Cortez Hill which should be done in the first half of 2008.
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Anonymous
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| 08/31/2007 3:22 PM |
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I like Australian design as well.
What prices did they quote you? Are the per square foot prices in line with the resale competition?
Smith, you seem to know the market pretty well. Do own now? If now, what are you planning to buy and when?
I'm still lurking and getting to know Downtown SD. |
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Smith
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| 08/31/2007 4:41 PM |
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Anon,
There was 600 square foot loft on the second floor with the ability to add ~300 square feet above the kitchen, nice patio for $440K or so. Two bedroom bath and half, view for $700K. They are saying 10% off for any closings in the next 30 days as they need to perform on their construction loan. The prices were too high as there are nice used condos at substantially better value. I like the downtown area and architecture so I'm really just checking out the building w/o a lot of intent to buy or get overly excited about the price which again I think are too high.
I'm renting, have owned before, have lots of capital but am tied up in a few other commitments to be overly serious about buying right now.
As far as what my personal residence will be something designed and developed as a condo with some amenities. I would buy into Acqua Vista, Mills or Palermo at the right price as a rental investment.
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ana
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| 08/31/2007 10:07 PM |
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I too visited the Alta model. I like the design etc. However, I really dislike the floor layout. The model that I visited had the kitchen between the living room and the dinner. It is really difficult to describe it in words. The floor plan is just not very functional in my opinion. Of the two bathrooms, the non-master bedroom was really large, almost as large as the secondary bedroom. Whereas, the secondary bedroom was way small and deemed rather non-functional to me. For the footage square of the model, it would be nicer if it was just one bedroom. That way, the living room and dining room would be more spacioius and function.
Did anyone visit the model at the Alta and have the same feelings about the unit's layout as I am?
Smith, regarding the loft and the ability to add 300 sqf above the kitchen, can you elaborate on this? 400K does not sound too bed considering the "nice" patio and the "ability to add 300 sqf above the kitchen." |
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Anonymous
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| 08/31/2007 10:30 PM |
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I understand what Smith said about adding the 300sf loft. However, I think that it's a non-starter as this would normally require a permit.
You could do it "in hiding" and not tell anyone but that would be irregular and might cause a problem on resale.
I know of a person who built a loft in his condo a few years ago and hasn't had any problems so far.
I would buy the unit and price it according the original square footage. Anything more is gravy but I would not pay for that "additional" square footage.
With the downtown market crashing, there's no reason to engage in odd ball deals. Negotiate for what you want at the price you want, or don't buy and wait for the prices to come down to a level you can live with. Just my personal opinion.
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more input
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| 09/01/2007 8:08 AM |
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| Ive heard this building described as very IKEA like but I liked the interior. Not sure how it will hold up after time. The location is superb but I believe it is overpriced. |
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Smith
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| 09/01/2007 9:02 AM |
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The read on the loft scenario was that the unit was basically a square with the entry having the bathroom and kitchen to the right with enough room for a hallway. This area was covered with a flat platform. Since the unit had maybe a 15' ceiling the sales person said that people were putting in spiral staircases to access the top. I suspect that since the headroom up there is probably less than 7' that this isn't something that they could do officially. I do not know about the permit questions as you probably are talking a staircase and railings. It was interesting but I wouldn't do it since I'm tall and that space wouldn't work for me.
If anyone researches the permit issue and has deeper insight let us know, it's an interesting topic... |
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Anonymous
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| 09/01/2007 10:07 AM |
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| CCDC has established maximum floor area ratios (FARs) which designate how much bldg square footage is allowed on a lot. If the ceiling height of a floor exceeds 14 or 15 feet it's counted as another floor because of the ability to add a loft -- the expectation of course is that people would not want to put in a loft with ceilings lower than that. For this reason I doubt you could get a permit, but I am not an expert on the topic. |
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Brian
Posts:4652
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Brian
Posts:4652
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HighRiser
Posts:73
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| 05/11/2008 11:30 AM |
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| In my opinion lofts are cool when they are what they were orginally - converted industrial buildings. Units like the one pictured are just faking a look. They will be unfashionable pretty soon an are a poor investment. |
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stella
Posts:501
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| 05/11/2008 5:29 PM |
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| It's all about price, if you can buy it and rent it out for a decent return on your downpayment it'll make sense. |
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Brian
Posts:4652
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SJdiego
Posts:50
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| 07/31/2008 11:06 AM |
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Does anyone else think all of these closings at Alta in 2008 are a little suspect? There were no closings for a six months period then, (apart from a couple), there are a number of closings on tiny one bedrooms or studios on lower floors. Brian, or someone else with a ton of time on their hands, have you looked these up in the register to see if they are actual transactions?
I still don't understand why the units at Alta are still so expensive. The cheapest decent unit is still $690 a sq foot. In this market, how do they expect to sell those? Is there something about this building that I'm missing? |
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SJdiego
Posts:50
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| 07/31/2008 12:25 PM |
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This unit just cracks me up everytime I see it. While somewhat nice, it's $807 a square foot on the 14th Floor with North facing views (ocean when you look to the left off the balcony, which is where most of the pictures were taken). Good luck. Guesses on where this will sell after the foreclosure? $650,000? Less than that?
http://www.sdlookup.com/Property-E39E4CBD-575_6th_1406_San_Diego_CA_92101 |
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SJdiego
Posts:50
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| 07/31/2008 12:27 PM |
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| Never mind, it has some ocean views from inside. Regardless, $650,000 tops. And that's definitely a high end estimate. |
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Brian
Posts:4652
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Brian
Posts:4652
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cbr600f4i2
Posts:478
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| 05/05/2009 10:30 PM |
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| They had a 2bd/2ba that closed for $427K, prices are still dropping. |
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Brian
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