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Subject: advice on aperture?

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1sttime
Posts:10

05/29/2008 7:02 AM	Alert
hi there. i'm interested in buying in aperture. what's the latest there? anyone know what upgrades are available?

rentingman
Posts:452

05/29/2008 8:51 AM	Alert
First piece of advice, ask yourself why you want to purchase anywhere downtown. Is it b/c you feel the need to own? Is it be/c you want a tax deduction? Is it b/c this will be the first place you live and want to live in it for ten years. If it is not the third I would recommend renting. The reason is straightforward. Renting a two bedroom in that building is about $2,500 tops. Buying a $600K 2 bedroom is $1,100 a month for HOA and property taxes and $3,500 a month in interest. Even if you factor in a tax deduction you are still paying about $1,000 more per month to own rather than rent. Further what is going to happen to the complex. I doubt they have sold more than 50% of the units. How long will Citymark continue to pay HOA on the empty units plus interest on the construction loan. If I was you I would make sure I knew that answer. What if they rent all the remaining units, who do they bring in and what happens to your property value? I rented in 350 W Ash. I watched Aperture get built and it seems to be a great construction. I would just be very cautious about buying there or anywhere right now. If you still absolutely need to buy I would recommend looking at Doma. It is a Citymark property and I believe financially the HOA is in good shape, but please verify.

ScottSD
Posts:162

05/29/2008 10:15 AM	Alert
aperture is over 50% sold. their sales people claim it's closer to 2/3's. but it's definitely over 50% because it's FHA and VA approved. in my view, aperture is way overpriced for the current market. $600,000+ for a 2 bedroom in a midrise with no view is not a good value in today's market. ask yourself if living in a new development in little italy is worth an extra $150,000-200,000 to you. and ask yourself if the inevitable $100,000 it will lose in value over the next year is something you're okay with.

1sttime
Posts:10

05/29/2008 12:43 PM	Alert
thanks for the replies. i understand the argument for renting, but i want to buy in this down market. i just want to make the right one.

Brian
Posts:2647

05/29/2008 12:50 PM	Alert
Posted By 1sttime on 05/29/2008 7:02 AM hi there. i'm interested in buying in aperture. what's the latest there? anyone know what upgrades are available? If you want upgrades and are willing and able to pay, then the building can most certainly accommodate your whims.

Brian
Posts:2647

05/29/2008 1:02 PM	Alert
I meant to write that the builder/developer can accommodate your whims.

rentingman
Posts:452

05/29/2008 1:54 PM	Alert
What do you foresee for the market next year? Do you think next year the market will be up from this year? Have you looked on foreclosure.com. If you look there you will find out that there are twice as many DT foreclosures this year as last year. Most of these foreclosures are not on the market yet. In short the market will be a lot more down next year versus this year. I know REALTOR(S) will tell you it is hard to time the bottom. This is patently untrue. It is a fraudulent lie. Key indicators such as months of inventory and foreclosures predict future prices. These metrics have deteriorated meaning prices will be lower next year. What is the owner occupancy rates on most buildings DT? If it is less than 50% prices will need to fall to the same level as rent, cause these people do not have infinite capital to subsidize renters. Citymark is a good developer. I would still recommend Doma over Aperture cause I think there are lower prices and better amenities. If you buy and you find out you have lost $200K in one year, just remember you were told.

philtheconqueror
Posts:37

05/29/2008 3:45 PM	Alert
1sttime, I am also trying to get into the market and have a considerable amount of a down payment to get into my primary home in Downtown. That being said, I'm trying not to get emotional into the buying process because this really is an investment. Living in one place at least 5 yrs is one thing but at least 10? If the prices still come down significantly from this level, anyone who has to sell in 5 yrs will probably be taking a loss on their investment. This is only a no brainer if I could prove that buying would be cheaper than renting but that doens't look like the case right now with the added cost of HOA's and Property Taxes let alone calculating the return on my down payment. Am I the only one who is starting to look at expensive real estate like Whole Life Insurance and Renting as Term Life insurance?

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